Learn from the old and the new
The first thing that most people do when getting into real estate is ask someone who's already in the business how they did it. The landscape, however, is very different today than it was even 17 years ago when I first began. All you had to do back then was the traditional things; open houses, making calls to for sale by owners, and shadow other agents. Teams didn't really exist when I first got into the business but I believe joining a team today is the key to success in jumpstarting your career.
Solo agent vs. team
Most people get into this business to be entrepreneurial, set their own schedule, and have an unlimited income. Running your own business requires a lot of learning when it comes to finances, accounting, marketing, lead generation, and skillset. This is why I am a big fan of real estate teams.
They say that houses sell themselves and they kind of do in a sense but the question is, does the consumer want to work with you? If you're just opening doors and asking the client if they want to make an offer, you aren't providing them with any value. This is where skillset and the help of a team leader or mentor comes into play. If you're just getting started, my biggest piece of advice is to not do it alone.
"I once heard someone say that you can't lead someone somewhere that you've never been. So being able to follow someone whose been in the industry helped me take that huge leap in my career." - Jesse Slowinski
Join a team that can generate opportunity
When you're getting into real estate, the first hurdle to jump is figuring out where you are going to generate business. 50% of our business comes from past clients, sphere of influence, and referrals. These outlets simply don't exist in your first year. So, where do you start?
The best answer to this, in my opinion, is to join a team that actually has a way to generate opportunity for you. With our team, we have a marketing department that generates business from leveraging Google, Facebook, and Instagram. But then there's also Zillow.com and Realtor.com that generate $600+/- leads for a name and phone number that might not even convert. My suggestion would be to capture these opportunities by joining a team that provides those leads to you.
Some agents go into the business thinking that because they know a lot of people, they will be successful. The reality is, it doesn't matter how many people you know. What matters is what you say which begs the next question; how do you learn what to say?
On The Edrington Team, we train our agents what to say, how to say, and how to respond to possible objections. We educate them on how to study the market and get their clients from the initial conversation to the closing table.
Focus on the games that you can win
If you take a drive through Chattanooga or any other city in the U.S., you'll see a million real estate billboards. As a new agent, I would recommend not trying to compete with that. Focus on where you can compete; being coachable, obtaining skills, finding the right mentor, finding the right accountability partner. You've got to recognize that you're stepping into a business world now, whereas, a long time ago the industry was almost designed around part-timers and those who viewed real estate as a hobby.
- Doug Edrington, CEO of BHHS J Douglas Properties interviewed by Jesse Slowinski, VP of Business Development