Brien M. Satzinger asked:


If you like money you might want to become a real estate agent. If you like working for yourself and want to make a break from a corporate life then sure, it might be an option. Let’s take a look at what being a real estate agent really means.

I’m going to assume since you are reading this that you really want to make it, you’d like to be able to afford the good things in life or you have some other benevolent goal in mind. In real estate sales you can make it. It’s possible to realize the sky as your true limit. However, you probably should not do it. You should probably pack up that pipe dream and put it back on the shelf. Here’s the one reason why: discipline.

In this business if you don’t have discipline you’re not going to make it. Being an agent is not about creating wealth through a hobby. If you really want to succeed you have to approach every aspect of it as a business.

Even though it may not be a brick and mortar store front you can see and touch with your hands it has a product and service you have to sell just like a retail store sells goods. Our phrase for getting people into a store to browse is called lead generation. Our inventory is houses that are being sold or about to be. Our service is helping them buy or sell their home.

If we don’t lead generate to get people in the store then the customers won’t use our service to buy or sell a home, we’ll close up shop. If we don’t manage our finances properly then we won’t be able to advertise and get people in the store or service them if they come. If people come in but we can’t service them properly then we’ve wasted our money and bad reputation spreads faster than good. Every one of these areas requires discipline: lead generation, service and managing our finances.

Everyone loves a large pay day but without these foundational disciplines at work they will be few and far between and we’ll more than likely burn our selves out. If these disciplines are at work then we will more than likely be successful and living the life we day dream about.

Lead generation

Lead generation is the lifeblood of any real estate venture. Simply put, a lead is someone who may want to buy or sell a home. It sounds pretty simple, doesn’t it? Though the real question follows: How do I find people who want to buy or sell a home? It’s actually not a direct approach.

Some agents look at it like they have to meet people and that’s when they’ll either be a lead or not. The real treasure comes when we collect the names, addresses and phone numbers of everyone we know and we stay in constant contact with that person. Keller Williams publishes a statistic that for every 12 people we’ve met and effectively market ourselves to we should be able to generate 2 sales. As an agent we must be disciplined to meet people and market to the ones we know. This is how we generate leads and if we have our skills honed we’ll produce a constant income.

Servicing Our Clients

Do you know what to do to sell someone’s home? If you had a buyer do you know how to consult with them to figure out their needs and the best type of home to show them? As a professional agent we should be able to answer these questions and do them well. We must be disciplined in our studying and learning to develop our skills.

Finances

We must run our business based on a budget. We must be disciplined with money management and with our expenses. If we do not then how can we sustain the growth of our business? It’s imperative we watch every dollar closely especially with marketing and service expenses. As agents we watch our numbers closely. If we don’t then we’re only mediocre and who wants to settle for that? This is a very important key to any successful business.

The broker/company you sign on with as an agent should provide ample training on building your own business and it shouldn’t cost you a lot to get started. When shopping brokers make certain they provide training on how to start and grow your business.

Selling real estate can be a rewarding career. It’s worth the dedication and hard work required to achieve great success. Some agents net over a million dollars a year. Most agents sell a few houses a year and treat it as a hobby. Which one will you be?



Marcus

T J Madigan asked:


Many new real estate agents think that once theyve obtained their real estate license that the road to success will be easily obtained and quickly traveled. These agents experience a rude awakening when they realize the amount of time and effort that must be put into their work to experience even the smallest amount of success. Its rare that a new real estate agent can achieve a significant amount of success by working part time. This is does not meant that success is impossible. Rather, that it will not be gained so easily.

Expect to make a financial investment that will not be returned in a short amount of time. You will spend money when you first begin your career as a real estate agent. Some fees that a new real estate agent must pay include the business license, local Multiple Listing Service fees, Board of Realtor fees, training or certification required by your brokerage company, as well as expenses for doing business.

It is a good idea to have a healthy savings built up because it could take a few months for you to receive your first pay check. As a real estate agent, you are paid commission based on the houses you sell. The transaction must close before you are paid for the transaction, so dont expect to receive your commission immediately. It typically takes between thirty and sixty days for the transaction to close.

You will likely work long hours when you first start out as a real estate agent. In most cases, you will be allowed to make your own hours, but keep in mind that you might have to work around your clients schedule in some cases. By no means should your clients control your time. However, be prepared to make a showing in the evening or on the weekend in the case that a client does not have any other available time. This might not be your ideal situation, but it is often necessary.

Know that you are expected to be more than just a salesperson. Often, real estate agents forgo customer service for the sake of making a commission. Your clients want to be treated as more than dollar signs. Putting more into each deal gives clients a reason to refer you to their family and friends. At times, your referral network will prove to your best marketing tool. Do the work it takes to find the perfect property for your clients. Understand that there may be times in the process that your client needs emotional counseling. These are the aspects of a real estate agent that make clients want to tell their friends about you.

Discouragement can come easily during your first months as a real estate agent. It might seem like everyone around you is closing deals while you struggle to find clients. When you start to feel this way, remind yourself that you are just starting out and these people have had years of practice. Until you build your referral network and other marketing strategies, finding your clients will be entirely up to you. You will have to resort the manual method of overturning every stone to find clients. With some practice you will refine the way you find new clients and the new guy in the firm will look to you for advice on finding clients.



Robert