Real Estate Virgin

[Big Mike]

Hey there, I am new to this cool forum and the industry. I recently got out of the Marine Corps, and the whole time I was in Iraq I talked about how I was going to get into real estate. Well I passed the exam last week on the 2nd try and nailed it. I have been a licensed agent now for 5 days and I have a sponsoring broker with a good reputation, splits, and training. I was curious as to how you all started out and if there is any advise that could be thrown my way. I am definatly not afraid to work.

[Chief Tutor]

Congradulations and Thank you...., Congradulations on passing your exam and Thank you for representing the USA. I could go on but I try to keep the forum politically neutral when it comes to politics and religion because everybody has an opinion and it is usually a deeply felt opinion.

Anyway, now you have your license, The most important thing is floor time. Most vetern agents don't want it, but it is the most cost effective way to perfect your pitch and get in front of potential clients.

Just remember to tell yourself at this stage of the game....it is a numbers game. The more people you are able to contact and meet, the quicker you will be successful on your own. Over time, your talents will separate yourself from the other 90% of agents who do an average of 1.5 deals per year. Right now, you are all in the same boat and you will be for the first year you are in the business.

Lastly, Set realistic goals. One I like to recommend for new agents, is do what you need to do to get in front of as many people as possible in the first year because as I said, at this stage, it is a numbers game and 9 out 10 agents fail in the first year.

Just my two cents...:cool:

[Phoenix Realtor]

Congratulations Big Mike and welcome to REF! :D

Lot's of great people here and a lot of sharing going on.

[llaflamme]

Big Mike,
I remember after I took the test there is so much still to learn. Best thing you can do is meet as many people as possible and make sure they all know you sell real estate.
Also ask some of the agents in your office, that have a lot of listings if you can advertise one or two of them with your name and picture. Put them in the Real Estate book or News paper and that should start the phone ringing for you.
Good Luck!!
It's a good thing you don't mind hard work.
Lori L.
ERA Southern Oregon

[MaxSinclair]

Hey Big Mike, congrats and welcome to REF. You'll find many helpful people here. They helped me tremendously when I first started.

[KeysToFlorida]

Thank you for your service, congrats, and good luck!

Anyway my .02,

In real estate when new agents start out, everyone will want you to go on the caravans to get familiar with all the in-house listings. I understand that, but I am encouraging the agents that I am helping to take a different (or additional) approach.

When you go on caravans - you see properties all across the price ranges. Good for seeing what different price ranges are - but IMO does not prepare an agent to show property.

When an prospect wants to see property - for the most part they want to see options all in the same price range. I encourage you to identify the price range that most of the prospects in your market are seeking. Find a colleague or 2 to partner with and schedule pre-view appointments to see properties, much like you would with a client.

After you leave the first home ask each other for thoughts about the house, learn what others notice, like and dislike about each property.

When you go to the second and subsquent properties compare the properties like you would with a client. After 5 or 6 properties go back to the office, make notes, and schedule more appointments with properties in that price range until you gain a strong understanding of the comparable communities and properties.

As you contact a prospect, you will know that price range and have the confidence to be able to discuss the communities and properties in that range.

When you get comfortable with the most common price range for buyers, decide what price range or market segment you want to pursue getting listings in and then gain a mastery of that price range or community. When you go on a listing appointment, it is great being able to talk about the other properties that their home will be compared to. Helps your confidence and the property owners can tell.

Knowing the properties is the best way to level the playing ground with more experienced agents. When you gain the confidence from knowing the properties - then you are at the point where you can share with the prospect your individual strengths.



Best of luck,
Dave

[bmegowan]

When creating a website, make sure that you create one from scratch and not from a template site like Advanced Access or Superlative. It is extremely difficult to rank high in Google utilizing a template site since Google really emphasizes unique content, and template sites have almost all the same content. Even if you create unique content, the search engines have a difficult time recognizing it.

[GeorgiaCoastal]

I also have a military background. My strong advice to you is to foster team spirit and build "alliances" like in the military. Build strong relationships, but rely on NO ONE!

If you really want to be successful, there are two important areas:

1. LEADS - Create multiple sources on your own, independent of your broker. You must have continuous leads from varied sources. Never stop prospecting!

2. CONTINUING EDUCATION - Attend as many course through your local board as you possibly can. Even if you have to pay for them! You cannot put a dollar value on education. Knowledge IS power - your business will grow quicker.

You will have many ups and downs. Always focus on the big picture, and always treat your business like, well, a business. Good luck.

