Quote: (06-17-2017 06:11 AM)Hypno Wrote:
Sales, is sales, the skills are transferrable. I don't know anyone who would hire an 18 year old to sell their house, or buy a house from an 18 year old, so real estate right now might be an uphill climb. But even working commission at Best buy or whereever you feel comfortable is practice. Zig Ziglar has a tone of books. There are text book concepts in sales that you should master. Also get ahold of Scott Adam's persuasion reading list.
Sales is not easy which is why it can pay well.
I think you are wise to work for yourself. Long term you will build wealth and security. In the beginning it may be more challenging
It's true that few people would trust an inexperienced agent to list and sell their home, but that's not the only way Realtors make money.
I became a real estate agent when I was 40 and sold real estate for 7 years until I moved from Canada, so I can give a bit of advice here.
You will have to get your license. Each state and province in North America has their own commission. I was in Ontario, so I took courses online, but the exams had to be taken in a classroom. For the final phase I had to take a 2 week course in a classroom. I'm sure it's fairly similar everywhere, and I'm sure the courses, tests and exams will be uniformly easy. Almost insultingly easy (which is why many stupid people have real estate licenses).
I started my career in a mid-sized brokerage. I thought long and hard about which brokerage would be best for me and I determined that a brand name company with a smaller to mid sixed office would be the best fit. You might decide otherwise, but be very aware that the type of brokerage you decide to join will influence your entire career.
It's very difficult to get clients because who wants to use the services of someone who has never done this before? I used to approach some of the busier agents and ask them if they had any listings that I could host an open house at. Busy agents are happy to have that sort of help because they are too busy to do it themselves. At the open house I would meet potential buyers. I would be as professional as possible and I eventually managed to sign a few of them up as clients (if they didn't already have another agent) and take them around to see other houses the following week. I would go through the MLS listings and find a number of houses that met the criteria they were looking for. This is how I managed to get my first few sales, buyer's agent are entitled to half the commission.
There will often be "duty time" at the brokerage. One licensed agent is required to be there in case someone wanders in off the street. Experienced agents usually don't like doing this because it ties them down to the office for a few hours at a time, usually with no results. I used to volunteer to do other agents duty time, and while I only ever got 3 or 4 clients this way in my entire career, I used the time in the office to work hard on my web presence.
Often there will be home shows or other types of trade shows where the brokerage will have a booth and will require agents to take shifts manning the booth. again, experienced agents would rather not bother with this, but it's a great way for an inexperienced agent to get his face out there.
Start your own blog and have your own website. The vast majority of people start looking on the internet long before they approach an agent or start going to open houses. Make sure your name pops up constantly. This is important. Every brokerage will have a website where each agent has a page. Maximize your page and your presence on that site. Also have a website of your very own. Learn search engine optimization so that your own website gets to the first page of google in your locality. This is exceedingly difficult in large cities. Make sure it's a professional looking website with all the bells and whistles. There are companies that specialize in real estate websites that already come with a decent amount of SEO built in. This may seem expensive at first as there are monthly charges, but it was my website that eventually made my career. I blogged twice a week, there's an art to that. Learn it. There are a few real estate specific blogging platforms. Join one and become the guy in your area that has a presence on that platform. Comment on other people's real estate blogs and they will usually reciprocate on yours. This will make you look like a going concern. Blog about your neighbourhood and the events that take place there.
Do not get discouraged, the first couple of years will feel like pushing a boulder up a hill, and you probably won't make money. Start with a brokerage that might offer a 70/30 commission split with you. While they take 30% of your commission, the monthly expenses and desk fees will be much less. This will help during the months that you have no sales. When you start selling, you can move to a 90/10 split and pay your desk fees as you would rent. Make sure you research how brokerages handle commission splits before you join. Every one will offer different packages. Flexibility is important.
Learn to recognize tire-kickers and time-wasters early. Do not be afraid to drop buyers who just suck up your time and energy with no return. There are a whole bunch of people like that out there and they can drain your energy and frustrate you.
You will be forced to be on Facebook and other social media. Set up your own agent facebook page so that your friends and family are aware that you are doing this for a living now. Never spam their personal pages with your business bullshit, people hate that, but simply request them to "like" your new business page. There are some good articles about how Realtors should handle their FB page, read them. A bad FB page and bad FB etiquette will be a liability to your career. Eventually your high school friends will graduate from college and be looking to buy a house. By then your career should be getting into high gear and they will be confident enough to approach you.
The listings will eventually come, but not in the first couple of years, so concentrate on being an awesome buyer's agent first.
When I left the real estate business to move to Panama I handed over my files to another agent. At that time I had 15 houses and businesses listed. It was a decent portfolio, and in my last year I closed 28 deals (both on the buyer's and seller's side), so the income had started to get quite good. The top seller in my office had closed 116 deals that year. That's a big income. I had been observing him my whole time there and modelled myself after him a bit. I went to him for advice (which he was always happy to give) and used him as a mentor. Having a mentor is very, very important, I can't stress that enough, but you have to choose wisely (he might not necessarily be a top seller).
In the end, you're in it for the long run. If you start doing all the small things well, the big things will fall into place in time. Do not expect to get your license and set the world on fire, there are a lot of things to learn, but an agent with smarts and integrity will eventually be able to carve out a very good income for himself.