"Can a new agent make it in today's real estate market?"
This question has been asked and answered hundreds of times throughout Cyberland... both here at Active Rain and on other real estate forums.
Here are my thoughts...
I tend to be a Positive Attitude kinda gal - but not in the sense that all you need is one of those (a positive attitude) in order to succeed. I believe that it's simply one of the requirements to succeed, ‘specially in our business where the vast majority fail. If you don't have a Positive Attitude, you will fail. So, while having a positive attitude is not a guarantee of success, a negative one is most certainly a guarantee of failure. IMO.
Neither am I believer that daily meditations or repetitive mantras will give you this positive attitude. No, I think that you earn your positive attitude by being PREPARED for whatever life throws at you; thus you have the confidence and assurance that you CAN DO IT - whatever that "IT" may be.
For rookie agent wannabe's... I suggest that you do not waste your time and your money and your emotions on this career if you are not prepared AHEAD OF TIME. To me, this means:
• You have bought or sold a house before and somewhat understand the process from a consumer's perspective
• You have the full support of your family (financial and emotional)
• You know your way around your town
• You know people in your town (100 or more)
• You have the financial means to attack your career with all your heart (and time)
Am I saying that you can't succeed if you don't meet the above criteria? Of course not, but I won't pussy-foot around the fact that the odds are stacked against you already, so the more pluses you have in the preparation column, the better chance you'll make it to your second year. Today, qualified buyers and motivated sellers are not lined up around the block waiting for you to hang your license on the door. Heck, there aren't even that many UNqualified buyers or UNqualified sellers! The ones that are out there are tougher to deal with than in years past (when plenty of newbies failed by the truckload, too).
So... don't jeopardize your family's future by pursuing a dream you aren't yet prepared to pursue. If you're new to town, spend the next year learning your way around and making lots of friends. If you don't have any money in the bank, take a second job and build up a nest-egg. Prove to your family that you ARE prepared to do this so that they'll have 100% faith in you.
Yes, you CAN DO IT!!! But not just ‘cause you want to. Make like a Boy Scout and... y'know...
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Confidence Builders for Rookie Real Estate Agents
It would be tough, but anything is possible.
Hi Jennifer. Good warning to those with big dreams and a small bank account.
It has been surprisingly tough for me in my nearly 3 years. I am making it.
But it sure has hurt a lot more then I thought!! :)
Ken
You can make it. You have to give it your all for 3 months to get your name out there. If you can slowly expand your database, when the market rebounds, you're in the driver's seat.
Jennifer, I think all of those points are right on. The advantage of starting in today's market is that the new agents learn how to do "real" real estate and not that circus we experienced a few years ago. If the agents learn today they will be better prepared for the next upswing and hopefully not struggle as much as some folks are doing in today's market.
I agree that you need a positive attitude, but most people going into the business do not have the confidence or background to face the numerous setbacks that will come into play. This is something that is learned, and through experience in sales, people truly grow personally through their mastery of dealing with rejection, and fielding objections.
I would recommend that anyone who is going into the industry to tell themselves there is going to be more setbacks than triumphs early on as they learn the business. Eventually, that will all turn around, and the satisfaction of mastering your fears will truly set you apart both professionally and personally.
That's what I tell myself at least. I am taking my CT exam today :).
Kind Regards,
Manolis
Hi Jennifer, Yes, it is tough, especially in the beginning. When I first started I thought it would be so easy, show people the property and they would buy. Boy, what a surprise was in it for me!
In 2005 it took me four months before I made my first sale. In this market I would recommend 6 month living expenses as a backup. It takes long grueling hours and dedication. A new agent can be successful, it just takes will-power and dedication.
Jennifer, You are right on target, You definately need to be able to support yourself for quite some time and work for NO pay check... But you have to add in that you need to be a self starter because YOU Will be your own boss, with no time clock to punch and no one to hold you accountable. That is a place that many fail, They just do not put the time in that is required, and hanging around the water cooler is not working!!!
Jennifer~ I think the biggest part is having no doubts in your mind that you will be successful and do whatever it takes. But, it does take a lot of time and money to get the momentum going......
To succeed as a new agent in todays market you also have to do the things other agents are unwilling to do. That may mean short sales, low price point buyers, offering higher referral percentages, etc. A lot of these types of tranasactions end up being more work for less money...but the key is to get business done.
