Getting Started in Real Estate
Friday, February 24, 2012 — 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
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