Starting out as a Realtor® can feel overwhelming. Not only is there a steep industry learning curve, you must also contend with a bevy of competition and the fluctuating housing market. But kicking off your career in a quieter market isn’t a death knell. In fact, all successful Realtors® use the latter months of the year to craft business plans for the coming year. So as a new agent, you have a unique opportunity to take a breath, set realistic goals, craft a business plan, and be ready to pounce when the housing market picks up speed again, as most economists predict it will in 2023. Whether you’ve just become a new member today or sometime over the past year, you’ll want to read our best business practices for new agents below.
Practice Makes Confident
One of the biggest hangups for new agents is approaching leads with confidence whether by phone, email, or in person. You will naturally feel more uncertain about how to start sales conversations and what questions to ask. But unlike some industries, you can’t simply “fake it till you make it” when it comes to advising a client on a potentially life-altering financial decision. That’s where practice comes in.
You can never practice too much when you’re first starting out as a Realtor®. Play out realistic client conversations with colleagues at the office, coaches, and in front of the mirror at home. Flex your acting skills by playing the roles of all parties involved in a real estate transaction—agent, buyer, and seller.
Attend as many open houses as you can to work on your sales approach. An open house might offer a more relaxed environment where you can try out different tactics to see what comes most naturally to you. The more you rehearse, the more confident you become with clients. This kind of acting practice may not earn you an Oscar, but it will help you better serve clients in the future.
Train Your Brain
Another way to gain confidence in the early months as a Realtor® is through education and training. Your MNR membership offers more than just the title of Realtor®. We offer a bank of resources to help jumpstart your business. From exclusive forms to risk management counsel to professional development and networking resources, our business exists to help your business thrive. Now is the perfect time to become familiar with MNR member benefits and resources. We offer virtual and in-person courses on the hottest real estate topics each month, designed to help you run a more profitable business. Every hour you put in today will make a difference in the long term. Strive to put in at least 2-3 hours of training per day in your first 90 days as you get up to speed in the industry. Visit our Professional Development page to learn more about our upcoming courses, continuing education, and certifications.
Get Ready, Get Set
Business planning is a core part of any successful Realtor’s® time. The key to any good business planning is to know where you’re starting from. As a newcomer to this industry, you have the advantage of bringing a fresh perspective and new energy to real estate transactions. Use that passion to determine your why.
What does success look like for your business? Is it a number of transactions closed? Leads generated? People served? Profits made? Only you can answer these questions, but it’s important to answer them before you start to act. Good business planning is about dreaming big, setting realistic goals, and then breaking those goals into smaller, manageable steps. At this stage of your career, it doesn’t hurt to combine preparation with education.
Go West, Young Realtor®
Of course, we don’t mean literally travel west (We need you right here in the great state of Minnesota!). In the spirit of that saying, don’t be afraid to go out into the unknown and blaze your own trail. Find mentors, coaches, and other Realtors® to lean on for support during challenging times. Reach out to your local association or the MNR team with questions or concerns. Remember that competition in real estate is an essential part of the complex organism that is the housing market. Let that competition drive you toward new heights, better relationships, and greater understanding. If you stumble, get back on your feet and remember why you got involved in real estate. One far less romantic, though equally important, part of braving the new world is setting up your customer relationship management (CRM) system. Doing so when the market is slower will save you time when it’s not. Think of the CRM as the foundation upon which your business will be built. Taking the time to set up the system now will pay literal dividends later.