An open letter to new agents
Realtor Notebook
By Teresa Boardman, Thursday, September 3, 2009.
I don't have any numbers but historically, when unemployment has risen more people start their own businesses, and some go into real estate sales. It doesn't cost much to get started and requires very little education.
Lately, I have run into a few people who have just joined us and have received some calls from others who would like to become Realtors.
We all have to start someplace and I was once a new agent. In fact, to some I still am, even though I have been in the business for less than a decade. It takes some experience to do a good job representing clients. When you don't let me know that you are new, I can't help you.
Last week, you wrote an offer on one of my listings. It was a good offer -- all the i's were dotted and the t's crossed -- which is unusual as I get so many offers that I have to kick back to the buyer's agent. I was impressed and you looked like you knew what you were doing.
Then we got to the appraisal and there were some problems. Your behavior and the way you handled those problems was unusual. My sellers began to wonder about the buyers. I started to get frustrated with you.
There were some other problems and it seemed like you wouldn't work with me to solve them. Finally, I got a little aggressive, as I sometimes do, and I pushed you too far and you admitted that you are new.
Your admission changed my attitude about you. You told me that you work on a team with a more experienced agent and you let me talk to him. I thank you for that because the two of us were able to work out a solution. You are very lucky to have someone like your team lead who you can learn from.
Now that we have it all worked out you won't have to show those buyers of yours any more homes and you will get a nice check next month. I did enjoy working with you, but if you had told me how new you were I wouldn't have gotten frustrated with you and I would have been more helpful.
Next time let the seller's agent know that you don't know everything and that you are still learning. When agents can work together we can create a better experience for our clients. There is no need to have an adversarial relationship just because we are representing a buyer and a seller. To do our jobs for our clients we need to work together.
Maybe someone told you that the other agent is the enemy, or you think an experienced agent will take advantage of you. I know there are some offices around town that seem to instill that distrust in their agents.
But I have found that in most cases the other agent isn't the enemy -- they are trying to do their job and represent their clients to the best of their ability and they know that when we work together we can do a better job.
Some of the agents who have sold real estate for decades have a kind of attitude about those of us who have not been agents our entire adult lives. It is best to ignore the "they won't change" attitude.
There is a kind of snobbery among some industry veterans and I still experience it. They have no respect for new ideas that new agents have brought into the industry. Some have stopped learning.
Never stop learning.
They don't understand that it doesn't take 20 years to become a good agent. You can do it in a much shorter period of time if you are willing to learn and willing to admit that you don't know everything. Each transaction is different and it has something to teach us.
Just don't forget to ask for help next time. If you are going to survive in the business you will need help. If the agent you are working with is difficult, please let that team lead of yours know.
He has a lot of experience and from what I can see he does a great job. You will be like him one day, and when you do have enough experience don't forget to share it with a new agent.
And remember you were new once, too.
Teresa Boardman is a broker in St. Paul, Minn., and founder of the St. Paul Real Estate blog.
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Submitted by Sal Antsipenka on September 3, 2009 - 1:05am.
I came to the real estate business from 100% internet marketing business that had nothing to do with real estate and I am doing absolutely fine. My internet marketing, web 2.0, social networking, blogging, SEO skills work like charm in addition to learning curve I have to go through every day in real estate.
Sal Antsipenka
Independent Brokers Realty
Naples, Florida
http://www.naplesrealestateseller.com
International RealEstate Buyer Leads
http://www.realestatefair.net
Submitted by Tim Ryan on September 3, 2009 - 1:08am.
You can be very successful in real estate even with a couple of years behind your belt. What it takes is persistence and thinking out of the box combined with learning every day.
Tim Ryan-Amerivest Realty
http://www.naplesguru.com
http://www.enaplesrealestate.com
Submitted by Joe Loomer on September 3, 2009 - 1:55am.
"There is no need to have an adversarial relationship just because we are representing a buyer and a seller."
Very true, Teresa. An excellent open letter and it should be a must read for all new agents. Too often agents seek to protect their ego to the detriment of their client's position. Remember who you represent, remember you have a broker to fall back to, and ask for help when you need it. Above all - remember who you represent.
Augusta GA Homes
Joe Loomer, USN Ret.
Associate Leadership Council, Growth Chair
Keller Williams Realty Augusta Partners
Submitted by Nedra Redditt on September 3, 2009 - 3:29am.
Teresa, thanks for this open letter to new agents.
The contents are similiar to what we discuss with the new agents in the Affiliate Broker Course (required pre-licensing 30 hour course) in Tennessee.
As you mentioned, some brokers do manage with the "fear factor" which creates distrust between the new agent and the co-op affiliates. Generally a seasoned agent will assist, when and where they can, if the new agent would "ask" for help.
Remember: what you don't know can hurt your client/customer.
We will be sure to share your thoughts in this letter with the new licensees.
Nedra Redditt, Broker, Instructor
PRO Real Estate School
Memphis, Tennessee
Submitted by Paul Howard on September 3, 2009 - 4:14am.
If Inman had a 'like' button like Facebook does - I would click it.
Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ 08002
Submitted by (Fort Worth Real Estate Guy) on September 3, 2009 - 4:25am.
