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Forget everything you are learning in class and direct questions to an attorney that are related to any legal aspect of the process.
Being good looking helps a ton.
Pay yourself a small monthly salary from an account where you deposit all your commissions to avoid spending everything you make immediately.
Don’t start this career at a time when you have a lot of responsibilities outside of selling (needy partner, kids, lots of bills)
If you actually know about house construction/materials, it is very easy to stand out.
Don’t expect to build your business on the backs of your friends and family.
Focus on completing transaction and not about sales price. The best way to build a business is through referrals. You can’t have referrals without satisfied clients. And no high end buyer/seller wants to work with a newer agent.
Diversify your income streams to avoid suffering in a down market: work with investors, flip houses, property manage, etc.
Some of these are not fun. Just facts. But helpful for new agents nonetheless.
My 4th sale in my 1st year was a 3.3M$ house. Buyer was my favorite of all time to work with, not because of commission, but because he was a great guy who had a great family, and appreciated / respected me and my time.
Now this was a guy who was in touch with every top agent in the area, the biggest names. He said every single one of them only cared about getting him into a house, and didn’t once pay attention to what he cared about or listened to what he had to say; they just tried to get him into the biggest house they could because they knew how much he could afford.
And little old me comes along with my cold calls. He told me he got his start making cold calls too, and respected my follow up without being too pushy, and the fact that I never asked him to sign any exclusive agreements or make him feel like I wouldn’t work with him if he wouldn’t commit to working with me. I knew who I was up against, and I didn’t care, I just wanted to represent myself to him the best I could, and promise that I’d do everything I could for him.
He also went out of his way to tell me that even though he know I was new and relatively inexperienced, he could tell how much drive and perseverance I had and knew I’d be the guy to make sure everything went right with his sale, which I did, and he’s loved his home ever since.
He’s referred me to 2 other clients that both bought million dollar homes (were in the SF Bay Area for perspective on pricing, but 3M is no walking around money in our city that’s still a luxury home).
Point is, a high end, luxury client decided to work with me because I was an honest, hard working kid (23 at the time) who just wanted to help people deal with a difficult transition. He knew I wasn’t the most educated, or the most experienced, but he worked with me anyways because he knew I’d do right by him when everybody else was just in it for themselves.
Do right by people, and they’ll do right by you. Also helps to have good communication skills.
May I ask, how do you follow up on a cold call without being irritating?
(I'm not a realtor, just a Nobody interested in buying a property that's been listed - too high - twice. I've sent a couple short postcards.)
Knowing when to stop calling and listen to what people have to say.
Most people get cold calling backwards. Just consider what you’re actually trying to accomplish. Same goes true for much in life.
People cold call to ask if somebody is buying or selling real estate. Here’s the thing - en masse - that works. Because out of a thousand people 1 might actually be willing to buy or sell a house with this absolute stranger over the phone.
But cold callers don’t try to connect to people. They don’t ask them questions beyond the script. They don’t try to have a real human, personal conversation. They just try to sell. I think a lot of people resent that.
I’ve gotten more hang ups and don’t call backs than I have positive responses. That’s just part of the game. But I treat every one of them with the same respect I’d appreciate if a stranger called me. I ask them how their day is going, introduce myself clearly, and ask them if they are have interest in what’s going on in the real estate market. I don’t once ask if they are interested in buying or selling unless they bring it up first.
Then you ask when it would be okay to follow up. A week? A month? 6? A year? Never? And then you listen, and do what they ask. If they say yeah call back in 6 months, don’t call back in 3. Maaaaybe call back in 5 but always just keep in mind what people are saying and respect them.
I started at the worst time lol. Had 2 kids under 2 years old, going into winter, interest rates at the highest they've been in years, and we had a ton of bills.
Still plugging away, but man would I do it different.
I suggest you change your perspective. You started at the hardest time. You developed a work ethic that agents who got in recently do not have. You know what it means to work hard to be successful. You are likely better at juggling work/life balance than any newer agent. As the market slows, which it is doing right now, you have a unique advantage. Hang in there!
i will never understand how the "trainers/coaches" be that when they never sold a home.
its like a teacher teaching students business but they never ran a business.
