How New Real Estate Agents Can Build a Successful Business, According to Industry Veterans
For new real estate agents, starting a successful real estate business is no easy task. That’s why we went ahead and asked industry veterans to share the best tips they have for agents who are just getting started. Keep reading below to see what they had to say.
6 tips for new real estate agents
1. Find the right brokerage.
“Once you have your license, it is important to find a brokerage where you feel at home and like you belong. This is why I always recommend that you interview a few different brokers before committing to one company. Be sure to check their commission structure and whether or not they offer any opportunities for training and mentorship.
Then, decide which brokerage offers the right balance for you. Often brokerages that offer a low commission split don’t offer much hand-holding for newer agents. If you feel like you need the guidance, it may be worth accepting a higher commission split in exchange for more learning opportunities.”
– Nicky Taveras, Owner of DNT Home Buyers in Woodbridge, NJ
2. Consider joining a team if you’re a new real estate agent.
“My advice would be to try and become part of a good team. In a team situation, leads and clients are provided to you, which helps to take work and worry off your plate as a new agent. In addition, the team leader has a vested interest in making sure you’re successful, which means that they are going to be more likely to offer mentorship and oversight.
In reality, the only way to improve as an agent is to do deals, but when you do them as part of a team, you have a built-in safety net.”
– Trey Van Tuyl, Owner of Discover Homes Miami in Miami, FL
3. Leverage your network.
“While you are getting your real estate license, start going through the address book on your phone and make a list of everyone in your current network. Then, start communicating with your network to let them know you can now help them sell or find their next house. Your current network will often be your primary source of business and referrals, especially when you are first starting out.
Once your initial outreach is done, work on creating a marketing plan with the guidance of your new brokerage to expand your network and automate your communication with your current network. You can use email drip campaigns, direct marketing campaigns, or social media. Whichever method you choose, building a marketing strategy will ensure that you stay top of mind whenever someone in your sphere is ready to buy or sell a home.”
– Bill Samuel, Broker of Blue Ladder Development in Chicago, IL
4. Treat your business like a business.
“The best piece of advice for new real estate agents is to act like the CEO of a business, not a real estate agent. Real estate agents are notorious for thinking about the next deal, the next commission and that’s it.
If you want to grow your business, you need to think about all aspects of your business — marketing, branding, advertising, staying in touch with previous clients, community outreach — anything that ensures that when someone is thinking about buying or selling, they think of you. Doing so will put you well ahead of the competition.”
– James McGrath, Broker of Yoreevo LLC in New York, NY
5. Become an expert on your local market.
“My advice is to become an expert on your local market. For example, you could invest in a website of your own and start producing content relative to your local market or volunteer at local events.
Real estate is a hyper-local business and people love to read real estate news in their area. If you can find a way to establish yourself as a local market expert, you will build a solid client base in no time at all.”
– Chuck Vander Stelt, Founder of Quadwalls.com in Valparaiso, IN
6. Don’t forget to be human.
“New real estate agents should remember to be empathetic to their clients. You are there to help them through a difficult and often complicated process. However, while there is a lot of dizzying paperwork and expenses involved in buying a home, this process is not just a monetary investment. It’s an emotional one as well. With that in mind, important to listen to your clients and to support them.
Remember that you are working with individuals and families who are often balancing many other responsibilities and are anxious about the home buying process. It’s your job to be a solid source of stability through this hard time and understanding of the different fears they may have. You aren’t there to push a sale, you are there to facilitate a huge life milestone.”
– Tony Mariotti, CEO of RubyHome in Los Angeles, CA