A Fresh Approach to Real Estate Rookie-hood with Jennifer Allan

In the last week, I've been contacted by three (or was it four?) aspiring real estate agents who began the conversation with some variation of the words "I know you don't approve of selling real estate part-time, but..." and proceeded to tell me why I might consider "approving" of their situation.

Sorry. Ain't gonna happen. Okay, well, let me confess that one of the three (or four) aspiring agents actually had a potentially viable proposition for success as a part-time new agent, but the others (love y'all, but...) did not. Their main argument to my proclamation that part-time ain't gonna work was "I'd really like to go full-time but I can't. What do you think?"

Um, sorry m'love, but I think exactly what I thought five minutes before I got your call or note. Whether or not you "can" go full-time doesn't change the fact that selling real estate is a full-time job. Take it or leave it.

But, don't despair; there IS a solution for you!

Really, Jennifer? Tell me; tell me, what is it?

I dunno.

I don't know what the solution is, but there is one. Wanna know how to find it? Okay, here goes.

Simply acknowledge to yourself that you want to sell real estate for a living, and accept the fact that in order to succeed, selling real estate needs to be your primary career. Then relax and let it go - let your creativity subconsciously work on the problem. Don't rush it, don't fret, and don't force anything. The answer will come, I promise it will.

I don't know what that answer will be, but I'm almost positive it won't be "I'll sell real estate nights and weekends." That's the WRONG answer.

But there is a right answer. One that will seem oh-so-obvious once it smacks you on the head.  

I recently played this game with myself in my personal life. There are two things I want and they appear to be mutually exclusive. I can have this... OR that. Not both. So, I just said out loud what I wanted and waited for inspiration on how to have both... or some other satisfactory solution. And, I think I've found it. Once the solution occurred to me, it seemed so obvious.

Be patient and show your new career the respect it deserves. It may just be the best decision you ever made. And if you come up with a Right Answer to the dilemma - please share!

RELATED BLOGS
Is it Your "Right" to Dabble in Real Estate?
Aspiring Real Estate Agents - Can't Go Full-time?
Revisiting Part-Time versus Full-Time in 2010

p.s. Before you jump on the band-wagon of protesting that I'm anti-part-timer, please read Comment #28!

Whatcha' doing this Wednesday, May 26th in the late afternoon/early evening (depending on your Location Location Location)?

If there's nothing else pressing on your calendar, why don't you join us here in the SWS Studio for the third segment of the Rookie-to-Rookie Show where I'm hosting a panel discussion with 3 newly non-rookies (i.e. agents in their 2nd and 3rd years). They've graciously volunteered to answer my (and your) questions on the Rookie Experience - how they survived, what they did right... and wrong... what they'd do differently... stuff like that.

It's freeeeeeee and open to the public, and probably would be helpful to anyone (not just rookies) selling (not enough?) real estate these days.

My guests are Latonia Parks, Barbara Singleterry and Stephanie Hofman.

Join us? Here's the scoop:

DATE: Wednesday, May 26th
TIME: 4:00 pm Pacific / 5:00 pm Mountain / 6:00 pm Central / 7:00 pm Eastern
DURATION: 60-90 minutes
FANCY EQUIPMENT REQUIRED: Telephone and/or computer (you can call in or log-in)

REGISTRATION: http://www.sellwithsoul.com/rookie-to-rookie

Whether or not one can succeed/survive in this industry doing it part-time is always a good topic for debate. Emotions run high, tempers flare, feelings get hurt. Bummer.

But it really is an important question, especially TO those considering entering the field.

I've been thinking about it a lot, so I'll take one for the team and open up that can of worms yet again.

For the record, I've always been of the seemingly obvious opinion that if you're going to do something, do it 100%. And in an industry where far more practitioners fail than succeed, it only makes sense that the ones who devote themselves wholeheartedly to their career have a better chance of being one of the ones who don't fail... right?

Well, in the last few years, our industry has changed (really, Jennifer, y'think?) and it's not uncommon for a new real estate agent (or any real estate agent, frankly) to go months and months without a paycheck. And that's a tough situation to volunteer for.

So, new real estate agents approach their careers a little more circumspectly. They keep their day job (or night job as the case may be) and only stick their toe in the water... okay, maybe they wade in up their knees or even their waist. But they don't jump in. They don't fully commit. And they tell themselves that they're being practical, logical and responsible.

I get that. I really do. In a business where new practitioners might go a year before seeing their first payday, it's a tough sell to convince them to leave their regular paycheck and benefits behind.

But... practicality and responsibility aside... it still doesn't work. I know a lot of first-year agents and they run the gamut from having zero business to having more business than they can handle... and without exception, it's the part-time agents who are at the zero end... and the full-time agents who are at the more-than-they-can-handle end. (Of course, there are plenty of full-timers who are failing, but I don't know any part-timers who are succeeding).

