Top 10 List for Newbies

In honor of the final episodes of the David Letterman show, we thought we would celebrate the legend in our (far less funny) way with a Top 10 list for new real estate agents...

10)  Real estate is a lot more than just looking at pretty houses!
In order to get your license, you have to take a class (at least in NJ).  There, you won't learn how to price or stage a house... instead, you'll learn a bunch of laws and regulations.  And take tests... A LOT of tests.  If you haven't been to school in a while, it can be a real adjustment going back into the classroom!

9)  Find the right agency... which means one that is the right fit for your work ethic and personality.  It's gotta feel right ...but also has to work with you in terms of commission splits.  Make sure you know how those work as well as all the monthly fees and other costs you'll incur.

8) ... and then find a mentor.  You've taken a class, you've taken the tests, but you really don't know what you're doing.  Try to find someone at your company who will take you under his or her wing.  Whether it's an informal or formal arrangement, get the help.  You'll need it!

7.   It's a business... run it like one!
You may be super eager to run out and find a buyer or a seller and start showing houses.  But to secure a long future in this field, make sure you lay the foundation for a strong business model first.  Prepare a business plan and map out exactly how many transactions you will need to make in order to first recoup your start up costs... and then to make some money!

6.  You'll shell out a lot of money before you make any. 
The early costs quickly add up - real estate school, state exam, fingerprinting, license fees, MLS membership fees, office admin fees.  And it will likely take at least a few months from the beginning of your journey before money will come in.  So, if this is going to be your main source of income, make sure to have a little nest egg to live on.

5.  Lots of people have the same idea as you. 
Let's face it, as the market improves, more and more people look at real estate as a great career option.  You're probably one of those people!  You'll see them at your classes, networking events and in your office... and ultimately, they're your competition.  But just think... roughly half of those people won't make it past the first year.  Be part of the half that sticks it out!

4.  The more prepared you are in the good market, the more prepared you'll be when the market turns ...and it will.
We all have fresh memories of the real estate boom of the early 2000s... and the collective trauma of the crash that followed at the end of the decade.  It is likely that prices in your neighborhood are rising, and in some places, you might even be seeing the bidding wars of the ol' days.  But as good as it is now, it is inevitable that it will get bad again.  You can stay afloat during the downtimes by being prepared and having a strategy to get you through them.

3.  It's all about networking and contacts.
Order tons of business cards and hand them out at every opportunity.  Strike up conversations with everyone you meet... keeping in mind, that for every 12 impressions, you'll hopefully get two contracts.  And social media is key!  Learn how to connect to your contacts through Facebook, Twitter, Instagram, blogs, and whatever new format comes along.  The more networks you work... the more people you will touch!

2)  It's not a part-time job. 
Lots of us are moms who come to the business looking for a part-time way to make money while taking care of their children.  The reality is that it takes tons of (wo)man hours to really make your business work... and bring in money.  The good news is that the hours are flexible, so it is possible to raise your kids while working.  And a good deal of the hours you put in is in the form of networking - at the PTA, with community groups, etc. - and are things that you are doing anyway.

And finally...

1)  Don't be afraid to make mistakes. 
There is so much to learn when you first start out and it can be completely overwhelming.  We are lucky because we are working together and can bounce ideas off each other while sharing the learning process.  But, like you, we are still feeling our way through the ins and outs of this field... and will surely make mistakes along the way.  It's those mistakes, however, that help us grow and ultimately succeed!

Good luck!

Amy and Jill