A positive attitude is crucial! Good luck!
Yes, you can make it as a new agent. The Real Estate business will give you back what you put in. It is not a walk in the park, but you can do it.
Anne
Having a positive attitude is needed to succeed at anything. We must believe in ourselves before anyone will believe in us. A positive attitude is contagious! Yes, a new agent can make it big in this market. Things are changing and starting out with new fresh ideas and plans can go a long way.
Jennifer, I think it depends on the area and defining make it. Florida California and Arizona have been hit really hard. Odds are really against you there. I read 80% of new agents are out within two years? Making it? is that 10,000 a year 20, 30, 40 if you are a house wife and sell only 2 houses a year that could be good extra income, but making a living at it? We all know it takes time to get your name around.
Yes, but it will be an uphill battle for the first year!
They MUST market and ask for referrals from everyone they know.
I think it is important that you have a business plan. You would not start a business without a plan and no money to invest, but I see people start in real estate that way. This is not a job, it is a business. It you don't treat as one you will not make it.
One of the other key elements is "BEING AVAILABLE". Answer your phone ... just be there !!! .. and Don't be late for an appointment.
Brad started Real Estate part time two years ago, and went to full time this year, and he's been so busy, I got my license as well, and now we work together. New agents can not only "make it," but also do very well, if they are committed to the job. Go to the office, make the calls, exert some effort and anyone will do well. Houses always sell, regardless of the market, you just have to want to be the one selling them....
Cori Warner, Realtor
I think if they really want it bad enough they can succeed. I started just as the market was beginning to dip. I have worked is methodically and cautiously and many of the people that started with me are selling cars, securities, on disability, etc. But I'm still here making a go of it. The family support is crucial also.
Jennifer ~ if the wannabe agent has a burning desire to succeed, nothing will stop him/her. If that ingredient is missing they would be wise to heed your advice. Best luck on your interview!
I think new energy is exactly what it takes to make it as a newbie. Having a mentor is also great as long as you don't pick up too many bad habits...
Yikes! Wasn't prepared for the Gold Star within 20 minutes... I wondered why I was getting so many comments. Thanks, guys!
Dana - congratulations! I guess I feel that it takes more than Really Wanting It to succeed, although if the fact that you really want it forces you to prepare yourself for the adventure... then it might be enough. But I don't believe that Strong Desire without Action is gonna do the trick.
Cori - Congrats to you and your husband! You obviously have the right attitude!
Jim - Absolutely! If you don't answer your phone, someone else will... and will be happy to take your clients and prospects.
Jean - Good point. And I believe the Plan should include the items mentioned in the blog.
Travis - Ooooooh... I have to disagree about asking everyone for referrals... but that's a topic for another day... thanks for commenting!
Darin - I agree. There are probably some markets where it's just kinda silly to get started right now. I know that sounds negative, but it might just be realistic.
Jennifer - a positive attitude is definitely a good place to start. My commitment, passion and desire are what fuel my dreams - it drives me when I want to give up. When I first looked into a career in real estate it appeared easy. I understood the business aspect, contracts and negotiation. I did not realize the most difficult aspect of real estate is the "people factor" which is what real estate is all about for me - understanding and connecting with people with a willingness to serve their needs and goals - not mine. I discovered that my biggest challenge was overcoming my shyness and working through the fear of rejection. Great promotion of your book too! Thanks for sharing.
Jennifer,
GREAT piece - I'm so glad I started LAST year instead of this year...
Jennifer, I agree with just about all your points except the one where you should know appx 100 people in your town. It definitely helps but is not a "must"
Stephen - anything is possible... but it's also possible to crash and burn miserably and take the family down, too. That's just irresponsible, IMO. Be Prepared!
Ken - Congratulations on making it this far... smooth sailing from here on out (most days)
Larry - Looking forward to that Market-REbounding day. Actually my market (Denver) isn't bad at all... but it could be better!
Audrey - Good point. I have to admit I'm grateful I started out in a stronger market where real estate was something POSITIVE and FUN to talk about!
Manolis - Good luck today!!!!! SEnding positive vibes your way!
Christine - LOL. The nice part is that it DOES get easier...
