New Real Estate Agent: Ultimate Survival Guide
Becoming a new real estate agent is daunting. There's no way to predict challenges, such as having the right frame of mind, how to market yourself, and understanding your finances. You might not even know how much real estate agents make.
Every agent encounters the same common obstacles on their way to becoming a successful real estate agent. But, with our survival guide, getting there might be a little easier.
Adopt the Right Frame of Mind
Adopting the right frame of mind will help you combat the first-year discouragement. Becoming overwhelmed and frustrated when you don't see yourself progress is a shared experience. So instead of getting frustrated - get M.A.D.
M.A.D. is an acronym to help you find the right mindset, which stands for:
Motivation is like building muscle. It would be best if you had motivation every day to stay motivated. You'll face rejection during your first year as a real estate agent. The critical thing to do is to hold onto the fire that keeps you going.
Active real estate agents are the most successful ones. You can't expect to land clients if you stay inside all day. Instead, you have to go through the action of making connections, converting leads, and closing deals.
Discipline is what you need to persevere. Being motivated and active as an agent will mean nothing if you don't do it daily. You'll need to stay disciplined to help you through the grind.
Understand Your Finances
Managing your finances is an important skill to have as a new real estate agent. You'll need to invest your money in every agent's fundamental tools. Such as:
N.A.R. is the National Association of Realtors. Becoming a member of the N.A.R. isn't necessary to become a real estate agent. However, members are regarded as having better credentials than those who are not. In addition to this, you'll have access to tools, data, and other perks.
M.L.S. is the Multiple Listing Service. Real estate agents use this resource to search for credible houses and condos currently on the market. Being a member gives you access to valuable information to help develop your real estate career.
Brokerage Fees are the payments made to your brokerage. The standard brokerage fee consists of monthly fees and a percentage of your transaction. Brokerages that do not have a monthly fee take more from transactions. Contrastingly, a brokerage with a higher monthly fee takes less from transactions.
C.A.R. stands for the California Association of Realtors. As a member, you'll gain information on market data, news and industry updates, and other valuable resources. Being a member of C.A.R. is a practical necessity for all agents - especially beginners.
Paid Advertising & Marketing will help promote your real estate brand. Some typical advertising and marketing expenses are billboard signs, website fees, and digital marketing efforts. If you're trying to spark some buzz, paying for ads and marketing is a great way to do it.
Business Cards are the standard for networking. This age-old necessity has been around since the creation of the handshake. A business card you can give potential clients will help you gain leads and maintain relationships - two pillars needed to succeed.
Set Realistic Short and Long Term Goals
Goal setting will set your sights on progress. When you create short and long-term goals, you'll have objectives that you can work towards. This will give you a clear trajectory for your career, so you don't waste time with poor self-management.
Setting realistic goals is required to overcome failure.
If the goal is too great, you'll get discouraged from reaching it. So instead, take a long-term goal and break it down into shorter objectives. That way, you'll be able to hit your milestones over time with more minor successes.
The goal of making $100,000 in your first year of real estate is a challenge. However, it's not impossible. Instead of gunning for this bigger yearly salary, try making at least $25,000 a quarter. Doing this breaks down your ultimate goal into more attainable objectives.
Dig for Prospects
Prospecting is the only way you'll earn clients. To earn leads, you'll have to meet people and get referrals. The best way to get these leads is by tapping into your sphere of influence.
Your sphere of influence is your immediate network of friends and acquaintances that you have influence over. For example, if you have a friend selling their house, you can tell them about your new real estate career. Alternatively, you can encourage your sphere of influence to watch people they know who might be selling a home.
Prospect digging is all about growing and maintaining your network. However, you can also discover potential leads through advertising and marketing efforts.
Final thoughts for New Real Estate Agents
Finally, surviving your first year as a new real estate agent takes time. You'll encounter many failures, challenges, and successes in your first year. The most important thing to know is not to give up.
To make it as a real estate agent, you must stay disciplined to keep going - even when faced with opposition.
Patience and perseverance are the last traits you need to survive your first year in real estate. Too many people enter their careers with the idea of making it big at the start. They tend to get discouraged when they don't see the sudden success. In reality, all they need is to be patient.
Success always comes to those who stay patient and work hard.
Every week, we release in-depth videos to help viewers become successful real estate agents on our CA Realty Training YouTube Channel. Also, if you enjoyed reading this article, we would love if you could share it with a friend who you think would get something out of it.