QUIZ: Can you do it? 10 questions for new real estate agents

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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 post is largely taken from Bernice Ross’s previous work on Inman.

You are new to real estate and would like to know your chances of success? There is an profile new success of real estate agent… Here’s what you need to know.

Target Training International (TTI), the California Association of Realtors, Texas Realtors and Real Estate Simulator have conducted extensive research into the correlates of real estate success. Based on this research, the questions below help predict whether a new agent will do it in the industry

Answer yes or no to the following questions and find out your result below.

1. Do you have enough income to support yourself for 6 months without commission income?

Undercapitalization is the # 1 reason new agents go out of business. Typical start-up costs are around $ 2,000, and even if you sell your home on the first day, it will still take about 60 days to close. Even the most talented new agents are rarely see your first commission up to three to four months.

2. Are you planning to work full time?

Success in real estate requires total commitment. The success rate for part-time agents is only about 2-3 percent. To maximize your chances of success, save enough money to work six to eight months commission-free. Alternatively, consider working as a hired assistant or joining a high performing team where you will have a more reliable source of income.

Questions 3-7 reflect real estate behavior related to key predictors of sales from the TTI DISC assessment, which also includes a Personal Interests, Relationships and Values ​​(PIAV) assessment.

There are four basic styles of behavior: dominance, influence, resilience, and compliance. The fifth factor, “utilitarian”, is taken from the PIAV.

3. Are you ready to knock on the door and ring if that’s what it takes to be successful?

Answers “Yes” indicate a person with a high “D” (dominance) with a high drive and a high probability of success. These skillful people are emotionally stable and handle the situation easily. refusal are two key factors that strongly correlate with the success of a property sale. They rarely pay attention to details.

4. Are you comfortable starting a conversation with strangers?

Answers “Yes” indicate someone who has high scores on the “I” factor (influencing). They enjoy meeting and chatting with strangers, which is a key skill when it comes to searching.

Please note: According to TTI, only 5 percent of the total population have DI combos, but almost all top sellers have.

5. Are you comfortable in an unpredictable environment where your schedule changes from day to day and where you might have to work evenings and weekends?

According to TTI, approximately 60 percent of the population scores high on the S, or Resilience Factor. These people are slow to trust, prefer predictable opening hours and predictable paychecks – all of which make it harder for them to commission sales.

Note that teachers generally score high on the I and S factors and are often well suited to real estate work. They like people, they are problem solvers, and their ability to write a lesson plan can be transferred to a business plan.

6. Would you rather be networking than trying to figure out how to improve your website or work with a spreadsheet?

Personal communication is critical to real estate success. “Detailed” people — those who would rather work on their website or spreadsheet than be face-to-face — usually score high on the C or fit factor. They make great accountants and programmers, but they rarely do well in sales.

7. Are you the primary person who focuses on how a technology, strategy, or idea will help you achieve better results in your business?

High utilitarian scores are the best predictor of real estate success. Research by TTI shows that high utilitarian scores predict a 72 percent sales success in the United States, regardless of behavior.

For recruiters: Any new agent with high D, I, and utilitarian scores is likely to become a leading manufacturer.

8. Do you have a learning mindset and are you constantly looking for ways to improve yourself?

Two studies of New Agents by Texas Realtors showed that learning was a key predictor of a new agent’s success. It’s the same with leading manufacturers.

Active students constantly strive to improve themselves, to keep abreast of laws, technologies and other changes. Research in Texas has also shown that pre-licensed agents are almost never successful in business and are often a major hindrance to their brokers.

9. Are you actively involved in your community, place of worship, local charities, or other activities that help others?

Answers “Yes” indicate a main characteristic inherent in the vast majority of the most effective agents. According to Steve Cantor’s research Real Estate Billionaire – Lessons Learned, about two-thirds of these mega-producers cited being active in their community as a key factor in their success.

10. What are your expectations for income in your first year with the company?

Two studies of Texas realtors found that very few agents make more than $ 25,000 in their first year as it takes time to develop your chain of potential customers, rent out the property under a contract and close it.

Encourage agents to think of their first year in real estate more as an apprenticeship to learn the business. This is another reason why it is important for agents to have adequate capitalization.

How scoring works:

For questions 1-9, the more an agent has “yes” answers, the more likely he is to succeed in quality. real estate seller… Agents with grades 7 to 9 are very good candidates. Anyone with a score of 4 or less is probably poorly suited for sales, but can perform well in an administrative, technology, or compliance role.

Real estate can be a very profitable business as long as you start on your own, are good at rejection, emotionally resilient, and able to deal with irregular working hours and fluctuations in income.

Bernice Ross, President and CEO Brokerage and RealEstateCoach.com, is a national speaker, author and educator with over 1000 articles published. If you’re ready to list and sell real estate like crazy, learn more about how to do it. https://realestatecoach.com/training / listing-sale / If you are a new agent looking to compete successfully with even the best agents, check out our online new agent sales training at RealEstateCoach.com/newagent



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