Leolinda - Most new agents I talk to are AT LEAST six months to their first transaction. That must be brutal on the ego, eh?
Robert - Hmmmmmm... hanging out at the water cooler has always worked for me... NOT! Great point - and dead on.
Vickie - excellent point. When I started back in 1996, it never occured to me that I would fail. Never even crossed my mind.
Tim - Good point! Thanks for commenting.
Bettina - Good luck to you, too!
Anne - The nice thing about this business is that eventually, if you build up a strong SOI, it CAN be a walk in the park... but in the beginning... not so much.
Matt- Go, you! I feel your positive attitude from here!
Colleen - Okay, well, let's agree to disagree. IT sure makes it easier if you know more people and in this environment, anything that makes the job easier increases the chances for success.
Bob - I'm glad I started 12 years ago!!
Kathleen - You GET it! Thanks for stopping by!
I think having a positive attitude is key no matter what the business is. Because the media talks so negatively about the real estate market it has become more important than ever for us to not only stay positive ourselves, but to keep our Buyers and Sellers positive about their individual situation.
Jennifer to put it simply that will depend on the new agent. Do they have the drive to succeed and the persistance it takes to make it in this new market?
I think it is all in the attitude - a new agent has something that a lot of older agents don't have - TIME!!! So research, research, research and BLOGGG!!!!
I am an example of a new agent finding some measure of success in this market. I do have a positive attitude, but I also have a very supportive managing broker, a wife who has built me a great website (that now brings in most of my leads), and I follow up on everything. I have already resurrected a couple of deals that looked like they were dead and buried...the drive to succeed is essential.
I definitely think the nest egg thing should be broadcast; no one quite realizes what all the new agent costs are, as well as not getting a paycheck in the beginning few months! (And during school?)
As for the positive attitude, I love the quote I heard, "Some people dream of success, while others wake up and work hard at it." Does anyone hear remember what sleep was like?
But for making it? Heck ya. I've had my license officially one month and I will close my first on Saturday, I have 2 listings coming in this weekend, I have 3 buyers, I'll place 2 offers on Monday, a short sale, and a new construction in the works. That's Dallas for ya though. I HIGHLY suggest good internet presence. Become a techie, no matter what classes you have to attend, because that has been my key to making myself unique. Then advertise (free) on everything you can, list yourself in databases, join networks, go to meetings, and don't stop until that big wheel is rollin on its own!
Thanks for the positive attitude!
Jennifer, absolutely great points!
One of the biggest set backs for a lot of agents the last few years is they thought it was going to be easy and they kept hearing of all these people making loads of money.
They get into and are overwhelmed by the information and do not understand why those buyers and sellers are not knocking on their door.
If someone gets into real estate now after hearing all of the negative publicity surely they know it is going to be hard work and sacrifice. I hope it is something they really want to do because it becomes a part of your life if you are really going to make a go at it.
You never know who is going to make it in this business it is totally about perseverance and I definitely believe support from friends and family.
You are right on Jennifer. New agents have a major up hill battle in todays market and it is unwise to pursue a career in real estate if you are not prepared for the worst. Many people start their careers in real estate and end up exhausting their funds in addition to being frustrated with the fact that business isn't working the way they planned. Great post!
Jennifer - When I decided to come into Real Estate, I knew it was going to take some time to get established. I didn't know the bottom was going to fall out. But, that said, I still planned ahead and got everything in place just in case I didn't hit the motherlode. I still plan for a good future in this business, but understand times are tough and I do plan to be here long after ther get better. Yes, if you plan properly, you can weather the storm. Good luck to all.
This is such great advice! I am sure there are a lot of new agents out there that never considered any of these tips. Getting to know your area, the financial strain of starting a new business (this is a business after all). Again, great advice.
Some of the best advice I got when I started in real estate from my Broker at the time was "Don't even consider real estate if you don't have 6 months of living expenses currently in the bank". That advice and some other advice helped me to "Make it" in real estate.
You can't sell real estate hungry....that's for sure.
Regards
Rick Goates
Hello:
Great post Jennifer. I can't imagine even THINKING of quitting my job and switching to a commission-based career without a nest egg and money for marketing expenses. I am a new agent and have not yet made a sale. Luckily, I'm not alone. I'm "assisting" another agent, who was my realtor last year. I can still work full-time while I learn the biz. My part of the commissions will go straight to the bank; and that's what I'm going to use as my nest egg when I go full-time into real estate. In a year, I'll be on here talking about all the hard work I put into my success!
