In this article, DC Fawcett, a popular real estate investor and mentor, gives you tips on how to become a successful real estate agent.
Planning is the most important
While reading up and conversing with people in the field are important, the most crucial step is to plan ahead for the things that follow. According to DC Fawcett Without this you are unlikely to taste success.
Have an extra source of income
There should be an additional source of income at the start of your career. As a beginner, you may get nil commission or may not get regular commission. So until you get set, keep your day job or save up at least for a year. Then you will still be able to pay your bills without commission.
Choose a tutor with sound training
You cannot do it all by yourself. It’s almost impossible to gain proper knowledge about the real estate business without tutelage. So, choose a mentor with fine training and experience to teach you or offer to assist him in deals. Get involved in various deals and learn the various steps in selling. You have to know how to comprehend and elucidate real estate documents like liens, encumbrances, title insurance and so on. When you practice alone, it will be much easier if you have seen these documents already.
Create an efficient contact management system
As a real estate agent, you have to work with many people like loan officers, mortgage brokers, inspectors, buyers, sellers, investors and others. So, you will have to find a systematic way to note down these contacts, locate information about them and follow them up when required. Hence, you need to form a methodical contact management system.
Use the web
Use the internet to contact buyers and sellers. Some of the old timers may tell you that it’s not a necessity and their business may continue to flourish due to an established track record. But you need the web to pool in customers. So invest capital for creating a solid web presence.
From the above paragraphs, you can arrive at the following conclusions. For a real estate agent, it’s not really hard to get the license. The real challenges open up when you enter the field and do not have inflow of cash for the first 3-6 months or beyond that. Friends and relatives whom you thought would buy or sell may put down their hands in the last minute or make you wait for a long time.
Saving ahead for 6 months or beyond will help. While, initially you start contacting people through the telephone, you have to build a strong online process for this eventually. You can invest part of your savings for building this online contact management channel. You have to gain practical skills by associating with a senior real estate agent who is knowledgeable and experienced. Before you set your foot into the actual business, you should have a proper plan. On the whole, being a real estate agent is a prospective career in spite of initial hiccups.