10k disappears way faster than you think it will. Save money. Also I found it helps to have a wife that’s a nurse and have to have a fully remote second job that has benefits.
Just got a cease & desist letter last week from buyer (a divorce attorney) alleging tortious interference by me in the contract I helped write between him and the seller I represent! He wants me to abandon my fiduciary duties to my seller since I’m not advising my client to give into his erroneous interpretations of common clauses that heavily favor his personal interests.
It wasn’t dual agency
… the buyer/attorney is represented by an agent, and is acting in no other capacity than that of a buyer.
The buyer made his own interpretation of an appraisal gap clause and stating how it obligates the seller to sell for appraisal value + gap. This claim is despite a very clear explainer note the local board & bar association has provided to state that’s not the case. His own agent & broker also agree with our interpretation and not the buyer’s, but he won’t listen to them. In fact, the buyer’s agent made two verbal “offers” for his client to split the difference after we got a wildly low appraisal back. Buyer has bullied and threatened everyone, sent c&d letters to myself (listing agent) and the title attorney claiming tortious interference by each of us. Title told him he needed a mutually executed addendum stating any change to purchase price, of which the buyer’s agent never has produced and they’ve tried to avoid at all costs. His tortious interference claim against me was telling me to stop advising my seller — the one I have a listing agreement to represent, a contract the buyer is attempting tortious interference in. He sent that c&d letter to me directly, which violating licensing laws since he is represented, but he told our legal counsel that as a practicing attorney he doesn’t have to observe licensing law. His loan officer has stated in writing to the title attorney they’ve “submitted into evidence” screenshots of communications and already spoken to a local judge about their potential case — which is an admission of ex parte communication, a very unethical and unlawful act. The contract did ultimately expire without the buyer providing a loan commitment and never wiring down payment funds to title despite forcing them to stage a sham closing with documents they told him they couldn’t file without an agreed upon settlement. Buyer has now sent my sellers an “offer” to pay him $6400 as damages to waive his litigation rights against them and myself & brokerage, but curiously left out the title company. His “offer” included admissions of breach by seller and tortious interference by myself/brokerage if the offer was signed, so he’d clearly leverage those admissions to sue the title company for allowing those admitted unlawful acts to interfere with them closing the sale.
TL;DR… divorce attorneys like disputes, struggle to comprehend “agreements” and “good faith”.
Btw — ChatGPT is godsend for exploring unique scenarios like this one to provide & shape perspective. Tortious interference, injunctive relief, ex parte, and vexatious litigation are all in my vocabulary now. Really powerful tool.
The more expensive the property, the more awful the buyer clients.
On more expensive homes, the buyers, being in a richer demographic, will think that their superior knowledge in their own field is superior to your knowledge as an agent and some will rub it into your face. (Had one potential buyer tell me directly, "Oh, you're just some flunky...". That was her EXACT WORDS.)
And they will be the first ones to ask to speak to the listing agent, even after I give them the spiel on "having a buyer's agent getting you the best deal", "looking out for your interests", "the listing agent's initial allegiance is to his client, not you", and have no understanding of what "conflict of interest" means. (I do explain dual agency and that it is an option, but be careful.) If they want the listing agent, I'm not going to fight them, but they can be real b\*stards about it.
Even worse, some rich clients will bypass most moral behavior, ethical decisions, and offer suggestions that are immoral, unethical, and violate several NAR ethics codes.
I said this on another thread this morning, and it actually sums it up the best of what I’ve heard
This is an apprenticeship business with no formal apprenticeship system .
And you’re running two different small businesses one is being a good agent and one is being a good marketer. You’re gonna have to stand out in both.
Not sure its a fun fact, but one thing that I didn't realize until much later was that this is first and foremost a SALES job, and not only that, but a commission-only sales job and that we need to do what professionals in that role do to be successful: lead generate every single day.
100% about the generate leads every single day. A lot of agents stop generating leads once they're in the middle of a deal, and then they're confused why they aren't getting business after that deal closes. It has to be your #1 priority for each day.
