Congratulations, you survived the 75 hour instructional course and passed the state exam. You found a sponsoring broker and passed the background check. You officially have your Real Estate license.
This question is one of the first questions I hear from newly licensed students. The Real Estate course was good to teach you legalities of Real Estate, but when the rubber meets the road, it’s up to you to make the business work. Here are 5 steps to make your Real Estate license work for you.
1. Get business cards and a name badge. Carry some cards with you at all times and wear your name badge when you look professional and are working. People will strike up conversations with you based on your name badge. “So you’re in Real Estate, what’s the market like?”. Which leads us to our next step
2. Acquire, adapt, and practice scripts. You can get scripts from your Broker, fellow Agents, books, or the internet (check Youtube). When people ask you about the market, be prepared with a 15-30 second response. Don’t make it too long – you’re not giving a speech. My favorite response to the question about the market is to say, “It depends, are you looking to buy, sell, or invest?” Then I tailor my response to their situation. Additional scripts you need to have are those that will help you close appointments with people who need your service. I’ll talk about scripts in a separate post.
3. Use your phone. Now that you understand scripts, prepare one for a phone call. Your phone is a huge resource that is just waiting on you to tap into it. Friends, family, and vendors stored in it all like you and want you to succeed. Start with the A’s in your phone and start calling. Make a goal to call 10-20 people per day. The critical point is to ask the other person how they are doing and catch up. Take notes as you talk to them so that you know how their family is and what life events are going on with them. If you don’t already have it, ask them for their email and mailing addresses. Don’t immediately hit them up for business; ask them how they are doing and how their work is going. Most times they will tell you and follow up by asking you how your work is going. Then you tell them that you are in Real Estate now. Ask them if they know *anyone* looking to buy, sell, or invest in Real Estate. Listen thoughtfully to their answer.
4. Get notecards and stamps. Remember in the last step when you asked for mailing addresses? Send a personal thank you card to everyone that you spoke to on the phone. “Hey, it was great catching up. I look forward to speaking to you again.” Make sure you include something personal that you learned during your conversation with them. Put 3-4 business cards in the envelope and send it on its way.
5. Learn the market. When you join a brokerage, more than likely you are going to join an MLS. Look at the daily flash reports for your area, see if you can spot trends, hot spots, or investment opportunities. By having market knowledge in the forefront of your mind, you are prepared for any conversation you may have with a prospective customer/client.
This list is by no means exhaustive, but this is a very affordable way to get your business jump started.