eXp Realty

Part-Time Vs Full-Time Real Estate Agent

How to Be THE Agent for a Builder

September 30, 2021Last updated on: September 30, 2021Published by: John Kinnunen 2

You are the sole go-to agent or broker for a developer or builder. Sounds great, right? RIGHT – IF you’re willing to work at it. This is not for the faint of heart nor is it for newbies, although one could quickly be thrust into the role if necessary.

A builder’s agent is just that, an agent for the builder of a particular development or subdivision. If you think this is easy money, knowing that pretty much all the lots will sell, think again. Sure, you’ll probably sell a few, but you won’t be the only one. While this is a great niche, it can be tricky to establish. Here are some tips to becoming a builder’s agent.

Why be a builder’s agent?

Being the agent for a builder can offer a lot of leads. Probably more leads than you’ll find on typical platforms like Zillow and even through your brokerage. You could be representing dozens of leads at one time. This can be extremely lucrative but there are drawbacks, advantages, and disadvantages to becoming a builders agent.

How to choose the right builder.

First off, you have to find a builder that is looking for an agent. It’s important to get to know developers and learn about their products and their goals. Many developers are receiving daily emails from a lot of other agents so you’re going to have some competition. You’ll need to build relationships with builders in unique and different ways.

Play the long game.

Make a list of developers you’d like to build relationships with. Make notes of their mailing addresses, where they’re building, the types of homes they build, and anything that stands out to you as being a different type of builder. You want to mail them something that’s memorable. Choose a marketing message that’s branded with your brokerage and your niche and maybe even send a small gift or useful item with your name and contact information.

Send weekly reminders.

If you’re serious about becoming an agent, you’ll need to send them weekly reminders, gifts, or messages with phone calls, social media messages, and ask about their sales. Follow-up calls are useful to find out what the developer really wants but this can be a tricky game to play. You don’t want to be bothersome or a nuisance, but you also want to stay top of mind.

Know with the builder is doing.

You want to stay on top of the builder’s upcoming projects. Ask the builder if they need any help with sales, ask for business, and if you’ve already built up a rapport, you may have a shot. But even if you don’t, and you don’t end up having a direct relationship with the builder, make sure you keep showing the builder that you are interested, professional, and committed. Just because you’re not an agent now for the builder, doesn’t mean that you can’t be in the future. Relationships fizzle and dissolve all the time.

Once you have a builder

Once you have a builder and you are that builder’s agent, you’ll need to fulfill your responsibilities ethically and morally. You may have a lot of properties to sell but you may not make as much money as you expected. Builders and developers tend to be pretty aggressive with negotiations. Builders may will likely want a discount but because of that discount, you’re likely to have far more listings than a typical agent. This can offset the lower commission rates.

Builders also want to know that you have references to related parties. Builders may have a rapport with a certain lender and offer buyers specific incentives and discounts if they go through a particular lender. If buyers don’t want to go to the lender, make sure you have a backup.

Are there certain qualifications to be a builder’s agent?

Any licensed real estate agent can become a builders agent. The builder can use any licensed agent or broker they choose but it’s important to be an experienced agent so that you understand the logistics behind selling lots and buildable parcels of land. While you don’t necessarily need to be a commercial real estate agent, it may help with certain details of each transaction.

Downsides to being a builder’s agent.

Representing a builder is very appealing but there are some disadvantages and are likely to get overlooked. Helping a builder’s cell parcels of land can come with long hours, strict schedules, and frequent open houses. Builders may not pay commissions that are as high as those offered on the typical MLS is a buyers agent or even a listing agent. New construction projects means that agents will need to overdeliver including the point of contact. However, the quantity of listings a builders agent is likely to get can definitely overshadow any negatives.

Bottom line

It’s important to understand all the pros and cons and the commitment that comes along with being a builder’s agent. Once you are in the builder agent realm, it’s easier to get more developers on your side. That initial contact and maintaining consistency, communication, and a good reputation is really key to getting more builders on your side.

For more information on how to become a builders agent or learning how to join eXp Realty, contact me at any time.

More tips for agents and brokers:

20 Questions to Ask When Interviewing Brokerages

8 Ways to Save Big on New Construction

100 Things I Wish I’d Known Before Getting Into Real Estate

Do Google Ads Work for Real Estate Agents?

September 22, 2021Last updated on: September 24, 2021Published by: John Kinnunen 1

Does Google Ads Work for Real Estate Agents?

What is a Google Ad?

Google ads, also formally referred to as Google ad words or ad words express, is an online advertising solution that businesses can use to promote products and services on other websites. Websites that allow for Google ads on their website can monetize these ads by the people paying for the Google ads. Pretty much any business or service can use Google ads.

Is a Google Ad the Same as Adwords?

A Google ad is the same word as Google AdWords, just a more updated version.

How do Google ads work?

Google ads work by displaying an advertisement when people search online for different products and services that you might offer. They may appear on YouTube channels, Google search results, and other websites. These ads can help get your ad in front of potential customers at the right moment so that they take action, or at least that’s the plan.

You first start by selecting your goal, what you really want your visitors to buy from you. Do you want them to contact you, buy from you, learn from you, or subscribe to you? You then select the geographical area where your ad should be shown and if this is a real estate brokerage, typically you’ll be within a certain demographic, geographical area, county or city. From there, you customize the ad and set your monthly budget. Once the ad is approved it will appear wherever users in your target area search for products or similar services to your own.

Can Google ads work for real estate?

Google ads can be a good source of real estate leads but like any marketing tool, you have to work the process. The unfortunate thing with Google, or it could be fortunate depending on how you want to look at it, is that the process changes frequently. To some it’s gotten easier over time, more simplified, and others, change is never good and you have to relearn a platform all over again.

To sign up for Google as you’ll need an existing Google account. Then you’ll utilize the Google ad system which can be as easy as googling “Google ads” and it will take you right to the page. You want to optimize your campaign for the proper lead generation and traffic. This will tell Google that the goal of the ad is to convert any clicks and traffic and actual leads. Make sure that you add your website to Google to track if the goal of leads is actually reached. This could be your homepage or your root domain or specific page just for lead sign-ups.

Consider using campaigns throughout ZIP Codes. While not everyone searches for ZIP Codes, it is easier to geo-locate and track using ZIP Codes for the area in which you service. If you live in a smaller market and don’t have a lot of ZIP Codes, you might use an entire city or even a county, whichever is more relevant for your demographic.

How much do Google ads cost?

The cost is determined by your budget settings. Google ads will give you control over your budget and your only charged when users interact with the ad. But, be careful, because more people may interact in your prepared for and then will have a hefty bill to pay. When they interact it means they’ve clicked to visit your website or called your business through the Google ad.

How much should I be spending on Google ads?

Of course, you have to do what’s comfortable for you, but if this is going to be a solid source of leads, a general rule of thumb is between $10 and $80 per lead. If it’s a solid lead, that could be several thousands of dollars in commission, well worth $50 or so. Smaller markets may have a less expensive leads based on competition.