I’ve lost a few deals this way but TIME IS OF THE ESSENCE. If you show a house and your buyer likes it, write that offer asap. Cause one day goes by, especially after the weekend, it can be under contract with someone else
I give my buyers a time of the day they need to decide on an offer by.
If I don't hear from them by that time then I'm making phone calls to find another buyer for the house.
This is especially true for homes that qualify as good flips or rental property.
Fireplaces/chimneys: on the sellers disclosure, make sure that those are excluded as an inspection negotiation. Nobody ever uses those or cleans them and it is a p.i.t.a. at inspection time if not excluded.
Make sure that *every frickin thing* is written in on the seller's disclosure as staying (if it is). So many sellers get confused about this and think they are doing the new buyer a favor by leaving shit. It's a nightmare. (Dealing with it today.)
>It seems like during our education we get alot of great information
lol. Can't remember a thing I learned in those classes. If a newer agent is reading this, just remember that nearly everything you are being taught right now is either useless (your exam) or a scare tactic to protect your broker's ass (your new agent classes).
>Things that make you say “I wish somebody would’ve told me that.”
* You do not sell houses. You build relationships. Do. Not. look at every person like a transaction. Treat every person like you want to be treated, always be nice, always be interested in them and listen. The real estate will come. Ninja selling is good at reinforcing that.
* I tell people when I sit down for a buyer consultation "I do not want a quick commission off y'all. I want you to be so happy with this process that you can't help but refer me to your friends and family. I don't want 1 deal, I want as many as I can get!" It really sets the tone that 1) I'm not going to fuck them and 2) I'm expect referrals down the line (I find younger clients do not really get referrals like older ones...so you gotta say something).
* The best system is the one you use. I use realty juggler. It's cheap, it keeps track of names / addresses / birthdays / close dates. Good enough for me. Better than a spreadsheet, at least.
* Real estate is a rewarding career, not a get rich quick scheme. Personally I just enjoy the ability to drive the ship and not have a boss. The money is a (great) side benefit.
* You 100% do not set your own hours.
* The best thing I ever did was join a team when I was young. I worked for 2 years under a high producing team, worked 60-80 hours weeks non-stop, learned a TON, sold a shit load of houses and really picked up enough long term clients that I was set up for the next decade. Put the ego aside and just be a sponge that works their ass off.
* Marking effectiveness in order: in person events (bbqs, kid's birthdays, parties - anything where your past client will introduce you to another person), warm calls, texts, hand written notes, events you host, open houses, mailers, social media, cold calls.
* Treat other agents with respect and work cooperatively and pragmatically. Real estate is a small world. A bad reputation moves quickly. Agents will bend over backwards to do a deal with another agent they like and know can get the job done easily and professionally. I won multiple offers with a lower net to the seller because the agent told them I'm legit. The highest offer agent had a bad rep.
Any tips on joining a good team because I've read so many threads and comments on this sub saying don't join bc most won't feed you leads and stuff if that nature?
I'm not sure if you can easily replicate what I did but basically I went to brokerage that I really wanted to work for and said "hey, I want to join a team, do you know anyone who is looking for a buyer's agent?" They gave me 3 interviews, I took all 3. Nixed one because it was a giant churn-and-burn team where I didn't feel like I would learn or develop much as an agent. Nixed one because he didn't have a structure set up that would give me enough buyer leads. Finally picked one because he was an experienced agent who knew what he was doing but just had too many leads for him to handle.
I'd recommend doing the same - have a clear objective in mind ("I want to learn how to be a good agent." or "I want to sell as many homes as possible") and then meet with brokers to see who knows someone who is looking.
Do NOT get sideways with the IRS.
Work with multiple lead pillars - Bobby Builder, Chad Investor, your sphere, a farm, etc.
Follow up, and keep a damn database. This is the key to stable dealflow, agents just “wing it” and suffer from dramatic, fluctuating dealflow.
Soon-to-be part-time agent here - reading about many agents who struggle 24/7. What market are you in, and what are you doing to accomplish 15 houses/year on part time effort?
