If you’re a new agent, here are some tips to help you get started in real estate. I’ll continue to revise this list as I learn more about what new agents need.
- Find a good mentor. This is not a business where passing tests or getting good grades will determine your success. Ask someone who is running a successful business to help you get started. Many agents are happy to help. It will usually cost you a commission split, but this is money well spent.
- Create an online presence. Buyers and sellers (potential clients) will Google you or check out your social media profile, so you will want to have a good online reputation. When you close a deal, ask your clients for reviews (e.g. on Google and Zillow). For me, I focus on Google reviews, Zillow reviews, Facebook/Instagram business profiles, and my blog. I’d like to get into YouTube eventually. There’s a lot, but start somewhere.
- Ask an agent to shadow them. Ask another agent to accompany them to client meetings/showings, home inspections, realtor events/seminars, etc. Immerse yourself in the industry. You probably won’t get paid for any of this, but this is valuable on-the-job training.
- Learn your craft. As a new agent, you probably won’t have many clients. Use some of this time to attend classes and watch training videos. As you do this, write down a list of questions to ask your mentor.
- Learn how to write an offer and counter offer. Don’t let the first time you write an offer be with an actual client. You don’t want to be practicing on your clients. Practice writing offers and review with your mentor. Learn what is required for VA/FHA/conventional loans and cash offers. Also, learn how to mark up a contract and how to write a counter offer.
- Learn what a ratified contract looks like and what to do after you ratify. Your job doesn’t end when you ratify a contract. Make sure you learn how to finish the job properly to help your client get to a smooth closing. You’ll need to keep track of a lot of things.
- Make sure you know how to explain all the forms and addenda. Familiarize yourself with forms and learn how to fill them out. For example, be able to explain the home inspection options, what a radon inspection is, what the financing and appraisal contingencies are, what an escalation addendum is, what seller rent back is, etc. This goes along with “learn your craft” above.
- Practice genuinely connecting with people. This is something that doesn’t come naturally to everyone, including myself. I’ve found that when I engage in activities that I’m interested in, it’s easier to organically connect with people. For example, I joined a table tennis league for a year and made some friends there. I served in my church and connected with the people I served with. As I get older, I find myself connecting with people through activities with kids (school/sports/birthday parties). I try to genuinely connect with people when I meet them, not to make them a client. If I connect with them, they may ask for my help when the time comes to buy or sell a house. If not, no big deal.
- Start previewing homes and attend open houses. Start familiarizing yourself with the product you will be selling. Learn your market. Practice scheduling showings and opening up lockboxes. Learn prices for condos/THs/SFHs in different areas.
- Be responsive and available for your clients. You will need to be responsive to your clients’ needs. That means you will probably have your phone on you or near you as much as you can. If you are consistently taking more than an hour to respond, communication can really break down (not good!). Your clients won’t notice if you are responsive, but they will definitely notice if you are not responsive. When I get really busy, I even take my phone with me on runs. Set boundaries when you need to, but try to be as responsive as you can. Also, be available for your clients. If you are working as a buyer’s agent (aka selling agent), be available to show homes. Sometimes acting quickly can win you the deal. If you know you will be on vacation or unavailable, team up with other agents to provide your clients with service while you are away. I’ve negotiated deals in the hotel lobby late at night while on a family vacation. For showings and other services that require an agent to be present, I pay my team members $100+/hr to take care of my clients.
- Be dependable, be on time, and follow through. This may seem obvious, but it needs to be said. Do what you say you are going to do. Be on time or early for showings. Anticipate some traffic and build in a cushion if you have to drive a long way. If you get to your showing early, turn on all the lights and familiarize yourself with the property. If you say you will do something later or tomorrow, do it.
- Create a system to keep track of everything. There are so many moving parts when you are taking care of many clients. I use a white board to keep track of the big picture. I keep a clipboard with daily to-do lists and a to-do list for the week. I also use Google Calendar to keep track of future items that are more than a week away. Do whatever works for you. Earlier this year, I was working with 10+ clients at a time. I had to make sure I was organized so nothing would slip through the cracks.
- Start creating your network. As a real estate agent, you will need to know a lot of people such as home inspectors, loan officers, contractors, etc. Start by connecting with some loan officers. They are generally very happy to connect with new agents.
- Generate some leads. Start letting people know you are a real estate agent. A secret agent is not a good real estate agent. If no one knows you’re an agent, it’ll be difficult to find clients. Put yourself out there and start connecting with people. This will be difficult at first but will get easier over time.
- Don’t give up. Real estate is a long game. The work you put in now may not pay off for months, or even years. Some people find success in their first year, but many people take years and years to build up a consistent pipeline of business. If you put in the work each day towards building your business, you should be able to build up a successful business. Trust the process and keep working hard. If it’s not working for you, ask a successful agent to take a look at your business and give you some advice.
I am a licensed realtor in northern Virginia with The K Group and a mentor at Samson Properties. If you are looking to buy or sell, please contact me at realtordannylee@gmail.com or call/text me at (401) 261-0044.