Last week, we did the first 2011 Rookie-to-Rookie show in the SWS Virtual Studio - that is - we brought in a few newly-non-rookies (agents in their 2nd and 3rd years) to share their secrets of success with the audience, which was mostly comprised of first year agents. We talked non-stop for 90 minutes and could have gone on at least another 90, but alas... had to sign off and return to work. So, I promised to post a blog this week with the questions we didn't get to, and I almost always keep my promises ;-]
But besides the questions we didn't get to, I'm also going to "ask" the ones we did address, but seemed to be of great interest to the crowd... so if you didn't make it to the show... you're in luck!
My guests on the show were Bob Sooy, of Realty Executives in Pottsville, PA, and Steve Ashby, of Royal LePage Meadowtowne in the Toronto area. We had a third speaker scheduled, but he had to bail at the last minute, which turned out fine since Bob and Steve had plenty to say.
Bob and Steve assured me they'd come onto my blog and answer these questions as soon as they can, and of course, if YOU have thoughts to add - PLEASE DO! (just copy and paste the questions below into your comment)
So, without further adoooooo.... here we go!
1. Where did your first prospects come from and how long before you HAD bona-fide prospects?
2. How did you balance your time in your first few months between LEARNING the business and LOOKING for business?
3. Did you get any pressure to use prospecting methods you weren't comfortable with, and if so, how did you handle that pressure? Any tips for others in a similar situation?
4. How did you respond when someone asked you how long you'd been in business or how many houses you'd sold? Any tips for warding off that question all together?
5. In your early marketing (websites, listing presentation, etc.) how did you address your lack of experience - that is - what sorts of things DID you include in your marketing since you really didn't have any success stories to speak of?
6. How did you approach your sphere of influence with your venture into real estate?
7. Both of you had successful careers prior to real estate - did the shock of going from a career where you felt confident to a career where you might have struggled impact your family dynamic? (Okay, that's kinda personal, but I'd LOVE to hear the answer!)
8. Related to #7, did you ever doubt your ability to survive your first year? If so, how did you get past those moments and find the motivation to keep pushing?
Whew - that's probably enough! Again, I'll ask Bob and Steve to come on and respond, but I'd love to hear from other first year survivors as well. I'll start!
I'm going to answer the questions myself, even though I'm far from being a newly-non-rookie! But hey, it's my blog, so I can break the rules if I want ;-]
1. Where did your first prospects come from and how long before you HAD bona-fide prospects?
My first prospect (who became a client) was a referral from a vendor from my prior Human Resources career. That was in my first week (yay!). In the next two months, I got my second and third clients who were an unmarried couple I met at a wedding who each wanted to buy an investment property. I got a floor call for a $600,000-$900,000 buyer, but she vanished after writing an offer, never to be heard from again. I got two other prospects/clients referred to me by my husband. Of course, this was back in 1996 when Denver was heading into a boom market, so finding people who wanted to buy and sell real estate was probably a little easier then.
2. How did you balance your time in your first few months between LEARNING the business and LOOKING for business?
I don't remember, sorry!
3. Did you get any pressure to use prospecting methods you weren't comfortable with, and if so, how did you handle that pressure? Any tips for others in a similar situation?
I pretty much worked from home, even from the beginning, so I didn't feel much pressure from my office. My broker was, unfortunately, pretty burned out, so I don't think he had it in him to pay much attention to his agents. However, many agents DO feel pressure to prospect in ways that conflict with their guts and since they don't "know any better" might go along with it, assuming that these methods are the only path to success.
Which isn't true. There are plenty of ways to prospect for business that don't make you feel icky or push you too far out of your comfort zone. When new agents ask me this question, I tell them they have three possible responses: 1) smile sweetly and pretend to be on board, but continue doing things their way; 2) respectfully explain that they prefer to follow the Golden Rule and therefore will not be doing any prospecting that they wouldn't want imposed on them; or 3) if the pressure is too emotionally intense, find a different office that is better aligned with the agent's philosophies (or at least, will leave him alone).
That said, as a new agent, you have to be doing SOMETHING, so just saying "I won't do THAT" without a Plan B isn't likely to impress a broker (or bring in business!).
4. How did you respond when someone asked you how long you'd been in business or how many houses you'd sold? Any tips for warding off that question all together?
Here's how I would answer that: "I'm in my first year, and I realize that may be a concern for you because I don't have the experience of other agents you may be talking to. If you decide to hire another agent who has more experience, I'll understand. However, let's continue talking about your situation and then you can decide if you feel I have the expertise and work ethic to do a good job for you." No defensiveness, no puffing. Just calm confidence!