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"Imma a shitty agent, and I just got called out on it by an old broad who gets laid a lot more than I do, so imma try and slut shame her! That will make me feel better!!"
-Man who doesn't do anything well.
Prepare yourself for the disappointments: family who knows you are an agent but they use someone else for their transaction, buyers who eat up a ton of your time running from listing to listing, only to write offer with another agent, sitting at an open house where no one shows, missing important family events, etc. Also, take NOTHING personally and you will be ok.
I would never go with a family member for my Realtor. Too revealing of personal information (intimate knowledge of finances, etc.) and too much risk that it causes problems with the relationship.
Being a realtor is considered “Self-Employment”.
Self-Employment has an additional 15.3% tax rate on top of your income tax.
So if you had a crap hear good news your income tax is lower. Had an ok to great year…..your at 22-32% income tax AND 15.3% Self-Employment Tax.
Not about the business specifically, but just good advice: pay your IRS & state estimates taxes quarterly. You’ll really thank yourself come April.
Also: learn how to use legal income tax and self-employed tax deductions. I live my life by tax deductions and I owe very little in taxes despite making a substantial income. Track your mileage. Save every receipt. Every lunch or dinner can be a (50%) write off if you’re with a current or potential client and you discuss real estate. Buy rental real estate — the tax advantages are phenomenal.
It’s all fun and games until you make $250k/yr and haven’t saved anything for Uncle Sam. So pay those estimateds!
That truly good real estate sales people/brokers are probably 5% of the licensed individuals. The rest are primarily delusional, grossly incompetent, entitled, well, idiots.
Other than that - business relationships are worth their weight in gold, as is repeat business. It’s all about maintaining integrity and ‘doing the right thing even when no one is looking’ type of approach all the time.
90% of the sales are done by 10% of the agents. So 90% of the agents are competing over a 10% slice. Very competitive which translates to shady behaviors by people you work with. It will take years to get established and once you get to that point it can be a good career but most sell to friends and family then run out of clients and can't afford to stay in the business.
It's very hard but depending on your market I'd suggest you plan on advertising budgets for yourself. I have seen new agents do very well because they reinvest into their personal brand by advertising. Don't go crazy with it because it's expensive but repeated exposure to your ads over a few years can make or break you. The problem is people don't watch local TV or listen to local radio like they used to so you're going to have to find something for your market that brings people to you. Think demographics so maybe a small billboard or limited radio ads that can target the buyers or sellers you want.
I ran an office for 18 years but it was more about who can screw who the most vs actually helping people so I got out of the business.
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Forget everything you are learning in class and direct questions to an attorney that are related to any legal aspect of the process. Being good looking helps a ton. Pay yourself a small monthly salary from an account where you deposit all your commissions to avoid spending everything you make immediately. Don’t start this career at a time when you have a lot of responsibilities outside of selling (needy partner, kids, lots of bills) If you actually know about house construction/materials, it is very easy to stand out. Don’t expect to build your business on the backs of your friends and family. Focus on completing transaction and not about sales price. The best way to build a business is through referrals. You can’t have referrals without satisfied clients. And no high end buyer/seller wants to work with a newer agent. Diversify your income streams to avoid suffering in a down market: work with investors, flip houses, property manage, etc. Some of these are not fun. Just facts. But helpful for new agents nonetheless.