The thing is - to succeed in a new business, you have to immerse yourself in it. Every day. All day. With all your passion, all your energy, all your resources. Sorry, but that's a fact whether or not you want to or can afford to. New agents who are succeeding are giving this career their full attention... not just sticking their toe in the water.

What's the punch line? If you can't afford to immerse yourself in your new real estate career, maybe now is not the time to begin your new real estate career.

p.s. please note that I am speaking primarily to new agents and pre-licensees here. Experienced agents with established lead generation and administrative systems can often make it working part-time. But rookies?  Sorry...

RELATED BLOGS
Aspiring Agents - Can't Go Full Time? Consider this...
Can a New Agent Make it in Today's Market?

Back in 2007, I wrote one of my most popular (and deservedly so, she says modestly) blogs ever. In fact, this one blog has brought more real estate agents to my website than any other, and continues to attract new souls to my midst on an almost daily basis.

I'm referring, of course, to the classic "Let's Do Away with the Dorky Announcement Letter." In this blog, I sternly advise new real estate agents to Think Before They Write to their spheres of influence, BEFORE they announce their venture into real estate as if it's the most exciting news since... oh, I don't know what.

I followed up that blog with the Dorky Series - The Dorky Active Rain Profile, The Dorky Business Card and The Dorky Blog (which NAR brilliantly paraphrased here). I even created a sweet little product called "Dorky Announcement Letters - DEDorked!" where I provide several editable examples of non-dorky letters that can be used to connect or reconnect with one's sphere of influence.

But, alas, the Dorky-ness continues. The other day, I got a nice email from a brand new agent asking if I had a sample of a form letter she could use to announce her new career to her friends and family (no, I don't). Today, I got an inquiry from an agent who apparently found that form letter the other new agent was looking for, sent it out to his SOI and is wondering why no one responded.

I get that a lot. Agents writing to me in frustration that they ARE communicating with their Spheres of Influence ("just like you told me to, Jennifer!") but nothing is happening. No one seems to care about them and their real estate business. But... when I ask for details on what they're sending out to their spheres, they proudly send over their Dorky letters, monthly recipe postcards and boilerplate newsletters.

Sigh.

My friends, I get it. I KNOW that you're busy; I know that it sounds overwhelming to create new material on a regular basis. And since you can easily buy pre-created material, what is wrong with just using that? It's better than nothing, isn't it?

NO. NO. NO.

Sending boring, boilerplate, templated stuff to your sphere of influence won't cut it. I'm really really sorry, but that's the truth. I wish it would - then I could just create my own line of Dorky Letters, Postcards and Newsletters and sell ‘em to you myself! (Hmmmmmm... if you can't beat ‘em join ‘em? Nah).

I'll be discussing this topic at the next freeee SWS Teleseminar entitled "Don't be Dorky, Be YOU!" on April 24th. Join us? Here are the details: www.sellwithsoul.com/dorky.

Hope to see you there!

REGISTER FOR DON'T BE DORKY, BE YOU!
Saturday morning, April 24th
(It's Free)

Hope you were able to join us last weekend for the second Rookie-to-Rookie show at SellwithSoulLand... it was fun! In case you have no idea what I'm talking about, I held a free Teleseminar on Saturday where three newly-non-rookies (thanks Erin Deric, Kate Huntress and Melissa Brown!) shared their secrets for surviving their rookie years. We talked about things like how they financed the venture, what their biggest challenge was, where they spent money they wish they hadn't, how long it took to see a paycheck - stuff like that.  

We covered a lot of information, but as always, there were a few questions from the audience we didn't have time for. I promised during the show that I would post those questions in my blog, and solicit answers from my honored guest speakers, and of course... anyone else who'd like to chime in...

Here we go:

1. Do you have a web site?

2. Do you work primarily from home or from your real estate office?

3. Did you take any sales training courses held by the "guru's" of our industry?  If so, any recommendations one way or the other?

4. Any advice on how to choose a broker?   

5. If a new agent keeps a full time job in the beginning, any advice on if or how to disclose it to prospective clients? 

6. I work in an expensive market where the people in my sphere of influence can't afford to buy yet. Any suggestions on ways to reach other prospects? 

7. Any suggestions to generate leads if you're new to town?   

Okay, ladies! Have at it!

On Saturday, we kicked off what I hope will be a regular thang over at SWSLand. The first ever Rookie-to-Rookie Show where I invited four newly non-rookies (that is  - agents who are just out of their rookie year and survived to tell about it) to share their secrets for, well, living to tell about it!

I thought it was a fabulous show and the post-show feedback seemed to support that opinion. THANK YOU Kathy Jackson, Janice Styles-Hall and Sarah Taylor (and Erin Deric who had to bail last minute, but was there in spirit).

