Congratulations! You passed the test, earned your real estate license and are ready to start building your client base. Any preconceived notions you have about the industry will soon be shattered as the reality of what it actually takes to be successful in this business sets in.
Leads are not going to fall into your lap simply because you have a piece of paper that allows you to sell real estate. It takes patience, nurturing, persistence and resilience. So while you’re out there asking for referrals, meeting potential clients and getting your business cards printed, you may also want to begin developing relationships with key professionals who also play a significant role in the buying/selling process and can help make your job much easier.
When starting out, it’s important to build a top-notch team of go-to experts who can help you expedite sales transactions seamlessly. After all, the logistics behind buying, selling and renting can be overwhelming. Timing and efficiency are key factors to growing your network and business. This is a collaborative career, so don’t try to go it alone!
One of the most important individuals to have in your corner is a strong mortgage broker. These folks can make or break a deal. While a close relationship is not only beneficial to your financial interests, establishing the goals and expectations you want for your business with your mortgage broker can help make your clients feel as though the process is more tailored to their specific needs.
You want a proactive broker who truly understands deadlines and delivers on his or her commitments without asking for extensions. The paperwork involved in getting a mortgage approval done can be daunting, so communication and follow-through between your broker and client (and you) are key components to a successful relationship. Having a few of these strong connections is probably a good idea – that way your buyers and sellers have options.
Get To Know Your Players
Spend a considerable amount of time researching and locating a well-respected home inspector. A well-trained home inspector is a tremendous resource for tradespeople like roofers and structural engineers, and even pest control and mold removal companies. Inspections are so critical to a sale – they can make or break a deal. Buyers need a tough-minded professional who can locate major and minor issues with a home before a prospective sale, and help you negotiate accordingly. Sellers can benefit from a home inspection before they list, so there are no last-minute surprises before final closing.
Should your client need some quick fixes or building advice, you should be able to put them in touch with a contractor with a good reputation for timeliness and value. Construction help often comes into play when putting a home up for sale, or having a well-thought out plan post-purchase to renovate. If you can provide such expertise, you’ll make your own life easier, as well as that of your buyers and sellers.
If you’re about to list a home with a lot of potential, but you know it lacks universal appeal to prospective buyers, having a stager on hand will help you and your client project the home’s best first impression. Having a fresh set of eyes is often so helpful ahead of a broker open house or first showing. Moving furniture around to create a more open atmosphere, removing clutter or bringing in signature pieces that can showcase future decorating possibilities can make all the difference when house hunters come to the front door for a visit.
If you have a home with a lot of potential and value, knowing great architects, contractors and designers will also help facilitate making a home move-in ready. Be sure to have all of these positions filled and at the ready should you need to rework, remodel or reconstruct to make a purchase or sale a reality.
The Value Of A Trusted Team
Once all is said and done, the initial purchase and sale agreement is signed, and all that’s left is passing papers, you’ll want to have a well-respected attorney on hand to close the deal. Interview a few real estate lawyers that have been referred by trustworthy colleagues and do your due diligence. Your relationship with this person should be built on long-term partnership, as he or she is the lynchpin to a final sale.
View your team as an extension of yourself. The best way to build your business is to rely on people who not only understand your goals, but have shared values and ideas about how to approach a transaction. Reiterate the importance of being goal-oriented and organized and seek individuals who embody dedication. Your clients should feel like they are being supported throughout the entirety of the process. Walk them through everything and personalize it. As a result, your team can ensure seamless transactions and satisfied clients.
The value of a trusted team is immeasurable. Working with dependable partners who have lengthy track records will help you gain connections and self-assurance. Forming partnerships and building friendships is important when you start any career, but it is especially pivotal in real estate. The process can be pretty daunting at times, but with the assistance of a proactive team of real estate experts to help you navigate the ins and outs, you can succeed in this fulfilling career. Remember, your team is a reflection of your professionalism and the way you do business, so choose your colleagues with that in mind.
Amy Mizner is a principal at the real estate firm of Benoit Mizner Simon & Co.
