On this edition of “Keeping It Real,” a recurring podcast series on Inman, Peter Lorimer runs through his top tips for brand new real estate agents.
What’s the secret? I get asked that question a lot. How do you “make it” in real estate? I could answer this with a thousand different bullet points, but I’ve boiled it down to the top 10 that will really make a difference in the beginning of your career.
Hopefully this saves you a bit of time.
Ultimately, you have to find your own way in the industry. I urge you to take this advice, massage it, and make it your own.
1. Don’t just look for deals. Look for how to be of service
If you look to be of service, the deals will follow. Here’s an example. I found myself working with a gal who was wanting to sell her $200,000, one-bedroom studio apartment near the freeway. That wasn’t the area I was really trying to work in. But I did it anyway — service. Well, we sold the property. She told her father about it. And he had me work with him in buying a $4 million house.
Sure, there’s probably something in it for you long-term. But another big truth: You’ll enjoy your work more if you’re leaning in to serve rather than making a buck.
2. Be tenacious
You have to live, breathe and eat it. When you wake up, when you lie down at night, and every moment in between. You need to be focused and never stop in the beginning.
3. Look at your first 2 years as an apprenticeship
Imagine you’re in the ring with Mike Tyson for two years, getting knocked right back down the second you manage to crawl back to your feet. Set aside two years to get a foothold in the industry.
4. Know who you are and what your niche is
Mine was music, and I ran really hard after those people. Maybe yours is fishing, hunting or food. Either way, knowing your niche, leveraging it and running toward it will allow you to run toward the right people.
5. Shameless self-promotion
You have to make yourself known. It’ll take a bit to get used to — the writing, the videos, the talking. But you have to make a name for yourself, especially in the very beginning. Trust me, it will feel weird, and you will make mistakes.
6. Sit as many open houses as you possibly can
This tip is practical and tried-and-true. Open houses are the front lines. Sitting them will help you understand the inventory, get to know the people and get better at answering questions.
In some parts of the country, open houses are being debated right now as a health concern. Take proper health precautions, and stay up to date on what’s going on in your area.
7. Make content the cornerstone of who you are
This ties in with shameless self-promotion. You have to get good at creating content. If you don’t know how, google it. Go on YouTube. Ask a mentor. But create, create, create — and make sure it all ties back to you and your niche.
8. Have an almost instant response time
When anyone reaches out to you, you have to get back to them. If you receive a text or call, you must respond within two minutes. If you don’t, they’ll call someone else who will.
9. Get used to constant work
No weekends off, no breaks for a couple of years. Have a chat with your loved ones, and set the expectations. It’ll back off a bit, but you can’t stop for the first two years.
10. Track your data using a CRM
I urge you to invest in a CRM (client relationship management). In the beginning, it won’t seem like you need it. You won’t have as many leads. But trust me, as you dig more into the first two years, you’ll need something to manage them.
Jump in with two boots. Take every single opportunity that comes your way, and research, research, research. If you’re a new or seasoned agent, this podcast is a great listen. Tune in below for a bonus tip.
Peter Lorimer is the CEO of Beverly Hills, California-based PLG Estates.