What I wish I knew my first year in real estate
My first broker/manager was quite wonderful and I learned some very practical advice early on. Have charging cords everywhere – office, car, and home. Build a resale business first, don’t jump into new construction. Always fill up your car on the way home. All very functional.
Here’s what I wish I knew.
- While I was in class, I wish I would’ve started working on a database of friends, family, kids’ school and activity friends, church, anyone I personally give MY money too – hairstylist, doctor, dentist, car repair, and vendors in my community I would be referring future buyers too. I wish I would have known about the MREA Book and read it.
- If there is something, I wasn’t good at (i.e. getting clients from an open house) QUIT DOING IT! Focus on my strengths. What I know now is there are probably 50-60 solid lead sources and I should’ve picked the 3 I was good at – MY STRENTGHS- and done those. For me that’s business networking at my local Chamber, my sphere of influence (friends and family), and the Internet (SEO). I have friends that CRUSH Open Houses, which was why I kept trying it, same with For Sale by Owners – guess what? Not my bag, and that’s okay.
- Believed that my broker could give me leads…. bottom line is, only so many come in and they usually go to the people that have market share and they need to keep…. you know why…. the Big Dogs pay for us newbies and they need to be happy. Now I know if you learn to fish – you don’t need to go out to eat every night – gave someone my money when I had everything, I needed inside me.
- Get a coach or mentor. I had people offer to “help me” and later on realized that I was doing their work for little or no pay. Make sure you vet them, understand how they’ve helped others, and know when it’s time to move on.
- Start with the end in mind. I’ve had three business names, starting with a name that isn’t tied to my image is where I should’ve started. If I build something big, it needs to be something I can sell.
- Get over the ego, rather than focusing on me, my picture on stuff, my name on stuff. Investing in relationships with clients and my team, brought me the most growth the fastest.
- Your phone and business cards are all you need. Make connections, add them to your database, follow up with them. Every person you add probably has 50 people they know and can refer you too.
- Plan a day off. You have to hustle to make it, the only way to burn out is to plan a day off. People get it – just put it on your signature block.
- Plan for continuing education, every year plan to attend training that will expand your knowledge and build your network, travel to other areas in your State, meet other agents, build your referral network. Learn and Grow.
- No one can do it for you. Starting a business is simple, it isn’t easy. Make a plan and follow it.