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Newly Licensed Agents
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So you have your real estate license - now what? By now, you've probably interviewed your potential brokers and have a good idea of what you're going to do. Ideally, you'd like to complete all of the tasks outlined on the Agents Currently in School page prior to getting your license so that you'll be ahead of the game. If you're not quite that far along, that's a great place to start.
If you have not yet been sponsored by a broker, contact us today so that we can determine your current status and provide the guidance you need to put you on the fast track. You really don't have time right now to go back and master all of the systems you'll need to be a success. You'll want to concentrate your time on the systems that matter the most, then learn the peripheral systems as you need them. In essence, you'll be most productive with increased on-the-job training. You need to get up and running quickly, working primarily on income producing activities, not attending 18 hours of sales meetings, completing administrative tasks for your new company, or talking with non-producing agents about how best to begin your real estate career.
If you are already sponsored by a broker and you're ready to begin, go back to your business plan, determine your priorities with your broker, and concentrate 90% of your time on lead generation activities. What are lead generation activities? Folks, it all comes down to networking and advertising (in some form). Beginning right now, today, you need to be developing the critical relationships that will cement your future success. Who should you be networking with? That depends on your target market. Here are a few ideas:
These are just a few ideas, and they're a great place to start. If you're been following along since the Agents Currently in School page, this list of people is your sphere of influence. Take the of people you were asked to develop while you were still in school, and begin contacting them to introduce yourself. Many times, this can be accomplished before you get your license, simply by introducing yourself and letting them know that you're about to get your license. Since you already have your license, now is the time to go back to them to tell them you're ready to go.
Plan Your Ideal Day (Win the day) If you haven't already done so as part of your business plan, you now need to establish just how much time you're going to devote to your real estate career. Take out a weekly planner, or use whatever you're going to use to manage your schedule, and plan your week. Place family obligations first, or any obligation that is more important than your career, first. Then schedule the time you have available to work on your profession. At a minimum, plan on spending at least 2 focused hours per day on income producing activities. That includes networking, phone calls, personal notes, email, responses to previous calls or email, showing, and writing offers and contracts. Once you've done this, don't let anything stop you from adhering to your schedule. These 2 hours will enable you to win the day, so to speak. If you fail to work at least these 2 hours, you will fail. And, you guessed it, if you work more than those 2 hours, you will succeed.
Work Your System You'll find that successful agents have a system in place for generating new clients. They usually don't work with just anyone, and they have refined their niche market so much that they already know who's on the other end of the phone when a phone call comes in. They may not know their name, but they already know what they want and how likely they are to have what they want. You can do this too. There are a number of training systems designed to improve your business, all of which can be tailored to your target market. We help you design your system and provide the training required to develop your system based on the most important part - YOU. You need to be systematic about what you're doing so that you're developing the type of business that you want to have. There's no sense in executing a system that brings in single-family clients looking for land or large acreage if you're concentrating on the condo market, right? How you work influences the type of clients you're likely to talk to. Make every minute count.
Don't Hang Around the Water Cooler I always found it interesting that new agents seem to take every piece of advice (from just about anyone) as gold. You'll often see agents hanging around in offices with nothing better to do, advising new agents on where they're going wrong or "what they would do." Tell me this. If an agent is so successful, then why do they seem to have so much time on their hands? If you had that much time on your hands and you're so successful, wouldn't you rather spend more time with your family, or do something else more enjoyable? I would, and I suspect you would too.
You'll find it interesting to note that the average real estate agent, nationwide, averages an annual income of about $36,000/year. Could you really make it on $36,000/year before expenses? Probably not. So, also keep in mind that the agents you're most likely to encounter are just that - average. Many of them aren't even average, falling far below the normal annual income, so don't feel free to take their advice when it comes to being successful. Find your broker, consult a mentor, or talk with an agent who has verifiable production and income - you'll be much better off. Please keep in mind when you're talking with other agents, you probably won't always get the truth about their income or production. I once had an agent interview with us that said "Business is great, I'm doing well, and I have 4 closings next week alone." If you've ever heard that, you already know what I'm talking about. Two weeks after the interview, I verified the closings of that agent and they'd had only 2 closings all year along. The interview was held in October. If you're a new agent, you're likely to believe their numbers. Experienced agents don't. Verify how successful an agent is before you base your future career plans on their advice.
