Young Realtors Guide To Survive.

By
Real Estate Agent with @Home Realty Lakeshore

     Real estate can be a very lucrative career, but it takes hard work, perseverance, and a little luck along the way.  Many people join the real estate field because of the potential for great wealth and because of the relative ease of getting a license.  Little do people know how expensive, frustrating, and stressful this job can be. When getting into this exciting career of real estate, I was warned that 70% of agents are out of the business within a year.  I do not know how realistic that statistic is, but it is obvious that there is a high turnover rate in this business.  Too much money goes out and not enough money comes in.

     I am now well on my way to have a successful career in Real Estate, but it has not been easy.  I recently graduated from College with a degree in Business and started my career in real estate at the age of 22.  The housing market that I have experienced has been less than forgiving.  Many times I have been asked why I started my real estate career at such a poor time, but that has not stopped my drive to be a successful Realtor.  So here are my tips for surviving.

     First and for most, prepare yourself for what your getting into.  This is not a profession for the faint of heart.  You must be prepared for the ups and the downs and be able to survive without getting paid for months on end.  When getting into this profession I was told that I should have enough money to last for 6 months without being paid.  Many of you may be like me and believe that this would not be the case.  I figured it would be a couple of months before I started raking in the money, but it was 5 months before I received my first pay check.  So let me remind you to have enough money to last for 6 months.

     Secondly, find a company that has training.  I would not be where I am today without the training my company provided.  There is so much to learn in this profession that you need someone to guide you.  I am currently on a 12 month mentoring program which is an expense every month, but an expense that I am willing to pay because of its rewards. 

     My third suggestion would be to have no inhibitions.  Get out there and knock on those doors, call expired listings and for sale by owners every day, do presentations at local businesses, make a habit of calling your sphere of influence, talk to your local chamber and ask for their relocation leads.  Find ways to get your name out there without spending any money.  I spent hours last summer knocking on people's doors, and asking them if they had any plans of moving in the near future.  And guess what, some of them did have plans of moving!

     Fourth, get a website and work on Search Engine Optimization.  It is no secret that buyers are going to the internet to find a home these days, so you better make sure people are getting to your website.  I have only had my website for a few months, but it is something that I am improving and will continue to improve because of the internet's potential.  Check out my Holland Michigan Homes Website. 

     Finally, stay positive!  It is too easy in this profession to get down on yourself.  You need to remind yourself that things are not always going to go your way, and be willing to say "next".  Just make sure that you are getting things done that will better yourself in the future.  So go out there and do it!

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Rainer
222,038
Ava Anderson
Solid Source Realty Inc - Snellville, GA
REALTOR-Dedicated to Superior Service

Luke:

This is an awesome post!  I love your tips and advice. 

Jun 01, 2007 12:55 AM #18
Ambassador
1,043,702
Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Great pointers and keep up the good posting!
Jun 01, 2007 01:04 AM #19
Rainmaker
1,186,624
Steven L. Smith
King of the House Home Inspection, Inc - Bellingham, WA
Bellingham WA Home Inspector
One thing about it, a young realtor will not be young for long. So, any initial problem eventually goes away. Someone once told me that and, I know now, he was right.
Jun 01, 2007 01:06 AM #20
Rainmaker
536,486
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Luke,

Congratulations on your gold star on your first post, right?

It helps when your new (young or old) to be like a sponge and absorb any and everything you can. If you broker has you in a mentor program, that's great. I think it's important to be a lifetime learner.

As for your stat that 70% leave the first year, according to the latest NAR survey, it's actually 50% the first two years. I just written a blog on the issue and will most likely post it tomorrow.

And Luke, please don't ever let anyone tell you this is not a good time to get into the business, don't believe it. It's what you make of it, period! I teach new members at my AOR and I tell them exactly the same thing. I began 25, also and in rough market, but didn't know any better, that was decades ago.

btw, Holland Mi, home of Hope College, right? I've had lots of friends attend there over the years, my family was also Dutch.

Keep up the good work and learn what you can on this great forum. Best of luck to you!

 

Jun 01, 2007 01:22 AM #21
Rainmaker
295,344
Ray Saenz
United Property Brokers, Inc - Aurora, CO
Homes for Sale in Aurora, Colorado - Aurora, CO

Hey Luke, great blog and you never finish learning and learning, :) keep the good blog :P

 

Jun 01, 2007 03:02 AM #22
Ambassador
509,996
Brian Schulman
Coldwell Banker Select Professionals, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
It's hard to get started in this business with out six months of savings so you can survive until you start getting business.
Jun 01, 2007 05:22 AM #23
Rainmaker
164,534
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

Good advice My newest buyer's agent just came in this year as well, in the buyer's market, I think it's a great market to be in where you can actually LEARN. Those that came in in our hot seller's market really only learned how to 'take orders'.