Jennifer- It all boils down to do what you love and love what you do. If you love real estate than you WILL make it no matter what the forcast, who you know, how much money you have etc. Great post and congrats on the gold star!
it depends on how hard you are willing to work... I started in 1989 and am now one of the top agents in the country. Those lessons and working hard carried over into the good years when my business exploded. Good luck!
Jennifer- Great points. I have recently started mentoring and I am seeing people unprepared for this career. Even ones who have had their licenses for years. It is all about being prepared and being prepared to work hard.
it has always been survival of the fittest. I have done it twice, including moving to a town where I knew nobody. attitude goes a long way but you also need skills and an ability to look beyond the simple things that every manny, moe & jack are doing.
I agree with all of these comments. I've been in real estate for 4 years as an assistant so I see agents come in and out of the business alot! I just moved to a new city & state and am staying in real estate- I don't know my way around though like I did back home. It is definitely helpful to know your way around, but if not, Thank Goodness for Google!!!
Excellent post and important points that need to be hammered home. I don't think the majority of agents get the point this is a business, we are independent contractors, we need to run our businesses just as if we were running any other business, with a business plan and sufficient capitalization.
I remember reading something many years ago that said self-esteem does not come from outside accolades, it comes from the effort you make and the resulting success. You are dead on with your observation that a positive attitude comes from being prepared, not from looking in the mirror chanting, "you are a good real estate agent," while the incense burns in the background. ;-)
I think it is important to encourage all new people in this business. Goodwill goes a long way.
HI JENNIFER!
Thanks for the pointers. I'm a semi-new agent. It's a jungle out there, but I'm determined to make it work. Attitude IS everything!
Be well,
Great post! It is amazing how the right mental attitude can do wonders. Like Henry Ford says, "If you think you can do a thing or think you can't do a thing, you're right." But personally I wouldn't want to be getting into real estate right now as a brand new agent.
Ryan....I didn't know Henry Ford said that....I heard Stewie Griffin say it on "Family Guy"...interesting. I get all my "affirmations" from Family Guy.
I agree with most of your points. I used to be a "positive attitude kinda gal" moreso than I am now. I think my husband has rubbed off on me. He calls himself a "realist". My attitude now lies somewhere in between positive and realist. I say this because I did have the full support of my family, both emotionally and financially, but the first year was still incredibly difficult. And the 2 years after that were a gradual climb.And after that, it's constant maintenance, education, and all the expenses associated with these things plus
I personally would not encourage anyone to try to break into this business in this market. Unfortunately, every agent seems to think they'll be the exception to the rule. But the truth is, this business is incredibly difficult to crack. And once you finally get the ball rolling, you can never let it stop. You may not have to pound the pavement anymore, but you do have to continue to provide good service to your clients. That means you're available on THEIR time frame, not yours. You can't bring your children on appointments with you and expect a client to understand. You're either a professional or you're not. You have to pay to join the Association of Realtors and MLS and pay even if you have no closings. You have to market your listings, no matter what. And if though business is slow right now, it can pickup at any moment and you have to be prepared to drop everything to meet your client's needs. I could go on and on, but I think I've made my point. I just don't want one more person to try to practice real estate unless they plan to act in a professional manner, just like any other professional would.
Further advice.....
I would caution all new people (heck, I still consider myself a rookie with 2 yrs experience) to be VERRRRY cautious about where your dollars are spent in advertising/marketing/personal growth...etc.
Coaching is good...expensive....but good. You can get the same results with an accountability partner who is going to hold your feet to the fire.
Pick a brokerage with solid financial background. I just left a RE/MAX office because it was under-funded (presumably....there were not solid, concrete reasons given...) and was given two weeks to find a place to hang my license. Having seen the writing on the wall (learned that from Who Moved My Cheese...thanks Deb) I started speaking with various brokerages in Wichita so the move was somewhat easy...but I digress. Make sure the agents are happy there (overall..cuz there'll be some negative Nellies/Neds anywhere)
Read lots of books on self-employment, being a successful agent, ANY book that provides more insight than you'll hope to get through osmosis in the office. Pursue some accreditation or some EXTRA education at all times. Even the free classes will provide you some benefit while not providing continuing ed credits.
