Beat The Odds: How to Succeed as a New Real Estate Agent
It’s The Bahamas Realtor here. I’m starting off with a post on how to become a successful new (or rebounding) real estate agent. Everywhere you look on the internet you can find information about becoming a realtor, but few resources break down how to succeed as a new realtor.
I’m a strong advocate for mentorship. I believe in doing smart work and having a mentor can help with that.So, in March of 2016, when I officially passed my RE exams I sought out mentors to help me from a guide to succeeding as a new Realtor.
Suffice to say, this wasn’t as easy as I assumed it to be. Paid or not, most Real Estate agents were too bogged down and consumed with their own work load, to offer a steady form of mentorship.
After digesting this, not so surprising bit of info, I sought out another form of mentorship – an old age, time-tested, proven method – one that would cost me little to nothing, and one I could rely on heavily as success was obviously attached to this resource.
My answers came in the form of researching, reading blogs and investing in real estate books! Then, I began reaching out to realtors who were international and outside of my own market, and paid careful focus to my relationship with the few realtors that could loan a listening ear and wise words when I needed. (NOTE: While I COMPLETELY understand that different RE markets require different methods of business conduct, and global or international agents may not fully comply with the rules and regulations found here in The Bahamas, I also understand that success leaves clues no matter where it’s in operation. I opted to take from it what I found helpful and discarded what I didn’t.)
There is much to absorb when beginning your career as a RE Agent. Even with having done my apprenticeship, I was finding so much was left to be desired for a guide to becoming a successful person in my field. I understand thats because most people didn’t really have documented formulas or methods. A lot of it was due largely to who you knew more than what you knew. Well, I didn’t want to be sporadic with my successes. I needed to be consistent. Its within my personality to achieve results consistently. It speaks of my ability to have created a system, mastered it, and use it to successfully assist those seeking my services.
As it stands, I’ve found major help from Tom Ferry’s blog and youtube channel. If you don’t know who Tom Ferry is – please google him. Tom offers a powerful guide that could easily be applied to Real Estate agents facing the market here in The Bahamas.
Below you’ll find a direct link to the video on how to at beat the odds and become a successful new real estate agent. It’s a guide I’ve adapted and using currently (All content referenced to respective owners):
Here’s a transcript for those of you that prefer written content:
87% of all real estate agents fail in the first 5 years. That won’t be me, I will be the 13% that succeeds!
Sign up for a free coaching consultation: http://bit.ly/1S2MFBw
So a few weeks back I was flying back home and had 75 minutes to spare so I did a Facebook Q&A. Maybe a hundred people or so jumped on and started to ask me questions. About a third of them surprisingly were brand new agents. And I thought I’d do a video just for you brand new agent, veterans starting over and anyone in a slump. I’m going to give you a little more extreme of an answer with the intention that I get you very quickly out of the slump and into success.
Something to note: NAR reports 87% of all new agents fail after five years in the industry and only 13% make it. Agents don’t leave the industry because they made too much money, no, they leave the industry because they didn’t make any.
Before we dive deep, you’ve got to know your internal motive to act. What are your expectations. What do you need to produce vs. your goals. Oftentimes the gap between what we need and our goals creates a lot of unhealthy tension for people. So I say, what do you absolutely need, cover that, then set some goals.
For example, what is your monthly cost to run your household? Rent, mortgage payment, kids, dogs, food, dry cleaning, everything you spend money on – get that number. Let’s say it’s $24,000 a year. Then what about your work–let’s say it’s $8,000 a year, a total of $32,000 a year you need to survive. Then how much outside monthly income do you have (spouse income, rental unit income, etc.)?–subtract this number to your total but for now let’s say this is $0. Also, let’s say your average commission check is $8,000. Well you might be saying “Gosh, I only need to sell one house every four months to survive and sustain my business.” Feel good about it. So know exactly what your costs are and then set your goals on top of that. Now let’s get started!
1.) Affirmations. Every day write this affirmation 30 times, “I earn X amount of dollars or more.” Your reticular activating system will locate and focus in on whatever you think about the most and you will begin to see it everywhere.
2.) Create a daily action checklist. These are things that you know you have to do that day that would make you money. Prospect for leads, set appointments, take listings, get offers, close deals!
3.) Listen to something motivational or something that makes you feel good. It’s not Howard Stern, not Constant Negative News and not Fox Fair and Balance. None of that stuff. Get your mindset right. Watch some videos that will get you fired up!
1.) Role-play. Practice your scripts 15 to 20 minutes a day, so when you speak with real clients, you know what to say, how to say it and ultimately get you more business.
2.) Call every new expired, FSBO and Make Me Move. Don’t be afraid to screw up. Make every mistake. You’re brand new, who cares? You’ll learn that the mistakes that agents make when they list these properties when they’re not really clear to the seller what it takes to get it sold. Or find out if are sellers are motivated at all.
3.) Call/contact five people that you know and say “Would you like a free home valuation?” Who do you know that’s thinking about buying or selling? All the important questions.
4.) Lead follow-up. Follow up on all your leads, no leads slipping through the cracks.
Be the Knowledge Broker:
1.) Read Keeping Current Matters everyday. Be up-to-date with latest real estate analytics and trends of the market so you can speak powerfully to customers about why now is the best time to buy and sell.
2) Study the daily hot sheets. There’s nothing more important than knowing everyday what’s listed, what’s sold, what’s cancelled, what’s expired and what’s closed. What were the numbers? What were the prices? Know the market inside and out.
Last thing is two open houses every weekend. You do all of this for nine months as a brand new agent, a rebounding agent or a fading winner and you will become a rising star. What do we know will happen? You will talk to a lot of people. You’re going to have some upsets. You’re going to have some tremendous wins. You’re going to create a lot of momentum and you’re going to be that 13% that succeeds in real estate!
Tom Ferry, http://www.tomferry.com, is a real estate coach and trainer. In a recent Facebook Q&A Tom did, he noticed a lot of questions coming from new agent, veteran agents coming back into real estate and agents just in a slump. Tom decided to do a video dedicated to this topic and gives you a killer plan to succeed in Real Estate!
Tom Ferry is a real estate coach and trainer http://www.tomferry.com
The Bahamas Realtor