Real Estate

Wait, What? 18 Unforeseen Things New REALTORS® Should Know

“But dad…whattaya MEAN you won’t hire me to sell your house? So WHAT if I only got my real estate license three months ago and have no listings yet. You chose your real estate agent friend over ME? Over FAMILY?”

You likely aren’t laughing if you’re reading this and in the business. Because in real estate, like any other line of work, dollars and (common) sense rule most every decision. In good times or bad, agents need to project confidence and a successful countenance. They know to drive top-end rides that suggest prosperity, whether or not they’re two payments behind on the lease. And even if closings are scarce and commissions scarcer, they still must wear pricey, fashionable clothes and shoes in public. Thrift shop finds and cut-rate kicks are strictly for at-home attire behind closed doors.

Image may occasionally be everything, but it’s hardly ever reality. Fact is, there can be quite a few shocks to the system for REALTORS® just getting into the business. We asked six experienced pros from Realty ONE Group to recall three things they wish they’d understood when they began their careers. Take heed, neophytes!

Tim Kelly Kiernan, branch manager, Realty ONE Group | Las Vegas, Nevada:

  • Your friends and family might not hire you. In this business, experience matters. When I started, I noticed for the first year or so several close friends either bought or sold a home with another agent. So don’t be offended when your Uncle Willy, or maybe even mom and dad, go with “their guy or gal” who they’ve known for years and has a track record of success. You honestly can’t blame them. They’re afraid you might mess up the deal.
  • You don’t have to be an extrovert to be an excellent agent. While it’s true you have to like people to enjoy a career in real estate, you don’t have to be the life of the party. In fact, introverted agents are often better listeners, which makes them fine REALTORS®. Real estate agents are professional problem solvers and need to understand the problems clients want them to solve. On a listing presentation, I try to talk less than half the time. I want the clients to tell me what they want and need from me.
  • You don’t truly make your own schedule (at least not when you’re a new agent). It was eye-opening to learn that someone who supposedly works for themselves can work as much as a real estate agent does…well, a good real estate agent anyway. It’s true that you can create your own schedule, but the thing to understand about being a good agent is that you don’t work for one person and don’t necessarily have a boss. Instead, you work for and with many people; the clients and customers. You might be in the middle of dinner and a buyer will call to tell you their world will end if they don’t see the home just listed an hour ago. It’s tough for new agents to get used to.

Mandy Neat, managing broker, Realty ONE Group | Phoenix, Arizona:

  • There is no on and off switch. Real estate is truly a lifestyle, no matter when you are working. Even how you dress and present yourself at the grocery store matters. At the end of the day, everyone you meet is a potential client, so present yourself well and treat everyone like someone who needs your service. Don’t be a secret agent.
  • It’s not just a service, but a business. Compensation is an upfront discussion and expectation REALTORS® have to set with their clients from the first meeting. They need to explain their value to become employed.
  • REALTORS® are you-first focused. Once hired, the fiduciary duties to their client truly define a selfless advocate. We have the duties of confidentiality, obedience, loyalty, disclosure, accounting, and reasonable skill and care. We basically become a client’s golden retriever, ready to serve all their real estate needs.

J.P. Cook, assistant manager, Realty ONE Group | Glendale, Arizona:

  • It takes a long time to get your first check. It sounds crazy, but many outsiders believe that agents get paid from their company and the commission is a bonus.
  • Outsiders think the company supplies the leads. People usually don’t realize that the agents are primarily responsible for generating their own leads, and that’s an everyday job.
  • Outsiders believe agents are only allowed to work in a specific area/city or community. So unless the agent educates them otherwise, they often don’t even think to reconnect with the agent they last worked with if they’re buying a home in the next city over.

 Lisa Glomski, The HouzAZ Team, Realty ONE Group | Phoenix, Arizona: 

  • Prospecting for leads is 24/7. So many beginner agents think that putting info on social media that you got your license means the phone is going to ring. That will not be the case.
  • Time management is crucial. If you don’t block time out in your day to do certain tasks, they will never get done. Have a plan!
  • Join a team before going solo early on. Doing so will help guide you through the first few years. Most people think they can do everything themselves, but when it comes down to accountability, a team will keep you on track to meet your goals.

Emily Escanuela, sales manager, Realty ONE Group | Las Vegas, Nevada:

  • There are so many people involved in every transaction. From the listing or buyer’s agents, to inspectors, appraisers, escrow/ title people, and the lender, there are way more people involved in buying and selling a home than people would think.
  • The amount of negotiating in each transaction can be overwhelming. From getting an offer accepted, following the timelines and due diligence period and contingencies so you’re never out of contract, negotiating repair requests, negotiating the appraisal if the value comes back lower, to the follow-ups involved all the way to the closing table. If not perfectly executed, things can fall apart even at the last minute.
  • Agents are taken for granted for the number of things we do and need to know. Prospective REALTORS® often just envision showing homes and closing deals. They learn fast that it goes way, way beyond that.

Leah Wolfe-Kraemer, managing broker, Realty ONE Group | Goodyear, Arizona:

  • You are your own CEO, CFO, COO, CMO, CTO and every other business position you can think of. If you do not have an entrepreneurial mindset, you will not succeed. This is not a 9-to-5 job with a boss giving you specific tasks to complete each day.
  • This business is 80% paperwork. Get a transaction coordinator to take care of the paperwork so you can focus on meeting with clients and forming relationships.

You are the purveyor of the American Dream. Act like it!

Source link