There are lot’s of things that I wish I knew before starting in real estate. What they don’t tell you about real estate is a presentation that came from hundreds of conversations that I have had with agents and brokers across the nation. Working in real estate is a multifaceted career. One part industry expert, one part marketer, one part sales person, one part negotiator, one part tech support and lots of hard work. The bad news is: there is no silver bullet. The good news is: with consistency, focus, and some marketing smarts, you can create a good living as a real estate professional. There are very few industries where you can broker the sale of such big ticket items without years and years of experience. I would love to hear your thoughts on what it takes to get started and become successful in real estate.
What to Expect.
- Treat real estate as a profession, not a hobby
- Focus on both leads and listings, buyers and sellers
- Put in the hours
- Remember that you are an entrepreneur
- Be open to clients and opportunities at all times
- Measure and evaluate your performance
- Set concrete, time-specific goals for improvement areas
- Research trends, practices, and conventions in your local market
- Know that you may work weekends
- Have some savings to live on for the first 6 months
- Be a cheerleader for what you do
- Start prospecting and don’t stop
- Use a CRM
- Invest in your business and in your education
- Consider a real estate coach
- Do the stuff no one else wants to do
- Work harder than your competition
Build Your Network
- Get involved in your community
- Join your local realtor’s association
- Get to know public officials
- Volunteer
- Join a mastermind group
- Participate at your child’s school
- Join the board of an organization you care about
- Treat everyone you meet as a potential client
- Use a personal touch to stay connected with former clients
- Maintain a presence online
- Preserve your reputation by focusing on quality, not quantity
- Embrace your personality
- Promote causes and organizations you believe in
- Be friendly, but professional
- Build and keep up relationships with coworkers
- Seek mentors, share concerns
- Shadow and request feedback from more experienced agents
- Research and talk to top producers in your community/region
Embrace Technology
- Setup a website to build your brand and drive leads
- Use a CRM to keep track of clients, listings and deals
- Consider syndicating your listings for greater reach
- Consider Craigslist to get buyers and sellers
- Become a master of lead generation
- Learn how to do SEO
- Think in terms of building good systems so you can focus on creating relationship and closing deals
- Set up your profile on the major social media sites
- Educate yourself with books and blogs
- Take classes and talk to more experienced tech users
- Attend conferences to keep abreast of emerging trends
- Recruit experts to help you build your technology portfolio
- Market yourself with social media and networks
- Get comfortable with smartphones, mobile technology
- Use video
- Don’t be a Luddite!
Choose Your Broker Wisely
- Research company earnings
- Research company clients; compare to your preferred niche
- Research company, agent reputations
- Compare franchise agencies with local/family-owned in your area
- Interview brokers regarding:
- Commission splits
- Technology/administrative support
- Marketing/advertising budgets
- Training and education programs
- Interview other agents regarding:
- General satisfaction
- Company culture
- Management styles
- Future plans
When starting a venture I always think about the Yogi Berra quote that says
You got to be careful if you don’t know where you’re going, because you might not get there.
