Becoming a Real Estate Agent: Tips and Tricks the Textbooks Won't Tell You

1. Tips and TricksWhat the textbooks wont tell youJennifer Ames

2. This isn’t rocket science • Compared to many other professions, the requirements to becoming an agent are relatively simple: • Age:  You must be 18 years of age or older to be issued a license • Residence:  Proof of Legal Presence in the United States is required • Honesty:  Applicants must be honest and truthful • Successful completion of three college-level courses is required to qualify for a real estate salesperson examination • 3 hour 15-minutes is given to sit the exam • One must pass with 70% of the questions • correctly answered

3. There Are Plenty of Fish in the Sea

4. Get rich quick? • The first year drop out range estimated to be from 40% to 80% demonstrates that many real estate agents are not as successful as they thought they could be • Research suggests that 90% give up after 3 years

5. Everyone wanted in Business Card Confirms Real-Estate Salesman Is Eddie Money STOCKTON, CA—The suspicions of house hunters Paul and Gail Barnett were confirmed Tuesday when a business card revealed that the Century 21 agent showing them a two-bedroom split-level ranch was indeed rocker Eddie Money. "He looked just like the guy who sang 'Two Tickets To Paradise,' but I figured it must just be somebody who resembles him," Gail said. "But then, right there on the card, it said 'Edward Money.'" Gail praised Money for his thoroughness and professionalism.

6. Setting Yourself Apart • First and Foremost YOU are a business. • Make a PLAN • Research Your Market Plan • Establish Sales Goals using your strategic plan • Create a Financial Budget • Make Managing Yourself a Priority • Find a Mentor or a Real Estate Coach Tips from Leanne Hoagland-Smith

7. Make Yourself Known- Publicity • Call reporters and invite them for lunch or coffee. Let them know the areas (residential real estate, commercial real estate, mortgage lending, buyer agency etc.)  in which you are an expert, and encourage them to call on you • Fax or mail copies of industry reports, articles from trade publications and tips about trends you are seeing to your media contacts. This helps them understand the real estate industry and it keeps your name in front of them • Tell the media about the biggest problems that buyers and sellers are facing and how you help them solve those problems • Offer your opinions on proposed legislation that deals with changes in the real estate industry • Give the media news tips and story ideas, even if they don’t relate to real estate. Establish yourself as a valuable resource and reporters will keep coming back to you for more information Tips from Joan Stewart

8. Creativity Is Key • Write- Establish yourself as an expert by writing for local, regional and national publications, as well as trade publications • Write letters to the editor of your local newspaper. Letters that have the best chance of being published are those that comment on stories the newspaper has printed. Keep your letters as brief as possible • Submit opinion columns on hot local topics for the opinion page • Write for electronic newsletters and magazines that serve the real estate industry, or those publications that are read by people who you want to get in front of • Write White Papers or special reports on hot topics in the real estate industry, and offer them free to the public • Get the editorial calendar for your local business journal and see which special sections are devoted to real estate • Create a blog on your website

9. Speak- Chambers of commerce, Rotary clubs, business groups and even local community groups always need speakers. Pick a topic that no one else is speaking about. Collect business cards from audience members and give away a door prize. Then add the business cards to your database for future marketing campaigns • Conduct classes through your local college or university • Join Toastmasters to learn platform skills and become known as someone who loves to speak • Call local TV stations and invite them to call on you for comment when they’re doing stories about the real estate industry • Whenever you write articles, include a paragraph at the end telling readers that you are available for speaking engagements • If all else fails, hire a publicist

10. Dress for success • "As a real-estate agent, my appearance is crucial, on any given day, I'm interacting with a large number of people: clients, property owners, business associates. It's of the utmost importance that I convey professionalism to my customers and colleagues at all times." Gregg Rafalski, 35-year-old RE/MAX employee • Men: A freshly pressed shirt, a "smart-looking" tie, well-polished shoes, and a minimal amount of carefully chosen jewelry. Also makes sure that your fingernails are clean and neatly trimmed (a manicure won’t kill you!) • Women: Clean, pressed suit, slacks, or skirt. Dress for church, not the club! Minimal hairspray, perfume, and makeup. Keep jewelry to a minimum

11. This also applies to your car • Transportation plays an important role in the impression you make. Which makes a better impression?

