I'm posting this, my October Blog, especially for you.
Real Estate has been wonderfully rewarding for Pat and me ... not just in a remunerative way, but in that it has allowed us to help thousands of clients. Many of you have remained close and that brings me to a very important point: Success is in the giving and in the care you provide you clients ... not in the money you make. Take care of your clients and the money will follow.
MY ADVICE FOR HASTENING YOUR SUCCESS AS A NEW REALTOR:
Even after 38 years I remember as if it were yesterday the helplessness and terror I felt the hour before facing my first listing appointment. When you are challenged with a huge responsibility without the required skills and experience to fulfill that responsibility, fear is the normal reaction. The first months and years after getting your real estate license will have a significant impact on the rest of your career and the quality of Realtor® that you will become. Below, Pat and I share with you ten critically important ideas that can give you a fast start and a solid foundation for your career as a Realtor®.
1.Carefully choose your mentors and even the associates you choose to spend time with. Hang with low-producers and you’ll pick up their habits. Develop friendships with top producers and you'll pick up on the many of the practices that made them successful. And remember, it’s not just real estate success … it's net worth, it's happiness, it's family, it's fun and it's peace of mind.
2.Take the terror out of prospecting by changing your understanding of what prospecting is. Prospecting is your most powerful tool and it becomes easy when you think of it as simply "having a real estate conversation” with anyone you meet. Make it your goal to prospect five to ten people every day.
3.Remember that spending time in the office socializing with fellow agents generally makes you no money. If you’re lonesome or bored, pin on your Realtor® name badge and go hang out at your local grocery or department store and see if you can start up a real estate conversation. If you make eye-contact and smile, people who notice your badge often ask, “how’s the real estate market?” If you are scripted, you can take it from there. THAT will make you money.
4.Large buyer deposits cure most closing problems. Sellers are impressed with the size of a buyer's deposit and buyers find themselves more invested in their transaction.
5.A seller's final "net" is more important than individual costs. If a seller is focused on getting a 1% discount on commissions, that could represent let’s say $5,000. If the seller hires a discount broker (who obviously can’t even negotiate his/her own commissions) the seller should be prepared to unnecessarily give up 10s of thousands of dollars in concessions to a tough buyer with a strong agent … due to the broker’s poor negotiating skills.
6.In any market, place higher priority on generating "seller" leads than "buyer" leads.
A. When you lose a buyer your client is gone.
B. If a buyer backs out of a contract on your listing you still have the listing.
C. Your seller will likely be your buyer client on his next purchase.
D. Your listing will provide you new clients from for-sale signs, ads and open houses.
7. Write your buyers’ offers from the point of view of what the seller and the listing agent need.
8. Write your listing contracts based what your buyer pool is likely to need and want.
9. When presenting an offer, always provide the listing agent with your buyer's proof of funds and a DU approval letter.
10. When your seller points out a defect in his house and asks you, “Is this something I should get fixed?” Keep it simple and just say, “I would.”
There are many more secrets that will enhance and hasten your success, but these are tried and true. I wish you well!