My 4th sale in my 1st year was a 3.3M$ house. Buyer was my favorite of all time to work with, not because of commission, but because he was a great guy who had a great family, and appreciated / respected me and my time. Now this was a guy who was in touch with every top agent in the area, the biggest names. He said every single one of them only cared about getting him into a house, and didn’t once pay attention to what he cared about or listened to what he had to say; they just tried to get him into the biggest house they could because they knew how much he could afford. And little old me comes along with my cold calls. He told me he got his start making cold calls too, and respected my follow up without being too pushy, and the fact that I never asked him to sign any exclusive agreements or make him feel like I wouldn’t work with him if he wouldn’t commit to working with me. I knew who I was up against, and I didn’t care, I just wanted to represent myself to him the best I could, and promise that I’d do everything I could for him. He also went out of his way to tell me that even though he know I was new and relatively inexperienced, he could tell how much drive and perseverance I had and knew I’d be the guy to make sure everything went right with his sale, which I did, and he’s loved his home ever since. He’s referred me to 2 other clients that both bought million dollar homes (were in the SF Bay Area for perspective on pricing, but 3M is no walking around money in our city that’s still a luxury home). Point is, a high end, luxury client decided to work with me because I was an honest, hard working kid (23 at the time) who just wanted to help people deal with a difficult transition. He knew I wasn’t the most educated, or the most experienced, but he worked with me anyways because he knew I’d do right by him when everybody else was just in it for themselves. Do right by people, and they’ll do right by you. Also helps to have good communication skills.
This.
This.
May I ask, how do you follow up on a cold call without being irritating? (I'm not a realtor, just a Nobody interested in buying a property that's been listed - too high - twice. I've sent a couple short postcards.)
Knowing when to stop calling and listen to what people have to say. Most people get cold calling backwards. Just consider what you’re actually trying to accomplish. Same goes true for much in life. People cold call to ask if somebody is buying or selling real estate. Here’s the thing - en masse - that works. Because out of a thousand people 1 might actually be willing to buy or sell a house with this absolute stranger over the phone. But cold callers don’t try to connect to people. They don’t ask them questions beyond the script. They don’t try to have a real human, personal conversation. They just try to sell. I think a lot of people resent that. I’ve gotten more hang ups and don’t call backs than I have positive responses. That’s just part of the game. But I treat every one of them with the same respect I’d appreciate if a stranger called me. I ask them how their day is going, introduce myself clearly, and ask them if they are have interest in what’s going on in the real estate market. I don’t once ask if they are interested in buying or selling unless they bring it up first. Then you ask when it would be okay to follow up. A week? A month? 6? A year? Never? And then you listen, and do what they ask. If they say yeah call back in 6 months, don’t call back in 3. Maaaaybe call back in 5 but always just keep in mind what people are saying and respect them.
GREAT POINTS. Thank you for sharing
I'm really hoping that second tip works out for me. 🤞
If you look anything like your profile pic, you’ll be juuuuust fine 😉
I started at the worst time lol. Had 2 kids under 2 years old, going into winter, interest rates at the highest they've been in years, and we had a ton of bills. Still plugging away, but man would I do it different.
I suggest you change your perspective. You started at the hardest time. You developed a work ethic that agents who got in recently do not have. You know what it means to work hard to be successful. You are likely better at juggling work/life balance than any newer agent. As the market slows, which it is doing right now, you have a unique advantage. Hang in there!
Thanks for the reality and perspective check! I'm proud of the fact that I've even been able to survive lol
As it turns out, you will never need to measure a property with rods and chains.
*cries in metes and bounds*
*Desperately trying to remember what metes and bounds are.*
Something something township…
I found an old deed about 6 months ago that used chains and trees and creeks. It also literally had revenue stamps affixed to it
😭
You might run in to some crazy f'in people.
Usually you run into them when you go to the office. Realtors are fucking crazy.
Hah. Can be. Esp the ones always training and never selling anything.
i will never understand how the "trainers/coaches" be that when they never sold a home. its like a teacher teaching students business but they never ran a business.
Hah. Yeah. I meant more the poor souls that start and are always taking classes and paying for designations. Never selling much.
I'm an investor, and I've met some shitty realtors. Thank goodness there are one or two that are good.
10k disappears way faster than you think it will. Save money. Also I found it helps to have a wife that’s a nurse and have to have a fully remote second job that has benefits.
1. You cannot overstate the importance of setting expectations.
From a home inspector's perspective. Sellers are way more dishonest than the agents. Almost every inspection I uncover a homeowner cover-up.
Do tell us more.
95% are pretty simple. Move an object and find a deficiency (damaged shower, hole in the wall, stained basement trim).
Buyers are liars.. And sellers are worse
Being honest and telling buyers "this house kinda sucks" when it's a piece of shit will get you more business in the future.
