Getting Started in the Real Estate Business
You’ve finished real estate school, found a company to hang your license, and are ready to make some money. Unfortunately, in the real estate world, clients don’t just fall into your lap. The first few months can be challenging. You need to get you name out, find clients and secure your first listings. Building a database and use a contact management program to maintain a relationship with people you know and meet. Frequent and steady contact lets them know that you take your business seriously. You also need to decide how you want to work, who your best prospects are, what is an appropriate method of contacting these people, and what you can do to show prospects that you can offer them value. Once this is in place, you will begin to gather listings. Here are some tips that you can take to get your business off the ground.
Decide What Kind of Business You Want to Build
At the beginning a lot of new real estate agents want to spread themselves too thin. You want to avoid doing this by narrowing you search for clients who have buying and selling needs. You might be more interested to stick with selling a new neighborhood, older homes with historic interest, or condos and townhomes. By focusing on a niche, you can become known as an expert. When you see people you know, or meet new people, be sure to let them know what business you are in. Ask these people for their contact information so that you send them periodic information about buying and selling. When it’s their time, the contact you made will keep you fresh in their mind.
Once you get people’s contact information, you’ll want to make sure that it is okay to receive correspondence from you. Renters are an excellent pool to focus on, since there aren’t many who don’t think of when is the right time to buy a home. You can keep these potential clients in the loop through communicating information about new building projects in their neighborhood, affordable properties, and how prices are changing month to month. This is the type of information you want to keep in front of them so they will think of you first for their buying needs.
Homeowners also like to know the value of their investment. Even if they aren’t planning to sell, homeowners like to know that their home is now worth more than what they paid. Local market conditions are also something they like to keep abreast of the value of their home and the homes around them.
Don’t Underestimate Your Value
Just because you are new to the industry, doesn’t mean you don’t have value to a potential client. It’s important to have knowledge of the business and the market around you. Attend association meetings and listen to guest appraisers, developers and city planners and see what they have to say. Join a local networking group and keep building your internet skills. People appreciate enthusiasm and are inclined to give new people a chance. You have people around you to help answer questions you may not know.
Spend a day with a seasoned realtor at an open house, or a listing appointment. Pair with another salesperson on a listing until you learn the ropes. Take advantage of every training session your broker or association provides. Getting your name out there is the hardest part of being new to the business. Invest in that part and the rest will come.