I think the best advice you can get in this market is, unless you( even if you) have 6 months living expenses saved up, get a full time job. 9 to 5 something with benefits
Sell Real estate part time . Evenings, and Weekends.
For your real estate career, Go to work for the largest brokerage you can. Your only goal is to barrow listings. Advertise those listings on Craigslist or Backpage. Sit those listings as Open house evenings and Weekends.
Start a local blog. Yes keep a data base.
You live in spring grove IL. The chance of you selling anything in Dec, Jan, Feb. very slim. Heard of the Credit issues? March April may, chance of tighter credit? You might get your first deal in June.
another July , Aug, Sept. . nothing Oct, Nov, Dec
So you have 4 deals 10K each deal total 40K. Give your broker only 25%. 30K left over for expenses.
Clothes, office carp, Phones, wireless laptop, lets be real nice and say $500. a month. OK that`s 6K
Done 24K, oops, Uncle Sam let`s only give him 15%. ( you`ve got a great CPA, who cost $400.)
Done 20K left over. divided by 12. about $1,600 per month
D. Skidds can you live on $1,600 per month?
Don`t forget, we are full service, there was no rebate, kick back, discount , or " are you going to buy us a new Refrigerator?" Hanky Panky ...Spanky.
Then remember this. January 1st 2008. 1000 new agents will begin their new real estate career.
January 1st 2011. there will only be 12 to 36 agents still in business. Tough business.
D. Skidds you may not like my answer. Others may not like my answer.
Now, I am not being a Bass hole (Ha Ha, got that one past Trulia ) however this is the reality of realty.
1 Start building your database now. Make a list of everyone you know, friends, family, old classmates, your hair stylist, church or organization members, doctors, dentists etc. You get the idea. Send them a letter letting them know you are in the business and would like their business. Don't be afraid to ask for their business every time you talk to them.
2 Get a business card made as soon as you know what agency you are going to be with. Pass them out to everyone you meet.
3 Get involved in the community, pass out more cards.
4. Shadow an experienced agent or get a mentor. Consider working as part of a team to get started.
5 Continue to get as much training as possible!
Much good advice listed here so far. Find a great support system, a place where you know that when you need a question answered, someone will be there for you. That might be the broker, or a mentor. There is no way to train anyone for all of the things that might happen, so much in this biz is learned as you encounter situations. You want to have a readily available, near to on-demand help center.
Don''t be afraid to let people know (buyers or sellers) that you are new. But, do let them know how strong your mentor of broker is, so the client can feel confident in the service and guidance that you will provide.
That goes for your communication w/ other agents and brokers also. It can cause a bit of extra work for another broker or agent when you are new and trying to show property, have conversations, present offers, negotiate deals, etc.
For most veterans, the most frustrating part is when someone who is new, or even relatively new, thinks they know what they are doing when they do not. I have had to interact with newbies (or even relatively new) agents and when one gets arrogant and they are new, it makes for a stressful situation.
Don't be afraid to not know everything, as it takes a long time. Even after a few years, it will amaze you how many new things you will learn, and how a new transaction can bring about a new learning curve.
Have great support and knowledge behind you. Be a sponge, and be prepared for lots of learning. It's a great biz.
Best of luck!!
1. Start making a list, with contact information, for everyone you know, and everyone who knows you. A good database is the backbone of the business.
2. Develop a web presence: blog, website.. and publish the URLs and your email address everywhere you can. Post to your blog; keep your website fresh and interesting.
3. Get all the training you can get. Formal training and mentoring are both good.
4. Subscribe to RSS feeds dealing with real estate and economics, national, regional, and local
5. Get more training
6. Let people who know you know you are in the business.
7. Play off of the strengths (sales history, reputation, status in the market) of the company you affiliate with, since you will be starting with no track record.
8. Develop relationships with successful REALTORS. They are the 20% who have survived in the business.
9. Follow up to number 8 - remember that 60% or so of new licensees leave the business in the first year. Stay in the survivor mode.
10. Get help when doing your first deals. Seasoned agents hate nothing more than dealing with a green agent who thinks he/she knows it all.
The only way it gets any easier is if you see a huge sign in a yard that says "realtors, please call me to set up listing appointment". It really is that easy getting to find who wants to sell, most people refuse to stop the car....
Otherwise find a team quickly
You need to shadow the top producers in the office and learn how their time is managed and how they lead generate. How do they spend their day?
Your office should assign you a mentor that can help you through your first few contracts etc.
You will want to preview homes that are on the market so that you can learn your market and the difference in values.
Purchase the book "Millionaire Agent" by Gary Keller. This is a great book and a best seller. It gives you a great business model for a strong foundation. The "Power of Focus" is also great. "E-Myth" is also great.
Lead generate everyday!