Realtors have the power to transform people and their lives by negotiating the right deals for both buyers and sellers. Realtors make an average of six percent of the property sales price.
Although the commission is sweet, beginning real estate is not as simple as it seems. Becoming a realtor is not easy for most people, 87 percent of real estate agents fail within the first five years. The large number of realtors in the U.S. makes it difficult for many agents to find leads.
Tricia Lee is one of the top black female realtors in Brooklyn. As the head and founder of the Tricia Lee Team at SERHANT, Tricia and her team have earned over 200 million dollars in sales in a little over five years. Tricia is an entrepreneur who pivoted to real estate in 2016. During her first year as a realtor, she was crowned rookie of the year, earning $280,000.
Many see being a realtor as an opportunity to make big bucks. For anyone with the tenacity to begin a real estate career, here are 10 things you should consider when pivoting into the real estate business in Brooklyn:
- Keep An Entrepreneur Mind: Realtors own and operate every aspect of their business. Realtors have to figure out a system to buy and sell real estate from scratch. The brokerage is brought on to support several aspects of the deal and offer unique tools and expertise to support the realtor. You pick the best brokerage for your needs and they are paid out of your earnings. You are responsible for managing every aspect of your business. Don’t expect the brokerage to hand you business. You have to build your network. You hire them, they don’t hire you.
- Be Organized: Becoming a realtor requires one to wear numerous hats at once, requiring realtors to be organized and manage multiple clients. Organization skills are important because in order to be successful you have to figure out systems to stay on top of your business and clients’ needs. Realtors are responsible for juggling all aspects of their business some examples include promotions, sales, and bookkeeping. You have to get good at managing your business. This way when business picks up you will be able to manage it.
- Be A Strong Marketer: In order to stand out from the competition, you have to be strong at marketing. Marketing is one of the top ways realtors gain new business. The description of a realtor is a sales and marketing advisor so you have to be really strong at marketing in order to bring in business.
- Be A Good Negotiator: Realtors are responsible for being the deal maker, between the buyer and seller of the property. Sellers and buyers usually have two different goals and it’s up to the realtor to find a fair meeting ground for every deal.
- Know The Product: Be knowledgeable about the products in your market. Brooklyn has a unique housing supply of co-ops, pre-war housing, and even historic landmarked homes and every property is different. It’s important for realtors to know the product above and beyond the basic information. It is the realtor’s responsibility to provide a level of knowledge and service above and beyond their client’s knowledge.
- Communicate: Developing strong communication skills is critical in order to facilitate a deal. Realtors have to manage a conversation between five partners such as the lawyers, finance person, buyer, seller, and brokers. Keeping every partner well informed is key in the negotiation process to ensure the deal moves forward and everyone is on board.
- Build/Maintain Your Social Presence: In order to have a thriving real estate business, you have to have some level of social presence. Social media is a great tool when it comes to creatively presenting your product to a broader audience. As uncomfortable as it may be to create your presence online, you have to do it.
- Invest In A Course: Find a real estate course program to support your goals. Investing in a course helps to educate you, holds you accountable, and helps you create a goal-oriented plan. Lee recommends SERHANT’s real estate program.
- You Only Eat What You Kill: You only make money if you sell properties. Lee is a rare success story, but she didn’t make any money for the first six months in real estate. New realtors should anticipate not making any money within the first six months to a year. For the first six months to a year plan to have enough resources to sustain you, while you build your brand.
- Work Full-time: Building your business and establishing yourself is essential to set yourself up for success. In the beginning, working full-time is the best way to gain an understanding of the real estate business. Establishing your business by working full-time gives you the option to decrease to part-time in the future with solid connections and clientele. Unless you have the right connections and access to begin your real estate career, don’t start by working part-time.