In real estate school, they teach you how to get your real estate license. They don’t teach you how to be a successful Realtor
Start with a database.
You need a system for storing and communicating with contacts. Your first system does not need to be high-tech, but it does need to be something you will use. The type of system you choose will depend on you and your needs.Some agents use multiple CRM’s (Customer Relationship Managers). One example is keeping your contacts in a simple Excel spreadsheet. Use the Excel sheet while using email software such as BombBomb.com. This software allows you to send time set, action plan video emails. The best database is the one you will use. Many databases come with a free trial, so I’d suggest you play with a few to decide what works for you. I use Facebook as one of my CRM’s. It’s great for seeing what is happening in people’s lives. It gives me suggestions on how to communicate based on their post, and I can take it offline and send them a card, make a call, or schedule a meet-up. Some high functioning CRM’s (databases) now integrate with social media.This could be the trend moving into the next era of CRM’s.Every person you meet should be added to your database. You will want to know exactly how you plan to communicate with each “group” and how often. Then, you will need to hold yourself accountable for contacting them. You could simply add them to your CRM and set a timer in your phone calendar so you know when to contact them, if not already using a CRM that allows you to schedule reminders. As you get busier in your new real estate career, you will find it more challenging to do things like this.
Having the discipline to communicate with your database will be the difference between you launching a high-profit business out of the gate, rather than staying the struggling rookie.
Avoid loans and credit cards.
It’s so easy to get caught up in loans and advance payday structures when you are just starting a new business. In your head, you might think, “If I only had $X, I could invest and then the return would be there, and I could pay it back with no problem.” The challenge is really doing the math to structure ROI and many times the ROI takes much longer than the loan payback does. You wind up chasing one after the next with large fees when the loan is paid back. It’s easy to throw things on a credit card. Many agents forget that credit is really cash and it will have to be paid back in full, or you will pay more in fees than you did for the item over time. This decreases your ROI significantly if you purchased marketing products on your card. The best policy is to only spend what you have and as you build a great business, you will have more room to spend. If you need to use a credit card for tracking, best practice is to use one that requires pay off each month. This will help you stay in check with your balances.
Lead Generate 3-4 hours a day.
Nothing in your business will matter more than leads. If you tackle the most important task of the day, the rest of your business will flow. Many new agents get caught up “in the deal” and let lead generation time go. This is why so many new agents ride a roller coaster with major ups and downs all through the year. Seasonality and the market may bring you up, but if you are not lead generating daily and holding to that discipline of 3-4 hours, your business will always come down. Learn this skill early, and you will exceed your goals. Calendar your time and protect it, as it truly is the most important activity in your business.
Find a mentor
The key, to finding a mentor, is to look for someone that has done what you want to do. This person has a life like you want to live or a business like you want to own. Find someone who believes the same things as you. By watching and learning from them, you could duplicate that success. When finding a mentor, you don’t ask them to be your mentor. You build a relationship with the person from which you want to learn. Ask them if you can shadow them, or have lunch, or offer them value in some way that has nothing to do with real estate. YOU should come from contribution first and many will reciprocate. Mentors usually love to mentor others. A mentor won’t offer guidance to you long if you don’t take their suggestions. Listen to them and take action.
We can help you become successful in Real Estate.
For more information, contact the Kerwin Pacific Team at:
425-239-1956 or firstname.lastname@example.org
Or, attend our Free Career Night on Tuesday, November 10th at 6:30 pm to learn how to get started in a career path in Real Estate. Our office is located at 1000 SE Everett Mall Way.