The Dream vs. The Delivery: A Reality Check
The "Real Estate Dream" is often sold as a low-risk side hustle. The pitch is enticing: get your license, work a few weekends, and pocket $15,000 commissions Read more...
The Dream vs. The Delivery: A Reality Check
The "Real Estate Dream" is often sold as a low-risk side hustle. The pitch is enticing: get your license, work a few weekends, and pocket $15,000 commissions while keeping your 9-to-5 safety net.
Here’s the truth I’ve seen after coaching thousands of students at ADHI Schools:
Real estate is a professional service, not a hobby.
The market rewards speed, availability, and consistency. Your current employer, however, also demands your focus. To bridge this gap, you don't need more "motivation"—you need a system.
Before you commit your time and money, you need to ask the fundamental question: Should You Become a Real Estate Agent in California? Success in part-time real estate only works if you can systemize around three specific conflicts:
Time, Responsiveness, and Lead Flow.
TL;DR: The Binary Decision
GO if: You have 15+ hours a week, a flexible day job for emergencies, and a 6-month financial cushion.
NO if: You cannot take calls during the day, have zero weekend availability, or need a commission check within 90 days to pay rent.
The Three Conflicts of Part-Time Real Estate
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Those considering a career in the real estate field are frequently drawn to the amount of money they can make on each property they sell. Each commission check can be upwards of $10,000, $20,000 or even Read more...
Those considering a career in the real estate field are frequently drawn to the amount of money they can make on each property they sell. Each commission check can be upwards of $10,000, $20,000 or even more. This is great for today because it means when you do work hard you will be rewarded handsomely. But what about tomorrow? What about when you get a little older or lose a little bit of that drive?
When you become a Realtor, it’s important to remember that you are in business for yourself and should have a solid financial plan in place that provides for your post-retirement needs. It's exciting to finish real estate school and obtain your real estate license. The early phase of your career is a time to build relationships, learn the trade, and earn money while you establish yourself as a professional. But it's always wise to remember that time waits for no man woman or Realtor. At that point, all your financial planning and regular saving will pay off in the form of a stable, secure retirement income.
What about retirement?
To be clear, there are a lot of great real estate salespeople and brokers that have absolutely no intention of ever retiring. But there’s a difference between wanting to work and having to work.
I think we can all agree that not having to actually show up at some place at some time and have money coming in and available to you would be a great thing.
With that said, many Realtors often wonder how secure their retirement will be. After all, if you become a Realtor and work for yourself then you'll need a financial plan in place to take care of your retirement years. Earning a real estate license is simply an early milestone in your career.
But what about life after real estate school and your sales career? You'll need to create the right kind of retirement plan for yourself. You can do this alone with some help from a CPA and Google or hire a financial planner to lay out the plan for you and keep you disciplined.
Here are some things to bear in mind when thinking about long-term financial security:
Consider investing in real estate.
Early in my career I heard brokers tell me “Kartik you have to become your best client.” Since then a stated goal of mine has been to buy one piece of real estate each and every year. Imagine over a 20 year career in our business owning 20 properties, each with a positive cash flow of just $200 per month. That amounts to $200 per month x 20 properties = $4,000 per month. Over time the values on these properties are quite likely to rise and the loans will eventually be paid off - adding to your wealth in retirement.
Of course in order to buy one property per year, you have to ensure that your income is sufficient to obtain financing - a solid real estate sales career will make this easier. Properly managed, a "nest egg" of real estate can be a smart way to diversify your retirement income resources.
There are other ways to set money aside in retirement funds:
You can opt to put money into a traditional IRA, a Roth IRA, a solo 401(k) or a SEP IRA. All have their pros and cons that should be discussed with an appropriate professional. For example, traditional IRAs have no income limit but there is an annual contribution limit. If you pull finds out before retirement, there is a stiff penalty in most cases. Traditional IRAs are funded with your pre-tax earnings, so you'll get a nice deduction and lower your tax bill in most cases.
Roth IRAs are funded with your after-tax earnings, so you get no deduction right now. The upside to a Roth is that you can take out the contributed funds any time for any reason without paying a penalty. It's also possible to set up a solo 401(k) for yourself, even if you have no employees and work as a sole proprietor. Contributions come from your pre-tax earnings but there's currently a pretty high annual limit on what you can put in.