The more people searching in an area and the more competition, meaning other agents that are using Google ad words similar to yours, will increase the cost per lead. Also, it depends on your landing page converts. If what you have when people get there is not compelling or entertaining or even worthy of a call or click through, you’re going to lose the lead. You can’t just set up a Google ad without a compelling website for them to visit. You’re going to lose them right away and waste your money.

Can I group ads together?

Yes. You can group ads together in the same category. Typically one for each ZIP Code or major metro area. Within that group, you can create multiple as with different headlines and descriptions. This is a great way to do a A/B testing to find out what’s really working and bringing in the leads.

How to analyze your leads.

There are several different ways to analyze the results. Your click through ratio means those that are actually clicking on your ad and following through to the website. Anything above 10% is usually pretty good but if it’s under 3 to 4%, you may want to adjust the ad slightly.

Lead to client ratio means your conversion ratio going from the click all the way to final closing. That, of course, is the key analysis because that’s where your income is coming from.

Traffic to lead ratio is how much traffic it takes to generate that one lead. A conversion rate of around 5% is actually pretty decent. For instance, if you had 300 clicks and you got 15 solid leads out of it, that could be upwards of $225,000 on average in commissions.

How do I know it’s working?

Again, it comes down to what you’re willing to work on. You can’t just set it and forget it. You need to look at where your dollars are being spent, your click-through rates, lead to conversions, and if it’s really working and then adjust if it’s not. You do need to let it play out for 1 to 3 weeks for each ad to really get a good snapshot of the success of the lead.

Need help adjusting your Google ads or setting it up correctly for your eXp Realty ads? Give me a call. Looking to start in the real estate business or if it’s time for a change to a brokerage where you can actually keep your commissions, contact me at any time!

Learn More about eXp Realty

Part-Time Vs Full-Time Real Estate Agent

How eXp Realty Commission Split Works

September 17, 2021Last updated on: September 18, 2021Published by: John Kinnunen 0

eXp Realty commission split is the exact same for every real estate agent. This puts every real estate agent at eXp Realty on a level playing field there are no secrete deals at eXp Realty. eXp Realty offers agents a great commission split at 80/20. Every brokerage has a commission split some 60/40 some are 90/10, while others brokerages have a 50/50 commission split. I was on a 60/40 commission split with my old brokerage before joining eXp Realty. Of the 60%, I got to keep they took an additional 7% of that for a franchise fee. Here at eXp Realty they only take 20% of your commission up to $16,000. At my old brokerage, they stopped taking that 40% when I reached $21,000 and continued taking the 7% for a franchise fee. At eXp Realty we don’t have franchises so there are no franchise fees and there are no desk fees.

The 80/20 eXp Realty commission split is a win-win for everyone. Say you are a part-time real estate agent and you don’t cap but you sell 4 homes a year. Each time you close you put 80% of your commission in your pocket. If you were at a brokerage with a 50/50 commission split you would only put 50% of each transaction in your pocket.

Let me break down the eXp Realty commission Split and how it works

eXp Commission Split

80/20% Split until you reach the Cap of $16,000. You keep 80% of your commission 20% goes the eXp Realty up to $16k (approx. 80k Gross Commission Income) then it goes to 100%
After you have capped you’ll pay a fee of $250.00 for each transaction up to $5,000 (20 transactions) or if you sell luxury real estate it’s different. See the link below on icon agent to see how it is different.
Transaction fee drops to $75 once you’ve reached 20 post cap transactions or you’ve reached $500k in Gross Commission Income and you have paid the $5k at which time you will become an Icon Agent. ICON agent means you can get all 16K you paid to the brokerage back in company stock. (see ICON agent – ask for more details)
For every transaction, you pay $40 in E&O insurance until you’ve completed 12.5 Transactions (Cap is $500 in most of USA)
For every transaction, you pay $25 for Broker review fee (No limit but well worth it)
You are allowed 3 Free Personal Transactions per year with only a $250 Fee + BIC and E&O
There are 3 different ways to get stock in the company ( STOCK OWNERSHIP)

Additional: Are Zero Desk Fees Really a Thing With eXp Realty?

General Commission Splits

eXp Realty offers an 80/20% split until agents reach a total of $16,000 and then they can go to 100% commission. After an agent has reached the cap of $16,000, they’ll pay a fee of $250 for each transaction. Those transaction fees dropped to $75 once the agent has reached 20 transactions. From there, every transaction will require a $40 fee in E & O insurance until the agent has completed 12.5 transactions. With each transaction, agents will pay $25 for broker review fees, which has no limits. eXp Realty also has three free personal transactions with a $250 fee, which includes review and insurance.

eXp Realty has no desk fees, royalty or franchise fees.

eXp Realty Commission Splits

eXp Realty has four different kinds of commission splits for their agents. Let’s break down each one.

New agents will join with a $149 setup fee that includes 1000 business cards, a lead generation website, access to content management systems, membership in the Regus Business Center, toll-free phone numbers, Google apps for work, storage, and email, Breakthrough Broker Membership, Sky slope Transaction Management System, and access to eXp World, their virtual campus. At this point, the commission is 80/20% until the agent reaches there for $16,000 in fees for that 20%. After that, the agent can keep 100% of the commission for the remainder of the year.

If an agent sells less than three properties within a 12 month period, they will be automatically in the mentor program, where they will incur an additional 20% split for the first three transactions with a local mentor.

Once a real estate agent meets the $16,000 cap for split, they go into 100% commission. They will always have a $40 risk management fee (until an agent has paid in $500), and a broker review fee of $25. Each transaction will now cost $250 and there will be a monthly fee of $85 that covers lead generation tools and University tuition, which includes 60+ hours of live training classes, guest speakers, workshops and sessions.

Once an agent has completed 20 transactions, that $250 fee drops to $75. At this point, high-earning agents get 100% commission, only pay $75 per transaction, $85 monthly lead generation tool fee, and $25 broker review fee. There are no other real estate brokerages out there offering less than $200 per transaction or monthly fee than eXp Realty!

Stock Purchase Plan

It is unheard of for an agent to get stock in the brokerage until eXp Realty was created. There are multiple different ways for a eXp real estate agent to earn stock in the company and they can opt to receive 5% of their commission check back at a 10% discount. To learn more about the different ways for an agent to receive company stock click here. EXPI Agent Stock program.

Learn More about eXp Realty

Zillow Leads Vs. Realtor.com Leads

September 9, 2021Last updated on: September 9, 2021Published by: John Kinnunen 1

Leads…. all agents want them and just about everyone pays for them. A lead is like gold and a solid lead is even more valuable than that. So, it makes sense that agents and brokers would pay for an actual, real lead. I mean, at the very least this is a few thousand dollars, and that’s nothing to sneeze at.

Where do leads come from?

