Blog Post 24: What I Wish I Had Known as a New Real Estate Agent
Blog Post 24: What I Wish I Had Known As a New Agent
There are ways I could be further ahead If I had implemented strategies and mindsets sooner.
As we wrap up 2022 and I finish out my fourth year in real estate, I can’t help but constantly brainstorm how to progress this coming year. As I mentor my team and increase my own production, I realize there are ways I could be further ahead If I had implemented strategies and mindsets sooner.. Here are a few things I wish I had known as a new agent..
The focus
There are job opportunities and side hustles everywhere you look. As real estate slows it’s easy to start side eyeing other (potentially) lucrative opportunities. But the key is focus and the level of consistency that comes with it.
As a new agent I’d read this and think, “yeah duh I’ve heard this before..” but looking back over the last 4 years I realize there was a lot of heavy on the gas moments and many distracted moments. I allowed 12-15 hour days to burn me out for months. I allowed other side hustles to take away from the main hustle. Although I’m an advocate for having another supporting source of income in this unpredictable market, there needs to be a level of priority for that remains intact.
There’s a reason why most agents quit or “pivot” to a new industry.. it’s not easy to stay focused.
The Confidence
If I were to go back, I’d invest in my confidence. This can come in the form of a coach or a mentor, or simply learning how to interact and communicate with humans in a way that exudes confidence and a genuine desire to connect.
For those that this comes naturally to, you’re probably thinking… “huh?”
But for you introverts who feel a sense of social anxiety, this is going to be key to your success as a realtor. I wish I had gotten out of my comfort zone sooner. I wish I had expanded my social skills sooner. I wish I hadn’t made the excuses not to door knock or cold call to cover up my lack of confidence to do so.
Find Alternative Markers of Progress
As I’m writing this, the market has significantly slowed in part due to the holidays, but mainly due to interest rates being at a whopping 6.5%. For many agents, especially new agents, it’s hard to see signs of progress when you’re not closing deals every month.
I found myself working on Real Estate activities and then suddenly cleaning out closets or doing laundry. I realized this is because when I clean or do chores I can see the physical progress that is made.
When the market is slow, it’s hard to see the tactical outcome of your hours spent. I always keep in mind that the effort I’m putting in now will reap rewards 3-6 months from now. But a way to hang on until then is to change up how you’re tracking your progress.
If you track deals closed, income earned, volume produced, appointments scheduled etc. you may be in a slump right now. Feeling like your motivation is dwindling. In my experience, this means I need to go back to the basics and track things a little differently.
Right now my progress is tracked by how many posts I make across multiple platforms, instagram updates, facebook updates, blog posts, newsletter consistency etc. There’s a sense of accomplishment when I hit my mark on internet marketing, learn something new in the industry or spruce up a skill, do my follow ups etc.
Of course I have a production goal and income goal within the larger picture, but it’s about breaking it down into daily actionable tasks that help you feel the progress when you can’t see it.
Find a Mentor
When I started I felt like I was thrown into the middle of the ocean before being taught how to swim. I remember being sat in front of a phone at the office being told to answer it if it rings.. No idea what to say, how to get the appointment or even the basics of how to guide someone calling in.
At my first brokerage I wasn’t even offered a mentor or a team to get me started. I wandered for about a year until I found the brokerage I’m at now.. but even the start of that didn’t go as smooth as it could have because I tried, again, to take the resources and apply them on my own.
Of course everyone understands the benefits of a mentor, but in addition to what you’ll hear everyone else saying, I found that having a mentor actually made me more confident and motivated because I wasn’t just working to benefit myself. It was so motivating to know that what I was doing every single day actually helped someone else too. I wish I had found a mentor sooner.. like from day one.
I’d be so much further along if I had.
Do things your own way
It took me a few years to really understand that I don’t have to do things exactly how everyone else does it, or how seasoned agents have proven their success. Of course I take proven tactics and apply it to my business, but giving myself permission to thrive in ways that aren’t classic sales and marketing tactics in the industry was a game changer.
For example, social media has been a source of a lot of my leads. Back when I started it wasn’t really a space I was encouraged to focus on over door knocking or cold calling. So if you have ideas on how to expand your business that are outside of the box, definitely give them a try and allow yourself to stand out as an agent!
Invest it back
This was a hard one for me because I was honestly broke. When I was a new agent it took a while for my first deal and I was going pay check to pay check.. meaning rent would come due and I’d be short hundreds of dollars for that months bill.
So I get it.. when someone says invest back into your business, it’s kind of hard to do when you can hardly afford your expenses. However, If I were to go back I would invest a % of each commission back into my business.
This may be the worst advice you’ve ever heard, but IF IT WERE ME going back to new agent me.. There would be no saving 20-25% for my tax account right away. I’d take that and dump it right back into marketing and sling double the amount of deals to afford my tax bill by the end of the year.
The things I invested in on year 4, very well could have been a tax deduction year one and image how much further along I’d be.