SEP IRAs are a little more complex but are a good option for real estate professionals who have a few employees. You can contribute up to 25 percent of your earnings but keep in mind that you have to do the same for each employee you have. If you withhold 10 percent, for example, from your earnings for the SEP IRA, you'll need to withhold 10 percent of each employees' earnings as well.
A one-hour consultation with a reputable financial planner can resolve most questions you have about which is the best kind of retirement savings plan for your particular situation.
It’s also important to remember that I’m not a financial planner and laws and rules can and do change. Make sure you’re planning properly and not relying on my blog alone to plan for your retirement. =)
Please call my office at 888 768 5285 or send me a message if I can be of service.
For information on real estate classes visit www.adhischools.com
Always looking to bring you value.
Love,
Kartik
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Obtaining a real estate license after passing the real estate exam is only the beginning of your career in our great real estate business. The next step (and in many ways the more important piece of the Read more...
Obtaining a real estate license after passing the real estate exam is only the beginning of your career in our great real estate business. The next step (and in many ways the more important piece of the puzzle) is to prospect for clients.
The high level question the must be asked and answered by the new agent is: What does a buyer or seller want in their Realtor? And next - How do I meet those needs?
Simply put - buyers and sellers are looking for a local real estate expert. Buyers want someone who knows what local restaurants are great, where the nightlife is, what schools are perfect for their kids, and what amenities are popular in the neighborhood.
Sellers, on the other hand, want a local Realtor who knows what the current and future market outlook is, what the comparable sales look like for the house when compared to other similar properties on the market, and at what price to market the home.
So how do you become a local real estate expert for your clients? Here are several strategies to implement once you finish your real estate courses and become a Realtor.
Go to Local Government Meetings and Chamber of Commerce Events
Government meetings and chamber of commerce events will play important factors on how you grow your business and connect to community members. You'll want to pay attention to any changes, regulations or votes coming up with the city council or planning commission that will impact the local real estate market. These meetings could discuss zoning regulations or upcoming development projects, for example. Information gathered at this event can allow you to better track the market and inform clients of developments that can affect the home buying or selling process.
I remember one friend of mine who was showing a high-rise condo to a buyer on Wilshire Boulevard in Los Angeles. The buyer found a home online that he wanted to see and reached out to the agent for a showing. Directly across the street was an empty parking lot that was in the early stages of being the site for a new high rise development. If approved, the new structure would have completely obscured the southern view from the living room and bedroom and would have also casted a dull shadow over the pool deck. The fact that the agent was plugged into the local planning commission and had actually attended some of the Homeowner Association meetings meant that he was in the know and ultimately able to advise the buyer on the proposed development. Surely a large building blocking your view that breaks ground shortly after the close of escrow would be a nightmare scenario for the uninformed buyer.
At chamber of commerce events, you can network with other businesses. You can learn about the roles these employers have in the community, and can share this information with buyers. It’ll also be a great chance to meet other entrepreneurs and refer business to one another.
Get Involved in Social Events and the Community
Prospective clients like to see that real estate agents are getting positively involved in local events. Whether it is partnering up with a local blood drive or volunteering time at an animal shelter, these tactics show that you want to invest your time and work in building a strong and welcoming community.
Also, attend social events such as festivals and get to know people. Shake hands with organizers and speak with the local residents. People will remember your friendly demeanor at the event as they will be inclined to speak positively about your real estate business with others.
There’s nothing wrong with telling people that you are in the process of obtaining your real estate license now and start building those relationships early. Of course, you won’t be able to do anything that would require a real estate license, but there aren’t any laws against getting to know people in the area.
Show You Are an Expert in Emails, Social Media and Personal Interactions
After taking real estate classes Los Angeles, you've gained the knowledge to help people with their real estate dreams. Yet you also have to show them that you are a local expert. You can do this through your correspondence, social media accounts and interactions with clients.
Once you get your license, you’ll need to define the areas where you’ll want to build your real estate practice. Study the properties in those areas and the overall market on sites like www.dqnews.com and in the Multiple Listing Service. Over time, you’ll get to know the types of properties in those areas, the number of certain residential properties (single-family homes, duplexes, and multi-family structures). Also, you've gathered the data about recent home transactions, buyer trends, and average sales prices. Take all of this data and pepper it throughout your emails, newsletters and social media sites.
