By Scott Newman
So you’ve made it through the worst of the real estate bubble, you’ve developed a nice client base, and you’re taking over the entire industry – great! If that’s the case, then this blog isn’t for you.
Instead, this blog focuses on what we as veterans of the industry can share with the newbies to shorten the learning curve and help create another reputable professional who gives our industry a good name.
The following are my top three “I wish I knew that when I first started” tips to make your transition into a real estate career as painless as possible.
1. Simple Math
So many real estate agents come into this business thinking of the riches they’ll make selling homes for a living. Many even come up with lofty goals for themselves, “I’m going to make $200,000 my first year in the business.” Does that sound familiar?
Well, the problem is that most agents don’t stop and break down the math behind creating that kind of volume. They end up focusing on the big picture when it’s the attention to the little details that will create the success they desire.
For example, let’s say you’re new to the business and don’t know a lot of people, and that the average home price in your area is $200,000. Simple math tells us that you will make $3,500 per transaction at that price, assuming you have a 70/30 split. At $3,500 per deal, you’d need to complete 58 transactions a year to make your $200,000 – that’s more than one house a week, which is a large volume even for a veteran real estate pro. Continue reading »
By Alex Milshteyn
I’ve attended the annual REALTORS® Conference & Expo since 2005. A lot has changed since my first annual conference, which also took place in San Francisco, but a lot has also stayed the same. Here is a list of some of my memorable changes:
- In 2005, I didn’t have in-flight internet. I am not sure how I survived 4.5 hour flight without checking e-mail.
- In 2005, I came to San Francisco with no technology. No iPhone, no iPad, no MacBook, no battery pack, no 3 chargers.
- In 2005, I carried a fancy silver flip phone on my belt.
- In 2005, I walked by at least four “Internet Cafés” from my hotel to the convention center. I used these cafés to check my e-mail only once a day.
- In 2005, the only “tech” sessions offered were training on how to use Microsoft Word, Excel, Publisher, and PowerPoint. I remember taking a class on how to create a listing presentation in PowerPoint. I was one of 20 REALTORS® that attended this class.
- In 2005, social media was non-existent at the conference.
- In 2005, Zillow and Trulia didn’t exist.
- In 2005, I bought my first package through realtor.com®, I agreed to pay them $300 per year to “showcase” my listings.
- In 2005, the conference registration cost $300. It was $400 for this year.
- In 2005, Dr. Phil was the keynote speaker.
- In 2005, the expo had “tech” companies that mostly included only website creators like z57 and iHouse.
A lot has changed in eight years. But also, a lot has stayed the same. The sessions on selling real estate are mostly the same; old school methods still work. Technology has made it easier for us to communicate but it hasn’t replaced us. I’m looking forward to the next REALTORS® Conference and Expo in San Francisco in 2019 so that I can report the changes that have happened since 2013.
Alex Milshteyn, GRI, ABR, is a REALTOR® in Ann Arbor, Mich., who runs a real estate team of five professionals called Alex Milshteyn Real Estate Associates. Connect with him at www.alexmi.com.
Members of the Young Professionals Network stood tall and proud at NAR’s 360 Thursday, waving U.S. flags in the air to symbolize their commitment to “10 for 10” – investing $10,000 to the REALTOR® Political Action Committee (RPAC) over the next 10 years.
Christian Zarif with Better Homes and Gardens Kansas City and Matt Case with Coldwell Banker Schmidt Family Companies in Traverse City, Mich. (pictured right) are among the more than 50 practitioners who have taken the pledge targeted specifically for young professionals.
RPAC funds are used to promote the election of pro-REALTOR® candidates. “This is the next generation of REALTOR leaders stepping up to the plate,” said 2013 First Vice President Chris Polychron during the REALTORS® Conference & Expo in San Francisco. To learn more about the “10 for 10” pledge, visit www.realtoractioncenter.com/10for10.