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How to Get Started in Real Estate


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What they don't tell you about real estate is a presentation that comes from hundreds of conversations that we have had with agents and brokers across the nation. Working in real estate is a multifaceted career. One part industry expert, one part marketer, one part sales person, one part negotiator, one part tech support and lots of hard work.

Published in: Real Estate, Technology, Business

How to Get Started in Real Estate

  1. 1.
  2. 2. How to get started in real estate. Getting started in real estate is filled with lots of options, competition, and a steep learning curve. No matter what business you’re in, selling is hard. But as a real estate professional, the challenge is even greater because repeat customers are few and far in between. real estate, after all, is not a gadget or a cup of joe. While a smile and a pretty face may get you in the door, providing exceptional value to customers will make you a success.
  3. 3. The Truth About Working in Real Estate If you want a hobby, take up knitting. You may like architecture, a beautiful home, landscape design, and all the other trappings of real estate. But as you can imagine, working in the industry is an entirely different animal. Ask any successful broker or agent and they will tell you that they put in an amazing amount of hours just to compete. ! Agents must wear many hats: advisor, analyst, coach, marketer, salesperson, designer, team leader, advertising exec, shrink. The list is long, and being knowledgeable about each aspect of your job requires time and energy.
  4. 4. The Truth About Working in Real Estate Part-time agents don’t make money. While you can make some extra ducats being a part-time agent, if you were to divide your hours worked into an hourly wage, you might as well work at Starbucks—at least they offer health insurance. The fact is, if you want to be successful, you can’t dabble: you have to commit.
  5. 5. The Truth About Working in Real Estate You’re in business, now act like it. Rule number one in sales: you don’t sell, you don’t eat. Most agents and brokers are independent contractors, which means that although they may work in someone else’s office, they’re not employees. Translation: No salary, no benefits. You’ll need to think like an entrepreneur and bootstrap your business until you’re profitable.
  6. 6. The Truth About Working in Real Estate Find a good partner to work with. The office you choose to work in will impact your success more than you can imagine. You want to make sure there is a good culture fit. Agencies recruit because they make money off the sales you make, and some make money from desk and advertising fees. There is nothing wrong with any of that. What’s important is finding an environment where you can learn, thrive, and be successful.
  7. 7. The Truth About Working in Real Estate Choose your broker like you’re choosing a mate. Researching a good broker relationship will require more than just a couple of interviews. As much as we love our broker friends, one of their main objectives is to recruit. Their agenda is to add you to their team. See if you can intern with at least three different agencies. Let them know that you are new to the business, ask to spend a couple of days shadowing one of their agents. Search the web for reviews good and bad. Talk to their agents.
  8. 8. The Truth About Working in Real Estate The good news is, you can rock this! With consistency, focus, and some marketing smarts, you can create a good living as a real estate professional. There are very few industries where you can broker the sale of million dollar items without years of experience.
  9. 9. The Truth About Working in Real Estate Did that last slide make you nervous? Handling a multimillion dollar sale is a huge responsibility. Lives and fortunes hang in the balance of your actions. It’s your job to know what you’re doing and provide counsel worthy of a commission. The disconnect between expertise and value is what gives real estate a bad name. Dare to be different: figure our where you can add the most value.
  10. 10. The Truth About Working in Real Estate Face it: you’re an entrepreneur. Chief, cook, and bottlewasher all rolled into one. The truth is, no one is going to tell you exactly how to make your business successful. The world is littered with failed businesses. Every decision you make can make or break your success. That said, start networking, make a business plan, get a coach, set some goals, and measure your results. You can’t improve what you don’t measure.
  11. 11. The Truth About Working in Real Estate Who needs to make friends with technology? If you can’t embrace technology as a friend, it will certainly become an enemy. Gone are the days where you could be a successful agent or broker with a phone and desk. Business happens online and in the field. Your customers will demand that you provide them with information in a form they are ready to consume. If you can’t do that, they’ll go elsewhere.
  12. 12. The Truth About Working in Real Estate Don’t be a “secret agent.” As our friend Sally Lapides says, “let everyone you have ever met know what you are doing” and “treat everyone you meet as though they are future clients. You’ll be surprised to find that many of them turn out to be just that.” The sooner you come out of the closet in your new career, the faster you will start to create leads from your sphere of influence.
  13. 13. The Truth About Working in Real Estate Marketing, branding, and prospecting are at the core of being a successful agent and broker. The advent of the Internet has changed the way we accomplish this feat, but the foundation remains the same. You need a good value proposition and a unique market focus to earn consumers’ attention. Engage customers where they spend their time online. Use the tools of the interactive age, from social media and user friendly niche websites to mobile devices and data analytics. Be fast, agile, and creative. ! Wimpy marketers aren’t remarkable.
  14. 14. The Truth About Working in Real Estate Involve yourself in the community. Join your local realtor’s association. Get to know public officials. Volunteer for causes your believe in. Join a mastermind group. Participate at your child’s school. You get the idea. You have to participate in the world to create relationships.
  15. 15. The Truth About Working in Real Estate Invest in your education. Take the time to learn. Find a good mentor. Invest in a real estate business coach. Attend the appropriate conferences for your niche. Education and training isn’t cheap, but if you don’t make the investment, no one else will.
  16. 16. The Truth About Working in Real Estate Be yourself. We’re talking about real estate, so for God’s sake, be real. You don’t need to become one of the slick agents you see on TV. Authenticity and integrity rule in this industry. Be the kind of person that you would like to do business with.