After years in the industry, I’m often asked what I would do differently if I started as a new real estate agent.
My best advice for new real estate agents is to plan and have some outside help.
Before we get into some areas you need to focus on to be successful in real estate, let’s discuss why you may want to consider becoming an agent in the first place.
Why Get Into the Real Estate Game?
Getting into the real estate game is a smart move for several reasons.
For one, it provides the potential for significant income and offers excellent opportunities for personal growth and development.
So, whether you are looking to work independently or as part of a team, the real estate industry offers a highly flexible career that can be tailored to your specific needs.
One of the most appealing aspects of being a real estate agent is the potential for significant income. And while success does not come overnight, it is possible to build a successful real estate business with a high earning potential with hard work and persistence.
This can be an excellent motivator for individuals seeking a rewarding career with limitless earning potential.
Also, as an agent, you are your boss, making it a combination of lucrative and rewarding. But there’s also a challenge in being your boss. There’s nobody that you can rely on to do things to help you grow.
For example, you’ll have all aspects of running a business fall on your shoulders, such as setting schedules, building a brand, and finding ways to attract more business.
That said, in addition to the financial rewards, being a real estate agent can be incredibly fulfilling as you help others fulfill their dreams of homeownership.
There is nothing quite like the feeling of being able to provide someone with the keys to their dream home. For many real estate agents, this sense of fulfillment and purpose is the reason they entered the business in the first place.
Another reason you may want to explore real estate as a career is that the industry is constantly changing, making for a dynamic work environment.
As a real estate agent, you will need to stay up-to-date on the latest trends in the market, including changes in interest rates, real estate forecasts, and other market indicators. This can be challenging sometimes, but it also means that every day is different, and there is always something new to learn.
Finally, being a successful real estate agent can provide a sense of ownership and control over your success.
Unlike other careers where others largely determine success, your efforts and hard work in real estate determine your success. This can be incredibly empowering, and for many real estate professionals, it is why they choose to work in the industry.
Now that you know your reason or your “why” about the real estate industry, it’s time to plan your success. When people ask me my best advice for new real estate agents, I tell them it’s part of a 10-step process that includes getting your license, finding a mentor and coach, reaching out to your sphere of influence, and developing better time management skills.
The 10-step process includes:
- Get Your License
- Find A Broker
- Get A Mentor
- Hire A Professional Real Estate Coach
- Write Your Business Plan
- Create Your Marketing Plan
- Strengthen Your Time Management Skills
- Build Your Network
- Market Yourself
- Stay Educated
Focusing your energy and time on these 10 steps will lay a foundation for both success and a better work/life balance, making your career choice in real estate a satisfactory one.
Get Your License
Getting your license is the first step to becoming a real estate agent.
The requirements for getting your license vary from state to state, so check with your state's real estate commission.
Before beginning this journey, you need to understand the licensing requirements for your state and any other states you plan on working in.
The eligibility requirements will vary from state to state, so checking with your state's government agency before starting the process is crucial. You must complete a certain number of education hours, pass a state exam, and be fingerprinted and background checked.
Additionally, some agencies may have additional prerequisites, such as background checks or proof of insurance coverage, that must be satisfied before considering someone for hire.
While obtaining a real estate license can be challenging, taking the necessary steps to meet all the criteria will ensure you are correctly set up for success in this field.
Find A Broker
Once you have your license, you must find a brokerage to work for.
A brokerage will provide the support and resources you need to succeed in your new career.
Small boutique brokerages may only include one person (the broker), a small team operating under a larger brokerage, a massive brokerage, or even a discount brokerage.
Finding a brokerage is essential to start your journey as a real estate agent. Therefore, you must do your due diligence and research the different firms you are considering.
So, it’s best to interview a few different brokers so that you can make an educated decision when it comes time to choose. When choosing a brokerage, ask about their training programs, marketing support, and commission splits.
Make sure they have the right goals that align with yours and that they can provide the necessary tools and support to help you be successful in the profession.
Ask about their commission split so you know how much money to expect from each sale and the average number of listings they have.
Pay attention to the quality of these listings to better promote yourself in the market.
Lastly, ensure whichever brokerage you choose is affiliated with the National Association of Realtors (NAR).
This affiliation adds credibility to anything labeled as “real estate” services or products. In addition, it distinguishes realtors who are part of this association and those who are not professionals or members.
The NAR helps monitor standards and offers a unique support group for realtors that could be very helpful throughout your career. With these tips, you should feel confident selecting a brokerage that suits your needs perfectly.
Get A Mentor
When I’m talking about my best advice for new real estate agents, there are two things that every new agent should do immediately. The first is to find a mentor, and the second is to hire a professional real estate coach (more on that later).
Having a mentor as a new real estate agent can make a huge difference.
