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Success in real estate over the long haul is all about ongoing education and prioritizing knowledge.\u00a0<\/span><\/p>\n When I was about 20 years old, my mentor W.E. \u201cBill\u201d Mitchell told me: \u201cDon\u2019t focus on money. Focus on learning everything you can about your chosen field.\u201d<\/span><\/p>\n And I think that advice is just as applicable to agents today as it was to me all those years ago\u2026 especially if you\u2019re a new agent! But really it rings true for anyone in our industry.<\/span><\/p>\n Here\u2019s the cold, hard truth: Real estate school does teach you how to be great in this business. So I\u2019m going to expand on Bill\u2019s advice a little with 10 real estate career tips that school didn\u2019t teach you.<\/span><\/p>\n Just a heads up, this article is primarily for people considering entering the industry or <\/span>new agents<\/span><\/a>, but it has some important refreshers that are relevant to agents of all levels. If you have a bit more experience, feel free to skip down to the points below.\u00a0<\/span><\/p>\n Becoming a real estate agent only costs around $1,000 (depending on your state) when you total together real estate school, licensing fees, exam costs, background checks, and any other state specific costs. But then there are other costs such as MLS fees, board memberships, NAR dues, and more which add up to close to another $1,000 every year.\u00a0<\/span><\/p>\n Real estate has a famous low bar for entry and that\u2019s why it\u2019s the most popular business in the U.S., along with the fact that if you\u2019re good at it you can make a huge amount of money.\u00a0<\/span><\/p>\n But the real costs come in the form of your marketing, which can run the gamut from $5,000 to $20,000+ a year. Some even go much higher, but I know agents who run incredibly effective marketing without spending a dollar. Check out this free playbook on <\/span>YouTube for real estate<\/span><\/a> to see how it\u2019s done.\u00a0<\/span><\/p>\n It depends on where you live but most states require between 40-140 credited hours of pre-licensing training.\u00a0<\/span><\/p>\n Yeah, it\u2019s a huge range, but here is the real truth that applies regardless of where you live\u2026<\/span><\/p>\n If you want to remain a working, profitable real estate agent, your education NEVER stops. Even the most successful agents in the world recognize that they don\u2019t know everything, and that\u2019s why they have a coach and regularly attend events such as Roadmap or the Success Summit to refresh their knowledge and gain the latest real estate industry insights.\u00a0<\/span><\/p>\n With that said, let\u2019s jump into a 10-point real estate continuing education that school didn\u2019t (or won\u2019t) give you.\u00a0<\/span><\/p>\n How well do you know the people who buy and sell homes in your marketplace?<\/span><\/p>\n How well do you understand them? Their motivations? Their aspirations?<\/span><\/p>\n Because if there\u2019s a disconnect there, you\u2019re not going to achieve any success in real estate.<\/span><\/p>\n Knowing how these people think and act are essential to your success.<\/span><\/p>\n If you don\u2019t know, you need to put in the work to gain that understanding. Join networking or community groups. Strike up conversations at local events. Invite people you don\u2019t know from your database out to lunch to pick their brain and get to know them.<\/span><\/p>\n The better you know your clientele, the more successful you\u2019re going to be.<\/span><\/p>\n If I asked you about different real estate companies in your town, could you identify what they\u2019re known for?<\/span><\/p>\n Could you tell me about what type of clientele they attract? Or the types of properties they primarily list?<\/span><\/p>\n Knowing these things will give you a leg up on the competition and allow you to speak confidently with prospects who might be considering listing with one of those companies. You\u2019ll better understand how to position yourself against their strengths and win the business.<\/span><\/p>\n Who are the big players in your market? What do they specialize in? How do they generate business?<\/span><\/p>\n And here\u2019s a big one\u2026 Would they let you \u201cshadow\u201d them for a day or two?<\/span><\/p>\n One of the best ways to learn this business is to model what the very best agents are doing.<\/span><\/p>\n Also, after conducting your research, ask yourself this: What gaps exist in the market that no one is serving? (Can you create a niche from it?)<\/span><\/p>\n How often are you inside the MLS, analyzing what sold, what\u2019s not selling, what\u2019s new, inventory levels, price trends and real estate industry insights?<\/span><\/p>\n Especially if you\u2019re new or inexperienced, this is an essential daily task.<\/span><\/p>\n The more you know your local market trends and can compare them to national trends, the more you can educate and inform people in your marketplace.<\/span><\/p>\n That\u2019s how you become the \u201cknowledge broker\u201d in your market.<\/span><\/p>\n Study those things every day and make sure you\u2019re proactively sharing that information with people in your town, whether that\u2019s through videos on social, email, direct mail postcards, door knocking, whatever it takes!<\/span><\/p>\n The best place for real estate continuing education is undoubtedly my Roadmap Tour<\/a>. That\u2019s what the event is all about. And on a daily basis, make sure you\u2019re reading Keeping Current Matters<\/a>.