So you’re a New Agent: Read this great (all be it short) article from Forbes about Five Things to Know if You Want to Succeed in Real Estate:

#1 “It’s difficult to do part-time”-

Yes, I agree- doing real estate part time as a new agent is tough. It takes a lot of time and dedication to build your book of business. Then, you have to incubate your leads (some won’t turn for a year or more). Finally, maintaining your brand and marketing can be very time intensive. And, let’s not forget that the customer is always right: you might find that when you do get a client, as a new agent the only way to satisfy them is through good old fashioned hard work.

#2. “You are an independent contractor”-

Correct, you are an independent contractor. This means that you are in business for yourself and you should treat your chosen career AS a business, not as a sales position with an organization. In the beginning you will be your own marketing department, HR department, customer service department, sales department, accounting department etc etc etc. If you want to be successful, make sure you can be successful in a lot of these areas OR find people that can help you.

#3. “Full-time is an income roller coaster”-

Your income as a typical new agent will indeed be sporadic: because there will be feast and there will be famine. Keep your funnel full. Make sure you’re saving a lot along the way to get yourself through the hard times. As I pointed out in #2 above, treat your business like a business. Plan out your yearly budget. Take into account the cyclical nature of the real estate market in your area (northern states tend to slow way down in the winter months). Maybe have a line of credit or bridge loan available. This way you can continue to cover your marketing costs even when revenue is scarce. You gotta spend money to make money right?!

#4. “Your broker doesn’t care a lot about your success.”-

This assertion seems a little cynical to me. IMO and definitely depending on where you hang your license, your broker should be encouraging and helping you every step of the way (in the beginning at least). In fact, they’re kind of obligated to give you a helping hand. And after all, when you succeed, they succeed! However, again, I would allude to #2 above: if you want to hedge your bet and ensure your success, have a clear concise business plan and know exactly what you expect from your broker.

#5. “If you’re into service and like the work, you’ll succeed.”-

Yes! It’s all about service and communication because the first to respond to every lead that comes in is usually the winner. Drop everything to respond to that request for more information and you’ll find yourself in the cat bird seat (apparently- no one knows what “cat bird seat means” at least according to my daughter, so, cat bird seat means “in prime position or enviable position”). Surprisingly, most agents (not just the new agent) STILL don’t respond to their leads in timely manner.

Well, those are some of my thoughts and critiques on the five things to know if you want to succeed in real estate. What do you think? What helped you out when you were just starting? Search for property or find out more about Alanis Real Estate and, as always thanks for reading!