[Big Mike]

I got my first listing a few days ago.
I think this little venture is gonna be entertaining more than anything. I have talked to many different types of people the past couple of months and it seems that everybody has a story to tell. I like it though.

[jay19n64]

Don't wait another day, get a domain and put up something on the domain ASAP. After a basic site is up submit it to Google. A lot of the search engines have something called "SANDBOX" and new domains are basically limited for a certain time.

Even if you don't have any good info to put up, at least when you are ready you will have 1 leg up.

Godaddy has cheap domain and $4 hosting. I have 4 sites with them and I'm still in Sandbox with 3 out of 4 of them, I wish I had bought the domain a year ago, but live and learn.

[Tom May]

Hi Mike.
Lead generation is what it is all about. Set up a budget and do it.

[yellowishjazz]

thanks for the insight everyone!

[JohnHoward]

Mike,

Welcome to the site and to the Real Estate business. I know for new agents it is difficult to start out. You have had some good advice such as getting to know you market trends, prospecting, getting to know the value of properties and marketing strategies. I would recommend you get to know the properties on the market in their location. I know when I am showing properties with Buyer’s they will often say “what’s the price of the home down the street”. Buyers will test your knowledge in the business with innocent comments that you may not pick up. I know in my area if I drive property that I know recently sold, I will point out what the home sold for and the features of the home. In fact I just did this yesterday with buyers. This helps in two ways, it helps give Buyers an idea what properties are selling for in the area and you also begin developing their trust as an agent with the real estate knowledge that they need. I would also shadow an agent that you trust and ask to go with him/her with buyers for showing properties or listing presentation. Always prospect and always ask “who do you know that is thinking of buying or selling real estate”. You will be surprised as how much you will learn. Lastly I would get a web page, a custom web page. Good luck Mike

[Paso Dog]

Some things that I learned from one of our other agents when you are on floor that after wards seemed so basic. How do you get the persons name and email address? When you answer the phone introduce your self and ask them their name and when they ask about a property tell them that it would be easy for you to email them all the information on that property. This seems to be a non threating way of getting at least an email address.

[Rollo777]

yea, so read the title one more time

[ejourney]

Welcome Big Mike! Getting a website up and running is a great starting point. Let me know if you want to add some virtual tours to your websites and enhance the visibility of your listings.

Good luck on your new career!

Josh

[AGUSTIN3191]

Hi there Mike!
It would help for you to join real estate networks/communities. It will give you more exposure and help in building your business.

[ChrisF79]

Another way to get in front of some clients is to hold open houses on other listings your broker holds. Just one warning--do not go to the open house expecting to sell THAT house. Instead, go there planning on meeting buyers. You will find that certain visitors are just kicking the tires. In fact, the first open house I held had someone ride up on a bicycle. We got talking and he said, "I live three doors down and just wanted to see what the neighbor's house looked like on the inside." That's fine, but soon enough, you'll meet someone that says, "This isn't really what we're looking for. Do you know of any homes with ____ criteria?" That's when it pays off for you.

Best of luck, and thanks so much for serving the country!

[nercentral]

Be sure to continue learning about real estate financing and value.

[simonsays]

Identify your Spheres of influences Send them Personal announcments about your new endevour. The Military is a great trust magnet. After all you layed it on line for us Thank you...

You need not to Sell but counsel it may be difficult at first because of limited experince. I would recommend you go purchase something sell it or 1031 it. Just like the game 'craps' best remembered with your own money.
Do not hang with Negative people. Floor time ? I have been in the business for almost 7 years now and I am in the top 20%.You know 20% make 80% of the money. I have never spent 1 monute on the floor. Open houses are the cheapest form of advertisement in your farm do them when folks are getting off work. Garage sales feel corny but that is what neighborhoods do, well alot of 'em.
Always give something if you can whether it is a tip on the local whatever to creating your own way of business. Heck it could be on the firing range. Think outside the box!!
P.s the open house is an interview for potential Sellers

[luinlenora]

just thought i would add my two cents if you do put up a website and you would like to put videos of your listing let me know as i can help you out hope all is going well for you best wishes for success in 2007

[kevans]

Mike, if you would like to take your pre-licensing course and continuing education classes online, there is a great online school available realestateeducate,com

[agentsranking]

I think it is important to differntiate yourself from the pack. Specialize in something like investment property, condos in a certain area, lake property, a certain neighborhood, etc. By doing this you can focus all of your marketing on your niche and people will refer you based on that niche. We have a guy in town who markets himself as the "duplex king". Be creative.