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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Comments 37 New Comment

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Rainer
115,206
Mario Levesque
Tampa Realtor
Advantage Avenue Real Estate

Great post.

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

Mario

June 01, 2007 11:40 AM
Rainer
23,532
Daniel Gates
Insure Consulting
Great post!  I'm sure this will be an encouragement to those starting out in real estate.
June 01, 2007 01:44 PM
Rainmaker
325,145
Esko Kiuru

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.

June 01, 2007 05:53 PM
Rainer
8,637
Rory Wilfong
Sales Coach and Trainer
GetMyHomesValue.com

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.

June 01, 2007 07:43 PM
Rainmaker
296,413
Ryan Hukill - Edmond
Realtor
ShowMeOKC Team of Paradigm AdvantEdge
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.
June 01, 2007 10:34 PM
Anonymous
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Rainer
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Luke Bouman

Holland, Michigan Realtor
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