Tips & Traps for Getting Started as a Real Estate Agent

by Irwin, Robert

• ISBN13: 9780071463362
• ISBN10: 0071463364
• Edition: 1st
• Format: Paperback
• Copyright: 2006-09-15
• Publisher: McGraw-Hill Education

Summary

The practical, real-world guide to succeeding as an agentScared of starting a new career in real estate? Wondering if you have what it takes?Don't worry! Robert Irwin'sTips and Traps for Getting Started as a Real Estate Agentanswers all your toughest questions. Irwin helps you start your real estate career on the right foot, and presents proven, reliable guidance on every aspect of the profession.This handy guide shows you how to get licensed and start making money immediately. It walks you through those first tough days and weeks on the job, helps you find a great mentor, and shares all the basics of the business-from listing and selling properties to conducting open houses and escrow.Delivers the skills and tools you need to become a top-performing agent, including how to: Manage your time for maximum efficiency Work less and earn more by closing bigger deals Bring in more referrals so you can stop hunting for clients Take home a bigger commission in every deal

Author Biography

Robert Irwin is a successful real estate professional and author, as well as a consultant to lenders, investors, and brokers.

Table of Contents

Preface	xi
Acknowledgments	xiii
Introduction: What's Involved in Being an Agent?	xv
1. The Realities of Realty	1	(10)
Don't Let the Numbers Game Fool You	2	(1)
How Do They Do It?	3	(1)
What Kind of Career Do You Want?	4	(5)
Which Track Will You Take?	9	(2)
2. Seven Simple Truths About Getting Started	11	(10)
Truth 1: The Entry Costs Are Amazingly Low	12	(1)
Truth 2: There Usually Are No Formal Education Requirements	12	(1)
Truth 3: The Amount You Can Make Is Unlimited	13	(1)
Truth 4: It May Be Three Months or Longer Before You Get Your First Commission Check	14	(2)
Truth 5: You Are in Competition with Everyone Else	16	(2)
Truth 6: "Secret Agents" Don't Succeed	18	(1)
Truth 7: You Are Entirely Responsible for Your Own Successor Failure	19	(2)
3. First Things First: Find the Right Broker-Sponsor	21	(18)
Why Would a Broker Want You?	22	(1)
Checking Out the Office	23	(1)
Checking Out the Web Site	24	(1)
Checking Out the Activity	25	(1)
Checking Out the Format	25	(1)
Your Interview from the Broker's Perspective	26	(2)
Your Interview from Your Perspective	28	(6)
Finding a Mentor	34	(3)
What Else Do You Need to Learn Immediately?	37	(2)
4. All You Have Is Your Time	39	(16)
Know Thyself	40	(1)
Where Do I Work Most Efficiently?	40	(1)
What Are My Biggest Distractions?	41	(1)
What Will It Take to Be Satisfied at the End of the Day?	41	(1)
What Do I Do When I Don't Have Anything to Do?	42	(1)
The Stage Matrix	42	(1)
Setting the Stage	43	(1)
How Big a Pie?	44	(1)
Slices of the Pie	45	(2)
On Your First Day	47	(2)
Now What? (Your First Month)	49	(1)
Hitting Your Stride (Your First Year)	50	(2)
Reach for Riches (Your First Business)	52	(1)
The Three Constants	53	(2)
5. 1-2-3 to Getting Leads	55	(16)
What, Exactly, Is a Lead?	55	(1)
The Most Successful Agents Around	56	(1)
You're Unique	57	(1)
The Background Approach	58	(1)
What Can You Do?	59	(1)
Open Houses: A Gateway to Leads	59	(4)
Does Cold Calling Really Work?	63	(1)
Unusual Places to Find Leads	64	(3)
Developing the Lifetime Customer	67	(1)
Record Your Leads	68	(3)
6. What Your Broker Never Told You About Farming	71	(16)
What Is "Farming a Neighborhood"?	71	(2)
How to Get Leads from a Fertile Geographical Farm	73	(5)
Why Geographical Farming Fails	78	(2)
What Is "Farming" People?	80	(3)
How to Find Your People Farm	83	(1)
The Essential Farm Tools	84	(3)
7. Converting Leads and Referrals to Listings	87	(18)
