There are four things you need to do as a first-year agent. Take a look.
After 20 years in the real estate business, I have a lot of information to share regarding what new agents should focus on in their first few years in the industry. Today I’ll share four key things that stand out in my mind:
1. Grow and document your database. Write down the names of people you know, like, and trust—and these people should know, like, and trust you in return! That list should be 50 people at minimum but no more than 300 people; make sure you include the people in your community on whom you rely for certain services, like car repair or dentistry. These are the people who will refer folks to your business in the next three to five years. We use specific tools to help our agents document those people, which I can follow up on in a future blog post.
2. Expand your knowledge. If you’re with a company like Keller Williams, this shouldn’t be a problem since they provide a lot of online and in-person training for you to leverage. If you’re not with a company like that, hire a coach or get to a mentor who can help you save time. If you do the wrong things in the wrong order, it will take you a lot longer to build your business than if you follow a motto and do the right things in the right order. Make it a process and a habit to attend training classes and read books that will grow your knowledge over the coming months and years.
3. Expand your finances. You’ll be required to pay income taxes if your business is as successful as you want it to be. That’s why it’s important to put money aside on every commission you earn and create a separate account for personal use and income taxes. You’ll also want to use a system like QuickBooks to document your finances so that when it comes time to do your taxes, you have everything in order. If you’re a busy person, don’t hesitate to hire a bookkeeper; it’s a really good leverage point to get you to the next step.
4. Constantly ask for help. Find a mentor in the business, preferably someone who has been in it longer than you have, and never be too proud to ask for help morning, noon, and night.
If you do have questions, regardless of whether or not you’re a part of our brokerage, don’t hesitate to reach out to me. I love helping people, I love collaborating, and I love to educate new agents. Truth be told, I could probably learn a lot from you, too. My best wishes to you in your first real job in real estate!