Join civic groups. Become active with your church/kids activities....meet people.
You have to remember your success is up to you. NO one will, or should, care more about your success than you do.
OH....and buy Sell With Soul. http://www.sellwithsoul.com/AboutSWS.html
Wow - I feel way behind on this post... Just a few comments...
Lisa - I really appreciate your realism. From many of the comments above, I don't think everyone read the entire post which, was essentially a Reality Check into this career. Yes, a positive attitude is important, but it's not the deciding factor. You can want something with all your heart, but if you dont' take the necessary action to get it, you'll probably fail, even with a Great Big Smile on your face. Without the right attitude, you'll most certainly fail, but there are a lot of practicalities to this business that must be acknowledged, over and above enthusiasm and positive thinking. You're right - everyone thinks they'll be the exception, but most won't be, obviously. And most of the agents I hear who say they're the exception don't seem to have much more than a lot of enthuasiasm and a willingness to work hard. Nice, but it's not enough...
Derek - Insert Smiley Face... aside from the sweet little promo - great points!!!!
Why not? Someone who treats real estate like a business, because it is a business, and is committed to it - will make it. Others can fail in the "best" of markets.
Jennifer:
Thanks for your another nice blog article about New People Making It In the RE Business.
Harrison K. Long, Explore Properties group, Irvine, CA
Hi Jennifer,
Attitude is everything! I could not agree more. Great Post even for us newbies. I am a new agent - 10 months old. I decided to make a career change to spend more time with my 12 year old twins- Hopefully after my second year in the business, I will get that chance.
I am working very hard, doing the things others are not willing to or don't have time for and it's already paying off! It took me 5 months before getting my first listing and sale.
I think the most important thing is a strong support system no matter if, you are a new agent, a new cashier at Walmart or a new parent.
Everyday life is a learning experience. Learn all you can, read, join Active Rain, host open houses (3 a month), schedule 3+ days phone time, You need to have the right ingredience, desire, family support, the right teacher, lots of motivation and high energy. If your missing one ingredient you will fail. We need money to live, change your spending habits, work part time or full time if you can handle both, do consulting work, become your own boss, this will give you the flex time, and some cash while you are building your Real Estate Business. No whinning allowed!
Words I live by everyday-
If we did all the things we are capable of , we would literally astound ourselves." - Thomas A. Edison
I did start this year, and it has been difficult. I have heard though, that the only way to fail is to quit. I am in the office every day but Friday and Sunday and I do open houses on Sunday. Things are picking up, but I have to keep doing my activities regardless. Some days, I do get tired of all the hard work, but right after I think about throwing in the towel, someone calls needing my help. It is a roller coaster ride, but I'm glad to be on it.
Jennifer,
Your points on the personal side are valid, but what about sales experience part of it? It wouldn't hurt to find a mentor or proven team in the area to work on to get some training and leads to start with. Those who haven't experienced the emotions of a sales career can use all the help they can get.
How did the interview go?
I a fairly new Realtor, having passed the state exam in May 2005 and joined Century 21 about six months later. I've always done a lot of P'ing, and being a Realtor is no different:
While I do believe having a positive atittude is a must, it's not the primary thing a new agent, in today's market, must have to get on the road to "making it."
Without a doubt the # 1 issue that any new agent MUST bring into this career is a current 6 to 8 month financial nest-egg or a spouse who can support them. All while they flounder around for the first year or two. If new agents are more worried about paying next month's heating bill or sweating over the feeding of your family....this is not the career for you initially, at least not in today's market. Sure there are exceptions and some do come into this busy and flame up into a super agent...but usually most don't. Most usually find themselves concentrating more on the financial stability of their own life instead of their needs of a new career in real estate.
If your spouse can support you or you have that 6-8 month nest egg, then maybe you can work up to "making it". It really is that simple. Without that...no amount of drive is going to keep you in this business if the weeks and months go by without a paycheck.
New agents usually are mid-career people from what I have seen...people looking for a change, looking to get out of the 9-5 rut of corporate America. They leave that solid paying job and it's a horrific shock when the sales don't come instantly.