When you start off in real estate a lot of the leads will come directly from your brokerage. Your managing broker may allow you to take a couple of the leads that are cold calls, or those that just simply call into the office looking for information about the property and are not currently working with an agent. However, this is not the most reliable source and because most of us are working from home anyway, no one’s going to be sitting at the desk in a vacant office anyway. This is where agents need to get a little bit more creative.

Friends and family.

New agents are likely to get some of their first listings from friends and family. Even if you, as a new agent, don’t have a lot of experience, these are the folks that are likely to give you your first shot at the business. But from here, you can build your book of business through referrals, friends of friends, and if you’re good enough, your reputation will proceed you and you’ll naturally get referrals.

I have one agent that doesn’t have a website and has never advertised online a day in her life, yet being in the business for nearly 30 years, she has a steady flow of referrals and leads that come in every month making her at least $250,000 each year.

Now, I don’t necessarily recommend that for everyone. Remember, she’s been doing this for three decades. For those that are either new in the business or have been in it for a few years, you may not have built out your book of business just yet and therefore are looking for leads wherever you can.

If you’ve been in the real estate industry for any amount of time, you’ve probably already received spam phone calls, emails, and cold calls telling you that they have leads to give you hand over fist. But, those necessarily aren’t that reliable either. Good leads, solid leads, ones from people that have actually given you legitimate name, phone number, and email, are like gold and this is why a lot of places like Realtor.com and Zillow.com choose to sell these to potential agents.

But, which is better? It can be a crapshoot throwing money at a potential lead funnel not knowing whether or not those leads are actually going to close. And of course, you need to buy the lead first and as you know in real estate, you may not be able to collect on that lead for at least a month or more.

How Leads Work

Zillow.com has a service called Premier Agent that agents and brokers can sign up for that allows them to have an ad placement on property listings in particular ZIP Codes that they choose, top placement on agent finders, exposure across other affiliated sites and highlight reviews on your agent profile.

All of this allows for clients and consumers to visually see you and your services more often and more prominent eventually inciting a lead. When an interested buyer clicks on a listing, they will see that agent’s name beside it regardless of who the actual listing agent is. The buyer would then reach out to that agent to see the property.

Zillow has a variety of payment options either month-to-month or within a certain month contract and the cost of each lead depends on the average price of homes in the ZIP Code and location the agent chooses. Most agents pay anywhere from $30-$75 per 1000 impressions, meaning the number of times their contact information is presented to a buyer or client.

They also recommend paying for at least 5000 impressions per month to get the most bang for your marketing bucks. Even if just 1% of folks that see your impression contact you, that could give you a return of about $100 per lead, clearly an effective and appropriate return.

Realtor.com has a program called Connections Plus and sends out a lead to all the agents in a specific area. Whichever agent contacts the lead first has the best chance of getting the deal. Those that sign up for this type of program get automated email and text responses to their potential lead, they are allowed to track data from up to 150 different lead sources in their CRM system, they can add agents from a team into the database and share the leads with the team, and there provided all information about the lead including contact information and their recent searches.

Both companies highly recommend each agent qualifies their own lead as they cannot guarantee that this will be an actual lead that will follow through to completion.

Realtors Connection Plus is slightly less expensive than Zillow but it will also depend on the location in which you are farming and whether you’re paying extra for additional leads or more surefire leads versus colder ones. Realtor.com sends all of these cooler leads or nonexclusive leads to all the agents in a particular ZIP Code based on a first-come, first-served situation. These nonexclusive leads are also less expensive but exclusive leads, allow agents to pay to be the only agent in a specific ZIP Code.

If you’re the only agent a client is reaching out to, chances are you’re the one that’s going to get the deal. Most of these nonexclusive leads start at about $200 a month while exclusive leads cost $1000 a month. (These fees can change so it’s important to check with current listings and fee structures.)

Which is better?

Naturally, Realtor.com has more monthly users than Zillow based on the fees. However, both websites receive a lot of traffic and can be a great source of leads regardless. Just about everybody under the sun knows about Zillow.com with Realtor.com being a close second and of course, the site that gets the most traffic will naturally get the most leads. However, Zillow.com also allows for sale by owner or FSBO listings and Realtor.com does not so you’re likely to have even more potential options for clients.

The key in real estate is to find what works for you. Not everything will work for everyone. It’s important to throw a whole bunch of rocks into the pond and see what works. Find a social media that works for you, a marketing outlet, and a lead generation tool. And of course, for the best service, support, and future in real estate, join eXp Realty. Regardless of whether you get your leads, the support and backup you need to be a successful agent really comes from a fantastic brokerage.

More Advice for Agents:

eXp Realty Stock 101: What you need to know as an agent

Visit My Real Estate Site – Clearwater Beach Condos for Sale

Contact Me At Any Time for More Information on Brokerages and Real Estate Agency

What is the Difference Between a Broker and an Agent?

September 2, 2021Last updated on: September 2, 2021Published by: Tim 0

Real Estate Broker Vs. Real Estate Agent. Is there a difference?

There’s been a discrepancy for years around the differences between real estate brokers and real estate agents even though, most of us that have been in the business for some time definitely know the difference. However, to new agents or to even customers and clients, the difference between a broker and an agent maybe a little bit blurry.

The biggest difference between a real estate broker and an agent

Both a broker and an agent are licensed individuals that can help buyers and sellers with a home sale or purchase. However, brokers have an additional certification even though the term is often used interchangeably. In some states, real estate brokers must have a real estate license for a minimum of two years and then pass an additional brokers exam to technically use the term broker. But in some states, a broker is at the same level as a licensed real estate agent but for most states, brokers will need additional education and testing to be qualified as a broker.

Real estate brokers are licensed to do everything a licensed agent does including negotiating and writing property purchase and sale transactions but, brokers can offer assistance to licensed agents and provide mentoring services as well. Brokers typically have a higher level of licensing which requires more continuing education and stricter exams and testing.

In today’s real estate world, many brokers actually oversee agents and verify or checkup work, offer assistance and mentoring programs even though they technically can provide all the same services to clients as a real estate agent.

Real estate brokers may be called principal brokers, broker associates, or managing brokers as they will typically oversee all the other agents within the office.

What can a real estate agent do?

There are several different terms for agents including a listing agent which represents the seller, the buyer’s agent which represents the buyer, a dual agent which can represent both buyer and seller in the same transaction, and then there is a transaction agent. A transaction agent typically works when a dual agency is not legal in a particular state. This agent oversees the entire transaction timelines for both parties but doesn’t necessarily offer advice or represent either side.

All of these licensed real estate agents can facilitate a transaction from start to finish but will typically be signing for the brokerage such as eXp Realty with the assistance of an overseeing broker.

Is it better to be a broker or an agent?

One of the biggest decisions for real estate agents coming into the industry is if it’s better to become a broker or state and agent. One of the biggest benefits of a broker is earning potential. Every agent can sell more but by becoming a broker, many brokers automatically earn higher commission because they are a broker and have more earning potential by mentoring others, assisting in transactions, and even sharing in certain commissions, splits, and stock options.

