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Getting a real estate license is the first step towards a new and promising career, but the real challenge starts when you’re ready to put your license to use. The first month can be a whirlwind of learning and adapting. Here are ten crucial steps from M&D Real Estate to help you navigate your first 30 days as a real estate agent.
The transition from obtaining a real estate license to actively practicing can be overwhelming. Setting clear and achievable goals is crucial in providing a sense of direction and purpose during this period of adaptation.
In the initial phase of their real estate career, new agents should prioritize the establishment of a client pipeline as a primary goal. This may entail setting a target for the number of leads to be generated each month during your first year, laying the foundation for current and future business opportunities. Additionally, active participation in industry networking events should be a key focus, with the aim of making a specific number of meaningful connections or attending a set number of events.
Goals should be measurable to enable tracking progress. For instance, measuring the number of leads generated, the events attended, or the number of potential buyers/sellers engaged with will get you closer to your ultimate goals.
Realistic goals are essential to avoid setting unattainable expectations, which can lead to frustration and demotivation. They should be aligned with your current skill level and the resources at your disposal.
Clearly defined goals act as a roadmap, guiding your daily actions and strategic decisions. They help prioritize tasks and allocate time and resources effectively, ensuring that every effort contributes towards achieving your overarching objectives.
It’s important to remain adaptable and open to adjusting your goals as you gain insights and experience in the real estate industry. Regularly reviewing your goals and making necessary adjustments allows for alignment with the evolving dynamics of the market and your personal growth as an agent.
Start with the end in mind. How much income do you plan to generate this year? Then, how many closings would that entail? How many buyers and sellers do you plan to work with to get there? And lastly, how many leads do you need to generate in order to convert that number of buyers and sellers at a rate of 5%?
How to Begin Planning Your Goals (Determine the Following):
For example, if you want to generate an income of $40,000 your first year in real estate, let’s say each closing would average $400,000 and your split with your mentor is 50%. This means, you would have an income of $6,000 for each closing. Then, you could decide you want to close four buyer leads at $6,000 each, and three seller leads at $6,000 each, bringing you to a total annual income of $42,000.
If you are converting at a rate of 5%, then you would need to generate 80 buyer leads this year and 60 seller leads throughout the year to close that number of transactions.Â
Breaking it down further then, you would need to generate 7 buyer leads per month and 5 seller leads per month to get to your annual leads goal and ultimately, your income goal for the year.
Building a strong and diverse professional network early in a real estate career is crucial for long-term success in the industry. A well-established network can provide valuable support, mentorship, and referral opportunities, ultimately contributing to professional growth and success. Consider joining the local Chamber of Commerce, Networking Groups, and attending REALTOR Networking Events. Also, participate in activities at your kids’ schools. ABS. Always be selling. Give your card out all the time, wear REALTOR gear, and let people know you are an agent.
Marketing yourself as an agent means being active on social media, as well as setting up a CRM wear you can nurture your sphere of influence and any new leads you generate. You’ll want to create at least a monthly newsletter to go out regularly to keep you in front of your sphere and leads.
This should include good real estate content for homeowners or potential homeowners. Additionally, consider investing in google ads or facebook ads to help generate leads. You should also be sure to get a professional headshot, business cards, a digital business card, and create a listing and buyer presentation.
At M&D Real Estate, we market our agents for them so they can focus on helping clients. If this appeals to you, reach out to learn more about M&D Residential Group today.
A designated workspace serves as the cornerstone for maintaining organization and productivity in a real estate profession. Whether it’s a dedicated home office or a rented workspace, it’s essential to ensure that it is equipped with all the necessary tools and resources to support daily operations effectively.
This includes having a reliable computer for managing listings and client information, a phone for seamless communication, a printer for generating essential documents, and a well-organized filing system to store crucial paperwork and contracts.
At M&D Real Estate, we provide all of this for our agents, included in their commission split. Consider choosing a brokerage that offers all of the tools when you’re starting out.
Additionally, creating a comfortable and professional environment within the workspace can contribute to a conducive and focused work atmosphere, ultimately enhancing productivity and efficiency in real estate activities.
Establishing a structured daily routine is essential for real estate agents to effectively manage their time and responsibilities. It involves allocating specific time slots for crucial activities such as prospecting, lead generation, client meetings, and administrative tasks, while prioritizing these activities based on their impact on daily, weekly, and monthly goals.
