When you're a new agent, it can be hard to know what to focus on first. Here are the top 5 things that will help you launch and build your career as a real estate agent. These five things will make you more successful in the long run and keep you happier as an agent than just winging it.
1 - Choosing the Right Brokerage
When I started, I didn't know this really mattered. I assumed all brokerages were pretty much the same. I had hoped that I'd get training, move at my own pace, and work with experienced agents while I learned the ropes and made my broker proud.
I asked agents I ran into about their brokerage and why they worked there. Most said they liked it and it was a good fit. Others told me they were leaving and not happy for various reasons. I thought, ok, maybe they just couldn't take it.
When I finally joined my first brokerage, I was filled with hope and excitement. I already had leads and was bringing in listings but when it came to helping me grow, nothing materialized.
I think this is a shame, but I've heard it many, many times. Newer agents bring the energy, but they don't usually have the experience and knowledge. Some brokers are better at this than others. Some brokers promise extensive training, and it might be too intense for many agents that lack either business experience or a strong desire to be at the receiving end of a firehose of new information.
So one of the first things to think about is the type of brokerage that seems most interesting to you. There is the big brand brokerages as well as small independent ones and in between are some local or regional boutique brokerages. They are different in how they train, manage and work with newer agents, as well as how much support they can offer. Smaller brokerages often don't have the capacity for much training, and big brands often have more corporate-like training. Boutiques can be anywhere on the scale.
Find an agent you like and respect and seems to have the lifestyle you are looking for. Some agents are full-time, serious, hard core agents seeking long term success. Others are part-timers looking to do a handful of sales a year to bring in extra income and not work too hard or too much. Many are in the middle. Real estate is their primary source of income, but they are more take it as it comes, or slow and steady.
While many brokerages will accept any type of motivation and goals from their agents, some offices are more set up for the different styles and speeds. Some will offer more support to make sure their hard working agents can focus on business and not all the paperwork, etc.
Then of course, there is the commission split. You'll find anywhere from 50/50 to 100%. In some of the big brand agencies, you'll be encouraged to join a team which will give you closer support and training, and maybe feed you leads. As a result, your split is much smaller. You're being carried a bit, so they rightfully, take a larger split. More often
you'll find the standard 70/30 split - you get the 70, and the brokerage gets the 30. There are 100% brokerages as well. These also vary from little support to much more.
You'll need to weigh all these factors to find the right brokerage for you. I did the same when finding my current brokerage. [read 20 reasons why I chose and LOVE my brokerage]
2 - Learning the Systems
Every brokerage has software and systems as well as the processes dictated by your MLS. These systems include how you create your contracts and documents and how you get them e-signed. They also include how you get your documents reviewed so you can get paid. And of course, there is the MLS, and managing your leads, your clients, and your closings.
Every brokerage uses similar tools. In fact, while a few use proprietary systems, most use 3rd party tools that are fairly common among all brokerages everywhere.
In order to become proficient at your new career, you must be able to master these tools and software systems. If you do, your job will be so much easier and you'll be able to manage more concurrent transactions. Otherwise you'll struggle and move slowly and have difficulty with each transaction, making your real estate career very frustrating.
3 - Marketing
Most people in general have little knowledge of marketing, let alone marketing in real estate. To be successful, though, it's important that you find a method of marketing that works for you and your budget. Every business requires marketing to be successful. It's how we remind people we're still here, educate them on the value of our services, and get new and repeat clients as well as referrals.
The most common marketing for real estate agents is reaching out to FSBOs, expired listings, as well as choosing a farm area to nurture. If you don't want to travel much, focus on your neighboring areas. If a bit of travel doesn't bother you, find home areas you're comfortable with - condos, mobiles, or single family homes in moderate prices ranges.
How ever you choose to market, (and it's ok to change as you find better opportunities), you must build a pipeline of potential clients. Nearly everyone is buying or selling a home in the next 1-10 years. So a pipeline is a large group of people you mail to, email to, or reach in some consistent way so that when they are ready, your name will be at the top of their mind to call.
4 - Keep Learning
For most newer real estate agents, this business is all brand new. There is a ton to learn, besides just filling out the contracts and talking to people. If you are going to succeed in this business, you must keep learning. It's definitely harder in the beginning to learn everything, so it's a must that you continue to get exposed to new information in a pace that you can keep up with.
There are all sorts of trainings in real estate and most brokerages will offer regular classes on how to better use their software and systems as well as how to deal with important situations that come up. Your MLS also offers a variety of classes. You can also pay for classes out there that interest you.
And of course, your continuing education requirements will need to be met every 2 years.
In the beginning, most of what you're doing will be new and potentially overwhelming. But, in time, if you keep learning and working, your knowledge and experience will grow, making you a 'go-to' agent that clients will be confident in working with.
5 - Manage Your Business
While the above will get you started successfully, in order to build your business long term, you'll want to treat it like a business. Every good business owner needs to take time to focus on their business, in addition to working in their business.
To do this, it will be important for you to make plans and goals for your future. These plans and goals help you to make sure you're on track and making progress. It's important to check your goals quarterly to see if you're still on track or if you want to revise them in any way. Without goals, people tend to wander a bit aimlessly without improving. It's a shame to waste time not improving.
You'll also want to keep track of everyone you come in contact with. Keep a database, or CRM (customer relationship manager). You'll want to get people's phone #, email, and whether they are a potential buyer, seller, or potential referral partner. Then make sure you check in with each at least quarterly, if not monthly. This is one of the most important things you can do to help build future business.
Lastly, you'll want to network with other agents, and reach out to people who work with agents. The more lenders, title companies, attorneys, contractors, and other professionals you know, the better. Some will be a source of help when you get tough questions or situations, and some will be a source of referrals. Other agents will be a source that helps you reflect on your current journey and boost your confidence and share other professional knowledge and helpful resources.
Of course, building your brand can be something you can work on if you choose to as well, as part of managing your business.
There you have the top 5 things you should focus on as a new agent. Even if you've already put your license at a brokerage, it's important to think about if it's the fit you hoped for and need to be successful. The rest of these apply no matter where you are in your journey and will always be important.