A broker is not necessarily better than an agent but a broker can work on their own where is an agent must be under a licensed broker.

So brokers make more than real estate agents?

Generally speaking, most real estate brokers have more experience, undergo more training and testing, and typically make more money than real estate agents. They are the only real estate professionals who can actually open their own brokerage, property management firm, and manage other licensed agents.

Every agent at eXp Realty has a split of 80/20 until a cap of $16,000 is met. The great thing about being an eXp Broker is that brokers can have a brokerage inside of a brokerage and are not limited on one area but can literally build an international real estate business.

More education, experience and the possibility of expanse in your own business, that’s the real difference between a broker and an agent. If you’re ready to launch your career farther than ever before, consider upgrading to a broker.

Ready to get started? Contact my office at any time.

More Advice for Agents:

What You Need to Know as an eXp Agent

eXp Realty Stock 101: What you need to know as an agent

Contact Me At Any Time for More Information on Brokerages and Real Estate Agency

Part-Time Vs Full-Time Real Estate Agent

August 26, 2021Last updated on: September 2, 2021Published by: Tim 0

Part-Time Vs Full-Time Real Estate Agent – Have you been considering a career in real estate? There are a lot of questions and things to consider when you’re choosing a career in real estate. Do you want to work part-time or full-time? Why are you getting your real estate license? Are you doing it just to buy and sell your own property or to actually have a business? And, speaking of business, are you looking to have a business or just provide a service to friends and family? Part-time or full-time?

Real estate is not for the faint of heart. You have to deal with a lot of different individuals with each transaction and because the dynamics vary based on everyone involved, each transaction is going to be different. No amount of real estate education is going to prepare you for hands-on training that you’ll get through actual experience. This is why experience is almost more valuable than just basic knowledge and book smarts.

In this article, we’re going to talk about the differences between part-time and full-time agents, what might work best for you, and how much money you can make doing either.

Part-Time Vs Full-Time Real Estate Agent

Is being a part-time real estate agent worth it?

Disadvantages to being a full-time real estate agent.

You will have a full schedule. You have to manage your time effectively otherwise you will be at people’s back and call all hours of the day and night. Real estate agents tend to work around the clock because nights and weekends are the prime time for showing buyers different homes. But, this also means that you could be working when you don’t want to or setting your hours to work when you want, even though that might actually cost you some business.

Being a full-time real estate agent is a financial commitment. With prelicensing fees, state exam fees, renewal fees, and of course all of the upfront costs, marketing, and desk fees that a lot of brokerages charge, it could be a while before you actually make a profit.

How a real estate agent gets paid is usually by making a commission when they sell a home. Once you close a transaction they you usually have to split that commission with your broker. Each brokerage is different so it is hard to say what that split is going to be for you. When I started out I was with Berkshire and was on a 60/40 split and they took 7% franchise fee and I had a $21,000 cap. What that means is 60% of the commission check was mine 40% was the brokerages up to $21,000 and an additional 7% of my 60% went to the franchise and there was no cap on that 7%. Once I hit the $21,000 then they just took the 7%.

I switched to eXp Realty where they had no franchise fee and everyone is on an 80/20 split up to 16k cap. Click here to learn more about eXp Realty’s commission. At exp realty, there are no desk fees, no franchise fees and you have the opportunity to earn stock in the company. Click here to find out how much eXp real estate agents actually make.

Once you become a broker you can create your own company or you can be an associate broker for an already existing company. Click here to learn more about brokers vs associate brokers. You have to be a licensed real estate agent for a certain amount of time before you can even get your broker’s license, which means you’ll need to hang your license with a brokerage like eXp Realty.

Advantages to being a full-time real estate agent

You can get ahead of the competition by knowing the market better by being a full-time real estate agent. As a part-time agent, you may miss some of the nuances to what’s going on in the housing market, especially in niche markets, certain neighborhoods, and communities. When you are a full-time real estate agent, you stay up on these a lot better having a clear and distinct knowledge base to help buyers and sellers. As a full-time agent you’ll spend a significant amount of time focusing on market trends, inventory, and local home values as well as when things sell and how they sell. You’ll have a better understanding of the industry, which will gain you more clients and a better salary.

You probably have an easier time picking the right brokerage. Brokers want to know that you are in it to win it. Even if they have to train brand-new agents, training full-time agent means they’re likely to get the value back out of the agent. By putting in a ton of training hours for an agent that might sell one or two houses a year and do it on the weekends when they feel like it, may not be worth it. When your broker knows you are all in, they usually will be all in in backing you.

You’ll have a better schedule. If you are a part-time agent, chances are that means you are a part-time or full-time employee somewhere else. This can be difficult to make listing appointments, schedule showings, and working your day job around a real estate schedule. When you work full time, you are in control of your schedule, the hours you work, and your income and this also means that you can earn as much as you like. Your financial potential can be unlimited.

Do part-time real estate agents make money?

I know part-time real estate agents that make $100,0000 a year, and I know part time agents that make 10k per year. I have worked with 100’s of real estate agents and it always comes down to these factors. What’s your brokerages split? Does your brokerage charge a franchise fee? What does your brokerage have monthly fees? What kind of training does your brokerage offer? Are you willing to work? There is so much that goes into being a real estate agent that making a 100K your first year is hard but with the right training you can do it but chances are, you’re going to be giving that money away in the form of split commissions and transaction fees. By working full time, your income potential is unlimited and once you meet your cap at whatever brokerage you are at like here at eXp Realty it is $16,000, meaning you’ve paid into the brokerage $16k and you then get to keep 100% of your commission. There are very few if any brokerages that actually allow that allow you to keep 100% of your commission once you hit that cap usually they all have some kind of franchise fee.

More: How to Make 100K Your First Year in Real Estate

Is it hard to be a part-time real estate agent?

Being a real estate agent regardless of full-time or part-time is a giant leap of faith and a lot of investment in your time and money. Starting off as part-time might be ideal while hanging onto the steady income of your “day job”. You may not be able to make a full salary by selling real estate part-time. You will need to manage your time, budget, and effort in a variety of different ways even if you don’t have another job.

You want to dedicate at least an hour or two a day for lead generation, stick to your schedule, set clear expectations about your availability to clients, and work with a mentor to help map out your business. Make sure you get proper training even if you’re planning on doing it part-time. You want to build a concierge list of real estate professionals like handymen, appraisers, and inspectors.

More: 20 Questions to Ask When Interviewing Brokerages

How much money does a part-time real estate agent make?

It really depends on how much each agent is willing to put in and what part-time looks for you. Is part-time 20 hours a week or 30? Five hours a week or 10? Real estate truly is one of those industries that the harder and longer you work the more your potential income can grow. But, it’s important to work smarter, not necessarily longer or harder. Having a mentor map out your business plan ahead of time regardless of however many hours you want to work will put you in the right direction and maximize the time that you do work on your business.

