Waiting For Your License? Get Ready To Do Business
by Blanche Evans
If you are a new real estate licensee or plan to reactivate your license, you may have a few weeks lag time until you can actually start work as an agent. What can you do to get ready for real estate sales?
Start interviewing brokers.
Business models for brokers have changed radically over the last 20 years and include buyer's agency, fee-for-services, Internet-only brokerage, as well as traditional serve-both-sides real estate. Before you hang your license, you need to know what's available and how your broker will expect you to work. Make sure you interview at least one of each: an independent (privately owned), a traditional franchise broker (Coldwell Banker, ERA, Prudential, GMAC, etc.), an Internet broker (eRealty, zipRealty, etc.) and a 100 percent brokerage (RE/MAX, Realty Executives). Compare their offers, technology support, working conditions, and training programs. The more support you get up front the better even if it means a lower commission split. Offer to shadow agents (accompany them on calls, working contracts, attending inspections, etc.) so you can get a feel for how agents within the agency work.
About the money, don't be discouraged by lower commission splits. Lower commissions are generally due to more lead generation opportunities provided by the broker which can be helpful if you are just getting started. To find out, ask how in-house leads are distributed. If the broker says leads go to the relocation department, then there won't be any for you. Some brokers assess their agents and decide who is best to help the prospect according to the prospect's needs and the agent's skills. If you bring a special skill such as a second language or Internet skills, you are in luck.
Think about a specialty.
The real estate transaction, liabilities, technology, laws, and more make it impossible for new agents to do traditional real estate sales as well as the old timers. If you limit yourself to a certain type of representation such as buyer's agency, it could work to your advantage in getting referrals from other agents and in positioning yourself apart from your competition. Examine your background and see what could translate well into a specialty. Ask the brokers during interviews what special skills they are looking for, and you may find a match.
Get Internet communications and marketing training.
Contact your local board of Realtors and ask to speak to the person in charge of technology. Explain that you are new and setting up your software and ask for recommendations of software and hardware that works best with your MLS system. Many times local boards offer special discounts on productivity software, full utility e-mail programs, PDAs, and other tech supplies. You can take the time to learn how to use the products before you actually need to use them on the job.
If you have already hung your license with your broker but haven't started work yet, get the broker to call the MLS and give you permission to start training on the MLS access software so that you are well practiced before you have to start sharing listings with clients.
Look into the e-PRO Internet certification course by the NAR as it will give you a valuable designation that will give you a competitive advantage over seasoned competitors.
Also, your broker may also have an internal training program that you can begin. Century 21 and Prudential, for example, both have excellent training programs for new agents. Find out the training perks from your broker.
Be sure you are familiar with basic keyboarding functions and Microsoft Office software such as Word. You may be using Office programs for a number of functions in your listing presentations or basic business. Even if you end up using another software system, a lot of the functionality will be familiar and you'll learn other new programs faster.
Start building your sphere of influence/farm now.
Your contact management software should be compatible with your e-mail program. Start collecting names, phone numbers, addresses, e-mail addresses and other information from your friends, family, co-workers, high school class, health club, church and other places. In short, the whole world can be your clients so include your business card with every cup of coffee you order and with every deposit slip that goes to the bank. Ask people you meet for their e-mail addresses so you can send them information about buying and selling a home.
See Agent Marketing tools at Realty Times and get exposure on leading real estate portals on the Internet with Market Conditions Report. Read the news, watch your MLS sales and then give your opinion of what is happening in your local market. Follow-up personal interactions and Internet inquiries with an online newsletter like Real Estate Update that positions you as the market expert.
Choose an e-mail program such as Microsoft Outlook and start building an e-mail database of everyone you know. When it comes time to contact people, you'll be glad you have this inexpensive database to send e-mail information instead of sending snail-mailers.
Join the National Association of Realtors
Most brokers won't hold your license unless you are a member of the National Association of Realtors and subscribe to its Code of Ethics and standards of practice.
Not only will it make it easier for you to operate as a Realtor, with access to your local board's listings, the trade organization offers tremendous support for brokers, agents and the homebuying/selling public. They offer such great deals on everything from cars to computers that you can't lose. The NAR is also the only thing standing between homeowners and Congress which constantly tries to introduce legislation to eliminate the tax benefits of home ownership.
When you are a Realtor, you are part of an elite group, and can feel proud of what you do - even if you haven't reported to work yet!
Published: March 18, 2002
Use of this article without permission is a violation of federal copyright laws.
Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment.
Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's.
Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68.
In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.
Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans.
Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR
"The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors
Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment.
