19 Tips for Real Estate Rookies

RealTalk Community Chorus Offers Advice for Newbies

Date: Feb 5, 2007 2:34:00 PM

RealTalkers demonstrate the power of community day in and day out all year long. Three days ago a member of the community asked for help for rookie agents. The community is quick to respond. Some of those tips are printed below, and answers are still coming in. There is a "Comments" section below the article text that lets readers add their thoughts. We invite you to add your ideas. RealTown articles are organic; they grow with the community.

Q. What advice you would offer a new agent?"

1.  Find the best broker you can -- one who is accessible, and will train and mentor you.

2.  Read everything you can.

3.  Get a web presence started immediately.

4.  Most REALTORS and agents fail in the first couple years because they don't have enough success. So while going to seminars and launching a web presence are important, they are not going to help that person pay the bills. Rookies should contact their entire sphere of influence (all the people they know) and let them know repetitively that they are licensed and would appreciate their friends', acquaintances', and relatives' business.

5.  Establish a target market.

6.  Continuously "farm" that target market with high quality postcards or newsletters.

7.  Contact every for sale by owner and expired listing prospect in your market area.

8.  Dedicate a certain block of time each week to call sphere of influence contacts.

9.  Don't ever give up.

10. Don't sit by the phone and expect it to ring and you're going to make a million dollars.

11. Join an office that is got on-going training.

12. Mail out announcement cards.

13. Hold Open Houses for other agents' listings, on weekends ... choose houses in an area that you already know and can answer questions intelligently, don't choose a house only because it is expensive. The people that come to those Open Houses can be your next pool of buyers ... and maybe a listing prospect or two. You need to impress them with your intelligence.

14. Go to as many builder and REALTOR Open Houses at lunch time as you can. You need to acquire market knowledge. Years from now, you'll be telling people, "Oh yes, I went to the Grand Opening for that subdivision...." The next phone call you get, may be the perfect buyer for the house you saw yesterday. Know your market.

15. Determine your

(a) Immediate Business (within next 12 months); and

(b) 2) Long Term Business (longer than 1 year) Statistics show that 90% of all buyers and sellers start researching one to five years prior to making a move.

16. Work the FSBO market -- the key here is to approach them from a consulting base vs. a sales base. Less than 1% of the agents contacting FSBO's call more than four times -- if you are in the 1%, you have a terrific chance of converting those FSBO's to your listings. If nothing else, you can pick up a few buyers if you work them right.

17. Floor Duty -- if you have an office that has lots of incoming calls, this can lead to some good opportunities. Of course, it's a numbers game -- the more time you spend doing floor duty, the more people you will pick up as clients (and sometimes you will be bored!).

18. Have a contact management database that has one to five years worth of drip campaigns.

19. Have multiple web sites to target specific markets (buyers, sellers, fsbos, reports, etc.) with drip campaigns attached to those.

(The following RealTalkers contributed to this article: John Reilly, Vice President of Publishing, Real Estate Electronic Publishing Company, home of RealTown, San Diego, CA; Jay Thompson, Phoenix, AZ; Sean Carroll, Scottsdale, AZ; Lindy in Houston; Raymond Melnyk, Park Ridge, IL; Marie-Claire Hoy, CRS, GRI, Lake Placid, FL; Rob Tucker, Rookie Success.)

Comments

RE: 19 Tips for Real Estate Rookies

Comment by: Noreen Parrell

- Feb 6, 2007 4:17:36 PM

I am not a Rookie - almost 5yrs but I am in a brand new market with a lot more Realtors (7000 vs 250!) This is a GREAT list as my husband just started and we are trying to figure out how best to get "us" out there.

RE: 19 Tips for Real Estate Rookies

Comment by: Saul Klein

- Feb 6, 2007 5:56:59 PM
20. Go through your personal address book. Call, mail, or e-mail everyone in your personal address book to let them know that you are now in the real estate business and that you would love to hear their advice and of course, if they know anyone who is interested in buying or selling, that you would appreciate if they mention your name. Don't be shy about this. Don't feel like you can't "impose" on your friends. If your friends won't help you, who will? Ask if it is ok for your to give them an update on your progress after your first year.

RE: 19 Tips for Real Estate Rookies

Comment by: Ginger Fawcett

- Feb 6, 2007 10:08:40 PM

Make sure you keep in contact with your sphere every week/day.

RE: 19 Tips for Real Estate Rookies

Comment by: Bill Johnson

- Feb 7, 2007 6:37:54 AM

Start early taking as many quality Continuing Education classes as you can, and get out of your market to do so if possible. As a new agent, you'll have more time to dedicate to CE training than after you're established; you'll hear about the "real RE world" from brokers and agents who are already successful; and you'll begin to develop a network of RE professionals in other markets to exchange referrals with.

RE: 19 Tips for Real Estate Rookies

Comment by: Andrea

- Feb 26, 2007 6:56:20 PM
I am a rookie and I keep hearing how important it is to make contact with the FSBOs.

RE: 19 Tips for Real Estate Rookies

Comment by: Liz Wilbert

- Mar 5, 2007 6:39:56 PM
Immediately create a good contact management system and develop

Real Estate Rookies

Comment by: Deborah King

- Nov 12, 2007 11:28:11 AM
I am a newly licensed agent with Century 21. I have a great Broker that has given excellent training and support. I have implemented some of the ideas offered here, but appreciate the advise and will begin working on some of the other great suggestions. Thank You!

RE: 19 Tips for Real Estate Rookies

Comment by: Chuck Molnar

- Dec 12, 2007 12:20:59 PM
You provide an excellent list. I am planning on relocating to San Diego in January/February. As a result, I am especially interested in item #1, find the best broker you can.
I am currently in the Inland Empire market and work with Tarbell, Realtors. Tarbell does not have any offices in San Diego. As a result, I am looking for the best broker I can find, one who will work with me and provide ongoing education.
How do I find this broker in an new market area to me?

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