Drop in facts that will draw in a person's interest and convince them to take the next step in calling for your services. You want to impress them with the market insights that you've gathered as they will feel confident about your skills. In addition, you want to do the same at face-to-face meetings and appointments with clients. Showing people that you've done all the real estate homework will allow you to gain repeat business and positive reviews that will help your career.
By immersing yourself in community events, attending government meetings, and sharing your local expertise through social and other media, you can solidify your position as a top real estate expert in the local market. It’ll be easier to convert leads into real estate transactions by showing your in-depth knowledge about local market trends.
As always, please call my office at 888 768 5285 or visit our website for information on real estate classes online or in the classroom. If you are getting ready to prep for the real estate exam and you need a real estate crash course click here.
Always looking to bring you value.
Love,
Kartik
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Are you thinking about enrolling in real estate license courses? If so, your first thought may be whether or not now is a good time to start.
How’s the market doing?
A career in real estate can Read more...
Are you thinking about enrolling in real estate license courses? If so, your first thought may be whether or not now is a good time to start.
How’s the market doing?
A career in real estate can be very rewarding and it all starts with the right real estate school. The U.S. Department of Labor reports the demand for real estate agents and brokers will grow by 7 percent from 2018 through 2028, a rate that’s faster than average for all job growth.
Demand is out there for well-qualified, dedicated agents willing to learn the industry from the ground up.
Should You Enter a Career in Real Estate?
Timing Is Everything
Those wondering if they should become a REALTOR often ask themselves whether now is the right time based on market conditions. The short answer is that while your initial timing can matter remember that getting your license now can open the door for years, no matter how the market swings in the short term.
Here are some answers to common questions:
#1: What Is the Market Like?
The real estate market grows and expands on a consistent basis. There are times when market activity can and does cool like back in 2008 and 2009. However, the current market remains robust with the possibility of ongoing appreciation.
Put that aside for one moment, though. Remember that people are always buying and selling real estate no matter what the market does. Keep in mind that there are always consumers looking for their first home or to downsize after the kids move out. There are always new developments and opportunities. In other words, there is always the need for a qualified real estate agent.
#2: But Is The Economy Slipping?
While there are valid concerns over how long the economy will continue to grow at its current rate remember that transactions happen in all economic conditions. More so, many people move into real estate investing when the stock or other markets begins to decline. I talked briefly about this in an earlier article.
That’s because real estate is viewed as a safer and more tangible investment for some. This also creates opportunities for individuals looking to grow their career.
#3: Are Houses Selling Today?
The answer here is “yes” as well. More so, in the long term, there will be an even higher demand for homes. I don’t think anyone believes that the population is going to decrease throughout the United States any time soon.
The current economic climate has helped push home values high. A combination of low interest rates and high demand have sent prices soaring in many areas.
In some areas, they are simply out of reach for some buyers. As home prices begin to slow their rate of growth, they will become in reach for more consumers, especially those looking to buy their first home. Homes are selling and will continue to sell.
Starting a Career in Real Estate - Is It Right for You?
People will always be buying and selling homes. Demand will ebb and flow. Real estate agents committed to providing a high quality of service to their clients will continue to see significant demand for their services. Your buyers be might everyday consumers looking for their first home as home prices fall. Or, you may be able to work hand-in-hand with investors who are looking for good deals. Real estate classes help you prepare for every market condition, too.
If you:
• Enjoy real estate and looking at homes and buildings
• Love helping people
• Like to negotiate
• Want the flexibility of working on your own schedule
• Want unlimited income potential
A career in real estate could be right for you. You can meet the California real estate license requirements though our real estate school in as little as 54 days and start taking advantage of the current market climate. Once you establish yourself, there’s no telling how the market will work in your favor.
A shameless plug, ADHI Schools is the number one real estate school in California. We can walk you through the pros and cons of being a real estate agent.
Call us at 888 768 5285 or visit adhischools.com to pass your real estate exam the first time.
Love,
Kartik
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Once you complete our real estate school and pass the real estate exam you’ll be out on your own to start your career. Hopefully you’ll be ready to land your first client and take home a big commission! Read more...
Once you complete our real estate school and pass the real estate exam you’ll be out on your own to start your career. Hopefully you’ll be ready to land your first client and take home a big commission! =)
After doing well on your real estate license exam, you'll get your desk set up with your broker and start working some leads. You’re probably going to start reaching out to your sphere of influence and let them know you’ve started a real estate career.
