2) Having money to pay for all the memberships, open house signs etc....
3) Learning how to market yourself (more money)
4) Learning how to negotiate
5) Learning how to get your first client
6) Learning that the $15k you earn in one month may have to last you 3-5 months until your next transaction
My word of advice is, don't quit your day job. Learn the business first and then make a gradual transition.
To me, it was finding my first clients.
I just moved to a new city, and didn't know anybody.
I went to every seminar, related and unrelated to real estate, and just started speaking to people.
In one setting, I found my first listing - a short sale.
Knowing that I was working on this short sale, another person, that I met at a different seminar, referred me to someone who needed a short sale. He referred his friend...
It took a long time (short sales take long long time), and I had to survive, so did rentals, and any type of transaction that I could get...So, making money the first couple of years could be easier for you, if you had some funds saved up for online advertising. You'll never be bored in this great profession though - the market changes all the time, the inventory size, the pricing, the types of transactions...
Best of luck,
Beachfront Realty, Inc.
I would have to say that hardest part starting a real estate career is staying focused and motivated. You are your own boss and every day that you get up you are unemployed so you have to create your own business. So, you have to be motivated each and every day. It's very hard. I've been a Realtor for 10 years now and it was hard back then but it's harder now.
My advice to you if you are thinking of becoming a Realtor is to find someone in the business who can take you under their wing.
If you have any other quetions, I'd love to answer them.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
First, finding a broker that is successful and growing is a good place to start. I wouldn't start in a tiny office, but if it's a super large office you are less likely to have the time you need with the office manager. Some companies just look at how many agents they can attract and really don't offer much more.
Make sure they have live training either through the company or in a coaching enviroment with the office manager or a top producer. This could also be a mentor. Training should NOT be online training. It's virtually worthless to a new agent and not nearly as valuable to a new or experienced agent as live training.
DON'T sign up with ANY broker that has a desk fee or monthly expenses. Make sure they don't charge you for advertising, copies, faxes, a phone line or anything like that. That would eliminate REMAX and Keller Williams. REMAX can be a great way for an agent to go, but the expenses can eat you alive if you're not producing. I'm not a big fan of Keller Williams business model. It also seems they lost about 4,000 agents so far this year. I wonder why.
Check out a nearby Prudential affiliate or Coldwell Banker office. They are both national brands with good reputations that people recognize. Prudential just won the JD Power & Associates award for customer satisfaction among sellers and got top ratings in overall satisfaction, satisfaction with the agent/salesperson, company marketing and company office. The only catagory they didn't rate at the top was variety of additional services. Keller Williams and C21 ranked at the bottom of the survey.
Make sure you have a comfort level in the office you choose. Some offices are more welcoming of new agents then others. Some offices have agents and a manager that is encouraging and some just can't be bothered with a new agent.
Real estate is a wonderful career and can be both personally and financially rewarding. To be successful does require dedication and determination. Always respond to customer calls and emails immediately. Always follow up on the details. Step out of the box and be different then the rest of the herd. Do a great job and your clients will be your best source of business.
Especially in a buyers market, new agents can spend years "pounding the pavement". But then some agents are sharp enough to model themselves after a top producer and catch on quickly. In my experience though, most agents lack follow-up skills and they find it difficult to keep a good attitude. If you can keep your attitude right and work smart, you can eventually succeed. If you're considering a career in real estate and think you have what it takes, there are many new business models out there. Investigate and find what you think will work for you.
Working with and through the distressed property market will meet you with relentless and ever-changing challenges that will force you to realize your strengths and weaknesses. You will no doubt come face-to-face with the realty of this side of the business rather quickly. You will need to make choices that will affect families short and long term and you will need to be able to live with the guidance you provide. You will thrive in the business if you do not limit yourself, your abilities, and your time. Remain fair and ethical and put your engergies in to what matters because most would rather see you fail than succeed. Good luck to you!
For most agents I find that getting over the FEAR FACTOR is often the most difficult part. Their own fear of rejection or not know what you do and say with a customer or client, such a buyer or a seller.
Keep in mind that most agents are more real estate savvy and trained then the average customer and clients. Now there are the exception that you will come across, If you are fear full to let people know what you do and where you work and how you can help them, then you will be wondering why people donâ€™t look to you as there real estate expert. Now you can read all the books and visit a hundreds website but I would ask you, are ready for real estate career or just looking to dabble? Are you looking to make this you r own business and invest time, money and effort or are you looking to have the business handed to you?
You will do well if you committed to make a go of it and get the help and support of a good broker but at the end of the day it is your business and if you donâ€™t treat it like one it will most likely fail. You need to be out there making things happen not sitting and hope the phone will ring and ops a million dollar buyer just popped up! So do your research, find a good broker and company you feel best suite your needs and save those pennies. Good luck!
Money and generating leads. I hope you enjoy serving people, because that's what this business is all about. Interview a couple of major brokerages in your area and see what they are wiling to do to help you establish your business. After all, it will be your business. Get a good mentor, (an experienced agent), who will be available to hold your hand and teach you listing presentations and how to work with buyers.
This is a very rewarding profession and your clients can become friends for life. Good luck. Let us know how it goes. Who knows, may be one day we will be doing business together!
Also need to remember that you are in this for the long haul. It is very difficult to get started, so plan for it and not panic. Do your best according to plan. As a self employed individual, discipline is extremely important. Stay on course, work hard, and the rewards can be great.
I recommend "the Millionaire Real Estate Agent" as a great resource, in paperback about $20. Interviews with over 100 of the top real estate agents in the US, their best practices for success. There is a companion website. http://www.millionairesystems.com, that you should visit.
Also, I suggest interviewing with a couple of brokers and find out what training is offered new agents. I work with Keller Willians and believe it is the finest real estate training company in the nation, period. I am biased and proud to be a KW associate. Truthfully there are may find companies, you need to pick one that has a proven track record of excellence both in training and culture. I would be happy to chat with you further if you wish.
I also suggest 21 Things I Wish My Broker Had Told Me: Practical Advice for New Real Estate Professionals. (Paperback)
by Frank Cook