If you are brand new to real estate sales or are considering a career in real estate, I’d like to share with you the things I wish I would have fully realized from the beginning. And now that I’m in the business of assisting and coaching real estate agents in their career growth I have even broader perspective.
- Probably no income for 90-150 days.
- Real estate is a business. Not a job.
- The “old” ways still work and are generally at low cost.
- There is an entire industry designed to get every penny a new agent has to spend.
- Get in to a mastermind group as quickly as possible.
- Always, always, always keep your dreams in front of you.
Yes. Knowing those six things from the very beginning of your real estate career will help to set the right expectations and get you making money, profitably, sooner.
#1 Probably no income for 90-150 days.
I’ve seen some rookies come in and 45 days later they are getting paid. I was paid well before 60 days but only because I worked a lead my first broker shared with me because he was too busy that day. Get in and get ready to go. But just know, it may be a few months and you want to be prepared for that.
#2 Real estate is a business. Not a job.
Oh, my. I’m continually amazed at new agents, especially those that have never been self-employed. You don’t get paid “by the hour” in real estate. You eat what you kill. Learn to prospect and network. There should be plenty of training in your office. If there is not, find a new office. Learn how to track your dollars. At Keller Williams in Olathe, we talk about Red Light, Green Light. Make your dollars prove they are being spent in the right place before spending more dollars.
#3 The “old” ways still work and are generally low cost.
I realize there is money to be made with web advertising, pay per click, etc. And you will be bombarded with “quick and easy” ways to get leads. They are also generally very expensive when you work out the costs as compared to networking, open houses, board duty, internal referrals, etc. Again, there should be some sort of Fast Start training for new agents in your office.
#4 There is an entire industry designed to get every penny a new agent has to spend.
Everybody has a great way for you to spend about $39/mo or just $500/yr for you to get those leads, those closing gifts, that database system, that, that, that. And yes, you’ll want to eventually get some of these things to enhance your business. But you are new. You have very little income Make your business pay its way. LEAD WITH REVENUE. Talk to someone successful in your office before spending anything and get their opinion.
#5 Get in to a mastermind group as quickly as possible.
So powerful. Real estate is a business of sharing. At least it should be. It’s a funny business, too. We’re in competition with each other, yes. But the truly successful agents, the ones making big dollars, also understand that there are few people sharp enough or willing enough to do the day to day things to be successful in real estate over the long haul. So they don’t mind sharing. Our office has a weekly mastermind where you bring your challenges and other agents help you to solve the problems. That’s the way an office should operate!
#6 Always, always, always keep your dreams in front of you.
There will be times you want to quit and times you don’t know how you will go on. Especially in those first few learning months. Remember why you started. What was it that attracted you to being a real estate agent? The money? Time? Challenge?
Good luck on your real estate career. It’s fun. It can be frustrating at times. But it can also be oh so profitable. It’s the best business I’ve ever owned.
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