Real Estate: What a Beginner Realtor should know

The first months of a beginner realtor are not easy but this does not mean that you should quit. The task ahead is great but so are the rewards. There are tips from veterans in the field to help you go about.

Decide What Kind of Business You Want to Build

Avoid a common mistake of many new practitioners and don’t spread yourself too thin. You’ve already stated that you want listings, so let’s start there. Ask yourself if there is a way to narrow your search for clients with listings. Most practitioners accomplish this by choosing a neighborhood to farm, or by specializing in a certain type of home, such as new homes in master-planned communities, older homes of historical interest, or condos and town homes. Is there an area or type of home that interests you? By focusing on a niche, you can become known as the expert.

Don’t be afraid that you will miss business by not becoming a general real estate practitioner. You have to keep your time, advertising costs, and other limiting factors in mind. If you’re going to farm a neighborhood, a good way to start is by hanging fliers, sending mailers, and knocking on doors to introduce yourself.

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It is said that luck is when opportunity meets preparation. The same happens in the real estate industry. If you are a beginner realtor then you have to prepare yourself so as to be successfully. This means doing presentations so that sellers can have you work for them. It is therefore important to know the questions that will be thrown at you.

“What are your credentials? What makes you the right person to sell my home?”

Off the bat, sellers will want to know if your qualifications meet their standards for representation. So, present all certifications and designations you have as a real estate agent. Realtors who’ve earned accreditations through the National Association of REALTORS® should make that known. Sellers may not be familiar with each official title, but your position establishes you as dedicated and knowledgeable.

“How are you better than other local agents? What makes you different?”

First off, don’t use the word “better” during real estate listing presentations. In fact, don’t compare yourself to other agents at all. Saying you’re a step above the competition can come off as arrogant. While you should be confident in your own work as an agent, it’s not worth positioning yourself as above other real estate pros by disparaging them to prop yourself up.

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As a beginner there is need for you to know that you will be dealing and meeting with all sorts of characters. There are those who understand your line of work and those who believe that you are out to fleece them.

“Since I get paid on commission – the more you get for your house, the more I get paid so we both want the same thing”. This is one of the biggest lies in real estate. Yes, mathematically an agent will get more commission if your house is sold for a higher price but the problem is the amount of time it might take to get that higher price is not worth the extra commission. For example if your house has a market value of $400,000 then your agent’s cut might be 2.5% or $10,000. If you are patient and wait for someone to come along who will pay $410,000 then the agent will make $10,250 for an extra $250. To get this $250 they might have to do several open houses and wait quite a while. Clearly they are better off just selling the house for $400k (or even less) and taking their $10,000. The problem is that the difference in selling price to the agent is pocket change but the difference to the homeowner is huge since we are talking about a $10k difference.

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Real Estate: What a Beginner Realtor should know