We all know you have to be able to eat and pay your bills. It's just how it is. Sadly over the years, I've watched too many people come into the business with a "positive attitude" only to disappear 3 months later because they hadn't done a single thing other than spend money.
This business starts off almost like gambling....."You gotta have the money to make money..."
And in today's economy, it surely is not easy for new people who don't have that financial cushion, which if they did, would allow them the needed long-term initial time and the focus to work and "make it" in this business.
Another important tip for new Agents is focus....not just mental focus, but more importantly, market focus. Pick a niche & a particular segment of the market to focus on, and do everything you can to infiltrate that market. If you feel you would make a great Buyer's Agent for clients interested in buying a home on the east side of your town, then focus your efforts solely on attracting those particular types of buyers. This will also insure that your marketing dollars are used to maximum effect, as its always better to repeatedly farm a small area than to blanket farm an entire city just once.
-Peter H.
I would add: Select a brokerage with an excellent reputation and one that does more than just sit you at a desk and say go at it -- training is important. Also, that brokerage should be on the same page with you on morals, ethics and business style. ~ Evelyn
Jennifer,
You make some great points - it is a tough market and it takes a unique person to make it and perservere. It does start with attitude, it starts with personality and starts with commitment. There are many roadblocks and obstacles that all agents encounter, older and newer. It is obviously that much more difficult for a newer agent in this marketplace. But the good news is that for the newer agent opportunities will abound as well since many other agents are in fact leaving the industry versus a few years ago where everybody was doing real estate ! This is the opportunity to build a business and when the market does turn, already being positioned to grow that much further !
Chris Somers - Philadelphia Real Estate
I think a new agent has an advantage in todays market- they will always think this is how bad it can be. They will work harder, smarter and longer to achieve their clients goals.
They will not expect:
Multiple offers in 2 weeks!
Lenders to bend over backwards to approve anyone with a pulse!
Appraisals to always come in over purchase price!
Easy money for little effort!
Todays market prepares you for future success!
Absolutely a new agent can make it in today's market, Just as they made it in the 80's with 14% interest rates. I have always subscribed to the 6 months before your first pay check, and in addition to that you need to have the money for all of your start up expenses and association memberships, sign panels, lock boxes, postage etc.etc.
Being a Realtor is a lot more difficult than I ever imagined! My mom is a Realtor and my father was a real estate attorney. They always made it look easy! I am working at least 14 hours a day, 7 days a week, in my second year as a Realtor! I am hanging on by my fingertips! Although everthing is working as it should; it takes time and hundreds of contacts to make it work. The good new is that it is working!
Yes us Rookies can definately make it. Just need the attitude, determination and a savings account works to. Actually thats probably the most important point. Its also helpful if you have a good (broker)boss. Mine has referred me clients and given me a % of his commission for just showing houses to his client. That helped when getting on my feet. 3 months later I have 7 sells and several referral leads. It helps that I am in San Antonio and Active duty military. But with help from friends and a great attitude this is looking to be an awesome second career.
Actually, I feel that a rookie has a better chance at success right now than an established agent, simply because the market and technology are changing so rapidly that they have no pre-conceived notions.
Rookies are usually open to new ideas, becasue ANY idea to them is NEW!
Many rookies are tech-savvy, which today can be more important than who you know.
Of course, a bank account with six months worth of expenses set aside as a buffer is probably the most important thing!
I just have to say I really have enjoyed reading all these posts, as I started working 3 weeks ago. I am so loving the real estate world and I have had so much help from the realtors at our company. Everyone has welcomed me with open arms, given me customers to show houses to, asked me to list clients - and given advice on handling some other agents. I think they are doing so well because they are so generous to new agents. I didn't go into real estate years ago b/c of all the 'dog eat dog' horror stories, but I have only experienced good stuff so far!!
Jennifer great post and a great question. Not only newbees are asking this question. I see seasoned agents are asking the same question. My take is in addition to a good attitude, mental toughness, one has to have perseverance.
Everyday one has to get up and do all the mundane things to generate new business, even if one does not feel like it. The old addage Activity builds Activity.
Jennifer, enjoy your post.... I have listed over 10 million in 2 months, it takes being honest, willing to listen and learn from each real estate listing. Don't try to out guess your client, and keep smiling.