What does it mean to be a full-time real estate agent?

I would say there are two things that really matter when it comes to a full-time real estate agent; income potential and knowledge. The longer you’re in real estate the more you learn, the more experiences you have, and the more problem-solving techniques and negotiation strategies you acquire. Plus, the more hours you put in the more earning potential you could gain.

For more information on eXp Realty and how commission splits work, what it’s like to join eXp Realty, eXp Realty Stock Options and fees, and more Part-Time Vs Full-Time Real Estate Agent Contact me below at any time.

More: The Pros and Cons of eXp Realty

20 Questions to Ask When Interviewing Brokerages

August 18, 2021Last updated on: August 18, 2021Published by: Tim 0

You’ve made the decision to switch brokerages or maybe you’re just thinking about it and want to do a little bit of research. Interviewing brokerages is really the key to finding the best place in which to work. You want a brokerage that supports their agents, offers assistance and help, and doesn’t take your full commission. We recently asked agents what they wish they knew when they got into real estate and we got a lot of answers; 100 of them in fact, and one of the main key points was finding a brokerage that really supports their agents and is available. This should be one of your number one priorities when looking for the right brokerage.

Brokerages, the managing broker can vary from office to office. So when you’re interviewing brokerages and specifically a broker in which to work under, here are the top 20 questions that get asked the most.

#1. What are the goals of the company?

Agents want to know where the company is headed. This is not just regarding market share but also what the individual brokers goals are and what it looks like for agent growth. If they’re looking to grow their agent base, it usually means they are committed to delivering tools and systems that agents need to thrive. If you and the agent are both going in the same direction, it might be a good fit.

#2. What types of training and continuing education does the brokerage provide?

By now, you probably know that continuing education is a priority and necessity of the job so it’s important to understand what the brokerage provides when it comes to continuing education. Do they allow mentorship programs? Mentors can teach new agents real-world scenarios and because legalities are always changing, agents need to understand best practices and keep mistakes minimal. Tip: eXp Realty does this really well.

#3. What are the costs?

I know I posted this under #3 but it really is one of the top questions. What are the commissions like, how will you build your business and what are the fees you might incur along the way? Ask about any hidden fees and ask other agents if they were surprised about fees once they signed on.

#4. What marketing materials are available?

Marketing is at the core of what agents do and many brokerages provide marketing materials but there are guidelines for the use of each. Brokerages may also delegate and dictate what words and images are best for promoting properties and protecting you from litigation.

#5. What are the commission splits and caps?

A brokerage cap is the amount of money an agent will pay in splits to the brokerage before that agent gets to keep 100% of earned commissions. While many brokerages offer this incentive to real estate agents, not all do. Some brokerages offer massive fees without a cap. eXp Realty is different in its approach to splits – Read more here.

#6. Does the brokerage offer training programs?

More than simply continuing education or mentorship programs, training is essential, especially for new agents. The last thing new agents want is to be thrown to the lions den and have to deal with things all by themselves. Training for different scenarios is key to managing the transaction and keeping things running smoothly.

#7. Is there favoritism in the office?

Your broker may not come right out and admit this but if there is favoritism between the agents, commissions for some and not for others, free training for top agents etc., this may be a red flag. If you are unsure, ask other agents in the office what they think of the brokerage and if they feel there is favoritism or nepotism going on.

#8. How big is the brokerage?

If a managing broker has a couple of dozen agents underneath them, that’s pretty manageable but what happens if the brokerage grows in the hundreds? Will each agent still receive the same amount of attention and consideration? Are there managing brokers that will split off and help other new agents and experienced agents?

#9. How is the administrative support?

Administrative support is huge when it comes to finding the right brokerage. Most offices will have administrative staff that will handle office details however, some admin support will also be in the form of a transaction or sales coordinator for agents such as inputting MLS information, follow-up, and contacting clients. Ask about the support and if you agree with the process.

#10. Does the company have a policy and procedure manual?

The last thing you want is to be a year or two into a brokerage only to discover there’s this manual that no one talks about but everyone should follow. Ask about this now and if it’s not automatically volunteered, that could be a red flag as well.

#11. Is there mandatory floor duty?

Will you need to sit at a desk all day at least one or two days a month? Can you work from home? What is the policy and what makes best use of the agent’s time?

#12. Are there restrictions on self-promotion?

Will each agent be able to promote themselves or the broker or both? Can each agent have their own website, picture on their business card and signage or is there major restrictions as to the location, frequency, and wording of the brokerage? Some companies have strict rules, which can be a dealbreaker for many brokers and agents.

#13. How are incoming sales distributed?

When a call comes in on a listing how are these calls handled? Do they go to the listing agent or an on-site buyer’s agent or to the general pool of agents?

#14. What is the average income of active agents in the office?

You’ve heard that old rule of thumb that your income is the average of your five closest friends and if you are in an office surrounded by other top agents and successful brokers, chances are you’re more likely to rise to that level as well.

#15. How are referrals handled?

Do agents refer each other, have a book of referrals when they are on vacation or out of town, and how do referrals happen out of the area? This is something to understand right off the bat because referrals will happen and possibly sooner than you think.

#16. What is the overall attitude and culture of the office?

Are you an agent that just wants to be left alone or do you need your hand held through most transactions? Regardless of which side of the coin you fall, you want a brokerage that gives you the freedom to do what you need to do and learn in the best possible way. An office that has a lot of new agents can feel energized but also a little chaotic. Seasoned veterans of the office can feel more stable but can also leave new agents isolated. A good combination of experienced agents and new agents can give you the best of both worlds but again, ask about the culture and see if it fits into your work ethic.

#17. What is the broker’s reputation?

Of course, the broker themselves is probably not going to be honest in this realm but asking agents in the office about the broker’s reputation and what they’ve heard in the industry can really give you a sense of what people think about the broker and the brokerage.

#18. What is the turnover?

If agents are constantly coming and going, there’s probably a reason. If the brokerage has seasoned agents that have been there for years, chances are that’s good news for your future.

#19. How are successful agents recognized?

If you’re out there all by yourself but succeeding, you probably want to be acknowledged for it. Top agents in eXp Realty and incentives so top earners and successful agents are rewarded, which incentivize all new agents to continue up the ladder.

#20. Are there any long-term benefits?

This might be in the form of stock options, investment opportunities, and other agents underneath you. If this appeals to you, this might be the right brokerage.

Remember, you can always move brokerages, but I hope these 20 questions have given you a good direction on finding the perfect brokerage in which to hang your real estate license. If eXp Realty seems like a good fit, give me a call. Let’s talk through these questions and find out if your next brokerage is right around the corner.

More Advice for Agents:

What You Need to Know as an eXp Agent

eXp Realty Stock 101: What you need to know as an agent

Contact Me At Any Time for More Information on Brokerages and Real Estate Agency

Are Zero Desk Fees Really a Thing With eXp Realty?

