New Agents – Get a Quicker Start to Your Career
As a new agent, you may feel like you’ve been thrown to the wolves. No one tells you whether you’re making the right decisions. It’s up to you to chart your own path. These tips can help you advocate for yourself and get a quicker start to your career.
Evaluate Teams before Joining One
Ask team leaders and team members how many deals they’ve closed in the past year. The answer will provide insight into whether you’ll be busy and productive as a new team member. A team with low sales volume may indicate that it isn’t generating enough business to justify the head count.
Negotiate the Terms of Your Brokerage Contract
Most real estate companies will be happy to hire you right away. But some brokers may offer less favorable commission splits and other terms. There are a few things you want to find out first: How much of your commission will the broker keep? Does the company provide training? Will you receive lead generation support? What are the company’s goals? Being upfront about what you’re looking for in a brokerage will help you avoid regret later.
Look for ‘Brushed’ Leads
Keep an eye out for prospective buyers who already have preapproval letters from the bank and sellers who have recently invested in home repairs. These are signs that they have prepared for a transaction and are ready to take action today. You need more qualified leads at the beginning of your career so you can secure a few quick closings and start making money and earning referrals.
Focus on Money Making Activities
Work smarter. Don’t misuse your time on stuff that won’t make you money. Different tactics work in different markets, so you’ll have to take that into account when deciphering which activities lead to actual deals in your business. For example, calling on expired listings may be a better technique to dig up sellers than blanketing an entire neighborhood with direct mail marketing. Sellers of “expireds” are probably still motivated to sell. Shoot at your target, not all around it.
Avoid Time Wasting Clients
Vet prospects to learn whether they’re just using you to get a sneak peek of expensive homes or test the market. Ask sellers where they plan to relocate after the sale and whether they have a specific price in mind for their property. If they can’t answer the first part of the question and they give you an unrealistic figure for the second, they lack the motivation to sell. For buyers, ask why they want to purchase a home now and how soon they’d like to move in. Then ask if they would be willing to speak with a lender first about getting preapproved. If they can’t give you a timeline and refuse to consult with a lender, don’t waste your time taking them on showings.