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Mrsnewson10, Home Buyer in

Starting out in real estate

Asked by Mrsnewson10, Thu Jul 19, 2012

I'm someone that is new to real estate and currently working on my brokers licence...just looking for some friendly advice on how to get started...all advice and input will be greatly appreciated...

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15
Sarah Ziehr’s answer
You don't know what you don't know, so this is a loaded question.

As some others have suggested, find a good mentor (if you can), but keep in mind that you can learn something from just about everyone. I think you will fail miserably if you try to go this alone, so as a new person I would get on a team where you can learn as much as possible from someone who has been working in real estate for a while. Talk to other people in the business and interview a few brokerages before you make your decision on where to hang your license. Also, trust your instincts. As with any industry, there are amazingly wonderful people working in real estate, and there are also some amazingly horrible people. So as with anything, make sure your values are aligned with the people you are working alongside.

Good luck!
0 votes Thank Flag Link Thu Jul 19, 2012
Hello Mrs.newson,

There is a big difference between the education of real estate and the application of real estate. the class will teach how many sq ft in acre, local laws and practices, etc but what about the actual business of real estate. how do i get clients and compete with agents with vast more experience?

I would recommend finding a good company that provides mentoring. See if you can shadow a top agent in the company to learn how to be a top performer. See if the brokerage office free business cards to get you started, makes an annoucement in the local paper, etc.

i would getting one book to read at night. I had a book called my first year in real estate and what to do. I forgot the author because I gave the book to good friend and they never returned it the cover is teal). But i digress, it gave me some great suggestions on filing, questions to ask a broker when interviewing for a company, setting up a schedule and more.

Good luck
0 votes Thank Flag Link Sat Jul 28, 2012
You definitely need lots of training. and seed money to stay afloat for a year in case you don't have much success the first year. Large companies offer them, but smaller companies can offer more one on one type training more akin to mentoring, which I think is better. Also, I hope that you realize that sales techniques are most important. If you have never sold anything, there may be a learning curve.
0 votes Thank Flag Link Sat Jul 28, 2012
Google Brian Buffini and see the training offered
0 votes Thank Flag Link Sat Jul 28, 2012
Here at EXIT Realty, you usually get sponsored by an agent that brought you in. They will help you with any questions you have about a deal or the business in general. You can also set up one on one meetings with the managing broker.

Plus we have NO desk fees, competitive splits, and residual income, which can allow you to make over 100% of your commission. We also have great support for our agents through FREE monthly short sale seminars, webinars/techinars, and other business building events. Finally, our marketing tools will make you stand out against your competitors.

Check out these links below and contact me directly for any questions: andy@yourmovenow.com / 312-566-7355

EXIT splits & residual income: http://exitrealty.com/Take10.aspx
EXIT digital marketing strategy: http://exitrealty.com/DMS/
0 votes Thank Flag Link Wed Jul 25, 2012
Stay in touch with your inner circle of friends, And find an experienced agent to team up with until you have experience for yourself.
0 votes Thank Flag Link Sun Jul 22, 2012
Even after 14 years with my licensed I still get stumped on occasions.

There is no replacement for experience. As a new agent you can just learn that in school. That is why a mentor is so important.

You also need to be coachable. A lot of people get into real estate because they want to be their own boss. This is good and bad. I have dropped mentees who are arrogant and think they know what they need.

Find a great brokerage with good training. Keller Williams has one of the best programs I've seen.

Have an Amazing Career! And do strive to make our industry better because you are a part of it.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sun Jul 22, 2012
Go some pleace where you can learn and have a mentor/s. You may not make much $$$ in the first year or two or three, but if real estate is your passion, you will find a way to succeed. Take continuing education courses and designations. Sit Open Houses - work your sphere of influence - become an expert in a particular area or building type. Develop relationships w/ lenders. LEARN - LEARN - LEARN!!!
0 votes Thank Flag Link Thu Jul 19, 2012
As in any profession, what you learn in school to get your degree is totally different than getting started in employment. You don't say what you do now for employment, but if you have the time, try and meet some local realtors and brokers now. Drop by open houses and talk to people in the business. Buy all the equipment you will want to get started now.
0 votes Thank Flag Link Thu Jul 19, 2012
get a good mentor. Ask to do their open houses. Sit in the office by top producers, see how they talk on the phone. Shadow some good agents. Read everything. Go to seminars.
0 votes Thank Flag Link Thu Jul 19, 2012
Starting Out!!!
Now that sounds exciting, and from your perspective, perhaps a bit daunting. 'Where to start?"
Unfortunately, this question should have been answered before you plunked down your money to get your sales person license. Let me explain.
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What were you thinking?
When "I'll sell real estate" crossed you mind, exactly how did you intend to do this?
If you were opening a sneaker shop, doggie day care or a Beach Kite Rental business, you would have done a bit of research. Who will buy your 'stuff"? How many buyers of you 'stuff' are there? Where are they located? What are they willing to pay? Where will you get the 'stuff'? How will I reach those with the ability to pay? How will you get your 'stuff' to them? Who will I need to rely on? How much cash do I need in reserve to carry me until this starts making money?
Those who fail to invest this minimal energy, by default, end up in residential sales and asking, "Now what?" Most new businesses do not fail because of competition. They self-destruct because the failed to prepare?
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The good news
You do not have a debilitating IDWDT list that will prohibit you from pursuing business where it is most likely to exist.
You are curious....the most reliable indicator of intelligence and teachability
No bad real estate habits to break
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The bad news
Everyone is an expert...including those townhouse dwellers who have never owned real estate, have not been involved in a transaction is 12 years, and knows their brothers neighbors sons girlfriends father who is making a killing in real estate..so they are an expert also.