Amen, i am with Paul Above
Mike Pannell
Nu Home Source Realty LLC
817-509-1400
http://www.nuhomesource.com
http://www.nhsfortworth.com
http://www.nhsdallas.com
Submitted by Peter J. Pike on September 3, 2009 - 4:49am.
"There is no need to have an adversarial relationship just because we are representing a buyer and a seller."
This line reminds me of why I wanted to be a "real estate lawyer" when I first began my law career. Buyers want to buy, and sellers want to sell. It is our job to help them achieve those goals - not to look for ways each one can take advantage of the other. Words for all realtors, not just new agents.
Peter J. Pike, Esq.
McNeese Title, LLC
Destin, Florida
Submitted by Susie Blackmon on September 3, 2009 - 5:02am.
I am convinced that one of the best things you can do as a new agent is ensure that you have a Broker-in-Charge who truly has the best interest of the Company's (and your) CLIENTS in mind and does not expect, let alone allow, you to blunder your way through your first few transactions 'solo' - - I don't care how many antiquated classes they have forced you to sit through.
Susie Blackmon
http://www.google.com/profiles/Susie28751#about
Submitted by John Rakoci on September 3, 2009 - 6:44am.
All BICs should take the time to teach the newly licensed how to work with others and how to get the job done properly. It seems those things are not taught in the 90 or so hour classes required. Too many simply see a warm body that make get a side or two without a E&O claim every year. That same attitude results in failure for some, frustration for all, and a dis-service to clients. At times those that have been in business a while can help the newbies and give them reason to hold on instead of making another career change.
Submitted by Ileri Ogunfiditimi, REALTOR® on September 3, 2009 - 7:16am.
Although becoming a real estate agent doesn't require a college degree, it does, in fact, require some education. Specifically, an education in basic business fundamentals, sales and marketing, and negotiation. And of course, it doesn't hurt if a new agent becomes knowledgeable about the property type and sector of the real estate industry that they'll be specializing in.
I think that one of the biggest mistakes that new agents make, is treating real estate brokerage like it's a job. It's a job if an agent is a W-2 employee with benefits. Benefits and workers' compensation are required by law. So if you're not getting them, it's to your disadvantage to ACT like an employee of the brokerage firm. On the other hand, if you're a 1099 independent contractor "nonemployee," real estate brokerage is a business.
Teresa, the scenario you describe in your article truly reveals some of the misperceptions new agents may have about being a real estate agent and the industry as a whole. But with a little preparation and homework (i.e. education), I believe it's possible for new agents to avoid such situations - even without continuous dependence on a team leader or veteran agent.
I think that education is one of the first steps new agents should take upon entering the business. There's prospecting, territory management, marketing, personal branding, income/expense management, taxes, contracts, etc., etc. that a new agent must become familiar with either immediately or eventually. New agents should utilize every available resource. For example, books, seminars, webinars, mentors, advisors, self-teaching, whatever method that will facilitate the learning process. Because the truth is that there is A LOT TO LEARN. Especially if an agent expects to make a profit or commission within a 3-6 month time frame.
Additionally, perpetual dependence on veteran agents can be a hinderance to maximum career growth if a new agent isn't careful. Again, real estate brokerage is a business. So, it's important that new agents are able to stand on their own two feet at some point (presuming that the new agent came into real estate looking for a business opportunity as opposed to a job opportunity).
If a new agent is looking for a legitimate business opportunity, they've entered the right industry. But they must realize that they will be building their own small real estate practice with the client relationships they'll be forming. These relationships will translate into their "book of business" and become a valuable source of income/revenue well into the future. It will also serve them well in both good and bad economic times if used effectively.
So, the premise of my comment is for new agents to not just "fall in line" and "do what you're told." Or become too dependent on others "doing the thinking." That's a remnant from when you were an employee. And there's nothing wrong with that if that's what you're looking for. But if, as a new agent, you're looking for the alternative, challenge yourself instead by seeking out advice, believing in yourself, getting a business mentor or coach, embracing the self-leadership role, getting the education you need, and/or obtaining the resources that will help you to eventually OWN your own real estate practice or small business. Doing so will open your eyes to many more new and exciting opportunities within the industry.
Ileri Ogunfiditimi, REALTOR®
Ileri Ogunfiditimi, LLC/Jobin Realty
7825 Tuckerman Lane, Suite 201
Potomac, MD 20854
Direct Dial (240)403-3400, Ext 742
Direct Fax (866)283-7840
Email: ileri@ileriogunfiditimi.com
www.ileriogunfiditimi.com
www.jobinrealty.com
Submitted by Jo-Ann Borelli, Serving Orange County, CA on September 3, 2009 - 8:52am.
Terrific Open Letter Teresa. I agree with you about allowing other to assist when you're not certain about the challenges that arise during a transaction. I have made many changes in how I work through problems with the other agents and clients. Guess this comes with experience.
Thank you for posting this.
Jo-Ann Borelli, CRS-SRES
TARBELL, REALTORS
2007 Chapter President Women's Council of Realtors'®
(714) 342-0730 Direct/Cell
www.OCHomesByJo.com