Entering the world of real estate is an exhilarating journey filled with challenges and rewards. Your first year in the field is often a steep learning curve, a time when you build the foundation for a successful career. Here are five valuable lessons I learned during my inaugural year in real estate that might help other newcomers navigate this dynamic industry.
1. Choose the right brokerage
Your choice of brokerage can profoundly impact your career in real estate. A supportive and reputable brokerage can provide essential training, resources, and mentorship, while a less-effective one can limit your growth and potential. A brokerage with a strong brand and a solid track record can boost your credibility and help you build a client base. On the other hand, a brokerage with a poor reputation may hinder your ability to attract clients. In the competitive real estate industry, aligning with the right brokerage is often the difference between a successful and fulfilling career and one fraught with challenges. It's essential to carefully consider your options and select a brokerage that complements your professional goals and values.
2. Treat it like your business
Although choosing the right brokerage for you can be a stepping-stone to a very successful career in this business, you are still an independent agent. Your sponsoring brokerage will only be your foundation and it's up to you to build your career from the ground up. Treating your career in real estate as your personal business, with your name as the brand, is a fundamental mindset for success. It means taking full ownership of your endeavors, from generating leads, managing your clients, building a strong relationship with them to closing the deals. Just as an entrepreneur nurtures their business, you should nurture your real estate career by setting SMART (Specific, Measurable, Attainable, Realistic, Timely) goals, making informed decisions, and constantly seeking ways to improve.
3. Persistence Pays Off:
In real estate, persistence is the name of the game. The industry is filled with ups and downs, and rejection is common. However, those who persist, adapt, and continue pushing forward ultimately reap the rewards. In this business, it's not always the quickest who wins the race, but those who keep moving, learning from setbacks, and remaining persistent and confident in their pursuit of excellence. Every "no" has the potential of becoming a "yes" but you'll never know if you don't persist.
4. Networking is Key:
Building a strong network is essential, you never know where your next client will come from. The relationships you establish with past clients, colleagues, relatives, industry professionals or even your mailman can lead to valuable referrals and opportunities.
5. Don't take it personal
If you're in Real Estate, you will definitely be spending more time with your clients than with your loved-ones. The worst thing you can do to yourself and your business is get too attached and expect everything to go as planned. You can't control everything. People can change their mind, and most of the time, you will get ghosted, dumped for another agent or, if you're lucky, you might get a text saying: " Sorry, no longer interested'. Never take a client not willing to work with you personal and always move on to the next.
Your first year in real estate is a time of growth, learning, and adaptation. Embrace these lessons and experiences, and you'll be well on your way to establishing a successful and fulfilling career in this exciting field.
If you are looking to rent, buy or sell in NYC, I would love to be your agent!
Christine Marcel (Licensed Real Estate Salesperson)
Oxford Property Group
cmarcel@opgny.com
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