4 Tips for Your First Year in Real Estate

Becoming a top selling real estate agent or fix and flip investor doesn’t happen overnight. It will take perseverance, dedication and your own unique flair to be able to achieve your real estate goals. Plus, the real estate business can be intimidating to enter especially if you aren’t properly prepared.

One of the biggest mistakes when first starting in this field is doubting your ability to perform. You need to be confident in what you know and be open to evolving your business as time goes on. Maintaining a positive attitude while hitting the books during your first year in real estate will set you up for success in the coming years. Be sure to set realistic goals for yourself and evaluate your performance often to see where you may be able to improve.

Always remember there are numerous professionals in the industry that will be more than willing to answer questions you may have. Learning from their prior failures will help to prevent you from making the same mistakes going forward and following some practical tips will help you have the most successful first year in real estate possible.

1. Be Flexible

Real estate is anything but rigid. You need to understand that customers can’t always tour a property when you want them to, your offer may be turned down and buyers might try to negotiate in ways you just don’t agree with. You need to have an open mindset and a flexible schedule that comes with the industry regardless if you’re a realtor, fix and flip investor or another real estate role. If you always come in with a positive attitude, you will build a reputation that stands out amongst the competition. By being flexible at work, however, may have to make sacrifices in other parts of your life but it could lead to commissions or profit beyond your wildest dreams.

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2. Find Your Niche

When it comes to being a real estate agent, you want to stand out from your competitors. In order to stand out, you must find a niche in which you can become the go-to person. Putting any old house up for sale just isn’t enough these days. If you take the time to do research on things like demographics, points of interest, local news and trends and even new bars and restaurants in the area, you will set yourself apart from other real estate agents.

It is a great idea to become familiar with different types of real estate as well. For example, becoming familiar with fix and flip financing could be a valuable asset, as the market for flipping has been at a steady increase for the past decade. If you knew every step of the process you would easily be able to answer questions for your entire agency and any interested client. You could then become responsible for all fix and flip properties that are sold in the future. It is smart to be familiar with a vast variety of properties, especially ones that could lead to large commissions. You can’t exactly be an expert in everything, but by becoming an expert at one thing you can surely bring in quality clients.  

3. Never Stop Learning

You should also always take the opportunity to learn more about real estate. The real estate business is ever-evolving and has so many facets to it. When you’re first starting out, you can usually learn from more experienced agents. To take your learning up a notch, carve out time every week to read blogs and books about real estate. Always participate in any classes that are offered, join industry organizations and network with real estate experts in other parts of the country to diversify your knowledge beyond your immediate region. Also, take time to familiarize yourself with the latest real estate technology, including new apps and websites on the rise.

During your first year in real estate focus on increasing your knowledge, while expanding a network and clientele. If you don’t know the answer to something, don’t ever be afraid to find someone who knows. Chances are, someone you know in real life or online will be more than willing to provide an answer.

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4. Build a Network

Building strong connections during your first year in real estate is an absolute necessity. Make sure you have plenty of contacts for advice and even people to bounce ideas off of. These people will help to relieve some of your anxiety that comes with your first year in real estate. You should also consider forming relationships with other brokers, contractors, mortgage lenders or anyone else that is a valuable resource in the industry. These connections will come in handy in the future and can also help you to achieve all your real estate dreams. Plus, you may be able to trade referrals with another agent that has a different specialization than you or is in a different region. Basically, the more contacts you have in your industry, the better — but don’t trade fewer quality contacts for endless amount of acquaintances that barely know your name.

The Bottom Line

If you come into your first year with an open mind and a super flexible schedule, you will be poised for success. Being in the competitive real estate industry isn’t easy, but with hard work, there comes an even greater reward. Your first year in real estate should not only be about surviving but creating long-lasting relationships that can help you form the business you’ve always wanted.

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