Some people think being a real estate agent means ordering business cards, putting a sign in someone’s yard, and waiting for a buyer to make an offer, then receiving a commission check 30 days later. That, my friends, is not how it works.
Obtain a license
To be a realtor, you need to be licensed by the state, which means you’ll need to take at least a few college courses like finance and ethics. Then you will need to pass the licensing exam.
Build your sphere of influence
Your first order of business is to start compiling a list of everyone you know; it is your sphere of influence. This includes your family members, friends, doctor, lawyer, pastor, colleagues, neighbors, and people who belong to the same groups as you (leisure, APE, etc.). Although these people may not be in the market to buy or sell a property today, you want them to think of you when they are ready or when they meet someone who needs your help. .
Choose a real estate agency and a mentor
In addition to your real estate license, to practice real estate you must work under a broker’s license, which usually means finding an established real estate office. Ideally, you will be able to find an experienced real estate agent who can act as a mentor. Undoubtedly, being a mentee will mean doing a lot of legwork, but it gives you the opportunity to learn.
Roll up your sleeves and get to work
Now is the time to go to work. A wise man once said, “The way to success is to help others succeed first. It doesn’t matter if you are a lawyer, a doctor or a real estate agent, your success will come from helping others.
So the question becomes, how can you help all of these people in your sphere of influence? Well, first they need to know how you can help them with their real estate needs. It turns out that 80% of home sellers surveyed said they would use the same real estate agent again, but only 15-20% do. Why the disparity? People don’t remember who their real estate agent was. The moral of the story is that you have to stay in touch if you want to be the person who comes to mind when people need help.
On a typical day, when driving, you see hundreds of cars, but none of them stand out. However, the moment you start thinking about buying a new Tesla, you see Teslas everywhere. This is caused by the Reticular Activating System, the part of our brain that filters information based on what is most important to us at any given time. Your job is to be the real estate agent that comes to mind when someone starts thinking about buying or selling real estate.
Don’t be boring
Leading awareness is a balancing act. It’s important to reach out to people on a reasonably regular basis, but not so often that they start avoiding you at the grocery store.
Consider the value you can bring to others. Every few months send in a recipe, newspaper clipping (or link) involving their kids, or maybe a bag of popcorn. Be generous and considerate.
The average homeowner stays in their home for seven years, so if you’ve been in touch recently, you’ll be the real estate agent that comes to mind. This doesn’t guarantee you’ll get the business, but it does increase the likelihood.
Get your name out there
You can also get your name out there with local advertising. Put your face on a magnetic sign on your car. Display your name on a banner by supporting children’s sports teams, or display your name on a poster by sponsoring a charity event.
Attend community events. When Mendocino College hosts a game, be there. When the community comes together for the Chili Cook-off, be there. When there are events with booths, have one.
Keep learning and stick to it
Your education in the real estate industry doesn’t end when you get your license. Passing the state exam has little to do with being a good real estate agent. This will come from a lot of fieldwork and continuing education courses.
To be coherent. Work hard. Communicate often. And stick to it.
If you have any questions about property management or real estate, please contact me at [email protected] or call (707) 462-4000. If you have an idea for a future column, share it with me and if I use it, I’ll send you a $25 gift certificate to Schat’s Bakery. To view previous articles, visit www.selzerrealty.com and click on “How’s the Market Going”.
Dick Selzer is a real estate broker who has been in the business for over 45 years.