Welcome to part two of “New to Real Estate: What Now?” In the previous installment, we discussed important topics such as how to choose the right firm, aligning yourself with the right individuals, and finding a mentor in the real estate business. In this segment, we’re going to dive into the heart of the matter and discuss the process of securing your initial deals and the steps to achieve that.
#1 Establishing The Right Mindset
Before even contemplating the idea of closing your first deal or securing your first contract, it’s essential to establish the right mindset. You need to embrace the mindset of being willing to go the extra mile and do what others might not be willing to do. This determination will set you apart and provide you with a competitive edge, particularly if you’re a newcomer to the real estate field.
Most of your fellow new agents might lack this mindset, and that will significantly impact your journey, which is why it’s a critical topic we’ll be addressing in this video.
#2 Time Investments vs Financial Investments
Let’s begin by discussing an important choice you’ll face: time investments versus financial investments. As you work on growing your real estate business, you’ll need to decide whether you’d prefer to invest more of your time or your financial resources.
This choice involves considering whether to dedicate time to cost-effective strategies or spend money on potentially quicker but more expensive methods.
For instance, time investments could encompass activities such as open houses, door knocking, cold calling, and networking.
On the other hand, financial investments might involve buying leads, paying for advertisements, or investing in video marketing.
If you’re a new agent and wish to minimize expenditure, many beginners opt for the time investment strategy. This is exactly what I did when I began my journey in the industry.
Speaking from personal experience, when I started out in residential real estate, I was in my late twenties. While my peers were enjoying weekend activities like going out on Fridays and Saturdays or attending Sunday brunches, I was dedicating my time to work. My focus was on preparation for the upcoming days because I lacked the financial means to invest heavily in the business. With fewer ongoing deals and clients, I had the luxury of channeling my time into building the foundation of my real estate career. This approach proved significant as it allowed me to lay the groundwork for my business without a surplus of capital at my disposal.
#3 Strategies for Generating Business
Now that we’ve touched on the mindset aspect and the considerations between time and money investments, let’s delve into the strategies for generating immediate business.
One effective method for achieving this is by utilizing open houses.
Why are open houses so valuable? They provide a platform for you to position yourself as a real estate professional within the community. Admittedly, not everyone attending an open house is ready to buy a house right away, and not all are unrepresented by another agent. Nevertheless, many individuals are in the early stages of their home buying journey and may be seeking guidance.
The additional advantage of open houses lies in the networking opportunities they present, which we’ll discuss in more detail later. Moreover, hosting an open house enables you to create a database of potential clients. This is especially crucial if you’re new to a city or lack an extensive network. Your database and customer relationship management (CRM) system are of paramount importance, particularly in the initial stages of your career.
▸Layering Your Efforts
Moving on, another critical aspect of generating immediate business involves layering your efforts. For instance, open houses can be leveraged as a cornerstone of this approach. Instead of merely hosting an open house on a Saturday, consider extending your efforts throughout the week:
- Following the open house, engage in activities such as door knocking in the neighborhood to introduce yourself to residents.
- On Thursday, organize a broker open to acquaint fellow agents with the property and expand your professional network.
- Reach out to neighbors on Friday to invite them to an exclusive pre-public open house event on Saturday.
This layered approach positions you as an expert within the neighborhood and maximizes your impact. It’s an efficient way to invest time into your business without substantial financial outlay.
Lastly, social media serves as another potent tool for layering your efforts. You can seamlessly integrate your social media presence with your real estate activities. Share your experiences when door knocking, cold calling, or hosting open houses. Utilize both posts and stories to showcase your engagement with the real estate world.
Stories, in particular, are less intrusive and offer a casual way for your friends and followers to observe your professional journey. By consistently demonstrating your involvement in real estate, you’ll naturally become synonymous with expertise and professionalism in the eyes of your network.
Social media doesn’t replace your work; it supplements and complements it, adding another layer to your business-building endeavors.
The path to success as a new agent involves making deliberate choices regarding your mindset, time investments, and financial investments. Open houses are a powerful way to jumpstart your business. Leveraging these events through layered efforts—such as neighborhood engagement and networking—allows you to build a solid foundation. Furthermore, integrating social media with your real estate activities enhances your visibility and credibility.
Remember, all these strategies work together to supplement and enhance your business, not replace it. You’ll be required to invest significant effort, whether through time or money, but the results are undoubtedly worthwhile.
If you seek further guidance or have questions about these strategies, feel free to reach out to me. Don’t forget to subscribe to my YouTube and Instagram, and stay tuned for more insights in the coming weeks.
Additional Resources For New Agents:
If you’re a real estate agent looking to join your first firm or switch firms, here are some additional resources that can help you: