Saturday, 12 September 2020

3 Things New Real Estate Agent Need To Know

3 Things New Real Estate Agent Need To Know


In this article, I want to cover with you some of the things that you should expect whether you are about to get your real estate license or you just got your real estate license. I was watching the show's "million-dollar listing", and it was just so motivating seeing these Realtors go to these luxury listings, negotiate the offers, and then get paid really big bucks. But is that how real estate is? Especially, for a brand-new agent? The answer is probably not. What we see on TV is completely different than what you can expect in person you being a real estate agent



Let get into the article



1. It Might Take A While Before You Get Your First Transaction

One of the things that you have to expect and know it's gonna happen is that when you're brand new, you're gonna have to prospect a lot. Now, what does prospect mean? It means that you are going to actively have to look for potential buyers or sellers and weed them out. It might be through cold calling, it might be through door knocking, through doing open houses, through calling your friends, your family, your neighbors, everybody. This is you prospecting to find that person that might want to either buy or sell that you can help. What I have seen happen is that many times especially when you're brand new, you feel like you're putting in so much work, you're making so many phone calls or knocking on so many doors, but you're not seeing any results it might be one, two, three, four, five, maybe until the sixth month that you're in the business you're finally going to see results. And this is something to keep in mind. If you're getting into the real estate business thinking like, hey, you know, I'm gonna get my license next week and then two weeks later I'm gonna make my first transaction of a three million dollar home, and then a month later I'm gonna get paid on that.


Chances are that's not how it's gonna happen. Again, we see things like this happen on TV, but in real life, it's completely different. You are going to go through an emotional rollercoaster. So if you're not prepared for that you're gonna want to give up easily. I see it all the time where people will say, you know, I've been cold calling or door-knocking for two weeks, and I haven't gotten anything. Two weeks is nothing. Try two months, three months. It's kind of like going to the gym. In the beginning, you want to lose weight or you want to tone up, and it doesn't happen overnight. It takes a lot of time and dedication, and then you slowly start seeing the results. And obviously, the more work that you've put in, the faster that you're gonna start seeing those results. That's exactly how real estate is. You have to know and be prepared that it might take a while before you get your first transaction. At the same time, you have to prepare yourself for possibly up to six months until you do get that transaction.


So, if you're thinking that you're gonna dive into real estate without any money. Consider saving up some money before you do make the full transition because if you don't have any money saved up, you're gonna feel like you're always struggling, and then you're gonna come from a mindset of scarcity, or you're just gonna want to take any deal that comes your way, and discount your commission and do whatever it takes just to get that deal to get that money and that's not how you should be or how you should approach this business. Prepare yourself financially before you get into real estate, and also, know that it might take quite a few months, maybe it takes a few weeks if you're lucky, but it might take up to six months before you get your first transaction, and actually see your first paycheck.


2. Look For People Who Are Hustlers, Ambitious, And Goal-oriented

Make sure that when you do transition into real estate, you are constantly practicing role-playing and surrounding yourself with those that are like-minded and have the same goals and ambition as you. You will quickly find out that there will be a lot of haters, a lot of naysayers, a lot of people that are going to question, why you went into the business? Or why don't you get a real job? Or you're gonna fail in real estate nobody does well. Or, oh, you're too young or maybe you're too old. So you have to mentally prepare yourself for all of these opinions from all these people. It might be your friends, it might be your family. That's why it's very key that you start to look for people who are hustlers, who want to succeed in life, who are ambitious, and who are goal-oriented. It might be someone in your brokerage, maybe somebody that you get along maybe one of your peers. You will quickly also realize that the circle of your friends is gonna get smaller, and smaller, as you and your mindset gets better and increases in what you want to do and what you want to achieve. What I've seen happen many times is that agents have these goals and dreams of how many transactions they want to do, or how much money they want to make. But then at home, whether it's friends, family, or whoever it is, it's all a negative environment and then that ends up affecting the agent to the point that the agent kind of gives up and ends up leaving the business.


In case you didn't know, usually a lot of agents after the first year, they give up. Maybe it's lucky if they go to three years, but it's very rare. A lot of the agents just don't make it. A lot of agents that got their license that I know are not in the business anymore, and that's again because it's not easy. You have to put in a lot of work to eventually start seeing the fruits of your labor.


3. Don't Rely On One Particular Paycheck

When you do start getting those transactions and deals going on, don't just bank on that one transaction that you have going on. Because chances are something that might happen, it doesn't happen all the time, but it's very possible that maybe the buyer loses their job, or the seller no longer has to sell, or something happens that the transaction doesn't end up happening. So you can't be relying on that one particular paycheck if you don't keep on prospecting. It's happened many times where I saw some agent got a deal that almost about to close and then something happens, either the buyer backs out, or the seller no longer has to sell and it's an emotional rollercoaster just like I mentioned earlier because you feel like you have put in so much work into the transaction to not get paid anything. If you're reading this and you're thinking about getting to real estate, it's all commission-based. You're not gonna get paid hourly, you get paid when you close the deal. So even if you have two or three transactions going on, until those deals closed and you get your paycheck you haven't made any money. That's why you see a lot of agents struggling just because if they're doing this full-time they don't have any other source of income coming in so, of course, they're like, oh, my gosh, I have a transaction like this needs to close and then the moment that it doesn't close, it just attacks you and then many agents start crying, you break down, and then that leads many of them to just leave the business and go find a real job.








Conclusion

So yeah, those are the top three things that I wanted to go over in this article. Just because I have seen it happen recently with quite a few agents that I know were they're new in the business, but then things happen and then you kind of start to get discouraged. But just know that being a real estate agent especially when you're new, it's a process, and you have to put in a lot of work. You have to put in a lot of practice with your scripts. And you have to be prospecting a lot. That way, you build your pipeline, and eventually, with continuous follow up, those leads that you do get will start to convert.

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