Getting a jump start in the real estate industry can be difficult. Once you pass your exams and begin to practice, you will soon realize that those classes did not teach how to do real estate.
Those classes were meant to teach you how NOT to break the law. You now have the responsibility to do research on the psychology of sales, your local real estate market, assistance programs that may help your future clients, and the list goes on.
No one tells you the best way to start. Everyone says join a team, but very seldom does anyone shed light on how to start independently. Let me be the first to help. Before I give you what I believe are concrete tips, here is one thing I highly suggest after getting licensed and before committing to a brokerage. DO THE RESEARCH. Never go into a situation blind-sighted.
So remember, you just spent all that time learning license law. Now is the time to fully understand the real estate process and how you can be the best agent you can be to your clients. You may not have the experience yet but one thing you will have is knowledge.
Spend a month or so doing nothing but studying and researching things you wouldn’t otherwise know. Ask yourself many questions about the entire transaction and find the answers. (Maybe i’ll do another blog on the subjects to research later.) Utilize the resources you have.
Moreover, there are three main tips that I believe will make all the difference in your business; Treat it as a business, separate the business roles and assign them and finally, use numbers as your blueprint. Now, let’s dive into it!
I often see new agents, including myself, starting their real estate business only thinking about where the leads will come from. In most of my training and seminars, I have always been advised that lead generation is the number one job of a REALTOR®.
This may be true, but only a half truth. Of course your business would not exist without lead generation. But what happens when you get those leads and you have no clue how to direct them? As a fiduciary, it is your duty to work in the best interest of your client and provide the best possible solutions for them.
How can this be possible without relevant information? I say that to say, you must treat yourself as a business. Before jumping out of the gate unprepared, create a foundation of models and structure for your business. Ask yourself questions in regards to different facets of your business. Here are some questions to consider:
What is my desired yearly net income goal?
How many closed contracts (at what price) do I need per week/month/year to achieve my net income goal?
How many Exclusive Buyer/Listing Agreements do I need per week/month/year to achieve my closed contract goal?
How many Buyer/Listing appointments do I need to go on per week/month/year to achieve my Agreements goal?
How many two-way contacts do I need to make per week/month/year to achieve my appointment goal?
How many leads do I need to generate per week/month/year to achieve my two-way contact goal?
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Will I do social media marketing, if so, how many times per week will I need to post?
Will I pay for online ads?
Will I blog or do video content?
--Notice how, I started with the ultimate goal and worked my way down to the first objective which is ultimately lead generation. This is something you will want to exercise as well when writing out your goals.
Try to figure out what marketing looks like for your business and make it concrete as well. How often will you send out mail or create online ads? Create a business manual and write it all out for your future employees. Keep in perspective that your business manual is meant for someone else to follow, so be detailed and specific.
Next, another important tip to keep in mind when starting your business foundation is separating your business roles and assigning them. What do I mean by this? Who does your social media marketing? Who does your cold calling? Who does your open houses? Who does your administrative work? If you are a new agent, the answer is YOU.
In the beginning you are doing all of the work, but you need to remember that all of the tasks you currently do alone, will eventually be handled by someone you handpick. The goal is to create chronologically structured models and processes as a blueprint for your future team to follow.
Figure out what your business needs and create business roles based on those needs. Separate your business roles, create agendas, expectations, regulations, goals and consequences for each. Set a time every day to “wear each hat” so to speak. This should be easy with the playbook you created.
Last, use numbers as a blueprint. The great thing about being new in business is that so many people have gone before you. You do not have to recreate the wheel. Take a platform from someone you trust or someone you admire, and use their playbook.
For instance, I read The Millionaire Real Estate Agent. This is a textbook that gives out, play by play on how to start your real estate business. This book swears by models and gives out plenty of models to use in any business.
For my business, I use the Economic Model explained in the book. For more on this book, click the link at the end. --All there is to it, is figure out what your goal is and figure out the one thing you need to do everyday that gets you closer to your goal. How many leads > how many calls > how many appointments > how many agreements > how many contracts.
Figure out a model that matches you and your market, plug in the numbers and use it as your business bible. Track your numbers daily and check for any holes you may find. All discrepancies will be clear once you track your numbers. It’ll be easy to find the source of any shortcomings. Numbers NEVER lie.
I know these things sound super unconventional. But I figured the cliché wouldn't take you as far. I tried what everyone said, “get leads, focus on leads!” But that didn’t matter when I obtained leads and appointments very easily and knew nothing about the process.
Take it from me. Allow my mistake to be yours. Create a foundation first, learn the ins and outs of the typical real estate transaction from start to finish, then focus on leads, leads, leads. Type to you next time!
Click this link if you are interested in having a conversation about being a Realtor. linktr.ee/brittanyakimble.com
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