They are watching, listening and looking to experienced agents for help. They have fears about the market, their futures and providing for loved ones. Many worry they will never make enough to own their own homes. You may think these are feelings of first time homebuyers. While new to market buyers and move up buyers surely are feeling the stress of a constrained market, there is another group that needs the assistance of experienced brokers, coaches, industry leaders and agents. Who are they? New real estate agents.
Many choose real estate as a second career after finding out that a typical 9-5 is not for them. The dream of becoming an entrepreneur and helping people achieve home ownership is noble and exciting. It is also not for everyone. Each year tens of thousands work to attain their real estate licenses, and not a single person who does so intends to fail at their new career. Every single top producing agent was once in the shoes of a new agent. Many are willing to help with advice. A multitude of training options exist, and lead generation resources are abundant.
Why do so many new agents fail? Most of us exist in firmly structured environments from the time we enter school. Our days start and end on a clear schedule, and on any given day we know roughly what to expect. Once dropped into the real estate world, we are responsible for our own structure. Some are disciplined enough to complete marketing, lead generation and continuing education activities on a regular basis. For many, however, it becomes difficult to achieve focus consistently enough to build a stable business.
So what can new agents be doing to achieve success? There is much advice available and most industry veterans have learned that if you just perform activities that have proven successful in the past things are likely to work out well. But what about the bigger picture? An overall framework and system of support for agents?
New licensees can start by spending time in person with experienced agents. No one understands what it is like to struggle in real estate or in a particular transaction better than an agent who has been through many market cycles and has worked with clients and the challenges that such personal work can bring about.
As work from home has become normalized the value of in-person time in an office sharing stories and advice with other agents has been lost. Another great benefit of spending time with other agents is the discovery that not everyone is an overnight rock star, and that there are many versions of a fulfilling real estate career.
Another important factor is to work on your business and not just in your business. Find accounting help, have a tax strategy and set a budget for your business. Creating a solid framework for your business will help when weathering market changes.
Another important aspect for long-term success in real estate is to find a way to be involved in industry and community service. A high-achieving agent forms a symbiotic relationship with their sphere, greater communities and their industry.
For a new agent becoming involved in their local Realtor® association provides the opportunity for all of these things. Agents can learn leadership skills, find opportunities for continuing education and gain mentors and allies through voluntarism. Association involvement helps agents to understand how our industry and housing interacts with economic markets, other industries and politics.
Sustained accomplishment in real estate depends not only on skills, discipline and mental toughness but also on the environment an agent creates to work in. Interacting face to face, finding mentors, being a mentor and serving one’s industry sets the tone for a winning career. Do these things, and before you know it you will be a seasoned veteran.
Quinn Arnau is the Georgia Association of Realtors YPN President.