The show was a panel discussion where I posed several questions to my guests about their rookie experience. Questions such as...

We then went to the audience and did the best we could to address their questions, but, alas, time flew and we ran out of time. So, as I promised my standing-room-only crowd, we'll hit the rest of your questions here at Active Rain.

I've listed the unanswered questions below. I'll answer them from my experience here in a comment, and ask my guest hosts to do the same. Oh, and DO feel free to post your OWN responses - the more, the merrier!

• What can I do if there are no other agents in the office to go to for training or mentoring? I work in a small office where most agents work from home. How important is it to have other agents to learn from or can I just figure this out as I go and as questions come up? 

• If you really have no money for marketing, meaning you could afford about $100, what would you do? 
  

• What did it cost to sign with a broker? Training, books, tapes, leads and so forth. 

• How important are designations - ePro, GRI, etc? 

• Have any of you established a niche? If so, why that one? What experience do you have with absentee owners? <--one of two (the other military relocation) that I'm strongly considering... Thanks! 

• I have heard company provided template web sites don't work. Do you agree or disagree? 

• How large an area can one person cover? 

• Has anyone advertised on bus stops? 

• What are your feelings on new agents joining a team? How do you avoid being taken advantage of on a team as a rookie agent? 

• Did anyone work a full time 8 - 5 job while starting their real estate career? I find that all the classes, luncheons, meetings, closings etc. take place during the work day. 

• When you have a listing where the seller wants to "wait ‘til the market improves," instead of lower the price, what do you tell them? 

• Do the speakers think floor duty and open houses are really worth doing?

• How important is the brokerage firm you decide on? Ex: A well known firm such as Keller Williams or Century 21 verses a smaller unknown name? The smaller unknown name has such a better broker/agent split, less fees, etc. Would I be getting more leads from the larger firm or do you find your own clients at both firms? 

• What is one of the most important things you wish you would have known when first starting in the business? 

 Stay tuned for the date & time of the next Rookie-to-Rookie show...

Quick announcement before I head to waters bluer (Bahamas, here I come!)...

On Saturday morning, October 10th, I'm hosting a teleseminar with four newly NON-rookie real estate agents in their 2nd & 3rd years, who obviously did NOT become first-year statistics. They're doing quite well, thank you very much, even though they started their careers at a really lousy time.

The show will be structured as a panel discussion, with each guest honestly answering a series of questions about his or her rookie year (actually, they all happen to be female this round). They'll tell us what prospecting strategies worked... and which didn't. Where they spent money wisely... and where they threw it away. Their biggest success... and their most embarrassing moment.

Stuff like that.  

My guests are all readers of Sell with Soul, so their secrets of success probably don't include any cheesy closing tactics or aggressive sales pitches. And this will not be a brag-fest where each guest tries to out-shine the others with outrageous claims or trumped-up production levels. Nope. These are real people, with real challenges, frustrations and fears.

Anyway, if you're in your first year... or just feel as if you are... or if you're in charge of training the newer agents in your world... please join us! It'll be fun!

HERE'S WHERE YOU REGISTER FOR THE ROOKIE-TO-ROOKIE SHOW

Bon Voyage!

Yesterday I promised to share some ideas to become a Master of Your Market so you can capture more of that business that crosses your path in your day-to-day wanderings!

First, if it's customary to "preview" in your market, do that. A lot. (If previewing IS customary in your market, you might be surprised to hear that it's frowned on or flat out not allowed in some! If that's the case in your market, you might want to move;-])

I advise all new agents to spend some serious quality time previewing in their first few months. By "serious," I mean every other day if they can. The best way to effectively preview is to practice what I call "Opinionated Previewing" or "Previewing with a Purpose." That means to look at somewhat similar homes and compare them to each other or against your "subject" property. You would practice both when you preview in preparation for an open house, or preview for a new buyer. If you don't have a new buyer or an upcoming open house, go preview all the houses in a certain price range or architectural style. Whatever your excuse, being able to compare homes to each other helps you internalize the data you're gathering (so you can spit it out intelligently if the opportunity arises).

A great side benefit of pro-active previewing is that karma always seems to provide you with an audience to share your newly-found expertise with. What I mean is that if you go out and preview all the Bungalows between $250,000 and $350,000, within a week or two, you'll almost certainly meet someone with one of those to sell, or who knows someone who'd like to buy one! It's previewing magic!

Another way to Master Your Market is to always have your antenna up for opportunities to show properties to buyers. Even buyers who probably won't ever lead you to a paycheck.  It's one thing for you to go out alone and preview, but quite another to have someone else with you to provide feedback on what you're seeing. And if you make conversation with this person, you'll get to hear their impressions of neighborhoods and styles and features, which will help you better understand what's important to the consumer. So, drive across town for a sign call.  Take a buyer out to look at properties even if she says she won't buy til next spring.

