All the advice you are getting is very solid, but you need to figure out why your deals fell apart. Did the buyers pull out? Did financing fall through? Did the attorney blow it? Did the home inspector scare the hell out of your buyer? Sit down a write out a list of each deal that died. Then write down why it died. Once you figure out the "why," you can come up with a game plan.
In 2006, I had 40 deals fall apart. Of those deals, 15 were because one particular lender was not really looking into the buyers credit history--he was only looking at the score. Once I figured that out, we stopped doing deals with that lender. In real estate, we refer to our team-- Realtors, inspectors, attorneys, and lenders. A strong team outside the office is just as important as a strong team in your office.
The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
Once you see the same names repeating in numerous listings, copy their agent ID #s and search. Contact the top 3 most successful listing agents in your market area, and contact them.
If one of these top producers are approaching retirement, you might be in a position to purchase their "book" of business some day, meanwhile, earning enough money this year to solidify your career.
Best of luck! Don't give up!
There are veteran agents out there that are seeking an ambitious person like yourself. Unfortunately, we are no in your location, so can't help you but you are taking the right approach. There is so much to learn about the real estate business and one of the approaches is finding a mentor that can guide you on a daily basis.
Often on of the best approaches to develop a positive relationship with another agent is to offer to sit their open houses. Successful agents with multiple listings are always looking for "in the trenches people" that can help them meet their customers expectations.
Stay the course.....you are certain to meet success.
Good post you have here. I think what you should do is go into some companies and look for the top producers and see if you could work under them. Maybe do their showings and open houses. Try and make as many contacts as you can and get your name out there. Top producers always need help. Dont get down just because a few deals fall apart, this happens often, and is just the nature of the buisness. Keep your head up, and if you stick with it, I think you will succeed. But make sure you go to a company that is looking to help YOU, not just get some fees from you. Feel free to call me, and I would be happy to go into further detail on some good tips. Best of luck!
Americorp Real Estate
Brokers Associate, e-PRO
While I can't help you find someone to mentor with, I do have a suggestion for the other part of your post. In terms of your deals falling apart, as a lender I have come across many difficult deals and we have the flexibility where I work to get them done because we fund with our own money. I would be more than happy to take a look at some of your deals to see if we can get them done for you!
Platinum Home Mortgage
847-797-9500 ext 8264
This is, honestly, an easy one: Call us, check out our website (dreamtown.com), check us out, come work with Dream Town.
If you have NOT taken an hour to come in and meet with one of our team, it is definitely worth your time to do so.
Here are a couple recent articles highlighting why agents are coming to work with us:
Here is a piece about our gorgeous new office in Lincoln Square:
Read more about our cutting-edge company and website here:
If you would like to set up a time to sit down and talk about it over a cup of awesome coffee, just give us a call - 312.242.1000.
We'd love to meet you.
Real estate is certainly a tough business to cut your teeth on, and I admire your tenacity and resourcefulness.
We also have a unique proposition to offer our agents - we provide our agents with leads so that they can focus on the client. We pay all marketing costs and have no office fees. Our agents are employees and as such we don't just hire anyone.
Our office is based in Addison, but we do business throughout the Chicago-land area.
Check us out: http://lucidrealty.com/faqs.htm and feel free to call me if you think we might be a good fit.
The comments here are all good and should give you much to think about...
Having been involved in several different types of working arrangements with other agents over the years - from partner to buyer broker to personal asst - your idea isn't a bad one: spring-boarding off an experienced agent's relationships as a way to jump start your career. My only caveat is that these arrangements often look better on paper then they end up actual being. If you are going to enter into a formal relationship, it is important that things be spelled out in writing to avoid any hurt feelings and misunderstandings. You need to be clear as to what your expectations are as well as your potential mentor's expectations. And by all means, be sure you have it clearly spelled out what will trigger a change and/or termination to your relationship.
However, I get the sense that you are looking at this relationship purely as a spring-board, not as a final solution; simply as a way to get your feet wet and learn the ropes. Based on that and your (seeming) energy and ambition, I would recommend that you pursue the idea expressed below of affiliating with a large office and offering to be the 'go-fer' for several experienced agents. I think this is a better solution for you than entering into a formal partnership relationship with just one agent - which, candidly, has a high probability of failure. Being in a large office will give you lots of agents and resources to draw upon. Plus this approach has the advantage of putting you in an environment where you will be in critical proximity should a formal mentoring/partnering relationship become viable.
Talking about critical proximity - where the heck is Northlake? Would I need to get a passport and shots? ;-)
I've been an agent for just over 7 years, and I've worked with 3 different brokerages in Chicago (MetroPro Realty in Hyde Park, Sudler Sotheby's International Realty- which no longer exists as such, and Keller Williams Realty- my current brokerage).