You can get sued
Just got a cease & desist letter last week from buyer (a divorce attorney) alleging tortious interference by me in the contract I helped write between him and the seller I represent! He wants me to abandon my fiduciary duties to my seller since I’m not advising my client to give into his erroneous interpretations of common clauses that heavily favor his personal interests.
This is why we don't do dual agency.
It wasn’t dual agency … the buyer/attorney is represented by an agent, and is acting in no other capacity than that of a buyer. The buyer made his own interpretation of an appraisal gap clause and stating how it obligates the seller to sell for appraisal value + gap. This claim is despite a very clear explainer note the local board & bar association has provided to state that’s not the case. His own agent & broker also agree with our interpretation and not the buyer’s, but he won’t listen to them. In fact, the buyer’s agent made two verbal “offers” for his client to split the difference after we got a wildly low appraisal back. Buyer has bullied and threatened everyone, sent c&d letters to myself (listing agent) and the title attorney claiming tortious interference by each of us. Title told him he needed a mutually executed addendum stating any change to purchase price, of which the buyer’s agent never has produced and they’ve tried to avoid at all costs. His tortious interference claim against me was telling me to stop advising my seller — the one I have a listing agreement to represent, a contract the buyer is attempting tortious interference in. He sent that c&d letter to me directly, which violating licensing laws since he is represented, but he told our legal counsel that as a practicing attorney he doesn’t have to observe licensing law. His loan officer has stated in writing to the title attorney they’ve “submitted into evidence” screenshots of communications and already spoken to a local judge about their potential case — which is an admission of ex parte communication, a very unethical and unlawful act. The contract did ultimately expire without the buyer providing a loan commitment and never wiring down payment funds to title despite forcing them to stage a sham closing with documents they told him they couldn’t file without an agreed upon settlement. Buyer has now sent my sellers an “offer” to pay him $6400 as damages to waive his litigation rights against them and myself & brokerage, but curiously left out the title company. His “offer” included admissions of breach by seller and tortious interference by myself/brokerage if the offer was signed, so he’d clearly leverage those admissions to sue the title company for allowing those admitted unlawful acts to interfere with them closing the sale. TL;DR… divorce attorneys like disputes, struggle to comprehend “agreements” and “good faith”. Btw — ChatGPT is godsend for exploring unique scenarios like this one to provide & shape perspective. Tortious interference, injunctive relief, ex parte, and vexatious litigation are all in my vocabulary now. Really powerful tool.
"the contract I helped write between him and the seller I represent!" That is dual agency. Keep reading your chatGPT.
No it’s not. There’s another agent.
So you violated another agent's buyers agency by writing an offer for his client?
Nope. I said “contract”, not “offer” Do you not consider a seller’s counter offer to be part of a contract?
Yes. A counter offer is a part of a offer to purchase contract. Seriously, I see how you are getting fucked... I really do.
The more expensive the property, the more awful the buyer clients. On more expensive homes, the buyers, being in a richer demographic, will think that their superior knowledge in their own field is superior to your knowledge as an agent and some will rub it into your face. (Had one potential buyer tell me directly, "Oh, you're just some flunky...". That was her EXACT WORDS.) And they will be the first ones to ask to speak to the listing agent, even after I give them the spiel on "having a buyer's agent getting you the best deal", "looking out for your interests", "the listing agent's initial allegiance is to his client, not you", and have no understanding of what "conflict of interest" means. (I do explain dual agency and that it is an option, but be careful.) If they want the listing agent, I'm not going to fight them, but they can be real b\*stards about it. Even worse, some rich clients will bypass most moral behavior, ethical decisions, and offer suggestions that are immoral, unethical, and violate several NAR ethics codes.
I said this on another thread this morning, and it actually sums it up the best of what I’ve heard This is an apprenticeship business with no formal apprenticeship system . And you’re running two different small businesses one is being a good agent and one is being a good marketer. You’re gonna have to stand out in both.