Your licensing classes don't teach you a lot about being a real estate agent.
The benefit of having a mentor is that they are someone, probably in your brokerage, who has learned through experience different systems and ways to do things.
Working at the feet of a mentor is like an apprenticeship. You may be asked to do some boring, tedious work, but in exchange, you’ll learn about what has worked in the past, what hasn’t, and what currently is providing the best results.
It’s not enough just to have industry knowledge; one also needs interpersonal skills and industry know-how to be successful, and mentors can play a crucial role in helping us to reach our goals with guidance and support.
It is a relationship founded on a shared passion for something, where the mentor draws on their experience to show the mentee how to reach their best potential.
And finding a mentor or mentor can be difficult because it takes time to find someone who’s a good fit and willing to work with you rather than see you as some sort of competition.
The first step towards finding a suitable mentor is identifying an agent within your brokerage or area who gets along well with you.
When asking whether they would be willing to mentor you, explain why you ask them – what you admire about their approach and what particular aspects of their career you wish to learn.
Offering a gift of appreciation, such as a bottle of wine or a box of chocolates, will show your gratitude and respect for them.
Having found a suitable mentor, be considerate of their time but don’t be afraid to take advantage of the opportunity they offer by asking questions that will help increase your skills and knowledge within the industry.
Hire A Professional Real Estate Coach
A professional real estate coach is a great asset when starting in the real estate industry.
You may think, “Hey, I already found a mentor; do I need to hire a professional real estate coach?”
The answer is a resounding yes!
With a mentor, they will help you understand what systems you need to develop and what types of strategies work best for them, while a real estate coach will help you develop your systems and brands to build your business.
A real estate coach can help you develop effective time management skills, create an action plan that will enable you to reach your goals and provide guidance on handling challenging situations best.
Working with a real estate coach will also give you access to their expertise and network of contacts, which can be invaluable when starting the business.
When I’m asked to offer my best advice for new real estate agents, the most important thing, and I can’t stress this enough, is to hire a professional real estate coach.
Investing in a professional real estate coach can be one of the best decisions you make as a real estate agent, as it will provide you with the knowledge and resources to help you succeed.
Everything in the 10-part plan you need to do to succeed in real estate will be based on hiring a coach to guide and help you.
Write Your Business Plan
Creating a business plan for a real estate agent is essential for success in this competitive market. And a good real estate coach is going to be able to advise you on how to craft a business plan that is realistic and achievable for you as you begin your career in real estate.
A well-defined plan will provide the roadmap needed to develop and grow an efficient and profitable real estate agency.
The first step is to evaluate and set realistic goals for your first year.
Things like setting a budget, sales targets, number of listings, number of sales transactions completed, repeat clients acquired, etc., should all be included in your long-term strategy.
Once you have set measurable goals for the year, you can begin to design the tactics you will use to reach them.
This may include expenditure on marketing strategies, such as online ads, email campaigns, or print media. Also, since you’re a new business, think creatively about how to bootstrap your marketing, such as using your phone to create video text messages to promote your business.
All you have to do is film 10 personalized text videos and send them to people you know. The idea is to be on their minds when it comes time for them, or someone they know, to utilize a business service like yours.
Other investments in technology should also be included in your initial budget – from cloud computing solutions to accounting software; these items can help you streamline operations and increase efficiency.
Planning ahead will significantly reduce stress while helping you maximize profits each year – don't make an already tricky transition harder than it has to be!
Create Your Marketing Plan
Technically, your marketing and business plans should be part of each other, but your marketing is so crucial that it deserves its position.
How you find leads, make new connections, and close deals should be part of your overall long-term strategy for growth.
Creating a successful marketing plan for your new real estate business is essential to achieve success.
When developing a plan, you should allocate part of your budget toward marketing expenses to ensure your services are adequately advertised across various media.
A complete marketing plan can include professional website development, a strong social media presence, print materials such as flyers and brochures, yard signs, networking events, and the possible use of television and radio ads, billboards, email marketing strategies, and newspaper advertisements.
Or being creative with social media posts and a dedicated YouTube channel for your business can take up much of your marketing but yield the most results if you’re strategic in the content you publish and produce.
These tools will help you reach potential buyers and sellers on multiple platforms, increasing your business's visibility and allowing it to grow faster.
Strengthen Your Time Management Skills
One of the greatest skills you’ll need to learn and master is managing your time and maximizing your production effectively, which is where a real estate coach can help you tremendously.
As an agent, you are responsible for clients, marketing, paperwork, and more which can be challenging to juggle without carefully managing your time.
To start the day on the right foot, having a plan will help you avoid procrastination and prevent any added stress or anxiety.
A planner or software to track what needs to be done throughout the day will help organize your tasks. But, of course, limiting distractions throughout the day is important too.