I began working in October of last year and didn't have my first real transaction until January '08. Since then I have worked 10 - 14 hours everyday! I love what I do and I love the people I am blessed to work with. It doesn't feel like work to me at all. In October, I will be attending my 21st closing! I am new and I work hard but I also believe in myself and in my clients. I do not prejudge my clients or the market. I fully believe the market is mine for the making. When someone asks me how the market is right now, I tell them GREAT! Because for me it is great. I make the market great by being available 24/7, now do I intend to always be this way, I don't know. I will do what my clients need me to do. I have a very supportive spouse and I am blessed to work in a firm where the owner allows me the freedom to do what I need to do to get my job done. He believes in me and my ability to help clients find or sell their home. If you do not have have people around you who believe in you, you will have a very a more difficult time. There have been times when I felt down, but something or someone always brings me around and I get right back up and start smiling again because the MARKET IS MINE FOR THE MAKING!
I sold a home on my first day in Real Estate, now 5 months later I have completed 8 transaction and had two listing of which one has sold.
New agents need to be agressively pro-active. I'm amazed at the number of realtors who just sit floor duty waiting for their business miraculously grow. I was fortunate to have my husbands very nice income supporting me, and paying for the systems and tools I needed, while I got my business up and running. I was new to the area so I didn't "know 100 people" when I started but I used my God given smarts to figure out what I needed to do to set me apart from the masses.
You can make it, but you are really going to have to work very hard, and have back up cash, you need to expect at least 2-6 months before you get your name out. Blog, get a web site and PRAY
What a fantastic post and comments. I have learned a great deal from all of this fantastic info. Thanks for sharing.
Janie
I think financial backing is more important now than ever. Even seasoned Realtors are feeling the pinch. It is not inexpensive to start a business. Remember what they taught in Real Estate School; you should treat this like starting any other business. There might be those that can do it on a shoestring, but for the most part, it 'takes money to make money.'
Great Post! It is all about attitude in this business. If you want to suceed then you must stay positive and set goals! New agents need to realize it takes time and you cannot be afraid to beat the bushes. The business will not come to you. You have to go out and GET IT!!!
I personally think that any "NEW" business takes time to get your name out and to build! It takes some time and being dedicated to it! It usually will work for you if you work!!
This is a tough business. The more you need the money, the tougher it is. The key is to have enough staying power to learn the business and make your contacts. Good post.
It can happen but it takes a special person with determination
I think a lot of people think this job is easy. I have never worked so hard in my entire life. I was a paralegal for twenty plus years and I thought I worked hard. I didn't have a clue. I think a new agent can make it if they are willing to work harder and smarter.
As a new agent, it really helps reading about others experience. I'm going into my 3rd month in the Metro Detroit area, and was starting to get a little discouraged. I set a timeframe of 3 months for myself for my first transaction and am starting to realize I may need to extend that a bit. It is hard to keep a positive attitude 100% of the time.
Emily - I feel your pain. I returned to the real estate world last February after two years away and, even walking into a market I knew with a sweet sphere of influence I'd built over 12 years, it still took me a couple of months to see my first closing. It does take time and patience, neither of which someone attracted to a commission-based career is usually comfy with! I know I'm not! My best advice is to be out there in the world every chance you get looking at real estate, talking about real estate (without a salespitch, of course), learning about real estate. I find that even now if I'm not focused on the real estate sales part of my life, it quiets WAY down... And when I say "focus" I mean positively... not frantically wondering what I'm doing wrong!!!! (yep, I have those days, too)
A positive attitude is a must, but there is so much more to be successful in this business, especially in this market. I believe that you must have goals and a plan. I have all my Agents write their goals down at the beginning of the year. However, I don't want just a number, I want a plan on how they intend to reach that number. Most Agents, in fact most business people, don't have a solid plan for their business.
On top of that, I believe in finding a program that will work great for you. That was my purpose in starting The eHomes Realty Network. It gives Agents who need guidance on how to make it in Real Estate. It also guides Agents how to use the Internet to be successful. When I first started in Real Estate back in 2001 I didn't know a soul in my area. By implementing an Internet program, you can virtually go from no business to a successful business in a matter of a few months. My average new Agent is making money within 3 or 4 months and then after their first year they are doing great. It's a process and not a get rich scheme, but it works. If you have questions on how to get started in Real Estate, drop me a note and I'll be glad to help!