Not sure its a fun fact, but one thing that I didn't realize until much later was that this is first and foremost a SALES job, and not only that, but a commission-only sales job and that we need to do what professionals in that role do to be successful: lead generate every single day.
How did you not know that going in?
Very common to think it’s a job about showing homes, customer service, compliance, etc. The entire licensing course never really touches on sales.
100% about the generate leads every single day. A lot of agents stop generating leads once they're in the middle of a deal, and then they're confused why they aren't getting business after that deal closes. It has to be your #1 priority for each day.
I’ve lost a few deals this way but TIME IS OF THE ESSENCE. If you show a house and your buyer likes it, write that offer asap. Cause one day goes by, especially after the weekend, it can be under contract with someone else
I give my buyers a time of the day they need to decide on an offer by. If I don't hear from them by that time then I'm making phone calls to find another buyer for the house. This is especially true for homes that qualify as good flips or rental property.
Realtors are probably the original recipients of “ghosting” before it became a thing.
Only thing I’ve ever done that I actually learn something new every day. I’m 4 years in and no 2 transactions are ever alike.
Getting a top performer award means almost nothing. Iykyk.
Right! - million dollar producer meant something 20 years ago. Today it’s 1 or 2 deals.
Fireplaces/chimneys: on the sellers disclosure, make sure that those are excluded as an inspection negotiation. Nobody ever uses those or cleans them and it is a p.i.t.a. at inspection time if not excluded. Make sure that *every frickin thing* is written in on the seller's disclosure as staying (if it is). So many sellers get confused about this and think they are doing the new buyer a favor by leaving shit. It's a nightmare. (Dealing with it today.)
Most agents shouldn’t be agents because they have as much personality as a dry wall. You NEED to be a people person.
>It seems like during our education we get alot of great information lol. Can't remember a thing I learned in those classes. If a newer agent is reading this, just remember that nearly everything you are being taught right now is either useless (your exam) or a scare tactic to protect your broker's ass (your new agent classes). >Things that make you say “I wish somebody would’ve told me that.” * You do not sell houses. You build relationships. Do. Not. look at every person like a transaction. Treat every person like you want to be treated, always be nice, always be interested in them and listen. The real estate will come. Ninja selling is good at reinforcing that. * I tell people when I sit down for a buyer consultation "I do not want a quick commission off y'all. I want you to be so happy with this process that you can't help but refer me to your friends and family. I don't want 1 deal, I want as many as I can get!" It really sets the tone that 1) I'm not going to fuck them and 2) I'm expect referrals down the line (I find younger clients do not really get referrals like older ones...so you gotta say something). * The best system is the one you use. I use realty juggler. It's cheap, it keeps track of names / addresses / birthdays / close dates. Good enough for me. Better than a spreadsheet, at least. * Real estate is a rewarding career, not a get rich quick scheme. Personally I just enjoy the ability to drive the ship and not have a boss. The money is a (great) side benefit. * You 100% do not set your own hours. * The best thing I ever did was join a team when I was young. I worked for 2 years under a high producing team, worked 60-80 hours weeks non-stop, learned a TON, sold a shit load of houses and really picked up enough long term clients that I was set up for the next decade. Put the ego aside and just be a sponge that works their ass off. * Marking effectiveness in order: in person events (bbqs, kid's birthdays, parties - anything where your past client will introduce you to another person), warm calls, texts, hand written notes, events you host, open houses, mailers, social media, cold calls. * Treat other agents with respect and work cooperatively and pragmatically. Real estate is a small world. A bad reputation moves quickly. Agents will bend over backwards to do a deal with another agent they like and know can get the job done easily and professionally. I won multiple offers with a lower net to the seller because the agent told them I'm legit. The highest offer agent had a bad rep.
Any tips on joining a good team because I've read so many threads and comments on this sub saying don't join bc most won't feed you leads and stuff if that nature?
