It's some of the most insightful advice I've ever gotten...
"Don't focus on money," my mentor W.E. "Bill" Mitchell taught me when I was approximately 20 years old. Concentrate on studying everything you can about the field you've selected."
And I believe that advice applies to you as a real estate agent just as much as it did to me all those years ago... especially if you're a rookie agent! However, anyone in our industry can relate to this.
The truth is that real estate school did not educate you on how to be successful in this industry. So, with 10 things real estate school didn't teach you, I'm going to elaborate on Bill's advice a little... However, you must concentrate on, learn, know, and do.
Let's get this party started!
"It's Important to Know" No. 1: Get To Know Your Clients
Do you have a good understanding of the folks who buy and sell homes in your neighborhood?
How well do you comprehend what they're saying? What drives them? What are their ambitions?
Because if there's a connection between the two, you won't be successful.
It's critical to understand how these folks think and act if you want to succeed.
If you don't know, you'll have to put in the effort to find out. Become a member of a networking or community group. Start a discussion at a local event. Invite folks from your database you don't know to lunch so you can pick their brains and get to know them better.
The more you know about your customers, the more successful you'll be.
"It's Important to Know" No. 2: Recognize The Corporate Players
Could you tell me about the different real estate companies in your town and what they're known for?
Could you tell me about the types of people who frequent their establishment? Or the kinds of properties they tend to list?
Knowing these things will give you an advantage over the competition and enable you to speak confidently with potential clients who are interested in listing with one of those companies. You'll have a better idea of how to position yourself against their advantages and win the contract.
"It's Important to Know" No. 3: Research The Competition
What are the major players in your industry? What are their areas of expertise? What are their methods for generating revenue?
And now for the big one... Would they allow you to "shadow" them for a few days?
Modeling what the best agents do is one of the best methods to understand this field.
Also, after you've finished your investigation, consider the following: What market holes are there that no one is filling? (Can you make a business out of it?)
"It's Important to Know" No. 4: Understand Market Trends
How often do you get into the MLS to look at what sold, what didn't sell, what's new, inventory levels, price trends, and other information?
This is an important everyday task, especially if you're new or inexperienced.
The more you understand your local market patterns and can compare them to national trends, the more you'll be able to educate and inform your customers.
That's how you become your market's "knowledge broker."
Every day, study those topics and make sure you're sharing the information with people in your town, whether it's through social media videos, email, direct mail postcards, doorknocking, or whatever it takes!
"It's Important to Know" No. 5: Get To Know Your Neighborhoods
Are you able to confidently discuss the variations in your city's subdivisions? Could you convey to a visitor everything that distinguishes one community from another?
If I were a new or growing agent, I'd spend every free time I had previewing different neighborhoods until I'd covered my whole market and knew it like the back of my hand.
Better better, do it with your video camera recording and offer edited "drive-through tours" to establish oneself as the expert who knows all about the many communities consumers could be considering.
You, too, can find time to accomplish this if Christophe Choo can!
"It's Important to Know" No. 6: Do What No One Else Will
If you're new to the real estate market, you may have heard that FSBOs and Expireds are more bother than they're worth.
I, on the other hand, beg to differ.
FSBOs and Expireds aren't only great investment opportunities; they're also a great way to get inside the heads of those who are actively in the market. (Or were not long ago.)
I'd advise you to set out some time to call FSBOs and Expireds with no expectations and just learn from them. Inquire as to why they believe their property hasn't sold, what they think of agents, and what they've done for them.
Then, after digesting that knowledge, consider how you may address the perceived difficulties of your customers.
Make these calls a regular part of your week, and I guarantee you'll develop valuable empathy that will help you stand out from the crowd throughout your career.
"It's Important to Know" No. 7: Recognize That It Is Your Responsibility To Educate Others
You must be active on social media.
You must feel at ease when filming a video.
You must be willing to put yourself out there, be genuine, and keep track of your progress.
Those channels should be used to educate and enlighten potential buyers and sellers.
You must demonstrate that you are working.
Video reigns supreme. Make use of it!
"It's Important to Know" No. 8: Recognize That Success Requires Practice
Real estate success isn't achieved by "winging it."
Role-playing your real estate scripts and objection handlers should take up some of your time.
You should practice your negotiating skills.
The more you perform these, the faster you'll progress.
Include them as part of a powerful morning routine, along with studying the MLS, to keep them from being too overwhelming. You'll thank me later if you do it every day and make it a habit.
"It's Important to Know" No. 9: Dedicate 2-3 Hours Per Day To Prospecting
Nothing is more vital than identifying potential buyers and sellers when you're new to this business.
Picking up the phone and calling people about their real estate needs is your best bet if you don't have a large marketing budget.
This gets us to number ten...
"It's Important to Know" No. 10: Attend Every Possible Appointment
There's no substitute for meeting genuine consumers face to face, so I'd advise you to attend every single appointment you can... Even if you have a feeling it won't go anywhere.
The more you chat to people, the more at ease you'll feel, and the more people will come to you for advice and referrals.
How Many Are You Required To Complete?
Finally, I hope no one persuaded you that real estate is simple to enter into. On top of everything else, I'd advise every new agent to commit to all ten of these acts on a daily basis. These aren't distractions from the important job that will keep you afloat. They're in addition to everything else.
Do them, concentrate on the right things, and the money will come, as my mentor Bill Mitchell assured me.