Advice for New Realtors

[Daniel J Lopez]

Seeking out experienced Realtors who would like to pass down any knowledge or advice for newly licensed Realtors. Thank you!

[Robert Carmody]

1) Set a goal and make a business plan that aligns with that goal. Your broker or an experienced agent should be able to give some guidance there. 

2) Become an expert of your market and use that expertise to provide useful insight. While that sounds like an obvious suggestion, all too often new agents put all of their energy into prospecting for business, which is also critical to your success, but you've got to have something of value to offer those prospects, and market knowledge is valuable. This is especially important if you are young and a new agent. The average agent is in their mid 50s and even if they are newer to the business, chances are that they have many years of other professional work experience behind them, and if nothing more, most have personal experience as a buyer or seller. Some have experience with owning rental properties, or flipping houses, or new construction & custom building, or remodeling, or have weathered rocky markets and recessions, have held positions on their neighborhood HOA, or have dealt with the division of real estate and assets following a divorce or death or financial hardship, or possibly an employment related relocation. They can use that personal experience to develop their "real estate language" and converse with prospects, and in doing so, the questions of how long they've been selling real estate and how many houses they've sold are less likely to be asked by the prospective client. For younger agents, the question of experience is less of a mystery, and it's usually obvious that they don't have decades of prior sales experience or an arsenal of their own investment properties. Use the time when you are new and have more time to really learn the business and the market you serve. Ask questions - from your broker, other agents, on online forums. Study your market and know it like the back of your hand -- new developments, pocket communities & hidden gems, identify undervalued or emerging markets that might offer a better ROI, review market stats frequently.

3) Network and connect with service providers and industry pros - mortgage lenders, title providers, home inspectors, contractors, handymen, concierge services, property managers - you'll be prepared when you are working with customers of your own. 

4) Watch other successful agents and what they do, where their business comes from, where their listings are.  

5) Preview the inventory, including new construction and model homes. 

6) Make yourself present -- at your office, in the community. 

7) Practice -- practice what you say, how you say it. Practice preparing offers and have a clear understanding of what the contracts say and how to navigate the transaction. 

8) Prospect for new business. Schedule this time and stick to your schedule. Don't stop just because you have a few leads or sales in the works. 

There is a common perception or belief that real estate is a "learn as you go" business. Yes, you'll learn lots with hands on experience, but there is also a lot that can be gained by a more proactive approach.