Question Details

Trinity Shai, Home Buyer in Flowood, MS

I am going to take my real estate exam in a few weeks and I would like to know good books for starting out, choosing a company, etc.

Asked by Trinity Shai, Flowood, MS Wed Jan 30, 2013

Help the community by answering this question:


Recognizing you have some real decisions to make after passing the exam is a good sign. Too often I read, "I've got my license, now what?"
There are soooo many good books, and they are all good, that I won't even start listing.
There are however two spheres of thought you need to lasso.
Sphere #1. Where's the doggies
As a real estate professional you are a small business owner. Any small business owner will determine what they will do to separate folks from their money. For instance, a bagel shop will need to know how many folks live nearby and how to reach them. A sneaker shop will need to know who will be buying and what needs to be stocked, and what the stock will cost as well as the staffing and brick and mortar requirements. Doing this wrong looks like the Doggie Day Care that didn't realize they were in the middle of a 55+ community that Prohibits dogs. That business owner will need to be agile regarding making bagels real quick.
Knowing your business in real estate means:
What is being sold?
How many are being sold?
Where are they being sold?
What is the compensation?
You will need to know how much you need to make to stay alive.
You will need to know how much you must make to grow.
You will need to know how much you must make to thrive.
Finally, what are the resources you currently have available that are beneficial to your business.
Now, Trinity, you'be got a business strawman.
The second sphere -- Show me the MONEY!
Choosing a company. Let me back up a step. Less than 10% of newly minted agents ever see their second year anniversary. This has been true..I think, since God made dirt. But year after year after year after year, seasoned agents keep giving newbies the very same advise. It;s criminal!
Understand two timeless principles:
1. You learn by doing.
2. You earn by completing.
You do neither warming the seat in a conference room.
When choosing the company to join, there is only one thing you need to know. It has nothing to do with splits. Definitely nothing to do with training. Absolutely nothing to do with desk fees, websites, glossy brochures, pyramid schemes, recruiting and any number of real estate nonsense.
The only thing you MUST know is the average number of transactions completed annually per agent IN THAT OFFICE. The national average is 7 transactions annually. The office you choose should make that #7 laughable.
You can not learn by doing, if the office is doing no business.
Using the average number, extrapolate the average income. Does it meet or exceed your minimal requirements? Don't be naive thinking your results will be different. (your results will be different because you are proactive, but that just confuses this discussion.)
Now that you have found the office with 16, 24, 28 average transactions per agent, you can be assured the process, resource, and infrastructure work. The evidence, the validation, is right in front of you. Nobody needs to say ANYTHING.
Have that broker assign you a mentor and simply do what they tell you to do.
Discuss with your mentor your 'business strawman." Your mentor can shepard you in the direction of our business idea.
It's as simple as that.
Businesses fail not because of competition, but because they self-destruct. Real estate business are destined for destruction when they must pull a cargo of IDWDT.
The IDWDT compromises the intent of the agent and nullifies the ability of the universe to respond to their desires. The "I Don't Want To Do That" Syndrome is the origin of what shackles one to the cage of their own design. Be alert. Pull the teeth from the roaring lion....and walk with boldness into success. After all, success has the final word.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Wed Jan 30, 2013
Thank you! I have done much research online and I haven't found anything pertaining to the average homes sold by the realtors which is a great point! I am 19, do you think that real estate brokers and agents would look at my age as an advantage or disadvantage?
Flag Wed Jan 30, 2013
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