Challenging Market Create Better Agents


business ladderBelieve me, it’s an exciting time to start a real estate career. If you’re in the process of obtaining a real estate license or if you’ve been licensed only a short time, and you’re asking yourself, “what was I thinking?” – I encourage you to stay the course.

Based on my personal experience, there is no better time to start a real estate career than in a challenging market. A challenging market creates opportunities – opportunities translate to a successful career path – a successful career path translates to financial independence.

I obtained my real estate license in 1979 and soon witnessed interest rates climbing to an all-time high of more than 10%. And later saw them explode above 18%. In that first year I earned a “real” estate degree, that flaunts no letters of the alphabet. However, working through the details of difficult and creative transactions and communicating with anxious clients, paved the way for a 30-year career. I remember that year as if it were yesterday.

Observations of a first year agent in a bad real estate market:

1. When people look at you like you’ve lost your mind, act like you don’t know what they’re talking about. It IS a great time for you to be in real estate. Doomsayers don’t agree, and if they happen to be real estate agents, you should be able to pick up the business they are losing.

2. Clients don’t care how long you’ve been in the business as long as you know your stuff. Stay informed on all market conditions both locally and nationally. Knowledge is key to being recognized as a professional and applying your knowledge is the best defense against competitors – outside and inside your real estate office.

3. Engage in meaningful conversation. When people learn that you’re in real estate, they ask what the market is like, don’t just say “Great” or “Fantastic.” Use this as an opportunity to serve the buying and selling consumer in an educational way and from an advocacy position. Educate prospects and they will become your clients for life.

4. Just as it is with physical exercise, you don’t get positive results without a little pain! Create a business plan and work it every day. Unfortunately, most agents don’t apply their training and utilize the tools that are given to them. Trust your instructors and do exactly as they say until you find a better approach or develop your own style.

5. Commit with a passion to your goals! New licensees are energetic. Associates with energy, and the passion to succeed are the ones that get started, keep going, and rise to the top.

If you are new to real estate, what are you experiencing?

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8 Responses to “Challenging Market Create Better Agents”

  1. tylerbrenner Says:

    Completely agreed. New agents that are succeeding now will definitely have a huge leg up when the market turns around.

  2. Kevin Levent Says:

    Interest rates were over 18% when I got my license and lender qualifications were much higher than today. Agents were convinced no one would buy, so I was left with an open field. The transactions were not easy, but I was willing to work. No computers, no cell phones, no fax machines, no digital cameras, no GPS’s (none of these were invented yet)….I had a gas credit card, map, roll of dimes, MLS book, clipboard, lockbox key (literally), plenty of debt and time.

    Doing well in this market is all about desire and commitment. Housing is one of the three basic human needs of survival. Our product is a necessity. It does not get any better than that for a sales person.

    The number of people entering the business has slowed to a virtual trickle, probably the lowest in almost 30 years while the number leaving the business has never been higher. Those two dynamics alone create opportunity. The people in the business right now, who are selling real estate, will be the champions of tomorrow. Many of them have no awards or recognition yet, but watch out, we will all know them soon!!

    • Brenda Waters Says:

      You are proof that this is not just a great time to get started, but it is also preparation for a long-term and successful job!

  3. Robert Eady Says:

    MBA and PhD have been great because I have gotten to know other new agents who are experiencing the same things as me. Some are hearing negative comments from family/loved ones, etc. All of us are pushing each other. I think we all agree this is the best time to be in real estate and know the future rewards will be there. As Ennis Antoine said “my current situation is not my future destination.”

    Now, I’m looking for mentors and positive agents who don’t mind “showing me the ropes” so to speak. I have been through all the training, now I need to develop and implement my personal style and find my niche.

    The hardest thing for me is finding qualified clients. I don’t have a referral base or past clients, etc that I can tap into. So building a database of people takes time. Also takes time and practice learning how to talk to people. I know I have made many mistakes over the past few months. But as stated many times in MBA, “no is just an answer to a question.” I know the mistakes now will make me a better realtor. My current situation is NOT my future destination.

    Let’s keep it moving.

    • Brenda Waters Says:

      It appears that you are doing the right things by having a positive attitude, surrounding yourself with positive agents, developing your personal style and talking to people. Don’t worry too much about finding your niche. If you keep doing all these things, your niche will find you! Keep it moving!

  4. Gil Rodriguez Says:

    I was licensed in Jan.2008. It all started well, then the market crashed. I have been with the Metro Brokers referral program for a few months now. I am starting to get “the itch” to come back into the business. These comments left by others are exciting! I will be calling tomorrow to get back on track. Thanks!

  5. Brenda Waters Says:

    Gil, feel free to ask for me personally when you call the office. We look forward to helping you get active again!

  6. Jack3d Says:

    What’s up, I recently started reading your blog – thank you for the good work. As an FYI that it’s not displaying properly on the BlackBerry Browser (I have a Pearl). Either way, I am now subscribed to your RSS feed on my PC, so thank you!

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