Setting clear boundaries between personal and professional life is vital for efficiently accomplishing things.
Once these boundaries are set and communicated with family members, discipline has been established so your activities and conversations don’t spill over into one another and ruin productivity.
Time Blocking
Time blocking is the practice of dedicating a certain set amount of time per day towards a particular activity.
This method benefits real estate agents juggling several tasks to build their businesses.
Using time blocking, agents can maximize their efforts by focusing on one task during a specific period, ensuring that they use their time effectively and energy wisely by jumping from task to job without completing anything in full.
With a plan of attack laid out ahead of time, real estate agents can complete their daily goals more efficiently and quickly. You can also ensure you’re spending enough quality time on each activity to get the most benefit.
This tactic will also allow you to work smarter rather than harder because you’ll know exactly how much time should be spent on each task. That way, when something comes up that takes longer than expected, other activities are scheduled throughout the day that will keep them on track with their tasks.
There are numerous benefits associated with effective time management as a real estate agent, such as increased motivation, improved task completion rate, more control of how your days play out, and potential financial success.
With a proper plan that outlines daily goals comes tremendous success in closing deals rather than wasting energy on other activities that won’t contribute much (or anything) towards furthering your career.
Another component of more effective time management is utilizing productivity tools and hacks. One productivity method that works wonders for overall efficiency and productivity is called The Pomodoro Method.
The Pomodoro Method
The Pomodoro Method is a productivity technique that helps individuals focus on completing tasks without the distractions and time-wasting that can occur when multitasking.
The way it works is simple. All you do is set a timer for 20-25 minutes, work on a task during this time, and then take a 5-minute break after the timer goes off.
This cycle is repeated until the task is completed or until you’ve done 4-5 Pomodoros before you decide to switch jobs.
The Pomodoro Method is an excellent technique for real estate agents because it can help them manage their time more effectively and allow them to get tasks done quickly.
By taking breaks during the day, real estate agents can stay focused and prevent themselves from becoming overwhelmed with too much work at once. Additionally, the method allows them to track their progress throughout the day to keep on top of their tasks.
Overall, time management is essential for success in the real estate industry and is one of the most crucial pieces of advice for new real estate agents.
With practical strategies such as time blocking and the Pomodoro Method, real estate agents can maximize their efforts and get more done in less time. By taking control of their daily schedule, they can manage their workload better and achieve tremendous success in the industry.
Build Your Network And Sphere
Building your network is one of the most important things you can do as a new real estate agent.
Get to know other agents in your area, contractors and vendors, and potential buyers and sellers.
The more people you know, the more likely you are to find clients.
Growing your professional network is essential to being a real estate agent. This includes building relationships with friends, family members, and potential leads.
First, let your family and friends know you've ventured into the world of real estate.
Ask them if they know anyone looking for a home or plan to sell one soon.
Create meaningful relationships with other agents and potential leads at broker open houses, networking, and community events. Make sure to exchange business cards to stay connected after the event ends.
Work Your Sphere
Having a positive relationship with your sphere of influence is the most essential part of real estate success.
Establishing and maintaining bonds with friends, family, and acquaintances should be a priority for agents looking to build their client base.
You know These people best, often more personally than anyone else in this field. As a result, they are much more likely to remember you when it comes time to buy or sell a home.
Market Yourself
To find clients, you need to market yourself.
There are many different ways to market yourself, such as online advertising, print advertising, and networking, aka working your sphere.
The key is to choose marketing methods that suit your budget and target market.
One of the best ways to do this is to familiarize yourself with your area.
For example, engaging with property owners and talking to them about potential real estate opportunities is a way to familiarize your local market knowledge and do some prospecting at the same time.
This will help you understand what properties may become available and what other agents are doing in marketing themselves.
Once familiar with the area, create a marketing strategy promoting your services. This could involve sending out video text messages, flyers, postcards, and knocking on doors to introduce yourself directly.
You can also put up yard signs around town so people can easily spot your name and contact information when they need assistance buying or selling a home.
Stay Educated
Starting the process of becoming a real estate agent usually requires taking courses, but it’s important to remember that this alone isn’t enough. But to succeed, my best advice for new real estate agents is to plan on taking continuing education classes and learning about new marketing systems to achieve your goals.
In other words, after your licensing is complete, more comprehensive training and ongoing support are necessary for becoming a successful real estate agent.
Unfortunately, not all real estate companies have programs grounded in setting up, running, and growing a business as a real estate salesperson.
This means that if you don’t have access to this type of program, there are other options that you can turn to.
Mentorships or working with a coach can provide valuable insights into real estate that you may need help to gain.
Don't underestimate your resourcefulness either – take the initiative and seek additional training opportunities to get yourself closer to success.
