Post # 1
- Wedding: April 2014 - Italian Villa
I am going to phase out of my job starting tomorrow (I am a mortgage loan processor, so basically I am going to finish the files I am working on already, but not take on any new ones), and then get my real estate broker’s license. I don’t start my licensing classes until the end of the month, but the thing that is plagueing me the most is WHERE do your first few deals come from?
I know a few people who might be interested in buying a home, but you shouldn’t have to rely on people you know. So how did you get your name out there right at the beginning to get some deals going? I have this fear that it will take me like 6 months (yikes!) in order to even find someone to work with.
Any advice/tips/etc you have for a new agent would be fantastic.
Post # 3
*bump*, interested too! Not that I have a broker’s license or anything but I am very intrigued by the career.
Post # 4
I just started my career in real estate a year and a half ago, and I can tell you it is very difficult to start getting your first deals.
It is not uncommon for it to take six months or a year to complete your first deal. When I first started my broker had me compile a tiered list of people I knew starting with the ones that were most likely to buy ending with the ones that were least likely to buy. I started by sending these individuals my weekly real estate newsletter and making lunch dates so I could catch up with them and let them know about my new career. It is important for people to start thinking as gingerkitten the Realtor, not gingerkitten the mortgage loan processor.
Referrals are very important in real estate and they will come from past clients or family members. This is why it is important for you to start letting your friends and family know you are in real estate, because even if they are not buying a home they may know someone that is.
Holding open houses is also a great way to meet new first time home buyers. Oftentimes established agents will have a couple listings going on at the same time and they will need someone to hold one of their houses open. Also, most offices have “floor time” where you can sit in the real estate office as the agent on duty and pick up any potential clients that walk in.
Joining groups and organizations is also really important. Find something you are genuinely interested in and become active in that group goes a long way.
It takes a lot of time and patience, and frustration to make it as a real estate agent. Most people in my office say it took them 2-3 years to start making good money. It is a really fun job though!
Post # 5
- Wedding: April 2014 - Italian Villa
@waitinginSF: thanks for your reply! I was beginning to think nobody would answer. the main company i am considering has a floor schedule like that, which i love because the get a ton of walk-ins (i work in the same office right now, and it’s a very loft-like space where the walls don’t go all the way up and no doors, so you can hear everything haha).
I am already working on getting people to think of me as real estate agent gingerkitten, i’m spreading the word around with a few friends and family so far, and plan to really get networking as soon as i get licensed and can have business cards to hand out like candy.
the local contemporary art museum, which i am a member of and is close to the office (and the area I’d like to focus on), always has events going on, so i think i could make it a habit to mix and mingle there and a few other places a much as possible.
Thanks for your advice! I really hope it doesn’t take that long for me to get going, but we will see! glad you are still happy with your career choice 🙂
Post # 6
I just got a job working for a real estate company. It’s a small company, so while I will mostly be working in the office, pretty much everyone sells.
This is going to sound pathetic, but I am TERRIFIED of this job. I keep reading statistics about people who have been assaulted and attacked on the job, and while I’m sure that’s pretty rare, I’m having a tough time being excited because I’m totally freaked out!
What experiences have you had in real estate? A lot of crazies, or am I just paranoid? 🙂
Post # 7
Please offer advice Bee’s.
I’ve been sitting on completing my NYS R.E. license for over year. Moving from a steady FT income into commission based compensation is terrifying. But I’m currently in a job that where I don’t foresee a long future.
I want to know how feasible is to start a R.E. career on a part-time basis? Most of the R.E. agent forums are pretty discouraging. They advise that either you are all in or not. I’m considering getting a 2nd job working PT with RE firm, maybe helping assisting at Open Houses or working with listing agents.
I really need to make some moves but I just want some guidance.
Post # 8
I sold real estate for 3 years in chicago (a handful of years ago). As waitinginsf mentioned the best way to get clients at the beginning was through floor time and open Houses. Floor time led to buyer leads if someone drove by a house with a company sign in front of it that was listed by aother agent in my office they would call for more information. If that person wasnt represented by a realtor I had a decent likelihood of converting them into a buyer that i would represent And arrange for them to see the condo (or house). Open houses at lower priced listings were also a way to find clients. You would be looking for people who are unrepresented by a realtor and that is more typically a first time buyer at the lower price points for your area.
i made my first sale within 3 weeks of becoming a realtor, and started making a comfortable living quite quickly (in a better market though). I did not get much business at all from people that i knew initially. I think since they knew i was new to the business i didnt know what i was doing as welll as someone more experienced. This got better over time but i was surprised by that almost all my sales were initially with strangers for my clients.
i also got business throught the relocation company. Many larger companies have an affiliation. You worked for a lesser commission amount but they were ready/eager buyers or sellers.
i did have some weirdos that i worked with…when i was first starting out i was more eager to work with anyone needing a realtor but as time went on i became more particular. it took a few years but i started to get repeat client business (moving to a bigger, better place) or people referring their friends and family.
i ended up moving out of state so i no longer actively practice…i do keep my license inactive so i can make money by referring business (knowing someone who needs a realtor, telling another realtor about them and getting a cut of their commission if theperson you refer buys or sells for not doing anything!)