As a newer real estate professional, the goal should always be to compress the time between finishing real estate school and cashing your first commission check.
To this end, I wanted to write a quick article exposing some bad habits that real estate agents can develop if they’re not careful.
Remember That Self-Employment Is Vastly Different From a 9-5
A self-employed person is solely responsible for his or her workday. In the real estate industry, it’s a common misnomer that once you pass your real estate exam, you’ll have leads pouring in and homes to sell. That’s not what happens.
Instead, you need to work to create your own business. This often means spending time daily working to drum up business, cultivate leads, market, and respond to internet inquiries. Here are a few of the bad habits real estate agents create that virtually prevent them from becoming a successful Realtor quickly.
You’re Doing "Busy" Work
You’ve ordered business cards. You cleaned up your desk. You have talked to a dozen other agents today about what’s going on in their business and personal life. You may have even touched up your LinkedIn profile and posted a picture of the salad you had for lunch on Instagram. All of these “tasks” might feel necessary but the bigger question is what did you ignore by doing these things?
Are you prospecting for buyer and seller leads? Are you following up on existing ones? In short, it’s easy to “feel busy” without actually building your pipeline, which ultimately cuts into your income.
You’re Frustrated with Your Workday
There are a dozen calls you have to make today for various reasons. Each one of them could be a lead. Perhaps you have some really good leads, but there’s so much on your plate to do right now that you miss those key opportunities to connect. You’re in and out of the office, forgetting appointments, and not seeing the kids. And, you thought this career was flexible?
This is a common concern. The problem is that without any oversight into your activities and a consistent schedule, it’s easy to lose track of what’s important. To be successful as a real estate agent, you have to be organized. You also have to create a schedule that works for you and stick with it. This discipline is actually the key to freedom. Make time to plan for every task that matters during your course of the day.
Remember - The number one calendar item is prospecting.
Other Bad Habits Costing You Your Career
After completing real estate school, it’s easy to become overwhelmed. Here are more of the common bad habits agents have:
You aren’t communicating with your prospective clients fast enough. This is especially true for internet leads. Speed to contact makes a big difference in results. Make every client believe that they are your most important client. Work to return calls as quickly as possible. Try and email back as fast as you can.
Failing to marketing adequately. If you’re not seen in the local industry, you’re unknown to prospective clients. Make marketing a component of your day, every day. Remember that there are over 400,000 real estate licensees in California alone - You have to make noise to stand out!
You’re not looking as professional as you should be. Consumers expect agents to look professional at all times. If you look disheveled, that could indicate you’re less organized and not “with it.”
Not updating your website or social media accounts in quite some time. Remember, if you haven't posted in a year people will wonder whether or not you are still in business.
Send a contract to be signed electronically and tell the client to sign without explaining what they are signing.
Being "too busy" to call other agents back.
Working 24/7 and not taking care of your health.
Getting paid your commission and not setting aside money for taxes.
If you finished at our Orange County real estate school don't forget that this is only the beginning. As Warren Buffett says "The chains of habit are too light to be felt until they are too heavy to be broken." The best way to break bad habits is to avoid them in the first place.
For information on getting a real estate license, call us at 888 768 5285.
Love,
Kartik
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As you complete your real estate classes with us, you may come across a buyer client who is looking to “fix their credit” before buying a property. You may also represent a seller who is in escrow Read more...
As you complete your real estate classes with us, you may come across a buyer client who is looking to “fix their credit” before buying a property. You may also represent a seller who is in escrow with a buyer and the buyer’s loan starts to go sideways because of an error on their credit report.
What do you do?
One of the most common questions that consumers ask credit counselors is, "How can I get negative items removed from my credit reports?" The accurate, short answer to that question is this: It's relatively easy to get incorrect information removed from a credit report but can be quite difficult to legally remove items that are reported accurately. In other words, if a debt is yours, and if all the particulars listed on the credit report are correct, they your options for legal removal are limited.
The good news is that there are several ways to potentially eliminate negatives from an official credit report, even when the debt is yours and when it's listed correctly. Here are the strategies that many consumers have used to clean up their credit reports:
Paying to delete negative items: If you contact a creditor and agree to pay the debt in full right away, then they might consider removing it from your report. This technique is especially successful when the amount owed is rather large and the delinquency is not very old. Many creditors are happy to have a large debt paid off quickly and taken off the books. They'll often agree to remove the item from your report if you ask them nicely, in writing and as soon as possible after it has been reported to the bureaus.
