New to the industry? Start with everything you need to know about the early decisions that will shape your career, including choosing a broker, researching your market, building an online presence, budgeting, getting leads, marketing listings, and more. If you are a team leader or broker owner, New Agent Month will be packed with resources to help your new hires navigate.
This article is mostly taken from history published 23 October 2019
We’ve all heard a long-standing and highly publicized statistic: real estate agents fail for the first two years, and many fail, making one or two transactions a year, until they finally fizzle out.
For some agents, this may be normal. Everyone has several agents in the office who work strictly part-time and use one or two of their annual commission checks to fund family vacations, holidays, or other additional services.
But for real estate agents who really want to do their best and build a real estate career that will support them in the long run, it is very important to approach the first few months a little more professionally.
Here are five important decisions you must make when starting your real estate career. If you still adhere to some of them, you may be setting yourself up to become one of the statisticians.
1. Choose the right broker
One of the most important decisions you will make in the beginning is where hang up your new license… It is important for you to determine which type of brokerage service – large, franchised or small – is best for you.
If you have experience that has given you an edge in the industry – such as previous business or real estate investment, an involved network, or related experience as a mortgage or title representative – you may be ready to jump into the business. In this case, you can focus on a brokerage company with reliable administrative support and favorable division of commission…
If you are new to the real estate world and hope for more mentoring and support, you can focus on brokerage firms that provide in-house training and transaction coordination… Be honest with your potential broker and communicate your needs. Find out what it has to offer that suits your goals and your level of experience.
2. Learn the technology
Your new broker can provide a set customer relations and systems and technologies for managing transactions. The better you learn to use them, the more effective your subsequent actions and upbringing will be.
Be present training – even additional training – to understand how to fully integrate your broker’s systems into your daily life. Learn to use the mobile version as well as the desktop version. This will save you time, especially on those long days of performances when you don’t get back to the office late.
If your broker also provides platforms for marketing and promotions, be just as diligent in learning and optimizing them. Remember that the more you use the technology provided to you, the less you will have to pay out of pocket. Later, when you are more comfortable with your workflow, you may want to implement some of your own systems and processes… However, value decides everything in advance.
3. Implement your marketing plan.
Determine How You Will attract potential customers and how you convert those leads into customers. Create a website and social media accounts to empower potential customers to learn more about you. After that, you will need to decide on a marketing plan and stick to it.
Over time, you will want to develop some or all of the following marketing strategies:
Your marketing plan will depend on your personality, your market knowledge, your roots in the community, and your budget.
You may want to look into paid advertising at some point, but first make sure you are effectively marketing a large number of marketing strategies it doesn’t take anything but leather for shoes and time.
For an annual marketing plan broken down by month for new agents only, Click here…
4. Make a plan for continuing education.
One of the things that most real estate agents worry about when they first start out is sounding like new real estate agents. The more time you spend on learning and education, the more you will have become more confident and the ability to speak with authority about their market and profession.
Take advantage of the training programs organized by your broker, as well as any available appointments for new agents. Also visit your local association of realtors and find out what refresher courses it is in stock.
In addition to the knowledge you will gain from the course itself, the opportunity to network with well-informed, motivated real estate agents in your area will help you develop your professional network as you learn from the conversations and ideas they share.
5. Collection and analysis of information.
One of the most important things you can do as a new agent is keep good records. Every time you have a client, take the time to write down their information, including how they found out about you. Find out what works in your marketing, networks and referral strategy so you can build on this success.
Spend some time studying your transactions and growing customer list every month, quarter, and every year. Who should you contact? What leads have gone unnoticed? What have you learned from each transaction? The more you track, learn, and connect with past leads and customers, the more you will grow as an agent.
Use your analytics to identify areas for growth and improvement in the next year.
- What lessons do you need to attend?
- What do you need to get better?
- Which tasks do you spend too much time on that a freelancer might just as well complete or virtual assistant?
Continuous improvement is a goal, but it is only possible when you pay attention to it.
Christy Murdoch – Realtor, Freelance Writer, Trainer and Consultant, and Owner Real estate writing… She is also the creator of the online course. Creating a Property Description: A Step-by-Step Formula for Reluctant Real Estate Writers… Follow the property record on Twitter, Instagram as well as Youtube…