If you’ve been an agent for more than a week, you know that real estate school left out some important lessons. 
Perhaps they were afraid no one would carry on and pay to take the test and get the license if they shared everything you need to know.
One of the first things that shocks new agents is how much it costs to get started. Many of the new agents who contact me are feeling mighty broke – and more than a little concerned about how long it’s going to be before they see a commission check.
Real estate school also fails to stress that as a real estate agent, you are an independent business person. You’re self-employed, and what you earn depends upon your activity – not just upon showing up for work each day. No one is going to give you the day’s assignments or hold you accountable if you don’t get them completed.
This is a huge leap for anyone who has been used to being an employee with a a weekly paycheck.
You MUST be a self-starter or you’ll fail.
Part two of that aspect is that you have to learn that your commission check is not all yours. You have to set aside dollars for Uncle Sam, for your vehicle, for your supplies and equipment, and for your own insurance.I once knew a pair of agents who left their brokerage to set up a new firm. One was the broker and the other the manager, who was supposed to keep track of the money. Every time they had a closing, she spent the company share on another bit of advertising…
Can you see where this is going?
Her partner, the broker, was beyond upset when the rent, the phone bill, the heating bill, and all the rest came due – and there was NO money left in the account.
Real estate school should teach you to always keep money back with which to pay for your operating expenses and your obligations to Uncle Sam.
If you don’t want to over-pay your income taxes, you have to keep good records of those expenses. You MUST be financially disciplined.
Next: Where do you get the customers and clients? No one is going to hand them to you.
You MUST spend a good deal of your time marketing.
When it comes to marketing, the sheer number of choices can be bewildering. Where / how should you begin? When I attended real estate school I don’t believe marketing was even mentioned. And yet, without it you’ll be a failure.
Here are my “Getting Started” recommendations:
Send an announcement letter to everyone you know – everyone your Mom knows – all your kids’ friends’ parents – and all the people your spouse works with.
Write your announcement as a benefit to them – because now they have someone to call when they have a real estate question. Let them know you’re there to help.
Get a good bio.
Not a resume’ – but a bio that shows who you are and how you’re going to help your clients. If you can afford it, have it written professionally. If you can’t, study my agent bio page.
Write, refine, edit, and have someone proofread for you before you submit it anywhere.
Get that bio uploaded to all your social networking sites.
Get your own website as soon as you can. If you don’t have one yet, join Active Rain and make full use of your profile page to promote both yourself and your community, and blog every chance you get.
(Even if you do have your own website, take advantage of Active Rain’s standing with Google – be there!)
Enter that bio/profile on every other one of your networking sites – and if you haven’t joined LinkedIn, do so.
Choose a niche and begin prospecting.
Stay focused, so you can learn all there is to know about your niche. Write your own letters or use mine, but don’t stop there. Get out and meet those people you’d like to have for clients some day.
The #1 Most Important Success Step…
When you’re compiling that list of people who will receive your announcement, put them in a database – and an autoresponder. Then stay in touch regularly. Don’t ever let them forget that YOU are their real estate resource.
And then there’s the step I wish my first broker had taught me: From your very first closing, start a database of past clients, and stay in touch with them regularly. When you do, they’ll turn into repeat clients and they’ll refer others to you.
These people are all golden. Don’t ignore them.
Image courtesy of Stuart Miles / FreeDigitalPhotos.net
starter Image courtesy of powerbee-photo at FreeDigitalPhotos.net
