How New Agents can Get Started in Real Estate
In today’s episode Jeff and I discuss at least three ways in which new agents can get started in their real estate career without having to shell out a lot of money at the outset.
Watch the video below or you can subscribe to our Redlife Podcast on iTunes
Our First Testimonial
Thank you to everyone that is watching the videos, liking and commenting on YouTube and to those that are listening via iTunes, we so appreciate you. Jeff and I were really pumped to get our first testimonial for the Podcast, to listen to that you can click here: First Testimonial
How to Pick Your Brokerage or Broker
This is likely the most important step to get started in your real estate career and it doesn’t matter if you are just new in the business or if you are 10 or 20 years in the business, you have to pick the brokerage that is best going to support you and your growth as a business person.
The three things you should be looking for in terms of support from your brokerage:
- Coaching and Mentorship: Is your broker or brokerage invested in your success?
- Kick ass presentations: You shouldn’t have to waste your time on creating these packages, your brokerage should already have them turnkey and ready to go
- Lead generation: Is your broker providing you with training to generate your own? Are they generating them for you?
Focus on Building a Database
Don’t think about what the best CRM is, most Realtors® are always searching for perfection when it doesn’t necessarily exist. You know which CRM is perfect? The.One.You.Are.Using! When you get started in real estate, make sure you use what you know.
Build a database of past clients, friends, acquaintances, professional colleagues from your previous position and get them into something as simple as an Excel spreadsheet. Why Excel? Because when you do graduate to utilizing a CRM in your business, Excel will be the easiest way to import that data into that CRM. For right now, make sure you are getting names, phone numbers, email addresses and if possible physical addresses.
In this clip we talk about some low cost strategies to start getting in touch with your database and providing some value to them instead of just emailing them and telling them you are a Realtor® now.
Reinvesting in Your Real Estate Business
As a new agent you are probably pretty excited when you get that first check. Maybe you take your partner out for a nice dinner, spend some quality time and a little bit of money. You celebrate and talk about all of the things you are going to do with that check and with future checks.
Then reality sets in.
You realize that you need to live and pay bills. You need to put aside 30% for tax purposes. You need to pay your brokerage fees and the advertising that you did to get that check. By the time all is said and done, how much do you have left to reinvest in your business?
As an agent, you need to think about your career in real estate as running a business. All successful businesses reinvest some or all (more likely at the beginning) of their profit on building the business to make it better. In real estate that might mean that you are now investing in a website or some kind of lead generation. Maybe you are putting money aside so that you can work on creating a media company and you have some cash set aside to live.
Whatever your plans, watch this clip as we dive into how to reinvest profit from your real estate business back into the business and where you should be putting those dollars.