New Real Estate Agent Survival Guide
Becoming a new real estate agent is daunting. There’s no way to predict challenges, such as having the right frame of mind, how to market yourself, and understanding your finances. You might not even know how much do real estate agents make.
Every agent encounters the same, common obstacles on their way to becoming a successful real estate agent. With our survival guide, getting there might be a little easier.
Adopt the Right Frame of Mind
Adopting the right frame of mind will help you combat the first year discouragement. Becoming overwhelmed and frustrated when you don’t see yourself progress is a common experience. Instead of getting frustrated - get M.A.D.
M.A.D. is an acronym to help you find the right mindset, which stands for:
Motivation is like building a muscle. You need motivation everyday to stay motivated. During your first year as a real estate agent, you’ll face plenty of rejection. The important thing to do is to hold onto the fire that keeps you going.
Active real estate agents are the most successful ones. You can’t expect to land any clients if you’re staying inside all day. You have to go through the action of making connections, converting leads, and closing deals.
Discipline is what you need to persevere. Being motivated and active as an agent will mean nothing if you don’t do it every day. You’ll need to stay disciplined to help you make it through the grind.
Understand Your Finances
Managing your finances is an important skill to have as a new real estate agent. You’ll need to invest your money in the fundamental tools every agent needs. Such as:
NAR is the National Association of Realtors. Becoming a member of the NAR isn’t necessary to becoming a real estate agent, however members are regarded as having better credentials than those who are not. In addition to this, you’ll have access to tools, data, and other perks.
MLS is the Multiple Listing Service. Real estate agents use this resource to search for credible houses and condos that are currently on the market. Being a member gives you access to valuable information to help develop your real estate career.
Brokerage Fees are the payments made to your brokerage. The standard brokerage fee consists of monthly fees and a percentage of your transaction. Brokerages that do not have a monthly fee take more from transactions. Contrastingly, when a brokerage has a higher monthly fee, they take less from transactions.
Paid Advertising & Marketing will help promote your real estate brand. Some common forms of advertising and marketing expenses are billboard signs, website fees, and digital marketing efforts. If you’re trying to spark some buzz, paying for ads and marketing endeavors is a great way to do it.
Business Cards are the standard for networking. This age old necessity has been around since the creation of the handshake. Having a business card that you can give to potential clients will help you gain leads and maintain relationships - two pillars needed to succeed.
Set Realistic Short and Long Term Goals
Goal setting will set your sights on progress. When you create short and long term goals, you’ll have objectives that you can work towards. This will give you a clear trajectory for your career, so you don’t waste time with poor self management.
Setting realistic goals is required for overcoming failure.
If the goal is too great, you’ll get discouraged from reaching it. Take a long term goal and break it down into shorter objectives. That way, you’ll be able to hit your milestones overtime with smaller successes.
The goal of making $100,000 in your first year of real estate is a challenge. However, it’s not impossible. Instead of gunning for this bigger yearly salary, instead try making, at least, $25,000 a quarter. By doing this, you break down your ultimate goal into more attainable objectives.
Dig for Prospects
Prospecting is the only way you’ll earn clients. To earn leads, you’ll have to meet people and get referrals. The best way to get these leads is by tapping into your sphere of influence.
Your sphere of influence is your immediate network of friends and acquaintances, that you have influence over. If you have a friend who is selling their house, you can let them know about your new real estate career. Alternatively, you can encourage your sphere of influence to keep an eye out for people they know who might be selling a home.
Prospect digging is all about growing and maintaining your network. You can also discover potential leads through advertising and marketing efforts.
Final thoughts for New Real Estate Agents
Finally, surviving your first year as a new real estate agent takes time. You’ll encounter plenty of failures, challenges, and successes all in your first year. The most important thing to know is to not give up.
To make it as a real estate agent, you have to stay disciplined to keep going - even when faced with an opposition.
Patience and perseverance are the last traits you need to survive your first year in real estate. Too many people enter their career with the idea of making it big at the start. When they don’t see the sudden success, they tend to get discourage. In reality, all they need is to be patient.
Success always comes to those who stay patient and work hard.