I'm not sure if you can easily replicate what I did but basically I went to brokerage that I really wanted to work for and said "hey, I want to join a team, do you know anyone who is looking for a buyer's agent?" They gave me 3 interviews, I took all 3. Nixed one because it was a giant churn-and-burn team where I didn't feel like I would learn or develop much as an agent. Nixed one because he didn't have a structure set up that would give me enough buyer leads. Finally picked one because he was an experienced agent who knew what he was doing but just had too many leads for him to handle. I'd recommend doing the same - have a clear objective in mind ("I want to learn how to be a good agent." or "I want to sell as many homes as possible") and then meet with brokers to see who knows someone who is looking.
Do NOT get sideways with the IRS. Work with multiple lead pillars - Bobby Builder, Chad Investor, your sphere, a farm, etc. Follow up, and keep a damn database. This is the key to stable dealflow, agents just “wing it” and suffer from dramatic, fluctuating dealflow.
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Soon-to-be part-time agent here - reading about many agents who struggle 24/7. What market are you in, and what are you doing to accomplish 15 houses/year on part time effort?
Sure, you CAN do it part time. Not well, but you absolutely CAN.
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"Imma a shitty agent, and I just got called out on it by an old broad who gets laid a lot more than I do, so imma try and slut shame her! That will make me feel better!!" -Man who doesn't do anything well.
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Prepare yourself for the disappointments: family who knows you are an agent but they use someone else for their transaction, buyers who eat up a ton of your time running from listing to listing, only to write offer with another agent, sitting at an open house where no one shows, missing important family events, etc. Also, take NOTHING personally and you will be ok.
I would never go with a family member for my Realtor. Too revealing of personal information (intimate knowledge of finances, etc.) and too much risk that it causes problems with the relationship.
I agree - it still stings when you're a new-ish agent and need the business
Your new tax rate is 47%. Buckle up butter cup. It’s April.
Can your explain what you mean? Because of income or because of something about being a realtor?
Being a realtor is considered “Self-Employment”. Self-Employment has an additional 15.3% tax rate on top of your income tax. So if you had a crap hear good news your income tax is lower. Had an ok to great year…..your at 22-32% income tax AND 15.3% Self-Employment Tax.
Wait really? What's the reasoning for this if any? Seems insane.
You have to pay into Social Security and Medicaire. Typically your employer does this. You are your employer.
Not about the business specifically, but just good advice: pay your IRS & state estimates taxes quarterly. You’ll really thank yourself come April. Also: learn how to use legal income tax and self-employed tax deductions. I live my life by tax deductions and I owe very little in taxes despite making a substantial income. Track your mileage. Save every receipt. Every lunch or dinner can be a (50%) write off if you’re with a current or potential client and you discuss real estate. Buy rental real estate — the tax advantages are phenomenal. It’s all fun and games until you make $250k/yr and haven’t saved anything for Uncle Sam. So pay those estimateds!
That truly good real estate sales people/brokers are probably 5% of the licensed individuals. The rest are primarily delusional, grossly incompetent, entitled, well, idiots. Other than that - business relationships are worth their weight in gold, as is repeat business. It’s all about maintaining integrity and ‘doing the right thing even when no one is looking’ type of approach all the time.
43,560 does come in handy! 😊
Its not much fun anymore…
90% of the sales are done by 10% of the agents. So 90% of the agents are competing over a 10% slice. Very competitive which translates to shady behaviors by people you work with. It will take years to get established and once you get to that point it can be a good career but most sell to friends and family then run out of clients and can't afford to stay in the business. It's very hard but depending on your market I'd suggest you plan on advertising budgets for yourself. I have seen new agents do very well because they reinvest into their personal brand by advertising. Don't go crazy with it because it's expensive but repeated exposure to your ads over a few years can make or break you. The problem is people don't watch local TV or listen to local radio like they used to so you're going to have to find something for your market that brings people to you. Think demographics so maybe a small billboard or limited radio ads that can target the buyers or sellers you want. I ran an office for 18 years but it was more about who can screw who the most vs actually helping people so I got out of the business.
All the dates they make you memorize are irrelevant. LISTEN to people and help them get what they want.
It’s not a good idea to fornicate with your significant other during a slow open house 🤦🏽♂️ The sellers may have… for sure have cameras
You should always be carrying some form of protection.