\u00a0<\/span><\/p>\n Can you speak confidently about the differences from one subdivision to another in your city? Could you explain to an out-of-towner everything that makes one community different from the next?<\/span><\/p>\n If I was a new or growing agent, any free time I have, I\u2019d jump in my car and go preview different neighborhoods until I\u2019ve covered my entire marketplace and knew it like the back of my hand.<\/span><\/p>\n Better yet, do that with your video camera recording and publish edited \u201cdrive-through tours\u201d to position yourself as the expert who knows the details of all the different communities buyers may be considering.<\/span><\/p>\n If Christophe Choo can find time to do this, you can too!<\/span><\/p>\n Starting a <\/span>geographic farm<\/span><\/a> is an awesome way for new agents to establish a presence and become familiar with a specific area without overwhelming themselves.\u00a0<\/span><\/p>\n If you\u2019re new to this business, you might hear familiar refrains about FSBOs and <\/span>Expired Listings<\/span><\/a> being more trouble than they\u2019re worth.<\/span><\/p>\n Well, I beg to differ.<\/span><\/p>\n Not only are FSBOs and Expireds excellent prospects, but they\u2019re also an incredible opportunity to get inside the head and learn from people who are actively in the market. (Or were recently.)<\/span><\/p>\n I\u2019d encourage you to make time to call FSBOs and Expireds \u2013 with no expectations \u2013 and just operate from a learning perspective. Ask them why they feel their property hasn\u2019t sold, their thoughts about agents, and what agents have done for them.<\/span><\/p>\n Then, digest that information and figure out how you can solve consumers\u2019 perceived problems.<\/span><\/p>\n Make these calls a regular part of your week, and I guarantee you\u2019ll gain important empathy that will serve you well throughout your career and put you a level above the competition.<\/span><\/p>\n You need to be\u2026<\/span><\/p>\n Video is king. Use it! Neglecting your social presence is one of the <\/span>easiest ways to fail in real estate<\/span><\/a>.\u00a0<\/span><\/p>\n \u201cWinging it\u201d isn\u2019t a recipe for success in real estate.<\/span><\/p>\n You need to dedicate time to role playing your real estate scripts and objection handlers.<\/span><\/p>\n You need to practice your negotiation techniques.<\/span><\/p>\n The more you do these, the quicker your ascent will be.<\/span><\/p>\n A great way to make these not too overwhelming is to include them as part of a powerful morning routine, along with studying the MLS. Do it every day, make it a habit, and you can thank me later.<\/span><\/p>\n And of course, you MUST have a strong <\/span>real estate business plan<\/span><\/a>!<\/span><\/p>\n When you\u2019re new to this business, there\u2019s nothing more important than <\/span>finding potential buyers and sellers<\/span><\/a>.<\/span><\/p>\n Without a robust marketing budget, your best bet is picking up the phone and calling people to talk about their real estate needs.<\/span><\/p>\n You need to be prospecting at least 2-3 hours a day. If that seems like a lot, I\u2019d recommend just getting used to it. Remember, this is a job.\u00a0<\/span><\/p>\n There\u2019s no substitute for getting face-to-face with real customers, so I\u2019d encourage you to go on every single appointment you possibly can\u2026 Even if you suspect it\u2019s not going to go anywhere.<\/span><\/p>\n The more you talk to people, the more comfortable you\u2019re going to become, and the more people will turn to you and refer you to others.<\/span><\/p>\n I hope no one told you to get into this business because it\u2019s easy. Getting in might be easy, but success in real estate is hard work. I\u2019d recommend every new agent commit to all 10 of these real estate career tips on a daily basis, ON TOP OF everything else.\u00a0<\/span><\/p>\n These aren\u2019t things you need to do instead of the real work that will keep you afloat. They\u2019re in addition to all of that.<\/span><\/p>\n Do them, focus on the right things, and I like my mentor Bill Mitchell assured me, the money will follow.<\/span><\/p>\n And if you want a guarantee that you\u2019ll do the right things AND see money in just a short amount of time, <\/span>that\u2019s what <\/span>Tom Ferry real estate coaches<\/span><\/a> are here for<\/span>.<\/span><\/p>\n<\/p><\/div>\nHow Much Does it Cost to Be a Real Estate Agent?<\/span><\/h2>\n
How Long Do You Have to Go to School to Be a Real Estate Agent?\u00a0<\/span><\/h2>\n
Real Estate Education Tip 1: Know the Clients<\/span><\/h2>\n
Real Estate Education Tip 2: Know the Corporate Players<\/span><\/h2>\n
Real Estate Education Tip 3: Know the Competition<\/span><\/h2>\n
Real Estate Education Tip 4: Know Market Trends<\/span><\/h2>\n
Real Estate Education No. 5: Know the Neighborhoods<\/span><\/h2>\n
Real Estate Education No. 6: Do What Others Will Not<\/span><\/h2>\n
Real Estate Education No. 7: Know that It\u2019s Your Job to Educate<\/span><\/h2>\n
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Real Estate Education No. 8: Success Takes Practice<\/span><\/h2>\n
Real Estate Education No. 9: Commit to Prospecting\u00a0<\/span><\/h2>\n
Real Estate Education No. 10: Go on Every Appointment Possible<\/span><\/h2>\n
Success in Real Estate is an Ongoing Effort<\/span><\/h2>\n