As A New Member –
Where Do I Start?
Whether you are first starting out in real estate or you are moving to a new area and starting fresh, the beginning steps are the same:
1. Organize Yourself & Your Business
2. Build Your Sphere of Influence &
Network with Industry Professionals
3. Promote Yourself & Your Business
4. Sign On Clients & Write Offers
5. Ensure Success by Snowballing Business
Organize Yourself & Your Business
It is super important to keep yourself organized when you operate your own business. As a real estate agent, you are considered an independent contractor. This means that you operate your real estate business independently under the brokerage you are affiliated with, even though you may be utilizing their brand for recognition within the community.
When it comes to organizing yourself, don’t get caught up in organizing the small nitty-gritty things (i.e. pre-making 300 labels in your email, or printing out every single form and filing it away for future use) you will get caught in analysis paralysis. Keep your organization simple and straightforward.
Take advantage of online forms and programs to help keep your working area clutter-free!
Build Your Sphere of Influence & Network with Industry Professionals
Once you have organized yourself to your liking, make a list of your family, friends, colleagues, people you have in your contacts list, and people you have on social media. These people will be the starting point of your business – You never know if they know someone who is looking to buy or sell real estate!
Networking with industry professionals is another great way to grow your business. Connecting with attorneys, lenders, inspectors, etc. and building professional relationships with them can lead to a strong referral business and therefore add to the number of closings you can have.
Promote Yourself & Your Business
Now that you’ve built your baseline list of contacts (core sphere of influence), PROMOTE YOURSELF AND YOUR BUSINESS!!
Technology has made connecting and contacting others super easy! Take advantage of every online platform you can – Build yourself professional social media profiles where you can post updates, reviews, stories, and more.
Helpful Tip: Facebook and Instagram have a free content scheduling feature where you can plan out posts for weeks. This way, you’re able to continuously post even when you are too busy to check social media because you’re closing deals and building business!
Don’t forget about traditional methods of marketing as well (mailing letters/postcards, door knocking with door hangers, hanging up posters, etc.) Utilizing various forms of marketing can help your business stand out from those who are only using online or traditional methods.
Sign On Clients & Write Offers
Now that you’ve got the ball rolling, start bringing in business and closing deals!!
Below is a generalized step-by-step process for helping facilitate a real estate purchase or sale as a real estate agent:
Steps to Purchase:
Steps to Sell:
Meet with the client for the first time to sign Buyer’s Agency Agreement and other documents, understand search criteria to set up personalized MLS search, address any preliminary questions or concerns, and get availability for showings.
Meet with the client for the first time to sign Seller’s Agency Agreement and other documents, understand their needs and wants when selling, present CMA and explain the process of selling, set up personalized MLS search (if applicable), and address any preliminary questions or concerns.
Review MLS matches & schedule showings
Follow up with the client on their MLS matches and schedule showings to view the houses they’re interested in. Confirm showing 3 times; once when the showing is scheduled, the day before, and the day of the showing.
Prep & market house for sale
Prepare the house for sale by having it cleaned & staged prior to pictures being taken, market the house on all applicable platforms + your agent pages. Contact any buyer clients you may have whose search criteria match the house you’re listing.
Write offers and Get Under Contract
Write up an offer to purchase and review clauses and contingencies of purchase. Collect all necessary documents and down payment checks to send in offer as soon as possible. Follow up with listing agent to confirm receipt of offer.
Open House + review offers to accept
Hold an open house (if applicable) to showcase to potential buyers. Set a deadline for offers & review them with the seller as they come in. Answer questions & provide unbiased professional advice to seller to make best decision when selling their property.
Meet Contingencies and Corral third parties
Connect with your client’s lender and attorney to get the ball rolling as soon as possible. Have buyers schedule inspection (if applicable). Follow up with buyers at least once per week with updates on the purchase process. Ensure that the buyers are meeting their requirements as per contract to purchase.
MEET CONTINGENCIES AND CORRAL THIRD PARTIES
Contact the agent of the accepted offer & send a “not accepted” notice to other agents. Contact seller’s attorney to get ball rolling. Follow up with buyers at least once per week with updates on the purchase process. Ensure that the sellers are meeting their requirements as per contract to purchase.
Final WALK-THROUGH & Sign Closing Documents
Schedule the final walk-through for the day before/the day of closing. Ensure that there is nothing out of the ordinary (broom-clean, no unexpected damage or changes to the property, contingencies are met, etc.) Join your clients at closing & celebrate them closing on their new home!
Pack up, clean, Move & Sign Closing documents
Remind your seller the house needs to be broom-clean & they need to vacate the premises before the final-walkthrough (if there is no agreement stating otherwise) Have your clients hand over any and all copies of keys / access codes prior to signing closing documents. Congratulate your client on selling!
Ensure Success by Snowballing Business
As a real estate agent, you are only as good as your last deal! Ensure that you keep business constantly incoming so that you have a steady stream of closings. “Snowballing Business” means that you are consistently lead-generating/networking and bringing in new business while you are closing other deals.
Tips for snowballing business:
- Don’t stop lead generating – Be consistent with your outreach and prospecting
- Always be networking. Connect and build relationships with industry professionals so you can earn referral business
- When you close on a deal – sign-on (at least) 2 more clients
- If you miss a call, call them back the same day. If you get their voicemail, hangup, call back and then leave a voicemail.
- Save up for your membership dues and separate your taxes during the year so you don’t get hit with a huge bill when they’re due.