Develop relationships (lots of them!) and begin building skills necessary for a career in real estate sales. Spend time with members of organizations where you belong. Hang out at Starbucks with friends. Call your family, neighbors, veterinarian, and hair stylist. After you talk about the price of gasoline, Fluffy’s allergies, and the latest hair trends, the topic of real estate will probably come up. Everyone loves to discuss the current real estate market!
When you’re not in the process of developing relationships, try the following seven skill-building tips:
1.) Attend all training sessions offered by your brokerage firm and local REALTOR® association. Not only will you learn something new at each event, but you also will be developing relationships with other new agents.
2.) Spend time in your office. You will learn by simply listening to conversations, and you will be establishing relationships with other practitioners in your office. Become familiar with the phone system and other office policies and procedures.
3.) Hold open houses. Offer to hold listings open for experienced agents.
4.) Tour, tour, tour! This is critical to understanding your inventory and pricing within local markets. Sign in at each home and leave your business card, which allows agents to
see your name.
5.) Preview vacant homes. Again, this is a wonderful opportunity to better understand the product you are representing.
6.) Review contractual and other legal documents. Read each document at least six times (sales agreement, consumer notice, listing agreement, buyer agency agreement, etc.) and meet with your manager or broker to discuss each in detail.
7.) Become very, very familiar with your Multiple Listing Service (MLS). Spend plenty of time using your online MLS system to become familiar with executing property searches, tracking client data, and creating a Competitive Market Analysis (CMA). Regularly review changes in property inventory to identify new and expired listings, and properties that are under agreement or have sold.
Begin your career in real estate by developing both relationships and skills needed to succeed in this industry. Clients will soon follow!
Julie Cain Cwynar is a REALTOR® with Howard Hanna Real Estate Services in Pittsburgh, Pa. She began her real estate career this year after spending almost 10 years as a management consultant for Fortune 500 companies.
An interesting article to pass along that appeared in Sunday’s Boston Globe (“Brokers Taking on Younger Look”) about the need for the industry to attract young brokers who often tend to better understand how to reach the growing demographic of young, tech-savvy home buyers. Coupled with that, a study last year revealed that the real estate industry – which has a median
age of 52 – risks facing huge shortages of brokers as baby boomers retire if it doesn’t attract more Gen Y practitioners to real estate careers.
Why do you think younger people don’t consider a career in real estate? How can the industry attract more young people to the field? Also, do you think young practitioners have an advantage in today’s market in reaching out to young home buyers than more seasoned practitioners?
When is the right time to let a client go? As real estate practitioners, sometimes we have to make the choice to let a bad client go. But it’s never an easy decision since we feel like we are letting a potential paycheck fly out the window.
The truth of the matter is we are running a business and we have to make educated choices for the best interest of our business. When a listing or buyer ceases to be an investment with return, we have to step up to the plate and knock them out of the park.
Recently, I had to make this tough decision. Once it was done, I felt like a weight had been lifted off my slumping shoulders. The client had refused to listen to advice, continued to cut calls short, and just wouldn’t enter into reality about the market changes. Come on, why did you hire me in the first place? I mean, I know I have a great smile and I am fun (ha ha, just kidding!).
For me, I realized it was a waste of my time and money — especially with the rising cost of gas and everything else these days. To be honest, I have better ways to spend time and money.
So take a close look at your current business. Are there customers and clients that seem to be
going nowhere? If so, maybe it’s time to re-evaluate who you’re working with. If it’s a listing, is it truly saleable? For a few more of my clients it might be time to say — in the words of Donald Trump — “You’re fired!”
Courtland McPherson works with The McPherson Group, Prudential Gammons Realty, in Exeter, R.I. Prior to joining real estate in 2004, he had worked as a former energy auditor, home inspector, and small business owner.
The Young Professionals Network will be sponsoring two events in May to coincide with NAR’s 2008 Midyear Legislative Meetings & Trade Expo, in Washington, D.C. We hope you'll join us!
**Attendees must register for NAR's Midyear Meetings & Trade Expo to attend; registeration is FREE for all NAR members. For more information or to register, click here.
Make sure you stay in the loop with YPN events and get in the network. It's free! Submit a membership profile at the YPN Web site.
“I don't measure a man's success by how high he climbs but how high he bounces when he hits bottom.” — General George S. Patton
I wanted to start with this quote because I feel as if everyone in the real estate world is either staying down when they get hit to the ground or is flying high when they just take a leap.
For about 7 months I have been working under my mentor, Jim Hodur, and basically have been working pro bono. Jim, being generous, has helped me out with a few checks here and there if I go on a showing or on a follow up, which is greatly appreciated. A few months ago I remember a time when I asked myself: “Is this what the industry is? Someone works so hard for nothing?”
Finally, I am noticing a few things change. People say the market is bad and that’s all you hear in the news. Well I’ve got a news flash for you, the commercial market is moving and moving fast in some markets. In the last 3-4 weeks the team I am a part of has gone from $18 million in listings to somewhere around $45 million, and our buyers swarm in on the phones.
Of course, all of this can depend on the individual. You or I can sit around and wait for someone
to want to list their property or we can go out and get them to list it. We can wait for the phone to ring or go out into the world and hand out cards, talk to people, check in with businesses, etc.
The last 7 months I had in my head that I had failed in this business. I now look back and notice how much I’ve learned. And I'm looking ahead and the future looks bright: I just closed my first deal, I have another lease deal that should turn out great, a few developers I’m working with, leads off cold calls, listing appointments, and finally I realized my success is up to me.
I did it and I’m going to keep doing it because if I ever hit bottom again I am going to bounce so high even Patton would be impressed.
Eric Walowitz is a commercial associate with Coldwell Banker in Chicago.
