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

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