21 Things I Wish My Broker Had Told Me

Posted by on Mar 16, 2011 in Blog, Business, Management, Real Estate, Success | 0 comments

Most people starting out a career in real estate don’t know what they don’t know. Don’t you wish there was someone there to tell you what most people have had as pitfalls and what others have done to be successful. 21 Thing I Wish My Broker Had Told Me: Practical Advice for New Real Estate Professionals by Frank Cook is mainly geared towards residential real estate agents, but the book has valuable advice that can be used for the commercial practitioner as well. Since I am an industrial real estate sales associate and work with commercial properties, the ideas I wish to share here are probably more geared toward ideas that interest me. Here goes.

For those that failed, invariably what pushed them out of the business was their inability to carry a deal all the way to its conclusion – their consistent inability to deliver a product to their client.

Contacting FSBOs and expireds is typically known as “warm calling” because you know the other person on the other end of the phone has at least some interest in the real estate process.

Did you notice that most of your weekend just vanished? Welcome to the real estate business.

As you start creating more income for yourself and your company, you will quickly start becoming your own boss. Think of it as real estate’s Golden Rule: “He who makes the gold also makes the rule.”

Paraphrased – New real estate agents misjudge how much money they need saved up. Not only are you not making income for 8 or 9 months, but you’re also investing in training, etc, and so money is coming out of your pocket as well. Save up a lot more than you think.

Every year I go somewhere and check into a hotel so that I can just think about my business.

In real estate you are, in fact, competing against everybody and, in one way or another, everybody is competing against you. Friendly competition, to be sure, but competition nevertheless.

Your goal needs to be that you want people to call the office and ask for you by name.

Develop a lot of mentors. Not just people in your company, but people who are outside the industry.

At one point several years ago, I looked at all the people on p of the industry, all the top real estate agents in our area, and not one of them was still married I didn’t want that to happen to me. You want to be at home with your family, but sometimes the phone rings at 2 or 3 or 4 o’clock in the morning. There are no leads that a young real estate agent won’t follow up on. You sort through those things. You need to find a way to have privacy if you are going to survive with your family.” – Tom Dallas

“You need to have need to have energy to be really good [at real estate]. Not everybody should be in this business.” – Tom Dallas

“You shouldn’t be in the business if you can’t handle rejection. You don’t have to like it, but you have to get used to it. I used to make cold calls and I hated to do it. But it was the only way I knew to get my business to the next level.” – Marty Rodriguez

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