First I'd suggest doing as much investigation as possible before you make any changes in your brokerage firm. I know that you've ben in the business for a short time, but I'd still suggest reading "Your successful real estate career" by Kenneth Edwards. It's a great career overview book for new agents or people considering getting into the business.
Another book that I'd suggest taking a look at is "The Millionaire Real Estate Agent" by Gary Keller (who started Keller Williams Realty). It's more of a nuts and bolts how to book about how to conduct your real estate business to be successful.
I'd also suggest that if at all possible when you make your next move if you change brokerages- try desperately to identify a company that you think that you'd like to work with for the long term. I say this because in my experience once you've established even a small "book of business" having to move that to a new firm is potentially disruptive to your business. It just takes some time to get all of your ducks in a row, and that disruption can lead to lost opportunities due to the inefficiencies inherent in changing firms.
Mike makes a great point about identifying the successful agents in the areas (geographic areas and real estate practice areas- REO, leasing, condo sales, etcetera) where you want to work. They are likely a great source of information and training, but they also tend to offer lower commission splits to agents who don't have any business of their own.
The other consideration when partnering with someone with existing business is whether or not you "fit" with that individual. I've met a good number of agents who are pretty successful whose business practices I would never want to emulate.
I'm not a recruiter for Keller Williams Realty, but I do want to make a mini-pitch for my own brokerage/company/franchise. I am very happy with this brokerage and excited to have ended up here. Knowing what I know now after 7 years in the business I can truly say that I wish I'd started my career here. I KNOW that my business would be in a totally different and even more successful place right now.
The reason that I'm so gung ho about Keller Williams Realty is that they subscribe to the philosophy that they are actually an education and training company disguised as a real estate company. I've never seen a real estate brokerage franchise or local office more committed to consistently providing training opportunities for its agents. When I last changed firms I investigated about 5 different brokerage offices representing 3 different franchises and local brokerages, and given my previous experiences in the business I really did think (and still do) that Keller Williams Realty simply offered the best and most easily replicable programs for success.
If you're interested in Keller Williams Realty, you can just call any of the local offices and ask to speak with the Team Leader there (unless you already know a Keller Williams agent who can introduce you). The Team Leaders are the folks who are there to recruit agents, and they can typically answer any and all questions that you might have more completely than regular agents and brokers like myself. They can also typically provide you with a free copy of The Millionaire Real Estate Agent if you don't want to go out and buy one or check one out of the library.
Good luck to you and if you'd like to speak with me further about this I'd be happy to grab a coffee or lunch with you sometime.
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
Great email. I am a broker owner and I really like to work with go getters. My broker is what I call a-typical. We do everything in this market to try to make something happen and leave no stone unturned. I welcome people with a little knowledge and a lot of drive and energy.
My office is in the southwest suburbs of Tinley Park, which is not close to you. But I have agents all over the map (of the Chicago area) who operate with me mostly by electronic means and work out of their homes. If you are interested, give me a call at 888-788-9544.
you are not alone. There are a lot of agents that are struggling in this market. Mostly I believe, because they have nothing to sell. Considering our market is flooded with foreclosures and most of these properties need a little to a lot of work, so unless you are selling the benefits of the FHA203K loan program things can really be difficult. This 203K program has a very bad history as most will attest to. But I have a NEW improved process that make this quick for lender to close - 30-45 days for the Full K. Easy for the realtor to sell and fun and exciting for the home buyer to take advantage of. It is a game changer! If you would to explore a real dream home sell, I make a living out of teaching Realtors to do just that. I will help you refine your business/marketing plan to fully exploit this opportunity. I am living breathing case study. I purchased my home in Oak Park with the FHA203K. It was a $200,000 2 unit foreclosure sale for my realtor. An $80,000 rehab job for the contractor and a dream home for me and my wife with $200,000 of equity as it appraised for $480,000 as single family. I got a single FHA203K loan for $280,000 which included everything from the money to purchase to the cost of repair/improvements including architect/designer, stainless steel appliances, stained concrete floors in basement and kitchen and family room, restored the oak and floors in front family and dining rooms, new plumbing, electrical work and a lot more. My credit took a hit and dropped to the mid 500â€™s about a week after I secured my purchase contract but increased near a hundred points in about 2 weeks to the mid 600â€™s and I still closed in less than 45 days with a variety of problems. It was an awesome experience to do it myself vs. helping Realtors clients do it. Proof is in the pudding as I disclosed all my docs and before and after pictures on the web showing the above and how I closed with a total out of pocket of only $569.81. WOW! Right? I use my home as a model to show my Realtor partners clients how this can be done. If this sounds interesting to you or anyone Realtor reading this note, I am a phone call away. Warren Davis 773-426-2896. Good Luck and stay the course.
Don't get discouraged, there are many pitfalls in this industry, as you have already experienced. Rejection is a big part of our business, you'll eventually get used to it, stay strong.
The fact that you are being proactive to get your business up & running shows character & determination. Those two qualities will get you far.
Call me 773-981-2005.