Brinkman’s Tips on How to be a Successful Real Estate Agent
Sep. 17. 2019
Ashley here!
I often have people connect me with friends or family members who want to get into Real Estate. I am always happy to chat about this topic and if you don’t know me–well, I am a straight shooter and “keep it real.”
First things first–the title of this blog. “How to be a Successful Real Estate Agent.” I am not saying that I am successful–because “success” means different things to different people, which I encourage you to sit down and really think about it–What does SUCCESS look like to me?
For me, personally–I am not there…YET and it goes much deeper than how many awards I received, how much money is in the bank or how many homes I closed last year–but that’s a very different blog topic.
Below are my tips for the newbies. That’s right–you are thinking of getting your license, or recently finished schooling or the test to become a Real Estate agent–what’s next?
Well, below are a few of my tips on becoming a successful real estate agent and you can take them for what you will (and yes, they are a tad bias as they are based on my personal experiences and lessons in life).
- Get a Mentor
I really lucked out. Early in my real estate career, I met a successful “top dawg” on my office who had a team that I really resonated with. I felt he was honest, “kept it real,” managed his time and business well and best of all–he was transparent. Transparency was something I valued (and still do). We were on the same page of what we both wanted and would provide for one another as well as to our clients, and he was always there to talk me through difficult clients, contract questions, next steps and I think that’s important in a mentor. I joined his team and really valued all I learned from him and our team (as well as the relationship and the environment).
Tips to choosing the Right Mentor:
- They WANT to be a mentor and have the TIME to be your mentor
- You value how they do business and find yourself also wanting to run your business in similar way with similar style and values
- You are transparent in what you’d like to receive–is this monthly accountability? Answers to questions at all hours of the day? Catching up for coffee quarterly–what does it look like to you? Be specific.
2. Join A Team
This is a bias answer, because I was on a few teams before I went “out on my own” but I think the fastest way to learn the ropes, get your feet wet and have opportunities to grow is by working with others–others who already need your help, have their systems in place, understand the business and can show you how to grow your own business. There are all sorts of teams who are dying for “buyer’s agents” (aka newbie rookies like you) they can mold and teach and let’s be honest–make more money from. So choose wisely.
Tips for choosing the Right Team and Questions to Ask:
- Interview as many teams as possible to make sure you have the right fit
- Do not focus on pay structure as much as what is expected of you and what they are providing to do you.
- Ask how much business the team is currently doing (Over $10M is great)
- Ask where the majority of their clients come from (this will be very different if it is neighbors and friends vs paid online leads)
- Ask if there is cold calling involved (know what will be expected of you)
- Ask what they bring to the table for you-What can you offer me?
- Ask how their team is structured and what support is offered (is there a contract to close coordinator? Someone available to answer contract Qs all the time, etc)
- Do the DISC profile (I love this assessment, not only for you to understand more of your natural and adaptive work style, but to see if you are the missing piece in a team environment some teams may even require you do this test prior to interviewing) it is one of my favorite assessments and what I use to hire for my own team.
3. Save Money
Real Estate is an expensive business. You are in business for yourself and taking a big chance on yourself with inconsistent income which can at times be out of your control. If you are coming from a similar business, you may understand the expectations and costs, but in general, you’ll either want to start business part time, to have money coming in from another part time source or you will want to jump right in. I recommend having a great support system and/or savings account to float you while you embark on your new endeavor.
Money Tips for Beginner Agents:
- Open a business checking and savings (savings is for your taxes you’ll need to set aside)
- Open a credit card with great rewards (to use ONLY for real estate spending) if you are not good with money management then do NOT do this yet.
- EFTPS-Set this up to pay your taxes when those commission checks (hopefully) start rolling in. This is a website through the IRS, I used to pay by commission check to be discipline but quarterly is acceptable. Estimate for starters-25% of each check
- Have a good amount (3mo of savings) to float you for slower months between payments that will cover your living and other expenses
- If possible, don’t start your career in debt–meaning, pay for your schooling, tests, car, dues with money saved, not credit cards
Lesson Learned: I do NOT regret having a part time job when I was first starting my real estate career, but I do regret-ish taking so long to transition to a full time agent. I was scared. By day–office, showings and real estate, by night-waitress extraordinaire. Showing homes on weekends and the evenings I didn’t work and waiting tables working private events (rehearsal dinners and baby shower brunches) when I wasn’t showing homes. It was not easy, and I worked my butt off, but it was security for me. When I was finally negotiating deals and making enough money to fully live off my real estate income I was STILL (for some reason) waiting tables–and that is the mistake I encourage you NOT to make. Believe in yourself. And let go, being fully immersed allowed me to finally FULLY engage in my career and invest in myself and that was the push I needed.
4. Take ALL the Classes: Never Stop Learning.
Invest In Yourself.
When you first get your real estate license and you are deciding where to “hang” your license. It is not easy. But no matter where you choose–no matter the brokerage, the team or not–TAKE ALL THE CLASSES. The test and materials you just studied for your real estate license is nothing in comparison to what you are about to practice (sad but true). The first class I recommend-CONTRACTS. You can find classes at the Board, through title companies, lenders, and Real Estate schools. You should know the contract back and forth and be able to explain it to your clients as you are filling it out–know what their fees are, expectations and how to protect your buyers and sellers. Never. Ever. Stop. Learning. While SAE and CE are required, there’s always things to be aware of and growing from.
5. Real Estate Success Does Not Happen Overnight. Be Prepared to Grind.
Please be patient. I think many people think–take the classes, pass the test, join a brokerage, and then say to themselves, “Ok let’s go sell a house today!” And it really isn’t that simple. I remember when I was first licensed and a few of my friends were buying homes–using Realtors they had already known and been marketed to-from their kids’ schools, past experiences, church, social sports etc. Everyone knows a few Realtors. And by a few I mean 7-12 Realtors (depending on the market). It is a very competitive industry (I am speaking for Austin, Tx) therefore many people are going to choose experienced, successful agents they have known for years vs their newly licensed friend. I don’t even recommend working with friends when you are first newly licensed (and this goes back to my advice above about working with a team and someone to supervise your contracts too).
Many times I hear people want to get into real estate because “It’s flexible and they can make their own schedule.”
Hahahahah.
When you are a new agent, you will typically work when others are available–evenings and weekends. You may see other top agents in your office who do not work weekends, but I guarantee you they did at one time. You will get there. But don’t expect to start as a Realtor and not work open houses on the weekends (often the main source of new business for newer agents) and not be available for clients quite often. Be prepared to work quite a bit.
I have so much more advice to offer but this blog is already becoming long winded, but everyone is different. I encourage you to sit down and write down what being in Real estate looks like to you, your goals, your needs and complete those personality tests (I like the TR Disc Profile HERE) I mentioned above to make sure you are fitting with the right people as well. Real Estate is not an easy industry (though for some I am sure it can be easier due to connections or family) but if you ever want to chat, I never mind setting up a call or meeting to answer your Questions.