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.
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.
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.
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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.
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.
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?
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
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.
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)
#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!"
#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)
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:
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.
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!