Especially as a new agent, you’ll want to be on the phone daily reaching out to your sphere, calling new leads daily, and even reaching out to expired listings or FSBOs. Joining an agency that provides the tools for this is important.
Additionally, incorporating time for self-care and relaxation within the routine is crucial for maintaining a healthy work-life balance and sustaining productivity. Consistency in following the established routine is key, as it fosters discipline and creates an environment conducive to productivity and success.
Achieving success in the real estate industry hinges on cultivating a profound understanding of local market dynamics.
New agents can accomplish this by actively participating in open house events to gain firsthand knowledge of the properties in their area, thereby obtaining valuable insights into features, pricing, and prevalent market trends.
Regularly researching property listings is crucial for staying informed about available inventory, pricing trends, and the types of properties in demand, enabling agents to adapt to market fluctuations and effectively serve their clients.
Furthermore, networking with other local real estate professionals provides new agents with valuable information about the market. Building relationships with experienced agents, brokers, and industry experts can lead to mentorship opportunities and offer a wealth of knowledge about the local real estate landscape.
Finally, your MLS should have a TRENDS section where you can go to get up to date market information on sales prices in each area, as well days on market, price per square foot, shows per listing, etc. You can search these different statistics by zip code, city, or county and watch the trends from month to month to understand your area better.
Additionally, follow a national news outlet’s real estate section in addition to a couple of local or regional news outlet that cover the real estate market to keep yourself educated for your clients.
Remaining updated with industry news, emerging trends, and regulatory changes is essential for real estate professionals to stay competitive and informed. Here are ways in which agents can enhance their education and expertise:
Integrating technology into real estate operations is crucial for enhancing efficiency and expanding client outreach.
In particular, harnessing the power of social media for marketing is a valuable tool for real estate professionals, allowing them to effectively showcase properties, engage with potential clients, and establish a robust online presence. This approach significantly expands their visibility in the market, creating opportunities for heightened engagement and increased client acquisition.
Moreover, developing a professional and user-friendly website provides a centralized platform for presenting property listings, sharing insightful content, and building credibility with potential clients. A polished website enhances the agent’s professional image and fosters trust, ultimately solidifying their position in the market.
Additionally, integrating real estate management software and mobile applications into business operations can streamline various processes, including client management, property listings, and transaction management. This adoption not only enhances organizational efficiency but also elevates the overall client experience, contributing to the seamless operation of the real estate business.
Having an experienced real estate agent as a mentor can provide invaluable guidance and support for new real estate professionals. When seeking a mentor, look for someone who not only possesses substantial industry experience but also shares your values and professional goals.
A mentor who is willing to invest in your success can offer insights, advice, and support, significantly accelerating your learning curve and career progression in the real estate industry.
At M&D, we offer new agents the opportunity to learn from our biggest producers through our eight-week L.E.A.P. Program. It covers everything a new agent needs to know to get started in the business.
Enhancing communication skills is crucial for success in real estate. Agents should focus on improving active listening, negotiation techniques, and delivering effective presentations.
Engaging in role-playing exercises with colleagues and friends can help refine these skills, while seeking feedback provides valuable insights for continuous improvement, ultimately enhancing the agent’s ability to effectively communicate and negotiate with clients and stakeholders.
In the dynamic and competitive real estate industry, staying motivated and positive is essential. Despite facing challenges and setbacks, it’s important to celebrate successes, learn from mistakes, and stay focused on the reasons for choosing a career in real estate.
By maintaining a positive outlook, real estate professionals can cultivate resilience and determination, enabling them to navigate obstacles and thrive in their careers.
The first 30 days as a new real estate agent can be overwhelming, but with the right strategies, you can set yourself up for long-term success. Remember to stay positive, keep learning, and leverage the power of networking and technology. Happy selling!
If you’re a new agent and need more hands-on experience and knowledge, consider joining the L.E.A.P. program. This eight-week, in-depth training program is designed to empower new agents with the information and skills to become a top producer. The program covers contracts, negotiations, listing presentations, lead generation/conversion, and more. The best part is, there are NO upfront costs or fees to participate!
The L.E.A.P. program is a hands-on program where you’ll actively work with your clients in class and learn through experience. From setting the first appointment to closing the deal and retention, you’ll learn everything you need to secure long-term business and referrals from satisfied clients.Â
Contact us today to join our next leap program that starts on April 8, 2024!
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