Did you read this month's Realtor magazine with the "30 under 30"? That acrticle really got me re-motivated.

Good luck & stick it out!

Jun 01, 2007 06:38 AM #24
Rainer
2,071
xoxoxo xoxo
xoxo - Memphis, TN

Luke it is hard to get started in this business, this is good advice.

Jun 01, 2007 07:57 AM #25
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571,592
Lizette Fitzpatrick
Lizette Realty - Lexington KY - Richmond KY - Lexington, KY
Lizette Realty,Lexington KY MLS - Kentucky Homes -
Luke, you are one of the lucky ones! It's unbelievable how easy it is to take the test and think that "Bam" you are going to make a lot of money in real estate. It took me about 5 months also to get to a closing. I think I had blown through about $5000 and lived at my Mom's house(she fed me and gave me her car). I worked hard every day. Now 4 years behind me I am one of the top earners for my office. I did buy a house on my own 3 years ago and have paid the mortgage payments and all expenses by myself. I feel life has been good to me since being in real estate. It's a tough business.
Jun 01, 2007 08:07 AM #26
Rainer
59,204
Axel Weiss
Bradenton Realtor and Sarasota Homes for Sale - Bradenton, FL
Sea to Sky Realty
Great post, thanks for sharing your experiences.
Jun 01, 2007 08:28 AM #27
Anonymous
Anonymous

 

I'm not a Real Estate Professional but I know it was tough starting out in the Home Inspection business as well.. being the new kid on the block and all. Most of my business now comes from word of mouth and the internet so I agree, Internet websites are extremly important to grow your business.

Good luck and i'm sure you will do GREAT!

Ryan 

Jun 01, 2007 09:02 AM #28
Rainer
122,017
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent
Great post. It's definitely not easy and it's not instant.
Jun 01, 2007 09:19 AM #29
Rainmaker
624,745
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645
I like you attitude.  Too many times people get in our industry thinking the money will fall from the sky.  This is a tough business and requires a good plan, good training and hard work.
Jun 01, 2007 10:13 AM #30
Rainer
99,795
Gregory Maley
WaveHouse Properties, LLC - Wilmington, NC
REALTOR, GRI, CBR, SHS, e-PRO
It's never a bad time to get into real estate.  Make your business plan (you're well on your way) and do what you need to do for success.  I highly recommend picking up a copy of "The Millionaire Real Estate Agent", by Gary Keller if you haven't already.  Great advice for getting your business on the right track from the very beginning.  Good luck!
Jun 01, 2007 10:33 AM #31
Rainer
66,391
Paul Anyanwu
RE/MAX LLEWELLYN REALTORS - West Orange, NJ
CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
great advice ,for all Realtors not only beginners.
Jun 01, 2007 10:59 AM #32
Rainer
120,390
Mario Levesque
Advantage Avenue Real Estate - Wesley Chapel, FL
Tampa Realtor

Great post.

Real estate looks a lot better when you get in than 6 months after you get your license.

Mario

Jun 01, 2007 11:40 AM #33
Rainer
23,542
Daniel Gates
Insure Consulting - Palm Bay, FL
Great post!  I'm sure this will be an encouragement to those starting out in real estate.
Jun 01, 2007 01:44 PM #34
Rainmaker
325,147
Esko Kiuru
Bethesda, MD

Luke,

Some of your advice is good for the mortgage business, too. Good post. Important point is to stay positive. Without the right attitude it's going to be a tough road. And training. Get solid basic training and then keep attending refresher courses.

Jun 01, 2007 05:53 PM #35
Rainer
8,637
Rory Wilfong
GetMyHomesValue.com - Lancaster, PA
Sales Coach and Trainer

Way To Go LUKE!! You are doing all the right things so keep them up, especially knocking on doors! You need to knock doors as a rookie and a 20 year veteran. I Coach and Train this all the time and you never too good to knock on someones door...great job! The second key is you stay positive, negativity is like a disease and if you are going to be Negative...GO HOME!!

Some other helpful tips:

  • You must follow up with a lead until they buy or die...PERIOD!! 
  • Do as many of your fellow Realtors Open Houses as possible
  • List fellow Realtors listings in your publication ads
  • Do several online lead generation(and knock on their doors)
  • Take your Loan Officer to every appointment you go on

Congratulations and best of luck.

Jun 01, 2007 07:43 PM #36
Rainmaker
299,793
Ryan Hukill - Edmond
ShowMeOKC Real Estate Pros of KW Elite - Edmond, OK
Realtor
Luke, great post and great words of advice for new agents, maybe even some of the oldies who need to re-learn how to prospect now that the market has changed. Good luck to you. Keep up the good work.
Jun 01, 2007 10:34 PM #37
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Luke Bouman

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