I’m sure you have heard the stat, 87% of realtors fail in their first year! It’s actually because they fail to put their ego on the side lines. Ego is the killer of all new ventures because you THINK you know, when in reality, you don’t know what you don’t know yet. Curious on how to become a successful real estate agent? Let’s dive right in!
Let’s start with my background. I started wholesaling and flipping houses before I ever became an agent. Would I recommend starting that way… absolutely not! I was naive but ambitious. My drive is what got me through the tough times and my ability to problem solve on my feet.
I ended up buying 20 houses my first year and my company was profitable. The issues where simple, I didn’t understand the escrow process fully, I wasn’t knowledgeable on construction costs, and I didn’t think like the consumer thinks when I walked the home. The key to being successful as a real estate agent and or investor, is being able to think like the consumer and accurately plan for when they walk the home.
How to Become a Successful Real Estate Agent
As a successful real estate agent, you would know what your buyers want and what the seller needs to do in order to sell the home for maximum profit.
I really had no idea what I was doing those first few months. The only thing I had on my side is I knew how to sell myself.
Things I cannot teach: personality, ambition, work ethic, and street smarts. I believe these traits are for how to become a successful real estate agent and honestly, I can teach you the rest. Real estate is not rocket science folks. There is a reason most of the multi millionaires are in real estate. It requires no formal education other than your classes to get your license.
Look, at the end of the day, anyone can become a real estate agent, but only a small few will be successful. What I am about to go over with you, those “gurus” will charge you $5,000 for this information. Let’s get to it.
Step One: Get Your License
You need to identify what type of learner you are. Are you a visual person or a book person? Can you learn fast or do you need someone to explain things to you in person?
I say this because I want you to pass your exam on the first try! I personally am a self starter and can learn easily so I took the course online through Kaplan. Easy videos to watch and I think the practice exams are the best out there to prepare you for your state and national exams.
If you need more one-on-one in person teaching, I suggest finding a local school to help. Here in Las Vegas, I’ve heard good things about Key Realty school and Century 21.
Step Two: Find The Right Brokerage and Team
I know what you’re thinking becauseI have heard it all at this point. “I don’t like the splits at these other brokerages because they want me to give up 50% of my commission.” Okay, but let me ask you this, do you have a pipeline of business ready to go on day 1?
Do you have the ability to walk clients through the escrow process without sounding like a newbie? Or better yet, do you even know what disclosures need to be signed with your clients to protect you from lawsuits?
My guess, no you don’t know that information and you won’t learn it at your real estate school either. You need someone to take you on and give you the tools to be successful. In today’s market, you don’t even need to join a local team persay.
For example, I have people that call me from other states and ask for my help. Absolutely, you can join my team from another state and have our tools to be successful.
How to Be a Successful Real Estate Agent With Commission Splits
The key here, put your damn ego to the side and take the commission split. EVERY new agent I have talked to has let their ego get involved and tried on their own first by calling friends and family or their “sphere” has fallen flat on their face and now has a regular 9-5 job.
Can we agree, if you are closing one deal a month to start, it’s worth the 50/50 split? Most agents who try on their own first go 7-9 months without making their first commission check. I rather see you put money away and learn.
You are getting into real estate most likely for the freedom it will give you. Will you need to work hard for that freedom, yes, but will it be rewarding both in time and money? Absolutely.
Put the ego aside and join a team that will feed you and teach you all that you need to know. I highly recommend a team like mine where we flip houses because on day 1, you will be writing offers.
Step Three: Become a Sponge
So you want to learn how to become a successful real estate agent because you like the idea of running your own business? You cannot get there without asking more questions than you think!
There is no dumb question when you are changing your life. Trust me, you don’t know what you don’t know yet so be bold and ask.
It will be like drinking out of a fire hose at first but with the right team, you will be able to learn fast through mistakes. If you have lead flow, you will make a lot of mistakes up front and be able to learn from them.
I will never forget the first lead that called me who needed to sell their home. I was so bad at asking questions and I think the call lasted 2 minutes.
I scheduled the appointment and forgot to ask anything about the home! I bought the house the next day almost by accident because I just knew the signs that they wanted to sell and wanted to sell it today. Instincts are key in this game.
If you can shadow your team lead or top producer on the team, game changer. You will learn more from listening and watching the way they speak to clients. The way they overcome objections and the way they glide through appointments because they truly are the expert. Shadow them for as long as you can before you take your first call. It will help.
Why are you about to put yourself through all the rejection from clients, all the late night meetings and early morning calls, all the needy clients who refuse to buy in their budget and want a neighborhood they can never afford? You need to identify your why. It cannot be purely money. If it is purely money, you will fail.
Let me explain my why and maybe it will help you.
I got into real estate by accident. I was looking for something that would make me more money then what I was currently doing and something that was mine. I didn’t want a boss. The problem, I was so broke I would have to wait until the last day to pay rent, before the late fee kicked in, because some months I didn’t have it.
It was a hard time. I was bartending at night and working during the day just to have enough money to pay bills and enjoy some kind of lifestyle in my early 20s. But, I had a vision and it wasn’t working multiple jobs and getting yelled at by bosses who didn’t respect me or care about my dreams.
Real estate found me. Once I realized, if I just outwork the competition and hustle harder, I can make money for my family. It’s just like sports! Someone is out there working harder than you right now and has a similar vision for their life. The difference with real estate is there is enough to go around for all of us.
You need to have an abundance mindset when it comes to clients and homes. Here in Las Vegas there are thousands of agents and you have to be able to cut through the noise in order to get clients. But it doesn’t take much and it doesn’t take a phd to do it.
My why is now changing a bit. I have found some success and have deal flow as well as clients. Now, I want to help people like you get freedom. Freedom from society that tells you to be safe, freedom from a boss who doesn’t care about you, and freedom from debt that can drown you into oblivion.
Find your why. Find your purpose for doing this job and you will reach all your goals. You will be a successful real estate agent.