Asking for a goodwill removal: After you've paid a debt and the listing is still on your credit report, it's possible to contact the creditor and request that they remove it. It helps to explain that you have otherwise good credit and have been current on any other accounts you have with them. If there were special circumstances that led to the delinquency, be sure to explain the situation to the creditor. This is basically a "hardship" request and doesn't always work, but it's worth a try.
Asking for verification of the debt after several years: Bureaus can keep negative items on a report for up to seven years. After one or two years have passed, you can contact the creditor and ask for the debt to be verified. It's often the case that creditors can't verify older debts that have been paid off and closed out. If they can't verify it, then you can have it legally removed by contacting the credit bureau in writing and disputing the debt. Without verification from the creditor, the bureau will have to remove the listing.
It's important to remember that only the creditor has the power to remove a legitimate listing from your credit report. In fact, they are supposed to leave items on for up to seven years so that other lenders can get an accurate view of your credit-worthiness by reading your report. But, as in the situations noted above, creditors are sometimes willing to remove a negative item if you approach them with the right attitude. Separately, inaccurate information can potentially be removed by invoking the last strategy mentioned.
If you are interested in taking live real estate classes or preparing for the real estate exam, call us at 888 768 5285 or visit www.adhischools.com
Love,
Kartik
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Tips For Real Estate Agents on Social Media
Businesses can’t ignore social media if they want to remain relevant and competitive in today’s busy online marketplace and the real estate business is Read more...
Tips For Real Estate Agents on Social Media
Businesses can’t ignore social media if they want to remain relevant and competitive in today’s busy online marketplace and the real estate business is no exception. Social media platforms like Facebook and Instagram can be powerful outlets that help real estate professionals position themselves as industry experts while connecting with their audience and building confidence in their experience and services.
I practice what I preach. Our real estate school has had a Twitter account since early 2009 and a Facebook page for almost as long. Even our original YouTube channel has had content since 2009. That’s 10+ years of going hard on all these platforms.
So how do you win considering that more and more content is being added each and every second to Twitter, Facebook/IG and YouTube? It is getting more and more difficult to get noticed.
The key to getting the most out of your social media presence is utilizing tactics that help you build stronger connections with your audience and inspire them to work with you. Below, I’ve put together my top 4 social media tips for real estate agents, particularly in the residential space as I figure most of our real estate school students are going to start there.
1. Educate your buyers on the market.
Buying or selling a home is a major life decision for most people, and they want to know that they are working with a Realtor that can guide them through the process and answer all their questions as they move through the process. The best way to build this confidence with your audience is by educating them about the real estate market.
In addition to sharing educational articles from your own blog, curate some content from reputable, third-party sources to help your audience understand important parts of the buying and selling process. In addition, you can post your own honest tips and advice to your social media pages based on the questions that you are most often asked by new buyers or sellers.
2. Share information on a particular neighborhood.
When promoting your listings (or those of your company) on social media, go beyond just sharing the features of the homes you are selling. Most homebuyers want to know more about the neighborhood or surrounding areas. Real estate professionals can use their social media channels to educate buyers on the benefits and unique characteristics of local neighborhoods to help them make a more informed decision about where they want to buy.
In addition to sharing your own content about the neighborhoods you sell in, share content from local organization pages. For instance, you might link to an event calendar from the city’s Facebook page or share a tweet from a local restaurant. This is especially true in areas like Downtown Los Angeles or coastal Orange County where the nightlife and social aspects of the community are a lure for buyers.
3. Start a conversation.
The social aspect of social media is often forgotten when professionals use social media channels for marketing. However, if you really want to get to know your audience and build trust, it’s vital that you chat with your fans and followers. Get active in the comments section of your social media posts and pay attention to what others are saying on your pages.
With the instantaneous nature of social media, most users expect an instant response to their questions or concerns. In addition to being active in the comments section, you’ll need to be diligent about checking for and responding to direct messages across platforms. When someone reaches out with a question or concern, make sure that you are available to answer these questions and get them the help they need when they need it.
4. Don’t forget video!
Many real estate professionals will skip video content when it comes to managing their social media pages. However, with the visual nature of home buying, it’s important that real estate agents utilize video to showcase their properties when possible.
