Thread: Newbie with some questions

You have a lot more experience than I did when I got into the industry. I think it's important for you to get your name out there online and offline. Find a niche to focus in and become the expert/guru in that niche. I did not understand this at first and did Re by trail and error and that is incorrect.

I feel that having a site that is professional and ranks high in the search engine is a must for any new agents.

I think you should try to enroll in a online course .. i might help a lot.. and also give more info about certain matters...

It seems to me that you have a leg up so to speak with agents currently in the market. Today's success seems to come to those that can think outside of the box... those that can market online, those that are not afraid of stepping out and doing - asking your question here shows your knowledge is more than some veterans in the business.

Social networking can teach you a lot about marketing for free.... watch, listen and do not be afraid to try without trying you can not succeed.

Ask them if they have a mentor program, that is a great way to learn. Also make sure if they do, that you get a mentor who is enthusiastic to mentor you and really knows the business.

Second I would learn as much about marketin gas you can. Remember, as a real estate agent your job is not to sell homes, it is to sell yourself. You have to get your name out there and start to market yourself ASAP.

Hope you found a broker you trust.

After choosing one, you have to "Go, Be, Do."

Mentoring is nice, but don't get stuck in "school mode"

Just start doing open houses, meeting with buyers/sellers. Asking questions, answering questions.

You will learn much faster by doing and making some mistakes than by sitting in on meetings.

Also, about costs. It'll probably cost you anywhere from $8,000-12,000 to get started in the first 12 months. Between dues, gadgets you'll need to buy, advertising, etc it should be about that amount. That's what it cost me last year. Luckily in 2009, I've already made $20,000 in GCI, so I am now beginning to actually profit from all the work and money I put in back in 2008.

Originally Posted by christalynn11

Also, what other skills make for a successful career in your opinion? Computer skills? Networking? Marketing? Sales experience?

I would say its essential that you own these skills in today's market.

1.Online Social Networking Skills
2.Personal Networking Calibre
3.Growing A Database Of Sales Leads Entirely On Your Own.

You've gotten lots of good advice about online sources of business (social networking, blogs, etc.). However, I think if you randomly polled the agents succeeding in the shifted market, you would still find that the majority of real estate transactions still happen because of a pre-existing relationship the agent has with the consumer.

The art of building and maintaining relationships seems to be dying among agents who are drawn to more passive and far less "genuinely interactive" strategies like actually talking to people.

Don't get me wrong, blogging, social networking, having a great and sticky website are all very important and their importance are all growing. But if I had to bet who would make more money their first year in real estate...an agent who is a great at online lead generation techniques versus one that is a master of building and maintaining relationships the old fashioned way (i.e. with direct social interaction), I'll take the latter all day long.

Until people decide to trust their real estate needs to people they don't have any direct relationship with at all (which will probably never happen), the most important tool in your toolbox is your ability to communicate directly with people.

As for startup funds, I'd STRONGLY encourage you to approach real estate just like any other business. To the extent that you can, capitalize it. By that I mean start with as big a pile of money that you can scrap together. The most successful businesses start with enough capital to get them through their startup phase until they become cash-flow-positive (i.e. they bring in more than they spend). Fortunately, in real estate you can keep the outflow very low. I would be very cautious about overspending on marketing in your first year. Marketing is an indirect process by which you hope others will find you (because of your marketing message). The best thing about marketing is that it's very time-leveraged. You can reach a ton of people and not have it totally drain your time. The drawbacks are that it's typically not dollar-leveraged and it's rate of return (i.e. the % of people who respond) is very low.

In my opinion and experience, the most effective first year strategy is on that is prospecting based and, PROVIDED you have adequate funding, marketing enhanced. If you don't have 6 months worth of living expenses plus at least $500/mo extra for your real estate business, I'd forego marketing altogether and get great at direct prospecting. It's virtually free and is the fastest path to motivated buyers and sellers.

It's a super business...just be patient. Results will absolutely come. Good luck!

Its all about the capability to communicate isn't it IGetSales? Whether its online or offline. The web is really just another communication platform.

Denver8, you're right that the web is yet another communication platform, and properly used it will ABSOLUTELY enhance relationship-building. The problem for many agents though is that the web is being used as a SUBSTITUTE for rather than an enhancement to good old-fashioned meeting and knowing people.

Here's a (sort of related) example. One of the top agents in our area has had an outstanding track record of success with where they spend money on advertising. The secret to their success? They only advertise where they are likely to touch the folks with whom they already have a relationship (certain small, local papers, movie theaters, fundraisers, etc.). Their advertising efforts are supplemental (and secondary for that matter).

I'm absolutely convinced that the most successful agents over the next 5 years will be the ones who master the art of blending the traditional elements of connecting with people with the phenomenal new online and social media avenues available to us all.