Resources/Recomendations for Newbie Real Estate Agents?

Question

Hello BP Family,

I am currently employed full time as a scientist in the biotech sector and, alongside my dedication to science, I have a passion for real estate. Being a sociable individual who enjoys connecting with people, I decided to get my California real estate license, aiming to try my hand as a real estate agent in the vibrant Bay Area. Having completed all the requisite coursework, I am waiting approval to take the real estate license exam. My plan is to start my real estate journey as a part-time agent, and I plan to look for a brokerage that is open to giving me an opportunity.

To the seasoned agents within the BP community, I would greatly appreciate any insights into the resources you use regularly to stay informed on market conditions and news. I would also love to hear any recommendations on finding suitable brokerages, effective prospecting strategies, and any other valuable advice you may have. I recently read the book "Sold" by David Greene, which offered a wealth of useful recommendations, and I plan to read it again for further insights. Thank you in advance for any valuable input you can provide!

Brandon Vukelich · Answer

@Mohammed Nasser you're probably a bright guy and will have no problem passing the exam. You also won't have any problem finding a willing brokerage to allow you to hang your license. Just about any brokerage should be open to having you sign on as long as you agree to their terms and fees. But don't get hung up on the fees/splits. Being new, you will want to be surrounded by good leadership that provides some decent training and guidance. There is much more to being a solid agent than just lead generation.

It's tough to become extremely competent as a PT agent, IMO. If you intend to only do transactions as a side hustle to your W-2 career, PT is fine but not so great if you intend to serve clients looking to transact millions of dollars. Your local MLS should provide local market conditions but the best way to stay informed and grow in competence is to be active IN the business full time. Best wishes on your real estate journey!

Abel Curiel · Answer

Hello Mohammed!

I agree with @Brandon Vukelich & @Osazee Edebiri here.

There are challenges for all agents, p/t and f/t... I speak with many p/t agents at my brokerage and what I notice is that the limited time they have to focus on the business can help or hurt them.

What I mean is this, if p/t agents cannot decipher what is top priority and worth their time, they will oftentimes spend it on unproductive activities.What I would consider to be top priority, especially as a p/t agent, is lead-generation and lead-nurturing. Gary Keller wrote a book called 'The One Thing' and what he harps on is asking yourself the question, 'what is the one thing that I can do in/for business so that everything else would be easier or unnecessary'.Lead generation: Start with 1 lead source, then add more until you get to about 3-5 sources you can consistently target. i.e. Personal circle/sphere of influence, Expired leads, Geo leads/circle prospecting, FSBO, Social Media, Local business owners, etc.Lead nurturing: Develop a system to store all of your current contacts as well as the new contacts you add each week from you lead-generation efforts. Once you have a place to store them (i.e. CSV/Excel file; Customer relationship manager software or CRM; etc.), you want to have a way to set reminders to follow up with these contacts periodically. Some contacts (i.e. 'hot leads') will require more aggressive or frequent follow-up while others can fall into a long-term follow-up bucket where you check in with them a couple of times per quarter.There are brokerages/teams out there that can guide you so that you stay on course and limit distractions. There are also brokerages who can give you access (sometimes Free access) to CRMs to help you get organized.Lastly, I'd recommend some books here... in addition to "sold", "skill" by David Greene is another great book. Dan Lesniak wrote "Hyper local, hyper fast agent" which is a great read and "The Millionaire RE Agent" by Gary Keller is another one I recommend to new agents.All the best to you on your journey!

Abel

Osazee Edebiri · Answer

Hey @Mohammed Nasser welcome to the real estate agent journey.

As @Brandon Vukelich said it will be easy to get into a brokerage, once you pass your license exam, you mail box will be full with requests from different brokers asking you to join.

As far as resources, to stay up to date, I like podcasts since I drive a lot and new episodes come out regularly so it's always up to date. Such as the BP podcasts. Your brokerage or team you join should also have constant updates on what's going on in the market, if they don't you are in the wrong place. Aside from knowledge, effective agents build relationships, so you will also want to focus some of your time on this. I have seen many agents that enter the field thinking their friends and family will all buy and sell with them and that they have an expansive network only to not do a single transaction in a year. Cultivating is harder than people thing, you have to plant your seeds and water them.

Good luck, let me know any other questions you have and keep us posted on how it goes.

Resources/Recomendations for Newbie Real Estate Agents?

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