Real Estate Sales Career: What Is It Like?
In real estate, as in other industries, there are many fields of expertise that may be of interest. However, this page is about embarking on a career in residential sales – in other words, what does the realtor do every day?
Since the state of Illinois requires all prospective agents to take and pass a pre-licensing course (currently 45 hours) and then pass a state exam, the uninformed would believe they are prepared to sell a home. Not true, of course, the process is no different from taking the driving education and then the driving test. The new agent is no more prepared to serve a real estate client than the new driver is to handle rush hour in Chicago. Since in Illinois you will need to find a broker who will sponsor you into the business, your choice of company should be based largely on the amount of training you will receive. There are other factors to consider, the reputation of the broker (company), whether the company has national name recognition or is a small local operation, and market share, to name a few. While you don’t want to make the wrong decision at first, you are not stuck in the corridor you start with. You can change if you made a mistake. Probably the most important thing in broker selection is how you “feel” about the people you will be working with and for whom you will be working.
What are the best brokers to look for in an agent? The State requires (generally) that you are at least 21 years old, have a secondary education or equivalent and that you have a high moral character, the broker will look for general characteristics. Although the born seller can find a career in real estate, it seems to me that the agent we want to hire is dedicated to making this his career, he understands that it will be difficult at first, he is not too introverted and, above all, he is a good person.
So let’s say you chose your office and they agreed to sponsor your license, what will you do, day by day, in this new career? For years and years, the business has been about meeting people and helping them find or sell a home. That will not change; it’s just that the methods have changed. How successful and how quickly you achieve will depend on how many people you already know (sphere of influence), how active the market is, how well you adapt to prospecting and luck tasks. The term “salesperson” (or woman) does not really apply in our business. You will be far more successful acting as a caring consultant than trying to close a deal (think Glengary Glen Ross and if you haven’t seen the movie, you should rent it).
During a given week, you can do many or all of the following:
o Floor time (in essence, take any call or walk-in seeking service)
o Broker Tour (new listings open for inspection to other agents)
o Sit down to an open house (open to the public, usually on Sundays)
o Show houses
o Make presentation lists
o Prepare data sheets and brochures
o Draft contracts
o Negotiate with other agents on behalf of your client
o Wait for home inspections
o Work with lawyers
o Work with lenders
o Attend closings (that’s the best)
o Wait for office meetings
o Call agents for feedback
o Stay in touch with current, potential and past clients
o Continue your education or attend seminars
or … and more.
Still, the most important thing you will do is meet people. Sitting in open houses on the weekend is one way, cultivating a neighborhood used to be a popular method, direct mail and advertising is a possibility, floor time can be helpful, but it is using and increasing your sphere of influence what which will provide the highest performance. There are some coaches, Joe Stumpf and Brian Buffini, to name two, who teach referral marketing and I strongly believe they have the answer. If you take the people you already know (as long as they don’t stoop when they hear your name) and add the people you are sure to meet in the business, just let them know that “anytime you or any of your friends have a need or question real estate, do not hesitate to call me “. But you can’t just let them hear that once or twice, you have to communicate with them at least six times a year. You want these people to think of you when someone tells them they are considering moving. You may need a friendly phone call and you don’t have to ask them if they are considering moving, just to say “Hi.” It can be a birthday or Christmas card. It can be a visit or a personal note. The important thing is to be constant and persistent, without being overbearing.
Over the past ten years or more, the real estate business has become increasingly focused on the Internet. Probably more than 80% of all buyers have looked at houses on the web and many have already chosen the house they would like to see. It is very important that the company you partner with and you, as an agent, have a strong Internet presence. The terms VOW (virtual office website) and IDX (Internet data exchange) have become common. The importance to you, the agent, is that you must have your name listed or associated with a site when prospects are searching for a property. There are dozens of really great sites, but if you can direct potential customers to use your site and it works, you’ll capture a percentage of them. Stay out of this business and ignore today’s most popular marketing tool.
There is the old saying about real estate: “Location, location, location.” The same is true for real estate sellers, but it is “prospecting, prospecting, prospecting.” If you can spend at least part of each day trying to meet new potential customers, you are destined to be successful.