I really think this is the time for a new agent to learn. If you can learn and make it in this market you will be the best in a good market
Being a positive person is great and a necessity. However in this market, you better have a sound idea of what you are out to accomplish. For me, 25 years ago, my broker owner told me I needed to specialize in something that I found motivating. For me that was mulit-family projects i.e. condominiums, conversions and town home projects. I started in a geographic are that I knew (close to home) where I could spend a large amount of time researching, door knocking, and finding out what developers were up to.
As time went on, I went to the core of the city of Seattle and found an office that was centrally located. I split my time focusing on projects near my home and near my office. For me that was the key to longevity. I had a specific business plan, in which I had written how much money I needed to make. I broke it down by month and then factored in how many construction sites I would have to knock on to get one listing. I had a plan and worked it. It helped me focus and stay motivated. I learned everything I could about zoning, design, architecture, what was selling and what wasn't.
After several condo projects I gained more confidence. I never stopped prospecting which is crucial. I also hooked up with a person who had a similar philosophy and business and we formed a team. From there it simply took off. But we never gave up on setting goals and a business plan every year.
For agents in this market, you have a great opportunity. Many agents without a firm and set plan, will go away and leave the business. Too many agents in the last 5 years have been order takers, not sales people. Get the best training possible for sales skills. Be diligent and never give up. Most important though is that you see the business thru the eyes of your clients. Know how they feel, what they want and expect. Have those issues addressed in your marketing proposal ahead of time. AND always review your goal every week!
....."Blog. Blogging is a long-term prospecting strategy. If you want to become a specialist in your market or in certain property types or certain client types, get blogging about them TODAY. In a year, you'll be glad you did."
I plan on being in real estate for the next ten years---that is why I started bloging (just three months ago and hoping this works)! Thanks for this post!
Thank you for the blog. I'm a new agent of about a month and a half and its hard to sit around and stare at the walls sometimes. I'm trying though!!!
How long have you been in Denver? I grew up in colorado and boy do I miss it!!!!
Brittney - I've been in Colorado since 1994; moved here from San Francisco. Yep - it's a great place to live! KEep me posted on your successes, k?
You will never go wrong with a positive attitude!!! Hanging around people with the same drive, dreams and attitude will also help you go a long way.
Good Topic. Good Presentation. In my fifteenth year, but my daughter just finished first year in a tough market. She did great! She prospected, prospected, prospected. She has an upbeat attitude. She is liked by virtually everyone she comes in contact with. She also bartends three nights a week, which was great for contacts. She uses e-mail, Face Book, texts, and communicates with her database every way possible and whenever possible.
It is VERY POSSIBLE to do well if you work it.
Dave Culbertson
Broker/Owner
Real Living Home Team
1485 Yauger Road, Mt. Vernon, OH
ph: 740.393.3777
cell: 740-485-1641
fax: 740.393.1369
RealLivingHomeTeam.com
What is that old saying.....Sometimes we have to stand in the rain to see the rainbow!
Jennifer, thanks for blogging about a subject that's very close to my heart. I've been in the business just under 2 years and expected to be able to support myself more comfortably by now. It's definitely a difficult time to start and you are very right that it's not a step to take lightly. However, I adore what I'm doing and know in my heart that in the coming years I will be able to make a go of it!
One thing you didn't touch on is that every Rookie needs to be prepared to network like crazy! That's something I neglected at first, but I have since realized the importance of just putting yourself out there constantly.
Thanks again for a great and timely post!
Jennifer, great job with your post...as usual. I am also one of the newer agents in town with less than 2 years in. It is doing what I asked for after retiring. It's just not doing it fast enough or with any consistency. That is part of having the financial cushion to help out. It's difficult to get established but it is well worth the effort.
Thanks for this post. I really needed to hear it right now. It just strengthens my resolve to get out there and do the work that I need to do!
I'm teaching real estate licensing courses here in PA at Penn State. Most of the people who sign up for these classes have NO CLUE what they're in for, or what this job is all about. I tell it like it is. I not only teach the material and how to pass the test, but also inject info about what it means to be a realtor! What our days are like. What happens during a deal, how to interview at broker offices, etc. It's a HARD JOB. It's not all fun and games, and when they walk in on day 1 I think they have no clue at all what it's really like.