5. In your early marketing (websites, listing presentation, etc.) how did you address your lack of experience - that is - what sorts of things DID you include in your marketing since you really didn't have any success stories to speak of?
Will defer this one to others...
6. How did you approach your sphere of influence with your venture into real estate?
I sent out a Dorky Announcement Letter (ugh!), but later implemented my Take-a-Friend-To-Lunch campaign that worked great!
7. Both of you had successful careers prior to real estate - did the shock of going from a career where you felt confident to a career where you might have struggled impact your family dynamic? (Okay, that's kinda personal, but I'd LOVE to hear the answer!)
Will defer to the guys.
8. Related to #7, did you ever doubt your ability to survive your first year? If so, how did you get past those moments and find the motivation to keep pushing?
I didn't, actually. Never occurred to me that I'd fail and luckily, I did very well my first year. Looking forward to hearing from others how they handled this.
Your students all have very good questions actually. I think you did well answering. It took me five years to really blossom, unlike you. I was new to Florida and had no connections. But, I hung in there and did a lot of floor at first.
if it were not for your dorky announcement letter you would never have created your "de-Dorked" letters!!!
Jennifer,
I actually struggled several years before I finally enjoyed my Real Estate career. Now, I have found my niche in Commercial Office and Light Industrial property. Now, I train others to work in Commercial Real Estate and my first advice to all of them is get out there and tell everyone you know about your change in career, even if it is a dorky letter! Real Estate is all about relationships including renewing old relationships.
1. Where did your first prospects come from and how long before you HAD bona-fide prospects?
My first Prospects came from my Broker. From there most of my business came from our offices website, and a few referrals. My first transactions were my own property both buying and selling. First closing other than my own was within the first 2-3 months.
2. How did you balance your time in your first few months between LEARNING the business and LOOKING for business?
I was working another full time job, (that was incredibly flexible). Any leads or business I could get (in this slow market) I would service. Any downtime was used writing mock contracts, reviewing properties on the MLS, and reading Blogs of other peoples trials and tribulations on A/R.
3. Did you get any pressure to use prospecting methods you weren't comfortable with, and if so, how did you handle that pressure? Any tips for others in a similar situation?
No Pressure. My broker set me up to get leads from our websites, and I had no problem following up with those leads.
4. How did you respond when someone asked you how long you'd been in business or how many houses you'd sold? Any tips for warding off that question all together?
One of my first buyers in the early part of 2010 asked me how long I have been doing Real Estate. They said they asked b/c I looked young, but I think some of it could've been lack of confidence... I answered that I had been licensed since 2009 which was technically true as I passed my exam in the end of 09. To avoid this question, try to be smooth in your first showings by saying less and listening more. Know what houses around your subject are selling for (duh!), and exude confidence in your answers, (but don't make up stuff trying to have an answer for everything).
5. In your early marketing (websites, listing presentation, etc.) how did you address your lack of experience - that is - what sorts of things DID you include in your marketing since you really didn't have any success stories to speak of?
I certainly didn't make it a point to say "hey I'm new!"in my marketing. In my website marketing, mentioned that I had been a successful R.E. investor for years. Also mentioned the college degree in Business Management, and strong customer service background.
6. How did you approach your sphere of influence with your venture into real estate?
I didn't approach them soon enough. I missed out on at least 2 listings by not approaching people in my SOI quick enough. I simply just started talking to my SOI via face to face, emails, facebook, or through family. I never sent out an announcement letter mostly b/c I couldn't come up with anything that I didn't feel cheesy sending out.
7. Both of you had successful careers prior to real estate - did the shock of going from a career where you felt confident to a career where you might have struggled impact your family dynamic? (Okay, that's kinda personal, but I'd LOVE to hear the answer!)
It was certainly a shock... but we both (my now wife and I) knew that it wasn't going to be easy. I held tight while she finished her degree, and sorted out her new (higher paying) career choice, and maintained my full time career while getting my feet wet in real estate (which is not easy unless there is some serious flexibility in the full time job). I didn't make the shift to full time real estate until we knew we could survive on her income alone. There were definitely a few times where her paychecks ran really lean which caused some stress. You just need to remain supportive of each other, and know that it will get better.
8. Related to #7, did you ever doubt your ability to survive your first year? If so, how did you get past those moments and find the motivation to keep pushing?
Not Really. I have a very supportive wife, and so far, anytime things felt tight, I would happen to get another property under contract. I love selling Real Estate and don't need much motivation to keep doing that, as long as the family needs are taken care of.
I always love your shows...learn so much~ Been trying to catch them again recently...but ALAS, I missed this one too, unfortunately...