If you’ve stumbled upon this article, it means that you are looking for the tips and tricks to launch a successful career in real estate. Fortunately, thousands of people have gone before you and have wisdom to share.
In many cases, a person chooses to get into real estate because they want to be able to earn unlimited income, set their own hours, and be their own boss. Yet quickly you’ll find, you can’t earn the income you want to earn while working the hours you want to work. Think of it like a farmer planting a crop. You are planting seeds that take time to grow before the are ready to harvest.
Is The Time Right?
Before you make the career leap, first decide if this is the right time in your life to make this move. Taking on a new career can take up a lot of time and mental energy to learn all the ins and outs. In addition, because you don’t get paid until a closing happens (assuming you’re working as a contractor for the broker), you’ll need to have at least a few months of expenses set aside to make sure you can pay your bills while you get up and running.
One of the worst things that can happen is you don’t have the financial means to make the transition, and you quickly find yourself needing a paycheck right away and you get out of real estate and don’t give it a fair shot. Give yourself some time and cushion.
Set Your Goals
Assuming this is the right time, you need to set some sort of goals. These goals should be specific, measurable, achievable, relevant, and timely. Begin with the end in mind and then back out those goals to see what actions you need to take today to hit those goals. Is it a certain income, is it a # of transactions, is it a timeline for getting your first transaction? Whatever it is, write it down and then ask someone to hold you accountable to it.
Without writing it down and having accountability, a goal is simply a wish.
Decide On Your Daily Schedule
Make a commitment to the time you are going to spend working on your business. Instead of making a decision in the moment, plan out your work time, your family time, and your free time before you begin. When you’re in the middle of it, it’s easy to make a decision based on feeling and not based on your goals. So figure it out ahead of time.
Much like many sales/commission businesses, you will need to build up your sales funnel. Just like a regular funnel, the size of the top is significantly larger than the bottom. So what comes out the bottom (closings) is based on the amount you put in the top (live contacts/prospects). Here are a steps in the sales funnel:
- Live Contacts
- Appointments Set
- Appointments Held
- Buyers/Sellers Signed (Representation Agreement/Listing Agreement)
- Purchase Agreements Signed
- Pending/Escrow (Past inspection/negotiation period)
Any step along the way is a place where things can fall through, so it’s important to have as large of a top of the funnel as you can, so that the bottom is as large as it can be. For a newer agent, what you can control is the top, so focus on that. Have as many live contacts (conversations with people about buying/selling/investing in real estate) with potential buyers/sellers/referrals as you can each day. Once again, set a goal and track it.
Find Training Opportunities
Instead of trying to do it by yourself, find someone to show you the ropes. If you come to Keller Williams, there are a lot of training opportunities for you. Ignite is a course held in the market center that is taught by experienced agents. This a a great way to fast-track your learnings. Other ways you can fast-track your training:
- Find a mentor – meet with them regularly
- Join a team – oftentimes teams have systems in place to train you in more quickly
- Hire a coach – in some cases a productivity coach may be offered by your market center
- Shadow someone – see their daily habits and figure out what you can implement
- Meet with office staff – schedule a time to ask them questions, seek out these opportunities
Build Your Database
Your business is your database! Many agents go years and years and don’t put together a database. It’s like throwing money away. Get in a good habit from the beginning and start compiling contact info and notes on people you are talking to. It doesn’t have to be fancy to start. It can be as simple as a spreadsheet or a notecard. The important thing is to do something and keep record of it. In the future you can use your database to make sure you’re making regular calls, sending out emails/mail updates etc. Don’t be a secret agent. Let them know you are in real estate and you want to serve their needs!
Follow Systems, Models, and Scripts
Because others have gone before you, find ways to put systems and models in place. Just like starting with a database, these things will save you time down the road and make you more effective and efficient. Fortunately Gary Keller wrote a book titled The Millionaire Real Estate Agent that gives you a great model to start from, so take time to read the book and implement what it says. Why create your own wheel when there is a great one in place? In addition, find out what scripts other successful agents are using. Scripts are not about attempting to manipulate a conversation, it’s about asking the right questions and saying the right things to have the maximum impact in a conversation. So read them, write them down, and internalize them.
Prioritize With Income Producing Activities
While having a slick website, a fancy logo, and sweet business cards may make you look professional, the reality is you have no business yet, so focus on getting some business first. Spend your time on those things that will bring you money first. Once you are regularly working with clients or have closings, then you can work to refine those things. Until then, it’s mismanaging your time. If there are rapids at the mouth of the river, you aren’t going to focus on them if you haven’t even put your kayak in the water yet. So focus on where you are at and worry about the rest of the journey as you get there.
Following these things will give you a much better chance of success as you start your real estate career. So make a plan and put it into action. If you want to find out more about what Keller Williams has to offer, apply now.