Tips to help real estate salespeople survive their first two years in the industry.
Selling real estate is an amazing profession unfortunately about 20% of new salespeople will leave the industry after one year and about 30% after two years (market dependent) .
Here are some ideas to help you if you are just starting.
1. Have enough savings to rely on in your first year.
Do you know how much it will cost you to get started in real estate?
In the same way that if you opened a restaurant you would need to budget, plan and prepare for the first few years, you need to do the same with real estate (after all it is a business).
Create a budget for yourself for your expenses (petrol, marketing, equipment and technology you will need to purchase).
Ask yourself do I have enough money to sustain myself and my family with no income at all for six months to eight months? If the answer is no, stay in your job a little longer, save more money and start when you can.
2. Find a supportive company/office/manager
A supportive environment can be an impactful ingredient to a salesperson’s and ability to keep going. When joining an office/company/talking to a manager Ask yourself:
will they be supportive and inclusive?
Ask them what common strategies they use to support new salespeople.
Do they have processes in place for new salespeople?
Do they have examples of how they’ve helped new salespeople in the past?
Ask yourself, Do I like them, do I want to work here?
3. Prepare mentally
Real estate is tough especially mentally. for a number of reasons:
it never stops, you will constantly think “where is my next… coming from” it is a constant chase. Learn to switch off to do something that takes you away. Being with the family without the phone for an hour a day, running, meditating, going to the gym. Find a way to switch off.
It is incredibly lonely, you will be alone most of the time. Prospecting, negotiations, waiting for buyers, driving to appointments. There is a lot of alone time. Prepare yourself to it.
The ups and down in real estate are very high and very low and they can happen many times in a day. Learn to balance your emotions or it will drive you nuts and out of the industry.
4. Patience is crucial
It takes time to build a business, build reputation, be known. You will need to do things again and again and again. Many times with no direct results to your actions. Keep going it will turn around it just takes time.
5. Find a mentor
Having a mentor you can look to when learning the industry can completely change your business. A mentor can be a manager an experienced salesperson (don’t be shy about asking for help), or a paid mentor (like me). A mentor can guide you, correct you before mistake are made and give you guidance on what to do and what not to. A mentor can give you the support that you need but also push you to do things when you don’t.
6. Understand challenges are part of the game
Accept the challenges with a smile and a good attitude. They are there anyway so just accept them learn from them and enjoy the journey.