12. Don’t break the law The California DRE reports the Ten Most Common Violations Found in DRE Audits: • B & P Code Section 10148 - Retention of Records • Regulation 2731 - Use of False or Fictitious Name • Regulation 2831 - Trust Fund Records To Be Maintained • Regulation 2831.1 - Separate Record for Each Beneficiary or Transaction • Regulation 2831.2 - Trust Account Reconciliation • Regulation 2832.1 - Trust Fund Handling for Multiple Beneficiaries (Trust Fund Shortage) • Regulation 2832 - Trust Fund Handling • Regulation 2834 - Trust Account Withdrawals • B & P Code Section 10145/ Regulation 2835 – Commingling • B & P Code Section 10240 - Written Disclosure Statement What is really boils down to is KNOW THE LAW

13. Tips From The Pros…. Why did you choose this profession? • This industry sort of chose me so that's difficult to answer. The reason I remain in Real Estate is because it's rare to have a job where you are able to help people achieve their goals, prevent them from being taken advantage (by the unscrupulous agents), while making decent money. Buying a home is the most common way for the average person to acquire any type of wealth and it's a good thing to be able to guide them. What were your expectations before you started? • I expected to get rich like Donald Trump. Just kidding, I didn't have any expectations. What surprises did you encounter during your first close? • I was surprised to find out how much the client didn't know about buying a home. How did you approach finding new clients? • With every deal I close I try to make an impression on my client so that I can rely on referrals for future business. I also do some mailing to specific people I have targeted for different reasons. I am not a big fan of any "in your face" marketing tactics like telemarketing or door knocking -even open houses. I think it's very rarely worth the trouble. What is your most and least favorite aspect of the profession? • Most: Getting to know the clients who often become friends. Least: Dealing with other agents who are lazy or careless. What advice would you offer to a new/soon-to-be agent? • 1. Get hooked up with another agent who has experience and enough time to help you learn how to make a deal happen. 2. If you don't know the answer to the question of another agent or a client, ask someone don't play it off with some BS answer. Rusty Paap | First Rate Capital, LLC 

14. Tell me about your job… PROS: You get to meet a lot of great people, see a lot of homes, control your own time (to a degree), and can make money. CONS: You get to meet a lot of not-so-great people (buyers who waste your time, sellers who are unreasonable), deals that fall through (especially when you are counting on the commission), working late hours, and finding prospects. The hardest part for me is finding good prospects. I hate cold calling so have tried mailings and joining lead generators. Now, I work full-time so I can make sure I have steady income and health insurance, and just work with referrals. I also have a partner (my sister) who is a stay-at-home mom and a great help when I'm not available. It's not an easy career - it helps if you are a very outgoing person, know a lot of people, and can talk to anyone and ask them for business. COSTS: MLS, Realtor Association, Key, License, Ongoing education, business cards, advertising. These are different depending on the state you live in. MLS/Realtor can run around $600+/year. Good luck - keep your business cards handy!

15. Tell me about your job… first things first - it is NOT a "job"...it's a BUSINESS. and it's YOUR BUSINESS. hook up with other agents, form a team, split deals, build a network. do seminars, etc. start with an associate broker who's a TOP PRO. work your butt off - getting appts - fsbo and exp calling...or whatever the top pro does - do it. just make money, and as much of it as you can. it's a numbers game. if you want to do 60k this year (remainder of year) you'll need to do say 6.6 million in total volume - in order to achieve this, you'll need about 5 appointments a WEEK. in order to get 5 appts a week, you, your broker and the team will have to tirelessly call, knock on doors, farm mailings religiously, etc. you start with your sphere of influence - who you know. and hit them over and over. every time you talk to someone, give them a business card. give out 25 a week. put them at the local shops. do whatever you have to. this ain't no job. if you treat it like a job - you'll make 40k a year and that's crap.

16. Thank you for your time and GOOD LUCK!