Real estate people, especially licensed agents, are foggy talkers. Very little actionable data is available, especially on a public forum. (the same is true in my response) You want real data,,,pick up the phone and call a Chicago real estate professional. Demonstrate you are actually serious and not simply soliciting opinions from strangers on the internet.

ACTIONABLE DATA
Albert, that crazy looking, disheveled genius, stated his greatness was due to his ability to stand on the shoulders of other great men. He was kinda smart, and perhaps has shared a great idea. Work with some folks who have figured it out. Then, it's simple.."Do what they tell you to do!" Since you don't have an extensive IDWDT list like most agents do, you will be ready to rocket to success.
Start with these steps.
#1. Know what your business goals are. How much must you make to survive? What is you goal in five years. (get this information by chatting with a few agents. You will need to buy the coffee)
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#2. Set up appointments with a few brokerages whose name you recognize. Get the following data:
- # of agents in office including team members
- # of total transactions completed in that OFFICE (not franchise)
- Average transactions per/agent of that office
National average is 5 to 7 transactions per agent annually. You want to identify the office doing LOTs of transactions. Why? You will learn the business by doing transactions, NOT WARMING A SEAT IN A CLASS ROOM! The number of transactions per agent IS VALIDATION of the programs within that office. If the numbers don't support the claims...you need to know 'IT"S NOT TRUE!"
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#3. How will broker get in enrolled in a mentoring program where YOU will be doing transactons as soon as possible. (Note: you get paid for completed transactions. There is no pay for warming a seat)
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Choose wisely.
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Hopefully, this was not foggy speak.
Best of success to you.
Annette Lawrence, Broker/associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041

Chat with me on:
http://www.RealEstateMadeEZ.us
0 votes Thank Flag Link Thu Jul 19, 2012
Mrs......

As an aspiring broker you may at some point explore the possibility of starting your own company. As others will note, the business of real estate has changed drastically in the past few years and will continue to change with the adjusting markets and evolution of technology.

One of my observation for the future of real estate is the decreasing need for the mega office model. Because of the agents ability conduct business from remote locations, it is no longer important for large offices wth a designated space for all practicing agents.

Money would be best spent by using a model that employs several meeting rooms with computers and a large general work room with a computer bank , printers, scanners, etc.

Hope this is helpful.

Bill
0 votes Thank Flag Link Thu Jul 19, 2012
Hate to sound negative, but the R E business has changed sooooooooooo much in the past 10 years with both the R E 'bubble' that was artificially created by the mortgage industry and wall street and then then the last 5ish years when the bubble broke that if I was 30yrs younger and knew what I know now, I would never go into RE!
The attitudes/ethics/business practices/work load have all gone down hill. Half of the agents in our business, most of whom entered the business during the bubble years need to go.
It is true, however, that you should get with one of the larger firms for support, but even with the support, they tend to be too big so you really need to be disciplined!
0 votes Thank Flag Link Thu Jul 19, 2012
go to work at 8:00 AM and go home at 6 PM days a week for 3 months and you will figure it out.. you have only 10% chance of beating me or the agents who do 75% of the business..we are better than you on almost every level.. you need to figure out where the 25% exists..get to work in a large office.
0 votes Thank Flag Link Thu Jul 19, 2012
Find a good firm that offers lots of support and training to start with. As soon as you are licensed to do business write a letter to everyone you know, bringing them up to date on what's going on in your life and let them know, subtly, that you are now in the real estate business and looking to build that business and at their service. I don't know how this works in Chicago but if you were in New Jersey I would tell you to think about doing some rentals to get started, rentals offer less money but it's quick and easy and it helps you build a client list. Many landlords these days are what I call 'accidental landlords' they would rather sell but their home has lost value and so they have decided to rent it out for a few years. That means that in the not so distant future they will be sellers and in the meantime their tenants will become buyers. Do what your broker tells you, learn as much as you can, put systems in place to automate your business as much as possible and go after listings, listings lead to buyer leads, there is no greater source of buyer leads than a good, well priced listing!

Good Luck!
0 votes Thank Flag Link Thu Jul 19, 2012
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