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Currently in School
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So you've decided to take the next step and you're now enrolled in a program to get your real estate license. Congratulations! Taking that first step isn't easy, but you've made the commitment to be a career minded, real estate professional. Feels good, doesn't it? At this stage of your career, you know what you have to, you've already chosen a real estate school to attend, and you can see the light at the end of the tunnel.
We recommend attending as many of your classes in person, if possible, to get the maximum effect from each class. Of course, you may also choose to attend class by correspondence or take all online classes if that suits your needs. As convenient as the courses are, it's still best to attend in person.
Here's why. Your classes are designed to convey required information. They'll do that for sure. But, if you don't attend in person, you're missing out on the best part of your instruction - the real world experience of your classmates & instructor, and the networking opportunity that exists in your classroom. In your professional career, networking means everything, and there's no better place to hone your skills than with your peers - your classmates. You'll find that each person enters the business for different reasons and it's interesting to learn more about your counterparts who have chosen to enter the business at this time. Some have family members in the business, some have heard that there's a lot of money to be made in the business, and some really don't know anything about the business at all. Everyone comes in at a different skill level.
So, you're now in school. Is that all you need to be doing at this point to prepare yourself for starting your own business? Not by a long shot.
A formal education is good, but just like any other profession, you need to be learning the skills that are absolutely critical to your success in the field and preparing to open your new business. Now is the time to master the m-word...multi-tasking.
Well, what should I be doing right now?
Finding a Mentor Is the right mentor important? You bet it is. What is a mentor? Well, a mentor is someone who is already where you want to be. Someone who's already earned a successful real estate career, who will serve as a sounding board, guide, and advocate through your real estate career. Mentors are important if you want to save yourself years of frustration and pain, only to find out that someone else already had most of the answers you'll spend years trying to find. Your mentor may be your future broker, a successful family friend, or maybe even someone you haven't met yet. Most people are glad to serve as mentors and will gladly help you if asked in the right way.
Lead Generation Training Having the ability to generate leads is the most critical factor that will determine your success as a real estate agent. While the average agent is concentrating on learning the more technical aspects of the real estate business, you should begin training right now in effectively generating leads (prospecting). You'll find that you can have all the technical training in the world and be the most intelligent and knowledgeable person on the planet when it comes to real estate, and fail miserably during your first year of real estate. Why, you ask? Because you don't know how to network with people. That's right, it's a people business. Unless you master your networking skills right now, you won't have anyone to work with when you get your license.
But won't my broker supply my leads through the office? Well, maybe, for a while. And how much value do you think you bring to the table as a brand new agent in a brokerage? Some, right? That's about right. So, when it comes to leads, your broker will most likely give you just that....some. To bring value to organization, you need to learn how to master the art of networking. Although approximately 85% of all real estate sales originate through an internet search, only about 14% of people buy straight through contact on the web. The remaining 86% will find you through a referral from friends, family, coworkers, and mutual acquaintances. Referrals = networking = sales. Master the art of networking now.
Developing your Sphere of Influence What's a sphere of influence? It's a term used to describe everyone you know. If you've ever wondered where all of your new clients will come from, it's simple. Your sphere of influence. Take the time right now to begin making a list of everyone you know. I mean everyone. You don't have to know them well, you just have to be aware of who and where they are. Make your list and begin gathering contact information for this group of people. I know, I know, you're saying right now...."But I don't know anyone." Not so. The average person knows at least 250 people. If you're social, you might know over 1,000. If you're not social, you know at least 150. This will be the core group you begin your real estate career with. Who better to work with than those you know the best? Working with complete strangers isn't a great idea for new agents, although most agents fall into that trap because 1) they failed to plan and 2) that's the only way most people know to start a new business. You'll be much more successful in the long run if you are able to work by referral from those you already know, than to work with the general public, with whom you have no relationship with. This is important - do it now.
Refining Your Niche Market Ultimately, to be successful, you're going to have to find a niche market to serve. If you use the shotgun approach to sales, that's what you'll get in return - shotgun sales. You'll never know who you'll be working with. While you're still in school, do your research and decide what niche market you'll serve when you get your license.
What's a niche market? It's a particular market segment that you identify with and one that you know you can help. Of course, it helps if your niche market is fairly well qualified financially and motivated to work with you. Are you going to work primarily with buyers or sellers? Which neighborhood are you going to work? Do you like working with a particular segment of the population (ie. educators, tech personnel, relocating seniors, etc.)? It's important to be good at least one thing first, before attempting to master other niches.
Technical Training At this point, it's a great idea to begin real estate-specific training one-on-one with a successful agent or broker. In fact, the earlier you get your start, the better off you'll be. You'll want to master any software that you'll be required to use as part of your real estate practice, and you'll also want to begin learning everything there is to know about real estate. Here are some recommendations for real estate-specific training areas:
Interviewing Potential Brokers You may not know it yet, but the most important decision you're going to make during your time spent in school will be deciding on a broker. Brokers are extremely important, and you'll want to choose the broker that has the best chance of making you successful. You need to enjoy working with this person, have access to them, and you'll need to make sure they'll provide the training you need to be successful. In fact, you'll need an extraordinary amount of training during your first year in your new real estate practice, so choose you broker wisely. Commission splits are important, but it's a common mistake to choose a broker based solely on the split. At this point, it's more important to get the training you need and to have all of the critical tools available. The washout rate for new agents in real estate is about 98% over the first 2 years in the business. Your broker will make the difference between you being one of that 98%, or one of the successful 2%. Once you've mastered the arts and sciences of real estate, you can often renegotiate your split with your broker. If you fail before you master the field, your commission split won't matter - you'll no longer be in business. Choose your broker wisely.
Designing Your Website Today, and agent can hardly be considered a professional without a great website. That means yes, you'll need one. You'll also need to learn how to operate it, brand it, and make it functional enough to serve the needs of your client base. You don't have to be a website designer to enter the business....you just need to learn which site will serve you at the lowest cost. It's part of your image, so get an early start on it.
Gathering Your Equipment You'll need a few tools to begin working in the field when you get your license. Your equipment list will vary among individuals, depending on what market niche you're serving. It's best to get most of these tools in advance so that you won't have to worry about putting all of these systems in place once you get your license. Here are some examples we recommend:
This is just the beginning and we're sure that you can add to the list.
Designing your Business Plan If you were getting a loan to start your new business, your lender would want to see your business plan. So, where is it? Every new business needs one and you do too. Your business plan will identify your market area, target markets and niches, develop your budget, identify marketing opportunities, and get you through the first year of your new business. Long range plans should get you through the first 3-7 years, depending on what your focus is. Entering this business with a business plan is the first step you'll take to success. You can find free business plans at:
http://www.bplans.com/Sample_Business_Plans/Real_Estate_Business_Plans/
These are enough to guide you through the process of creating your own plan, or you can purchase a business plan writer through the same website that will handle your specifics. Your broker should be available to work with you on developing your business plan, so that's an important question to ask during your interview. Will they be available to help you?
Good luck on your classes and your state exam. Your new career is just around the corner!
WHAT'S NEXT? NEWLY LICENSED AGENTS....
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TREY & BOBBIE JACKSON
All about real estate agents and brokers
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