An honest take on what I wish I had known when I started my real estate career.
Take the time to interview different brokerages
I’m not going to give my opinions on brokerages here as ultimately you need to decide which one is the best fit for you, but I’m always happy to have a more in-depth conversation on why I chose eXp Realty if that is something you’re interested in learning more about.
If you feel like you need to go into the office every day, a brick-and-mortar brokerage might be the right spot.
If you are more self-directed, while still collaborating with others, a virtual brokerage may be beneficial for you.
Consider the implications of joining a team vs. operating as a solo agent
I started off as an individual but joining a team can be a great way to jumpstart your career. Similarly to my advice with selecting a brokerage, take the time to interview with a variety of different teams and see which ones align with your values.
Joining a team means joining an already well-oiled machine. They should have an onboarding process to help get you started.
An important point to consider with joining a team is that you will be required to share a percentage of your fees earned with the team. This percentage varies depending on the team, but will pertain to any self-generated business, and you will have some long-term obligations even after you leave the team.
Starting off as an individual is a much steeper slow; however, when you get past that initial hump, all the business you have will be your own.
Think like a business owner
This one took me a while to understand but effectively you are a sole proprietor here in BC. Take the time to think about how a business is run and apply it to your real estate career.
Create a budget to allow for advertising, your own personal spending money, and taxes. Understand that the cheques you receive will not have taxes taken off, so when April comes around and taxes are due, you want to have had a plan in place to pay that bill.
Take the time to learn the contracts and forms inside and out
At the end of the day, our job is to help our clients achieve their real estate goals. We can go nowhere without them and if you want to have a successful real estate career, understanding the various ways you can help your clients and protect their interests, specific to their unique situation, is crucial.
Before you go out and start trying to generate business, take the time to understand the contracts. What do the disclosure forms mean? What do the clauses mean? If your client is looking to buy and they have a house to sell, how could you incorporate that into the contract?
Your main job is to be valuable to your clients. You may be new, but in the eyes of your regulatory body, you are as informed and liable as an agent with 30 years in the business.
Value learning from others
As I didn’t join a team, I looked to the busier agents in the office and asked to help them out.
Whether it’s tagging along during an inspection or helping them out with open houses—build a reciprocal relationship with seasoned agents where you can provide them value and learn from them. Role play situations and get comfortable with anticipating common questions and handling objections.
There is a ton of free content on YouTube that can help you with setting up your CRM and proper drip campaigns, so you are providing value to all your leads.
Understand that a successful career in real estate takes time to build
This job will not take off overnight. 87% of real estate agents quit within the first two years.
It’s extremely tough at the beginning. How do you land listings with no experience? Where do you find clients even? All these questions have answers, but you’ll need to take the time to develop the skills so when the time arises, you don’t fumble the opportunity.
There are going to be countless times where you feel like you’re banging your head against the wall and that you’re going nowhere, but I can promise you that if you keep on putting in the work and showing up consistently, the business will start to pick up and things will feel easier.
Congratulations on diving into this challenging and rewarding career
For most people, buying or selling their home is a significant chapter in their lives and having the ability to help them achieve the best possible outcome is a privilege.
You will meet so many wonderful people and the industry will constantly challenge you and push you to grow.
I’m always happy to meet with new agents and pay forward the mentorship I received early on in my career. Feel free to contact me at 250-634-2141 or [email protected].