Brand Yourself This is a weakness among nearly every single agent out there - the ability to brand yourself. To bring this idea home, think of it this way. Why would anyone want to work with you? What's your Unique Selling Proposition (USP)? For some, that's a tough one to figure out.
Let's look at branding. If you had $300,000 to spend on a new sports car, would you go visit the local used car dealership, or would you buy a new Ferrari? The Ferrari comes to mind, of course. Why is that? Well, the used car lot down the street isn't likely to have $300,000 new sports cars. Even if they did, they probably would not give you the kind of care after the sale that a Ferrari dealership would, right? And, buying a Ferrari is more about status than simply purchasing a new mode of transportation.
Branding yourself gives people a wealth of information about what services you provide, if you're the right agent for them, and what your company culture is really like. Your logos and tag lines should make a statement about you and your business. In addition, everything on your website, what you say, how you act, printed materials, and your methods need to reflect the same message. That's why you develop at least one niche market and refine your target market. If you're the Condo King/Queen, that's great. If you're a farm & ranch specialist, that's great too. But, decide on one, and proceed from there.
Control Your Marketing Expenses You may be tempted to spend tons of money on flashy new advertising, printed marketing materials, cars, and the list goes on and on. During your first year, here's one piece of advice. Don't. There are many other more successful ways to begin working with new clients, and they don't require a heavy investment of your money. Leave the flashy advertising for someone who cares - people who are impressed by shiny things. If you want to work with people who are serious about selling or purchasing real estate, contact us today to learn how we can help you market your business without heavy financial burdens. Think of it this way, the real estate business is based on needs and wants, right? In your opinion, do you really think anyone needs or wants another $4000/month billboard with another cheesy agent photo prospective clients how great they are while they're driving to work? Probably not. On another note, when was the last time you purchased an item of value from a billboard? Does the word "never" come to mind? There is a time and place for reinforcing advertisements like billboards, park benches, and the like, but now is not the time or place. Cash flow is King in this business, don't overdo it.
What is your Broker Doing for You? By now you've had the time to interview potential brokers and you're most likely about 90% sure of which one you'll go with. If you've been following along, you already know that training and assistance is the bulk of what you really need from your broker right now. If you've already begun working, even better. You can actually see what your broker is doing for you. Are they good mentors? Are they helping you plan? Are they meeting your needs. If so, send us a note so that we know who they are and how great a job they're doing. If they're not assisting you and helping you get to where you want to be, it's most likely because 1) you misjudged their capabilities or 2) you didn't ask the right questions and verify the answers. Don't worry, you're not alone. Not everyone is made to be a broker, and not everyone who has a license is the right broker for you. Only you can really decide if you made the right decision or not.
One special note: Now is the best time to change brokerages if you're not happy and you've made a mistake. Once you get intertwined in the brokerage and you have listings and contracts pending, it's much more difficult to leave.
If you've made the wrong decision about your broker - LEAVE NOW.
In all honesty, when I first began my career in real estate, I made the wrong decision in my first 3 brokerages. That's right. I left 3 brokerages in my first year of real estate. Why? My first 3 brokers could not deliver on the promises made during the interview. Had I known what to validate or verify, I would have been aware of that I'd made the wrong decision before I accepted the position. Magic #4 is why I decided to stay in the business forever. Don't get me wrong, I had some valuable experiences and learned a tremendous amount everywhere I worked, but it took one full year to find the right home. Don't waste your time on people who have no interest in you.
WHAT'S NEXT? EXPERIENCED AGENTS....
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TREY & BOBBIE JACKSON
All about real estate agents and brokers
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