If you've chosen to master a particular geographic market, you'll want to learn about the flow and amenities of the area as well as the housing stock. Drive the area using a variety of access points. Visit the grocery stores and the neighborhood parks. If you have friends who live there, ask them what they like and dislike about their neighborhoods. Read local neighborhood newspapers and subscribe to other agents' newsletters who specialize in your new favorite neighborhood.

Do open houses in that neighborhood as often as you can, even if you have to do them for an agent in a different office.

The job of "becoming" a market master is never really done. Markets change (duh) and in order to truly be a master, you have to keep up with the changes. Don't go overboard - you do have other things to do besides preview (I hope!), but try to keep Market Mastery on your to-do list. You'll feel awfully smart the next time you capture a great new client at a party because you knew how much that Victorian down the street sold for!

 Next up - Nurturing Relationships TODAY for Business Tomorrow

From time to time I post a blog about the abysmal state of rookie real estate training in America.

• Here's one - Just What a Rookie Real Estate Agent Needs: CHARM School!
• Here's another. "Good for you, Let me know if you need anything"
• And another. New Real Estate Agents - Put DOWN that Phone!

Do I have an agenda? Eh, maybe. Yeah, I sell books about real estate training and I even have boot-camp type program specifically for rookies, but that alone doesn't inspire the contempt, yes, contempt I have for the real estate training industry.

I'm disgusted by the "fake it til you make it" attitude. I'm annoyed by the focus on prospecting competence over, well, COMPETENCE competence. I'm frustrated by the stories I hear of promises made during the recruiting process that are broken as soon as the rookie shows up to work. I could go on and on.

But today, I'm asking. WHY? Why is it this way? It occurs to me that if 80-95% of our new agents fail within the first year, then something isn't working and maybe we ought to try something different. Like... training? REAL training, not some fluffed up, time-wasting, sales-pitch-disguised-as-education to promote some product or another?

Here are the reasons I've heard for NOT training our new licensees.

1.       Not a good use of resources. Since the majority of new agents will fail, it's a waste of money and time to implement a decent training program.

2.       Not a good use of resources, Part II. Since the agents who do not fail will likely leave their first broker in search of a better deal elsewhere, why would Broker 1 spend time and money training the rookie to be his future competition?

3.       That's the way it IS. This is a sink or swim business. If you don't have the drive to learn the business yourself, you shouldn't be here at all.

4.       That's the way it IS, Part II. "We" didn't have our hands held and we somehow survived.

5.       Real estate agents are competitive; therefore, there's no real motivation to help someone who will become your competition.

It's easy for us Old Fogies to brush off the need for training - after all - we don't particularly want any more competition. And besides, "we" didn't get formal training and we came out okay. But then in the next breath, we complain loudly about "the guy (or gal) on the other end of the sale who doesn't know what he's doing and is screwing up my deal."

Maybe it's just that we've forgotten how much there is to learn in your first year and how complex the process really is. I talk to rookies every day, so I'm reminded of their pain and confusion... and their utter frustration with the lack of support they receive from the broker or trainer.

So I'm sincerely asking - WHY do we seem to care so little about quality training in our industry?

For the low, low price of just $49, you, yes, you can have 12 hours of brilliant real estate discussions, interviews and seminars delivered in .mp3 audio format that can be easily burned to CDs and keep you entertained on your August road trip vacation. Or, just on your day-to-day wanderings 'round town.

We're 2/3 of the way through the Summer of Soul Seminar Series, with only two shows left to go. But since all the shows have been recorded, you can still purchase the series in its entirety and listen in at your convenience. And, of course, join us for the final two shows on August 15th & August 29th.

Here are the programs that are included in the package. Each is between 60 and 90 minutes long:

• Introverts are Salespeople, too! An interview with Susan Haughton, proud (and successful) introvert
  
• Negotiations: The Games People Play with Jackie Leavenworth
  
• Q&A with Broker Bryant: An interview with Broker Bryant Tutas
  
• Have More Fun and Sell More Real Estate! A discussion with Jennifer Allan & Tom Gosche
  
• Pipeline 2010: Blogging for Business: A panel discussion with Janie Coffey, Renee Burrows & Karen Rice.
  
• Pipeline 2010: Attracting Business by Mastering Your Market
  
• Pipeline 2010: Selling to Your Sphere of Influence
  
• Pipeline 2010: The Very BEST  Way to Fill up Your Pipeline
  
• Alternative Business Models with Margaret Rome, Nishika Jones, Mollie Wasserman and Jennifer Allan
  
• Surviving the Inspection (coming August 15)
  
• Final Session (Topic being voted on... coming August 29th)

The price of the package is $49 through the end of August. At that point, all the recorded shows will be professionally edited and compiled into a package that will be offered at $99.

Here's more information on the Summer of Soul. To purchase the package, just click that big blue button below.