Most people reading this article have a television broadcasting system in their purse or pocket with their iPhone or Android device. It’s easy to quickly do a live on Instagram or post a quick story to your page. Just get out there and start. I posted a video of all of my equipment here, but I didn’t start with this much stuff. All I had back in 2009 was one camera with an internal microphone and just started recording videos on HD cassettes. I always knew video was going to be huge across the Internet and would be a valuable marketing tool. The faster you can start engaging with an audience the faster you can monetize.
Video content also helps create an emotional connection with viewers in a way that images alone cannot. Providing a video tour of a property allows the real estate agent to give their audience a better idea of what it is like to experience this home instead of seeing the space out of context.
If you are interested in taking real estate classes online or in one of our classrooms, please call us at 888 768 5285 or visit www.adhischools.com.
Love,
Kartik
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Before the question of whether or not open houses actually “work” is answered we should probably define what the word “work” actually means.
If you are a real estate agent and believe that a Read more...
Before the question of whether or not open houses actually “work” is answered we should probably define what the word “work” actually means.
If you are a real estate agent and believe that a successful open house is one where the agent found a buyer for that property on the day of that open house then very few open houses actually “work”.
However, if you define a successful open house as a chance to network with neighbors in a particular farm area, an opportunity to show the owners that you are doing something that is almost expected, and a way to find buyer clients for other homes, then nearly every open house has the potential to be a success.
Like many things in business, a substantial amount of time and effort is necessary to ensure that an open house will attract the right kind of traffic and result in at least a few interested and qualified potential buyers. Sometimes, sadly, even with a high traffic count, the net result might be less than satisfying.
While it’s also true that on occasion, "the buyer" will walk into an open house and make it all seem easy, if not preordained - but this can sometimes be attributed to pure chance.
Folks who are not quite ready to buy immediately frequently visit open houses as a way to solidify their preferences and explore the market. An open house can be the best way for an agent to meet people "up close and personal," demonstrate market knowledge, hand out cards, and take names. You never know when you're going to meet a buyer. It's best to always be prepared.
How to Do a Successful Open House
Use all the tools available to you to stand out from the crowd. You don't have to spend big bucks on advertising, or on refreshments. Use technology to your advantage.
Here are some ideas:
• Livestream the Open House on Facebook, Instagram and YouTube:
Give quick snippets of information as you walk through the rooms. Talk about the neighborhood, the easy commute to downtown, the community pool, the schools or a nearby shopping mall. Show the house at the same time.
• Invite the neighbors:
Count them as your allies to "sell" the good points about the area, rather than as "tire-kickers."
• Consider Unconventional Hours:
If the home has spectacular sunset views, schedule the open house for late afternoon. Or, alternatively, be slightly ahead of the normal 1-3 or 2-4 schedule, and offer coffee or fresh-squeezed orange juice. If you are going to serve alcohol at an open house, other rules can apply. Proceed with caution. I did a video and an article on this as indicated by the prior link.
• Creativity Counts:
Employ an iPad as a digital sign-in sheet and encourage visitors to ask questions. Get back to them via email with specific answers. You'll boost your chances of developing new relationships.
Perhaps most importantly, be there for everyone who walks through the front door. Meet and greet every visitor with a smile and a card. Never simply sit behind a desk or on a kitchen stool. But, be sure to give visitors a chance to walk through the house at their own speed and in their own way.
View an open house as an opportunity to sell yourself as well as the property and then every open house is, indeed, totally worth it!
If you are interested in online real estate school or even classroom oriented real estate courses, call us at 888 768 5285 or visit www.adhischools.com
Love,
Kartik
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Once you complete our classroom real estate courses in California or real estate classes online, you’ll need to put your license with a broker if you want to go to work.
At this early stage in your Read more...
Once you complete our classroom real estate courses in California or real estate classes online, you’ll need to put your license with a broker if you want to go to work.
At this early stage in your career, you are probably full of enthusiasm and at the same time have some serious questions and perhaps some lingering fears about whether not you're making the right career decision.
One of the most important steps you will take as a real estate salesperson is to choose a broker, the place where you will, in effect, hang your hat along with your license, and build your initial reputation in the field. Whether you're already licensed, or are shopping for a place to take your real estate classes, finding the right environment is all-important to your future. Even though it's not a lifetime commitment, your choice of initial affiliation will affect not only your earning ability, but also your learning curve, your growth potential as a real estate agent, and your long-term success and fulfillment as a professional.
