I get a lot of questions from people who want to get into the real estate industry or are just starting in real estate, so today’s blog is all about sharing some advice for them.
But ya know, there just might be a few fundamentals in here some longtime veterans need to be reminded of.
I’ve broken it down into eight tips plus a few suggested videos. Let’s get right to it!
New Agent Tip No. 1: Know What You Want
If you want to truly build a business in real estate instead of simply having a job, you have a lot of important decisions to make BEFORE you start. If you fail to invest the time to answer these questions, you’ll be likely to end up following the herd and creating bad habits.
Here are three essential questions you should answer before you begin your journey:
- What kind of business do you want?
- How much income are you committed to create?
- What is your outcome… what do you want from your work?
New Agent Tip No. 2: Commit to Becoming the Local Market Expert
One of the most powerful ways you can overcome your “newness” in real estate is to obviously know your stuff and establish yourself as a the “knowledge broker” for your market.
If you can speak with confidence about market conditions, people will automatically assume you’ve been in the business for a long time.
How do you do that? By studying the following:
Market segments – Low end, mid-market, high-end/luxury.
Daily hot sheets – You need to be inside your MLS tracking activity on a daily basis.
What’s selling, what’s not – Use your brainpower to analyze why certain market segments are selling while others are not. Being able to communicate that to prospective clients will be extremely impressive.
Expireds and FSBOs – Even if you don’t have any luck converting these people to clients, you can learn A TON from talking with FSBOs and Expireds and asking them about their experience.
Contracts – Read, learn and understand contracts so you can speak intelligently about them when your client’s life savings is on the line.
Your MLS – Get in there and learn the ins and outs to be sure you’re maximizing this essential tool.
Communities in Your Market – Study to learn their differences: Amenities, school districts, pros and cons, etc.