August 13, 2021Last updated on: August 13, 2021Published by: Tim 0

eXp has zero desk fees. Yes, that is right. Essentially because eXp Realty is a virtual brokerage so it doesn’t make sense to have charges for a desk when there really is no office. However, there are certain fees associated with being an agent or broker with eXp. Similar to a typical brick-and-mortar brokerage, there are fees that go into covering overhead expenses. There are also no royalty fees or franchise fees. The revolutionary virtual office business model does away with all these additional fees unlike most traditional brokerages. Agents can keep 80% to 100% of their commissions and enjoy a low company cap. Let’s break down the fees in being an agent with eXp Realty.

Join eXp Realty Today

Upfront fees

When you join eXp Realty there is a $149 start up fee that includes 1000 business cards, a lead generation website, contact management system, membership in the Regus Business Center, toll-free phone numbers, Google apps for storage and email, brokerage membership, Skyslope Transaction Management System membership and access to eXp’s virtual campus.

Commission Splits

Agents who join eXp Realty adhere to an 80/20 commission split until that agent reaches a $16,000 annual cap, meaning you’ve paid in $16,000 and then you keep 100% for the rest of the year. eXp Realty offers equal commission splits across the board. No agent receives exclusive deals unlike many other real estate brokerages. All ages pay the same commission split in fees

regardless of tenure or transaction volume.

Transaction fees

After the $16,000 cap, there is a $250 transaction fee for the next 20 transactions and then $75 per transaction after that.

Mentor program

The eXp Mentor Program is for agents who sold fewer than three homes or properties in the past 12 months. There is an additional 20% split for the agent’s first three transactions with a local mentor.

E&O Insurance

eXp Realty covers the errors and omissions insurance by each transaction. Agents pay $40 per sale until they reach a $500 annual cap and a $25 broker review fee to ensure contracts are accurate.

Cloud Brokerage Fee

eXp Realty offers a “Cloud Brokerage Fee” which covers the brokerage’s software, online support, and other online platforms that agents may utilize. Many other brokerages have fees of over $300 a month for similar services but eXp offers it to all of their clients. It also covers a state-of-the-art CRM called kvCore. This is a real estate-specific CRM that ties in listings with a marketing backend strategy. This fee is $85 per month.

Money Back

One of the largest benefits of joining eXp Realty is that you can recover your entire commission split back as a result of hitting Icon Agent Status. This is when an agent has hit their commission cap and fees cap and is met the cultural requirements put forth by the brokerage. This means you’ve provided mentorship, offered a webinar or seminar, or generally participated in the culture of providing support to other agents. Once you are an Icon Agent, you are eligible to receive your entire commission split back in the form of equity in the company.

For agents who are top performers, they are working in a 100% commission split with the otherwise low transaction and brokerage fees, something that no other brokerage out there has. Like equity, the amount agents are earning back can be worth a lot more than their original split.

In addition to this investment, agents can get equity rewards in other ways. When ages close their first transaction each year they get $200 worth of EXPI stock. If ages introduce or sponsor an agent and they sell their first home with eXp Realty they get $400 worth of stock. This Agent Stock Purchase Plan can give ages the opportunity to buy at a 10% discount on the market value of the stock.

Example:

Let’s take an example that eXp uses. For an agent that sells around 10 to 12 homes per year and is $80,000 GCI, that agent could potentially save over $8000 per year with eXp Realty. Top producing agents to sell about 25 homes or more and generate upwards of $300,000 in GCI, their savings is about $60,000.

Join eXp Realty Today

To learn more about joining eXp Realty and how you can start saving money, investing, and getting 100% of your commission splits, contact me below. I’d love to offer more information or help you join eXp Realty today.

100 Things I Wish I’d Known Before Getting Into Real Estate

July 29, 2021Last updated on: August 5, 2021Published by: Tim 0

Work how you want, when you want… did you hear that when you got into real estate? If not, a lot of your colleagues sure did, and a lot more. Whether you’re just now getting into real estate, looking for a change, educating yourself or just need a pep talk here are 100 things most agents wish they’d known before getting into real estate:

“Brokers are not always realistic on how hard real estate will be in the beginning. It’s hard to get clients and many brokers, especially those that are trying to get you into the business are very optimistic. Most people are very disappointed when it comes to finding out that you’re not going to get a slew of clients right off the bat. Anything worth having is definitely worth working… Hard… For” Lyn Sims

“I was warned by my first broker that it could take at least six months before I saw any income. If this is taught at the beginning, agents may be able to ease themselves into real estate rather than sacrificing everything and then not having any income for a long time.” Marte Cliff

“Make sure to hang on to past clients. Those past clients can definitely be referrals for the future. With my first brokerage, when the transaction closed, the file went in a drawer and the people were forgotten. I missed out on a lot of repeat business and referrals in the years before I learned that lesson.”

“This is not a business for squeamish, fearful, or impatient people.” Mike Cooper

“Learn to live on the income you made in your worst year and save tons of money.” Caroline Gerardo

“I wish my first broker would’ve told me how many people waste your time if you’re too nice at first.” Candice Donofrio

“I didn’t realize how expensive getting into real estate was. You have your license, marketing, desk fees, monthly fees, transaction fees, and that’s all before you really even made a sale. Make sure you understand all of the costs involved before getting into real estate.”

“Have the money to survive for a year without a commission check.”

“Look and smell good. If your client can’t stand to be in your midst, you’re in trouble.” – Richard Mellen

“The articulate but don’t talk over your clients. Don’t nervously chatter or make too much small talk but allow pregnant pauses and communication to allow everyone to think and respond.”

“Have tools handy to measure, repair, unstick stuff, and quickly provide information or calculations that buyers might need.”

“As soon as you receive a contract, immediately respond that you have received it even if you haven’t read it all the way through just yet. Clarity is kindness and response is considerate.”

“Do not yell or argue with anyone. Listen and respond thoughtfully. Remember, this client is your next referral source.”

“Don’t take what you are doing lightly. You are in this business to walk your clients to the most risky expenditure of their lives. Don’t be high-pressure, don’t panic sell, and don’t pretend others have interests if they really don’t. Don’t be perceived as a liar or a bully. People remember things for a long time.”

“Do what you can to get along for the sake of the deal, your clients, your business, and your reputation even if it means you may have to do more work.”

“Stay in control of your daily tasks. Keep things organized so that clients know you have everything together, everything on track, and they feel less stressed because you got everything handled.”

“Many agents come in with rose-colored glasses and leave with a new respect for how difficult the businesses. Learn all you can ahead of time and your expectations won’t be that outlandish.

