Soon to be new real estate agent (new agent, Realtors, insurance)
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I just finished my pre-license classes to become a real estate salesperson in ohio. I did real well, with a 3.7 gpa for the quarter. I really enjoyed the classes and the topics. All I have to do is sit for the state exam.
I'll admit, I am not only excited, but a little nervous. Which is most likely why I am posting this, just to get some of what is swirling around in my head about my new career and business out in the open.
I am not funded as well as I would like to be and what has been suggested by many on this forum and elsewhere. However, I have a very flexible part time sales job that keeps me afloat right now, that I will be able to maintain as I embark upon my real estate career/business.
I am internet savvy. So, a bulk of my marketing will occur there. I am wondering what agents on this forum feel about floor time and FSBO calling for a new agent.
I understand that my first year could be rough when it comes to financial return on my time spent as a real estate agent. Of course this makes me nervous. What are reasonable expectations for a new agent in his first year who gives it his all? I do not mind working crazy hours to get my business started.
I decided to go with a keller williams brokerage located in a part of town I am very familiar with. I am very excited about it. They seem to have great training going on there which I will make sure to attend all of the classes.
I apologize if this post comes off as more of a ramble. Again as stated earlier in the post, I just kinda needed to kick around some ideas out in the open right now.
Congrats on your progress so far. Going with KW could be a good choice for you. Camp 4:4:3 will certainly help get you started. I also suggest getting Your First Year in Real Estate by Dirk Zeller as well as Millionaire Real Estate Agent by Gary Keller. The books work well with each other. Camp 4:4:3 will provide insights into FSBO's, etc.
I catch hell for saying this, but the facts show that the truth can hurt. Yes, you will likely learn a lot by being with KW, but just remember, KW is a starting place. Over 1/3 of KW agents never produce a dimes business. If the training and support was all that great... just saying.
Now, what do I recommend? Actually, first and foremost, learn to operate a business first. Learn about capitalization, cash management, and most importantly how to plan and work your plan. Nothing is more important to a young agent than the understanding of entrepreneurship. Just like opening a restaurant, a boutique, or even a service firm such as plumbing or HVAC, you are opening a business. It just so happens that your business's product and/or service is real estate instead of shoes or electrical services.
I catch hell for saying this, but the facts show that the truth can hurt. Yes, you will likely learn a lot by being with KW, but just remember, KW is a starting place. Over 1/3 of KW agents never produce a dimes business. If the training and support was all that great... just saying.
Now, what do I recommend? Actually, first and foremost, learn to operate a business first. Learn about capitalization, cash management, and most importantly how to plan and work your plan. Nothing is more important to a young agent than the understanding of entrepreneurship. Just like opening a restaurant, a boutique, or even a service firm such as plumbing or HVAC, you are opening a business. It just so happens that your business's product and/or service is real estate instead of shoes or electrical services.
I agree with your statement for the most part. That's probably one of your better posts and I really think you nailed the bit about entrepreneurs.
The only thing I'll disagree with you about is KW's model. It's a great model and most of the agents fail because of themselves and not the company. You can lead a horse to water...
Secondly, companies that use the splits model make way more on a new or part time agent's deal than they do a top producer without having to spend much on them. The point of a RE company is to make money and KW's system is really ingenious IMO. One of the best if not the best out there for it's purpose. But really, I think you nailed the spirit of the business and that's a really good post, and you know I won't easily hand you a compliment.
I agree with your statement for the most part. That's probably one of your better posts and I really think you nailed the bit about entrepreneurs.
The only thing I'll disagree with you about is KW's model. It's a great model and most of the agents fail because of themselves and not the company. You can lead a horse to water...
Secondly, companies that use the splits model make way more on a new or part time agent's deal than they do a top producer without having to spend much on them. The point of a RE company is to make money and KW's system is really ingenious IMO. One of the best if not the best out there for it's purpose. But really, I think you nailed the spirit of the business and that's a really good post, and you know I won't easily hand you a compliment.
Brandon, I agree that most who fail do so of their own volition; however, my point is that the KW recruiting pitch doesn't alert prospective agents to the huge number of can't achievers. In my past, there are two experiences which I can relate. The KW recruiting process is much like both my experiences in high pressure auto sales (1984) and life insurance (1984-1997). In both situations, management acknowledged that often had recruits join them, sell three or four cars/policies to family and friends and then leave the business.
As a professional real estate agent, I believe we should not be in the sales game, but rather in the service industry. I wish we could escalate our professional standards to those which resemble the quality of skills and standards of the Certified Professional Accountant.
Regarding the KW model being great. I feel you might want to reserve that judgement. Statistical facts from all over the US prove that something must be amiss. KW's recruiting process has indeed successfully taken the brand to the point of having the highest number of associates in the US. Yet, when using that bragging point, KW agents sell 1/2 of the business a similar number of RE/MAX associates in the US do. KW doesn't tell it's recruits that.
"As a professional real estate agent, I believe we should not be in the sales game, but rather in the service industry. I wish we could escalate our professional standards to those which resemble the quality of skills and standards of the Certified Professional Accountant."
^^^I have been saying this for years... I don't feel like I "sell" houses but rather work as a consultant for my clients. I believe it is all about customer service than selling. I'm in total agreement with you!
I was licensed for five years between 2005 - 2010. During which time I had my eyes opened as to what the business was all about.
First of all, you cannot count on anyone else but yourself. No one is going to teach you or help you except if it benefits them directly. Do not EVER think for a minute that any other agent is going to help you in any way. They are strictly out for themselves and will as soon cut your throat as say good morning to you. Oh, they will "appear" to be friendly and helpful, but only because they feel that by doing so it will benefit them in some way.
Be ready to spend a lot of your own money. marketing yourself is very expensive. I sunk $40,000 into marketing myself the first two years. I am still "digging out" from this, financially. Do not believe everyone that tells you that you need to "do this, or do that" because, again they are only telling you this because it benefits them in some way.
Real estate is all about sales. Forget this lofty notion that you are somehow "helping" them "realize their dream". The most successful realtors I know sell people something, whether they want it or not. Successful realtors use every sales trick in the book to peddle THEIR LISTINGS so that they get both ends of the deal. If potential buyers insist on their own desires and wishes, most agents will drop them like a hot potato and move on to more easily influenced prey.
Get used to the idea that people are going to treat you badly. Buyers will jerk you around, sellers will jerk you around, other agents will jerk you around, brokers will jerk you around. Everybody is out for themselves and you are a good guy as long as you cooperate to that end. Otherwise you are forgotten. You better develop a tough skin fast and get used to the fact that it is a dog-eat-dog profession. Check out many of the posts on agentsonline.net and see for yourself, if you don't believe me.
Finally, if you have the guts, and the money and think you can handle it, then I advise you to download and listen to these MP3 files. it will be very helpful to you. Think and Grow Rich by Napolean Hill MP3 Audio Book Free.
good luck, you're going to need it.
20yrsinBranson
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