The Young Professionals Network needs a logo and we need your input! REALTOR magazine online's visual designer Elizabeth Siuta designed several options for a YPN logo, which we'll use to identify our growing group of young real estate professionals. Below are four options. Vote for your favorite logo in our poll below by Monday, April 14.
The Internet is a wonderful tool that is quickly shrinking the world and delivering information to billions of people. As someone who champions the use of the worldwide Web as the “must be” place for real estate practitioners, I struggle with analog agents who refuse to learn online basics and lessen their ability to service modern clients.
Some heated debates have occurred about these new tools (digital video, blogging, e-mail drip list campaigns, etc.) and their effectiveness, but in recent months I have started to see even the most staunched “old school” promoters yield to the reach of the Web.
Despite our differences, one point I must concede is that no number of photos, videos, or fancy Web sites will ever replace human touch and experience. Basically, practitioners who rely solely on automatic searches and Web previews and are not physically touring homes on a weekly basis are at a disadvantage. They lack the ability to speak intimately about the inventory available to the consumer, they are unable to gauge micro pricing trends (neighborhood), and they are disconnected to the area they wish to serve.
Therefore, despite the new-age gadgets or the ease of jumping online, I train agents to get in the car, tour homes, and get personal with the product they hope to sell. What we are finding is that
practitioners who are “kicking tires” are typically performing better then those who rely solely on the Web.
For instance, has a home ever popped up on the local MLS whose photographs and accompanying price said “too good to be true?” Did your e-mail system send that house to your client and later you received an excited call about the newest available home with the great photos and unbelievable price? Then, your clients piled into the car, traveled to their new found oasis only to find that the photographer was too clever and found the right corners to make the home look humongous.
This scenario was happening too often at our firm before we picked up weekly broker caravans again. Now, I am thrilled to report that agents are having intelligent conversations about listings, pricing, and marketing strategies. This also means that they are writing offers that are based on true and confident knowledge of the micro-markets or taking listings that can sell faster despite the real estate slowdown.
Laptops are wonderful portals that allow you to have the world's combined wisdom at your fingertips. But I encourage young professionals to take a page out of the “old school” manuals and begin to tour homes on a weekly basis. In time, you'll find that getting intimate with the houses on your block will give you the know-how to sell your area like no one else. Besides, we can all use a little more time in the sun.
Hugo Torres, e-PRO, is the general manager of Century 21 Adams & Barnes in Monrovia, Calif.
For real estate professionals aspiring to be leaders, here’s a great opportunity for you: The Leadership Academy is now accepting online applications for its 2009 Leadership Academy training program. NAR developed the program to identify emerging leaders who have experience at the state and local level and who want to serve in a leadership role at the national level. Participants are selected through an application process. To learn more about the application process and about this program, visit the Leadership Academy Web site. Deadline for submission: April 28.
The first step to developing a solid marketing strategy and business model is to identify your target market or niche. Many real estate professionals, especially those new to the profession, target all consumers — perhaps only limiting their efforts to a specific geographic area.
However, geo-targeting is not enough. As the old marketing saying goes, “If you target everyone, you won’t reach ANYONE.” And you’re mistaken if you think focusing on a specific group within the entire market will mean you’ll be missing out on all of that extra business.
Consider your own purchasing decisions as a consumer. Do you seek out professionals who have a particular expertise? Market saturation, especially the online market, demands that service professionals become specialists.
A niche is important because it:
Defines you as an expert.
Acts as a competition “buffer.”
Laser-focuses your marketing messages, thereby making them far more effective.
Assures your target audience that you are the right one for the job.
Assists you in selecting keywords for your blog or Web site.
Makes market research easier.
Roadmap to a Niche
To identify your niche, do the following:
1. Consider your interests and strengths — and the market. Who is underserved or not served at all? If you are targeting senior golf enthusiasts, not only should you have an indepth
understanding of the needs and desires of golf enthusiasts, but you should be a member of golf clubs and attend golf events. Additionally, you should be aware of locations and features of golf communities.
2. Target a niche that you are passionate about and contains people that you want to work with.
3. Spend money and time securing your place as the specialists for that niche — your online and off-line marketing should reflect whom you serve and address their needs.
So, what’s your niche?
Mia Orantes is a licensed residential salesperson and principal of Real Estate Geeks, a consulting firm offering Real Estate 2.0 marketing and virtual assistance to agents and brokers.
Get connected with young real estate professionals from across the country. Our YPN bloggers give you the latest buzz on technology, marketing, prospecting, YPN news, and more. Read more >
Develop relationships (lots of them!) and begin building skills necessary for a career in real estate sales. Spend time with members of organizations where you belong. Hang out at Starbucks with friends. Call your family, neighbors, veterinarian, and hair stylist. After you talk about the price of gasoline, Fluffy’s allergies, and the latest hair trends, the topic of real estate will probably come up. Everyone loves to discuss the current real estate market! 
When is the right time to let a client go? As real estate practitioners, sometimes we have to make the choice to let a bad client go. But it’s never an easy decision since we feel like we are letting a potential paycheck fly out the window. 
The Young Professionals Network will be sponsoring two events in May to coincide with NAR’s 2008 Midyear Legislative Meetings & Trade Expo, in Washington, D.C. We hope you'll join us! 
“I don't measure a man's success by how high he climbs but how high he bounces when he hits bottom.”
The Internet is a wonderful tool that is quickly shrinking the world and delivering information to billions of people. As someone who champions the use of the worldwide Web as the “must be” place for real estate practitioners, I struggle with analog agents who refuse to learn online basics and lessen their ability to service modern clients.
The first step to developing a solid marketing strategy and business model is to identify your target market or niche. Many real estate professionals, especially those new to the profession, target all consumers — perhaps only limiting their efforts to a specific geographic area. 
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