Believe 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?