Reason Number 1 for Selecting You: People Love or at Least Like You	88	(3)
Reason Number 2 for Selecting You: You Appear to Be Successful to Them	91	(2)
Reason Number 3 for Selecting You: You're Available	93	(1)
Role-Playing and Scripts	94	(4)
Closing	98	(1)
Pricing	99	(1)
Financing	100	(1)
Forms	101	(1)
General Knowledge	102	(1)
Getting the Signature on the Dotted Line	103	(2)
8. Everything You Need to Know About Buyers	105	(12)
From the Buyer's Perspective	106	(2)
Meeting a Buyer at an Open House	108	(1)
Does It Really Work That Way?	109	(1)
Other Reasons Buyers Will Fib to You	110	(3)
Cementing the Relationship	113	(1)
The Game of Buyers	113	(2)
How to Keep Buyers Loyal	115	(2)
9. Tools of the Trade	117	(10)
Your Chariot	118	(1)
Marketing	119	(2)
Web Site	121	(1)
Working Open Houses	122	(1)
Cell Phones, Digital Cameras, Computers, PDAs, Oh My!	122	(5)
10. Selling Online	127	(16)
No Excuses Allowed	127	(2)
Setting Your Sites	129	(2)
Company Web Sites	131	(1)
Templates from Web Developers	132	(2)
Web Site from Scratch	134	(3)
Building Traffic on the Information Highway	137	(1)
Search Optimization	137	(1)
Local Relevancy	138	(2)
Leads, Leads, and More Leads	140	(1)
When buying Leads	140	(1)
Pulling Sales from Your Web Site	141	(1)
Try Handwriting	142	(1)
Help Is a Few Clicks Away	142	(1)
11. Getting Buyers and Sellers to Sign	143	(12)
The Basics	143	(2)
The Buyers Aren't Sure About the Property	145	(1)
Possible Objections to the Property and Work-Arounds	146	(2)
The Buyers Want to Lowball the Sellers	148	(1)
The Buyers Say They Want the House, but Don't Have Enough Cash	149	(2)
The Buyers' Credit Is a Problem	151	(1)
The Buyers Are Afraid to Make the Move	152	(1)
Protecting Yourself and Your Client	153	(2)
12. Closing the Deal and Managing the Escrow	155	(8)
Working a Modern Real Estate Transaction	155	(1)
The Agent's Job	156	(1)
Handling Negotiations	156	(3)
The Agent's Role in Removing Contingencies	159	(1)
The Agent's Tasks in Closing the Escrow	159	(4)
13. Staging—To Be or Not to Be?	163	(10)
What Is Staging a House?	163	(1)
Where Are Homes Stages?	164	(1)
Does Staging Really Pay?	165	(1)
Who Should Pay for It?	166	(1)
The Other Problem with Sellers	167	(1)
What Should Be Done as Part of the Staging?	168	(2)
How Do You Find People to Stage Property?	170	(1)
When Should It Be Done?	171	(1)
How Much Is Just Enough?	171	(2)
14. Agent's Taxes and Insurance	173	(8)
Pay Ramifications of Being an Employee	174	(1)
Ramifications of Being an Independent Contractor	175	(1)
How to Pay Your Own Taxes	175	(2)
What About Retirement?	177	(1)
What About Health Insurance?	178	(1)
What About Liability Insurance?	178	(3)
15. Emerging Business Models	181	(12)
The Incredible Shrinking Commission	181	(2)
Discount Brokers	183	(1)
Discounted Fees	184	(1)
Fee for Service	184	(3)
Salaried Salespeople	187	(1)
Comparing the Different Models	188	(2)
Why Aren't There More of These Emerging Businesses?	190	(3)
16. Become Your Own Broker?	193	(8)
Is There an Advantage to Being a Broker?	194	(1)
Is There a Disadvantage to Being a Broker?	195	(1)
What's Involved in Being a Broker?	195	(4)
Should You Work for Another Broker?	199	(1)
Other Opportunities	200	(1)
17. Everything You Really Need to Know to Succeed	201	(10)
Be Your Unique Self	201	(2)
Don't Be Afraid to Experiment Early	203	(1)
Select the Right Work Environment	204	(1)
Work Hard at Every Task	205	(1)
Aim for the More Expensive Properties	206	(2)
Get a Better Broker Split	208	(1)
Invest in Real Estate Yourself	209	(1)
Always Be Honest and Aboveboard	209	(2)
18. Getting Off the Ground	211	(6)
When Success Is Elusive	212	(1)
Take a Time-Out	213	(1)
Make a List, Check It Twice	213	(1)
Turn Those Negatives into Positives	214	(1)
Avoid Nay-Sayers	215	(1)
Traveling the High Road of Service	215	(2)
Index	217