“Don’t necessarily spew stats and talk about the market. No one ever got hired by firing off stats. You get hired by being interested in helping someone.” Chris Ann Cleland

“Know when to talk and when to listen.” Scott Godzyk

“Be prompt. Respect other people’s time including other agents, appraisers, inspectors, and lenders.” Fern Hamberger

“Learn something from everyone you meet.” – Scott Startsman

“Always, always, always do what you say you’re going to do.” Kat Palmiotti

“Find a good mentor, which may not always be your broker, Because leaning on your own can add to so many more issues later on.” Margaret Goss

“What is pertinent is always passed down so it can continue.” Richie Alan Nagger

“You are the employee, not the employer. Your direction in response to offers, counter offers, questions, etc. comes from the seller and buyer you are working for.” Jamie King

“Make sure you have filled out the contracts completely. As a lender, I get contracts where the agents have not filled them out completely or it is not legible. I am amazed that some don’t even answer emails.” Dora Griffin

“Having high grooming standards reflects on your personality. Remember how you look to others including everyone in the industry as well as your clients.” Mary Hutchinson

“Desperation leads people to make crazy decisions and other people can sense it too. Having plenty of resources is critical to any agent especially those with a new pipeline of clients.” Deb Janes

“You can change your clothes, your hair, but your reputation follows you everywhere” Mary Jo Quay

“Don’t wear too much cologne either.” – Alex Heyen

“Be accessible and willing to communicate. This goes for anyone involved in the transaction including clients and professionals alike. It’s beyond frustrating when people go MIA” Gene Mundt

“If you don’t feel right about someone don’t work with them.” Pat Starnes

“Build a database. Absolutely everyone you ever worked for should be included in your database and book of business. They should receive follow-up every once in a while and be reminded that you still are in real estate. You need to be there when they go to when they need to buy or sell in the future.”

“Make sure you follow up. The old saying ‘the fortune is in the follow-up’ couldn’t be more true. 80% of sales are made on the 5^th to 12^th contact so just because they don’t respond right away, doesn’t mean they won’t in the future.”

“Shift from employee to entrepreneur mindset. Real estate agents are 1099 contractors so, even though the skies the limit, there is no floor in real estate.”

“Set at least 15% to 30% aside to pay your taxes come April.” – Matthew Kennedy

“Be kind but don’t let people take advantage of you. I had two families that promised they would let me sell both homes and by their next home if I gave them a 1% commission on the first house. I did and then I never saw them again.”

“Focus on sellers, not just listings. What do sellers really want out of selling their home? That’s different than just getting a listing.”

“This is a business of relationships; it always has been and it always will be regardless of technology. Make sure you build relationships and ask everyone for their business.”

“Sometimes you have to take action and force yourself to do what you are afraid of. Be confident and get over the fear of just doing it.” – Dave Van Nus

“Set goals every single year and then set out a coaching plan to achieve those goals.” The Bell Team

“Are you going to be at everyone’s beck and call or will you have set hours? Some people think they get into real estate to set their own hours and have a lot of free time. This is exactly opposite of usually what is true.”- Chuck Gonzalez

“Have the right work ethic and train harder like a professional athlete would. Commit to coaching and training to improve your skills and confidence.”

“The relationship with your lender can mean everything. If you have a bad connection with a bad lender, you will be frustrated the entire way through. A great lender can help you get to closing and solve problems before you even have to ask.”

“Just because you show a buyer that has everything they wanted doesn’t mean that’s the home they really want. People will always find something they don’t like about the house. Try to remind them what they’re buying, why they are buying, and how much they can afford.” John Kinnunen

“Unfortunately, in this business, you have to pay to play. It costs money to get business. You have to spend money to make money; that is nowhere more true than in the real estate industry.”- Deeley Chester

“Anyone can sell a house, you are selling YOU. Why would someone want to buy a house from you rather than someone else?

“This is a feast or famine business. One month you could have 10 closings and get a boatload of money in the next month not have any. The key is to live below your means and budget your money well. Save any leftover money for those lean months.” Trace Lee

“Never count, and especially never spend, commissions before they close. You might think that a payday is coming but anything can happen at the last minute and if you’ve already spent that money, you find yourself in a world of hurt.” – Don Payne

“Real estate isn’t for everyone but it can be extremely fun. Don’t forget why you are in this business and don’t forget to have fun.”- Joe Sisneros

“Not all brokers support their agents. It may be time to move your license to an agent and a brokerage that actually supports, encourages, and assists their agents.”

“Talk with an accountant immediately. Get your money set up correctly from the beginning so you don’t make any mistakes or have any tax issues.”

“Sit down and talk with another agent before getting into real estate. Ask them what they like and dislike about the business and their personal journey and adventure that got them into this business.” Knieper Team

“Take continuing education courses that you really like. As a real estate agent you have to keep up with your education and knowledge in real estate and while a lot of these courses don’t actually give you hands-on, on-the-job training, you can learn quite a bit about appraisals, construction, and home inspections as well.” – Erika Rogers

“Determine your short-term and long-term goals. Where do you want to go with real estate as your career? What would you like to accomplish? Are you looking to leave a legacy or just make a paycheck?” JoAnn Dickinson

“Have a checklist ready to go. I am a list person so we need to know every detail of the process and when I need to accomplish that task. Timing is of the essence in real estate and as long as you have everything down and you make a check list for every transaction, you should stay on task.”

“Start a database. Make sure you have enough money to create a content relationship management system and make sure you create data on how you know the client, whether they are homeowners, buyers, sellers, or renters.” – Marcus Brown

“Choose 3 to 4 sources of primary business. Don’t put all of your eggs in one basket as in letting your website do everything for you. Have several different sources of lead generation. Work a few social medias and find what works for you and then work it hard.” Billy Rabbitt

“Get active on social media. Most real estate agents are through referrals these days so make sure you build a good relationship on your social media and whichever one you choose, work it every day.” – Alexander Gutierrez

“Stay consistent. Consistency will pay off every time so it’s important to build out time blocks and track your results on your daily schedule, getting leads, and follow through.”

“Choose your brokerage office wisely. Make sure you interview with at least three or four different offices to get a feel for the way that they do business. The people in your office are just as important to your success as you are.” Drew Laughlin

“Use QuickBooks or some other accounting software to keep things straight so that you know what you have used for business, how much income you have, and how much will need to save for taxes.” – Eve Alexander

“Don’t forget to do a little investing on your own. Being real estate agent means that you might find some of the best deals first and these can turn into lucrative rental properties.”

“You don’t have to do everything yourself. By using a virtual assistant you can keep things organized, keep your process bulletproof, and document everything. This might be a little hard right out of the gate, but it is definitely a benefit in the future.” Tonya Peek

“Be teachable. Make sure that you learn something from every single transaction whether you have failed and learn something or whether it’s a success. Every person will teach you something; is up to you to pay attention to what they’re teaching you.” Miggins Real Estate

“Surround yourself with like-minded people. Hang out with the successful real estate agents and ask questions, observe, and emulate.”

“Learn how to problem solve and find solutions. If you don’t know the solution right away, tell your client or vendor that you’ll come back to it after you have done some research. Being willing to find a solution works wonders for relationships.”

