Rookie Strategies
The right mindset is important, but there are strategies that new agents should employ to build up a profitable real estate business.
Take advantage of available tools. If a new agent chooses to align with a company with strong marketing resources, they should take full advantage of all mediums available to them. Flyers, postcards, signage, branding, agent websites – all are fair game.
Other resources new agents use include the MLS, which offers built-in training on how to use its data and features, and various software programs such as a CRMs. When starting out, brokerage resources are often the best starting point. The key, Van Iten says, is to never stop learning.
“The best thing a new agent can do is never stop training,” she says. “I try to absorb information like a sponge.”
Real estate seminars, even those geared toward homebuyers and sellers, can be very useful places to gather information and mingle with consumers. Attending local conventions, panels, and workshops is great for networking, and can put new agents in touch with seasoned pros.
Real estate organizations also offer classes and training programs. A selection of online continuing education courses is always available on topics like fair housing and license law, foreclosures, and managing rental properties. There are many online resources where new agents can find additional classes, such as AgentEDU.com, which offers affordable core skills courses along with courses covering advanced techniques.
Rookies can learn about real estate even in their down time: listening to news and economics podcasts; reading trade magazines; perusing home design and décor magazines; and watching TV. Networks such as HGTV and DIY offer insight into the kind of real estate information consumers are exposed to, with programs about home improvements, buying and selling, flipping houses, and unique homes.
New agents must also understand the ethics of the business, and refer to their moral compass at all times. Vasic says, “We support our clients by providing a real estate transaction with the highest integrity and commitment. Their trust is everything to us.” Real estate agents are entrusted with handling what is most likely a client’s largest investment – a home. It is their responsibility to nurture the agent-client relationship and provide the best advice they can.
Real estate is a social business, so agents must pursue what’s best for their client while working to build and maintain good relationships with other real estate professionals. Rookie agents for buyers sometimes try to over-negotiate for their clients and ask for too much from the seller. A negotiation can quickly turn into a battle. Be ethical, realistic and take Van Iten’s advice. She believes in a “do unto others” philosophy, because “It will all come back to you.”
Be a team player. Relationships are key, and other real estate professionals – brokers, listing agents, attorneys, lenders, and managing brokers – can provide a wealth of knowledge. Rookies in a large real estate office should collaborate with their fellow agents. “There’s strength in numbers,” Vasic says.
Another option is to join an established real estate team. When agents join a team, they get hands-on experience with open houses, paperwork, and even communication with clients, but without the pressure of drumming up those clients themselves.
Network is also important. Rookies need to get in front of people. That’s probably a natural impulse for many in the real estate business, but new agents should be mindful of every opportunity to network: class reunions; the line at the grocery store checkout; school events; the dog park – the opportunities are endless.