Question for Current Real Estate Agents

[Takeo Kingi]

Hey Everyone,

So I just got my real estate license about a week ago. While I’m somewhat familiar with real estate (from purchasing my property, reading, podcasts) and have enjoyed learning about it prior to this point I know I have much to still learn.

Knowing what you know now, what would you recommend to a new residential agent when getting started?

What did you wish you knew when you first started off?

What tools helped you succeed?

If there was any one thing that’s really helped you excel in the real estate industry what is it?

Did you invest in training, if so was it worth it?

I know that’s a bunch of questions but really any solid input would be great.

Thanks in advance for any input 🙌🏾

[Russell Holmes]

@Takeo Kingi Congrats on getting licensed! I got my license in February 2018 and very quickly discovered that the pre-licensing course is all about what NOT to do in order to stay within the law. It doesn't give you hardly anything about the 'how' of actually being a successful agent.

Does your brokerage offer any sort of training or mentorship? That can be extremely helpful in learning the basics and networking with those in your office and vendors they use that will be extremely helpful (Title companies, home inspectors, attorneys, property managers, lenders, etc)

I wouldn't recommend any sort of paid 3rd party coaching/training until you've built up some momentum and the income to cover the cost directly from sales commission. Also steer clear of "We'll run your social media for $80/mo" type gigs. Lots of companies target new agents since they are hungry to buy their way to launching their career, but a $2500 coaching course when you haven't written an offer or closed a sale is a waste of money. A bunch of bogus generic Facebook page posts won't bring in business. Most of those coaching programs are primarily designed to help scale a business up and put systems in place but can be a little too much too soon when just starting out. The brokerage-level training is more geared towards the nuts and bolts of what to do first and how to grow organically with sphere of influence and other lead sources you may already have on hand without knowing it.

Network network network.  Always keep your eyes open for opportunities to connect and offer value to clients and colleagues.

Learn your state's most commonly used listing agreement and purchase offer contracts inside and out, they will be the most commonly used forms. There are often several versions, so ask experienced agents in your brokerage which are the 'bread and butter' docs used on most transactions.  Also learn about common addenda used in your market. 

See if you can shadow a successful agent along with buyers, to listing appointments, host open houses, go see vacant houses to practice the use of your lock box access (I say vacant since you really shouldn't displace tenants/owners without a buyer interested).

One thing that I wish I had a better grasp of early on is that there are far more ways to be successful than what any one agent will need or use.  Finding what works for you and what niche in the market you wish to focus on will take some time.  Think of it like spokes on a wheel.  There are likely 200 different strategies for lead gen and growing your sales volume.  A wheel with 200 spokes is pretty ridiculous.  Likewise, a wheel with one spoke won't work either.  The market is always changing, your niche and focus may shift in time and you want to keep the door open to adapting with the market.  You don't want to hyper focus on one single lead gen method or one single isolated niche because in time it may come to a dead end.  Focus on 10 different methods and you won't do any of them with purpose or consistency.  Instead, find 2-3 methods of finding leads that work for you, and work on mastering those before adding one or two more.  Most successful agents only have a handful of lead gen methods that they are rock stars at. There are rock star agents who cold call and rock star agents who never do. Consistency is key to success, but sometimes it takes a little 'doing' to realize what is or isn't fit for your personality.

You'll meet successful agents with vastly different lead gen methods and strategies and the risk is to get 'shiny object syndrome' trying to do too many things at once every time you meet a new rock star agent with a different approach. They all seem like the key to success, but none of those agents do all things, they each have a handful of strategies that work for them and the next successful agent may have completely different strategies. Just because cold calling and door knocking works incredibly well for one agent, doesn't mean it'll be what's right for you.

Lastly, aim to be active on Bigger Pockets. And not in a lame "hire me, I'm the best agent ever" kind of way, that will get your posts removed. Ask questions on things you don't know. Answer questions for others you do know. Engage in conversation, vote on good responses, send colleague requests to those you would like to know more about. Research and post interesting market or development information on your local market and keep up with responses you get to keep the threads alive when possible. Give solid helpful knowledge and time to the BP community as a whole and in time it will pay off. I have closed 6 transactions this past year with clients that came directly or indirectly from them finding me on Bigger Pockets and reaching out to me. I've got two flip listings active on the MLS currently from BP folks and I'm working on negotiations on two offers for two new buyers who have found me here and live out of town and state but want to invest in my market. One of those active listings I have is with a client-turned-JV partner. I got to jump in an help manage the flip to earn some potential profit and we're looking forward to our next deal with an official JV structure. The business I get from BP is not me lurking the forums and waiting to jump on someone in my market. It's me putting myself out there on the forums to offer quality honest content and then people reach out who appreciate my input.

My other transactions, both buyer and listing sides, have come from my sphere of influence (people I knew before being licensed), networking at local meetups, word of mouth from previous clients, setting up a referral agreement with a licensed flipper/wholesaler I know to list the not-quite-off-market level houses, and some limited direct marketing.  I don't cold call, I don't spend thousands on blanket mailing my entire Zip code.  I'm still relatively new coming up on my second anniversary of being licensed next month.  Other veteran agents may chime in with tools, strategies, or processes that worked for them. What works for me may not work for you. I can say that putting myself out there and being 'in the trenches' finding deals and meeting everyone I can has taught me more and cost me less than any paid coaching I could have done.