You Passed Your Real Estate Exam – Now What? Part II
Last week we went over what first steps you should pursue after passing your real estate exam. For Part II of the series let’s assume you’ve selected a broker that has the values and culture you’re looking for, have a mentor, and that you’ve fine-tuned your budget. What’s next?
Real estate is not as easy as it looks. Making it through the exam to get your license is the easiest part. The next questions to ask yourself are how are you going to get clients and what type of client do you want to attract? It’s important to note that this is a two-part question. Take time to sit down and really think about who you are and what you want your brand to be. Do not be a jack of all trades and master of none. You can’t be everything to everyone and that means deciding on what type of client you want to market too. Maybe it’s military clients, relocation, or first-time buyers. Maybe you have a specific neighborhood you want to focus on. There are a lot of directions this can go in and that’s why it’s important to first look at yourself to then determine your branding.
Once you’ve determined your brand and who it targets you’ll need to create marketing material. Business cards being the first piece. Yes, they’re basic in terms of marketing avenues but, as a new agent, you’re going to want to hand one out to everyone you meet and be reaching out to your sphere to share that you’re now in real estate. Whatever you do, do not be a secret agent. Review your budget to determine how much you can spend on marketing material and then let that amount guide you on what pieces to create. Maybe you don’t have a lot of money to start out, you can easily create a market snapshot of a neighborhood you want to focus on and take that with you to go door knock. Maybe door knocking isn’t your thing. You could plan a mixer for your sphere, have it in your home to keep costs down and serve appetizers and refreshments. Again, the marketing goes back to knowing who you are, what your strengths are, and what clients you want to attract.
While you’re working on developing your marketing you’ll also need to be studying the market. Know what the latest trends are, what inventory levels look like, and learn the different neighborhoods in the area you want to serve. Studying the market is something you need to do for your entire real estate career. Become a walking talking local real estate encyclopedia. This prepares you to be able to share the market trends with anyone you come in contact with. You’re going to get the “how’s the market” question a lot. Be prepared to standout by knowing the figures and trends off the top of your head.
Last but, certainly not least remember that you are running your own business. Flexibility is touted over and over again but, the reality is it’s not as flexible as you might have been told. You will not be successful if you don’t commit to running your business. No one is going to tell you what to do every day or even tell you to show up. You get out what you put in and if you aren’t giving it your all day in and day out you’re going to struggle. Real estate is non-stop and it requires giving everything you have to become successful. You might not have the experience yet but, you can always be the hardest working person in the room!
Amanda Davidson
Amanda Davidson Real Estate Group
Broker - Owner
Licensed in VA and DC
5680 King Centre Drive #600
Alexandria, VA 22315
Cell: 703.431.3755
Fax: 703.562.7057
Great information....you are right, this business is NOT as easy as it sometimes looks on TV!
When we look back, personal coaching was a key part of early success. Expensive at first but worth it!
Amanda, so many start out in this business and have no path, I know I didn't, and no one sat me down with these great tips!
Good morning Amanda S. Davidson,
Such a well written and concise road-map for success in owning your own business in real estate. Many don't understand this concept..great tips! I see a gold star on the horizon!
Get your license...and in the olden days...get handed a phone book...best to be with a brokerage who has the tools to power you to success !
Amanda, this needs to be *FEATURED*! Mentors are a key, especially if they've been through many of the pendulum swings that real estate encompasses. You gotta be in for the long haul. Relationship building, picking a niche market, so important. And be YOURSELF! And be PASSIONATE!
I found that the test was the hard part....much of it didn't relate to what we really do. I was forewarned about that, thank goodness. And finding a principal broker who has integrity and will teach you along the way was paramount for me.
Sorry to go on and on....but I LOVED my brokerage and was so happy to land there, they protected me, they taught me, they let me be ME.
Havinga focus is the key to getting started on the right foot. This is a great series, Amanda.
Such good suggestions Amanda. Yes, Real Estate is non-stop and those that don't believe this will not stay in this business long.
This is good advice for those who just passed the real estate license exam.
Good morning Amanda. If there are any new agents in your area, they would do very well to sign up with you as you could teach them a lot about this business.
Amanda: This is very good advice for both new agents and seasoned vets too. Building a successful biz takes time and hard work...having a blueprint to work from makes the process much clearer.
...A license is like a diploma. What to do with it is upon you
Great input. Learning is an ongoing process. Learn the market, the process, the best practices, how to market yourself... After almost 18 years I come across new situations all the time.
Amanda love your series, sadly it will fall on deaf ears.... two homes from me the neighbor saw how easy I make my money sit at home all day behind my computer and drive a Lexus and hardly leave the house... what an easy way to make a living... I tried telling her all the things you wrote in your past two posts without sounding discouraging... she did not get it... now she wants to know how I get my clients:)) and she wants to know how I market myself:))Endre
p.s.: she does not get it.. all the time effort and money I put into it:))
HiAmanda
This is such a wonderful series with some really good advice for those starting out. I suspect most have no cluebefore they get started what all is involved, and there is not much guidance from real estate school!
Have a wonderful weekend!
Jeff
Amanda, this is very important and valuable information you are sharing with the new agent.
If a new agent will get past the:"I need to get anything I can", and instead focus on just one area and then become an expert in that area, they will find more success.
Great post.
This is all so true - starting out in the real estate business is tough, and having tips like this ahead of time can help new agents be successful. Real estate really is a non-stop activity.
I would look for a broker like, what her name , oh Amanda S. Davidson, go with a winner of a broker!!!
Great advice. Thanks! I would tell a newbie to start marketing themselves. In other words, have a lot of conversations.
Great post and dose of reality for the newbie agents, Amanda. As I've always told newbies, real estate school teaches you how to stay out of real estate jail and really nothing about how to run a business. As you said "Real estate is not as easy as it looks."
I like your part 2, Amanda. Real Estate can be pretty tough, especially for those without a good mentor. Finding a niche or two is huge - it really helps define and target our perfect clients. Happy Monday. D
Such grat lessons for any new agent. Love your idea of focusing on advertising dollars and then picking a product for advertising within that budget. Great idea!