“Seek first to understand before being understood. This little habit from the 7 Habits of Highly Effective People is good advice in life regardless of your profession. Try to understand where everyone is coming from the forgetting your own point across. You might be right, but at least you know where they’re coming from.”

“Not everybody cares that you are a Realtor®. Your brokerage may require you to be a member of the National Association of Realtors, but most clients don’t really understand the difference between a licensed agent, broker, and Realtor. Just the ethical regardless of your title.” Sara Mehrpouyan

“85% of what we do is service and just 15% is sales. It’s all about hospitality and relationships. This service-based business will only thrive from someone who understands that first, and sales and a paycheck second.” Ellen Bruya

“Never be afraid to ask. Ask questions, learn from those that have been there and done that, and be grateful for the information.” Jackie Barikhan

“Make sure you have a clear vision and mission. Make sure you know your values, beliefs, your mission, and your vision to define how you’re going to do this business. If they are cloudy, it’s time to take a step back and really define what it is you’re working for.”

“Design your brand. This may or may not happen right out of the gate but the sooner you brand yourself and then advertise your branding, the more often people will recognize you, know you, trust you, and turn to you for real estate.” Todd Blair

“Ask for reviews. Never forget to ask a client for review. Zillow, Facebook, Google are all good choices and the more reviews, especially the more five-star reviews you have, the more trustworthy and authoritative you become.”

“Drop what’s not working. There are a lot of things you can try in real estate but not everything is going to work or work for you. Determine quickly what is not working and move onto the next thing before wasting too much time and energy.” Frank and Karen Baker

“Treat this like a business because that’s what it is. Are you treating it as a service or as a business? When you treated as a business and you are the lead, it’s a different mindset that helps you progress faster and be more successful than simply trying to keep up with the service.” Dale Corpus

“Stay healthy. Remember, you’re going to be following buyers and sellers throughout the house, may be up into the attic or basement, and you don’t want to be out of breath or seem like you can’t handle moving around a property.”

“Have passion. If you don’t have passion, you’re not going to love this job and it’s going to show. If you don’t love it leave it.” David Fleming

“Don’t be afraid to lose a deal. It can be exciting right out of the gate to get a deal or get an offer accepted or an offer on the table but don’t be afraid to walk away and this is something you should share with your clients as well. If things are getting too difficult, there are too many red flags, or the deal is just struggling to go through, it may not be meant to be.”

“Plan days off and family time in advance. This business can definitely burn you out so you need to have family time, loan time, and vacation time. Unfortunately, with deals going all of the time it can be difficult so plan ahead and prepare for the time off.” The Gellman Team

“Have a backup plan. When you do go on vacation, make sure that you have someone that can cover your deals while you are gone. Make sure it’s someone trustworthy that won’t steal your client but that will be honorable educated, and well-versed in all of your transactions.” A.D. Whitehurst

“Don’t be afraid to fire a client. We can interview clients just as easily as they can interview us and not everybody’s gonna work with everybody. Sometimes it just doesn’t work out and you’ll need to know when to walk away.”

“Know why people fail. Knowing how and why people succeed is just as important as why people fail. Avoiding mistakes, learning from other’s mistakes, and learning when to walk away is crucial.” PMD Realty

“Plan your income with a sales funnel approach. It’s important to know your present and future expenses both personal and business so develop an income budget like an expense budget to come up with a realistic estimate of what you expect for income the first year or so.”

“Figure out if you really want to split your commission. When you first get started, you’ll likely split the commission with your brokerage but every single brokerage office is different and may require different fees. Some may let you keep 100% of your commission in exchange for desk fees and transaction fees. It’s fine to give up part of your commission while you are learning, especially if you get help in return, but as you grow, you may want to branch out on your own.” Gregg Camp

“Don’t be a broker if you don’t really want to be. A licensed agent can buy and sell real estate just as well as a broker can but unless you’re planning on going out on your own, you might consider just staying as a licensed agent. You can learn more as a broker but it may not matter to your client.”

“Make sure people can get a hold of you. There’s nothing worse than a real estate agent that never answers her phone, text, or emails when a client really needs them to.”

“Find your marketing niche. Maybe it’s probate, foreclosures, lake homes, condominiums, etc.… You get the point. Find what you’re good at and then market to that regardless of whether you can buy and sell other properties. People want to know that you’re good at what you know.” Joe Hayden

“You only use about 5% of what you learn in pre-licensing class. Just because you took the classes and pass the test doesn’t mean any of what you just learned will be within your first few transactions. Just be prepared for that.” Preston Russ

“It’s harder than you think.”

“Don’t be offended if friends and family don’t want to work with you. Remember, this is hundreds of thousands of dollars they are dealing with and as an amateur, they may not want to deal with you right away. Try not to be offended and just move on to your next client.”

There will be ebbs and flows and you’ll assume you’ve made a huge mistake. But again, power through, learn from any mistakes, and when you get overwhelmed, try to get things out of your head and onto paper.” Michael Friedman

“Your earning potential is unlimited. This is not an hourly or salary-based job and most real estate agents receive an income largely dictated by the time they invest in clients and sales. I’m not saying you have to work 24 hours a day, but if you did, your income could be limitless.”

“Manager time effectively. Clients can take advantage of your time in a heartbeat so make sure you have boundaries, you’re not necessarily at their beck and call, and people know that they can get a hold of you when they need to.”

“Real estate can be very rewarding. Seeing someone get into their first house, receiving a check from the sale of their home, or just making a major move can be quite rewarding. Don’t forget to stop and enjoy the process and the journey once in a while.” Kenny Raymond

“Get use to a desk job. Yes, you’ll be out in the field during homes, walking properties, and putting up open house signs, but a lot of it is a desk job and you might be doing a lot of administrative work; more than you originally anticipated. Just be prepared.”

“Some days you’ll work longer hours than others… And that’s just the nature of the beast.” Tina Saporito

“Try to get along with other agents; you’ll be working with quite a few of them in your area.”

“Don’t be that guy. You know, the one that nobody wants to work with.”

“You won’t sell a house and get your paycheck the same day. From start to finish, it can take 30 days or more once your client starts the process. Then after closing, escrow will disburse the funds at which point then you’ll get your commission check.” Jean Wawrznyiak-Fry

“Consider getting your license in multiple states. This could actually help you in the long run, especially if you live in a location that’s close to a state line. A lot of people move from one state to another and back and forth so being licensed in both areas in multiple counties can really be a benefit to your business.” Sam Resnick

“You may get sued. Nobody wants to hear that but it’s kind of the reality. You might be called into court because someone else is suing someone and if there are issues on the home description or incorrect information, it could lead to a lawsuit so it’s important to cross your T’s and dot your I’s and watch your P’s and Q’s.”

[Source]

eXp Realty – Become an empowered real estate agent – Focused coaching, accountability & team support – John Kinnunen

More Advice for Agents:

What You Need to Know as an eXp Agent