Brokers also want to ensure that new agents who join their firms will be compatible, hard-working, knowledgeable, committed, enthusiastic, and a good match for the company culture.
How should you evaluate your opportunities? What are the steps to take to assure the best possible fit?
To prepare for your interview, expect to be asked the following questions by a potential employing broker:
1. What drives your decision to become a licensed real estate agent?
Do you have previous sales experience? Is money your primary goal? How do you intend to support yourself until the sales (and closings) start rolling in?
2. Do you have a monetary goal in mind?
If you've given even a little thought to this, you will probably answer this question with a specific dollar figure; then you can go on to explain that you intend to grow your earnings over time to reach your ultimate goal. Also, you'd be wise to impress a potential broker with your knowledge of real estate facts and figures. It's not detrimental to disclose that, in the beginning, you view real estate as a part-time gig, until you can build a reputation and a clientele. This disclosure is important because it will help to understand whether or not the brokerage’s training calendar is going to be a fit.
3. How much time and energy can you devote to the business?
Real estate, unlike a 9-5 job, requires evening and weekend work, coupled with high levels of client accessibility. A broker will want to know that you understand the time commitment, as well as the energy it takes to see a transaction from listing to closing, or from initial contact with prospective buyer to the accepted offer by the seller and the escrow ultimately closing.
Real estate can be an extremely rewarding -- and profitable -- profession. But it requires knowledge, dedication and commitment. Show a broker those three qualities, and you'll be on your way to a mutually beneficial association.
If you need help being placed with a broker or are considering the first steps to real estate licensing or passing the real estate exam, call us at 888 768 5285.
Love,
Kartik
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With hundreds of thousands of real estate salespeople in California alone, clients have choices. The million dollar question is “On what basis will the client decide?” This can be a hard thing to predict, Read more...
With hundreds of thousands of real estate salespeople in California alone, clients have choices. The million dollar question is “On what basis will the client decide?” This can be a hard thing to predict, especially If there are two real estate salespeople that are equally competent, have similar experiences and both work for reputable companies - the client might make a decision on who to hire based on pure “likability”.
If one agent is more “likable” than another who do you predict will get the business? It’s not hard to assume that the agent that can win the heart and mind (in that order) of the client is going to get the contract signed.
Because clients are often concerned or nervous through the real estate process, the agent should strive to be the kind of salesperson that brings good energy and enthusiasm into every presentation they go on. It has long been said that sales is simply the "transfer of energy from the salesperson to the customer”. The more energy and enthusiasm you exude, the more likely the client will sign.
Still, there are some real estate salespeople that are the personification of negativity and create roadblocks through the sales process. We have all met people like this. You know the type - they walk into a room and all the plants begin to die and when they exit they spring back to life.
I would urge all of our readers to examine which of these describe them. Are you the kind of person that brings vibrance and energy to every interaction or are you the exact opposite? When you walk into a room is there a big grey rain cloud over your head?
If you aren’t sure how to answer this, have a look at people that you would characterize as being in each of the two groups. Positive and energetic or negative and draining?
Consider the group of people that you know. Think of five or ten people that you know who are real energizers. You probably can think of a few right off the bat. Who do you know that when they show up, when they call the energy is better because of their presence? Who are the few people that you know when they walk into the room the energy shifts to the “dark side”?
Believe me. People notice.
This is important because your likability impacts how much business you're able to do.
So what are some things that we can do to immediately increase likability? The first thing I would urge is to be interested in other people. If you have ever read the classic book How to Win Friends and Influence People by Dale Carnegie a recurring theme is to try and make other people feel special by being interested in them and their story. It’s pretty simple - be interested. Be interested in other people and who they are and what they are about.
People that are interested in others are infinitely more likable than those that are not.
In a nutshell: Try harder to be interested than be interesting.
Another thing to increase that “L” factor is to always leave people better than you found them. In the case of real estate, that could be a critical market update to a buyer or seller. It could be an escrow update to one of your current deals but always look to add value at each and every interaction.
There’s plenty of pessimism in this environment - you don’t need to look hard to find it. Be the person that's optimistic and lights up a room each and every time they are in it. Not only will this be better for your physical health, it’ll be better for your wallet.
If you are interested in real estate classes in Los Angeles or online real estate school call us at 888 768 5285.
Love,
Kartik
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