2/ Navigating Leases: A Foundational Step for Aspiring Real Estate Agents
The second crucial step for new real estate agents is mastering leases. There are several reasons why this should be the primary focus for new agents. First, it offers a lower-stakes environment to hone one’s craft and learn. While doing the best job for clients is essential, a one-bedroom condo rental has far fewer consequences than advising on a million-dollar purchase. Starting with leases provides an avenue to learn effective communication with clients and other agents, which is vital since many people are afraid to pick up the phone and have conversations. Communicating through various channels is crucial, as different clients and agents have different preferred methods.
Mastering leases also allows new agents to perfect their paperwork. Even experienced agents struggle with paperwork, but handling numerous leases in the first year sets new agents up for success when preparing more complex agreements. Additionally, working on leases helps agents become familiar with different buildings and neighbourhoods around the city, enabling them to provide better advice to clients on stellar rentals.
If a new agent starts with just one buyer client in their first year, they won’t learn as much as they would if they were handling a large number of rentals. Leasing provides income and opportunities to meet new people, build a database, and receive referrals. It also teaches valuable skills like pace, scheduling, and organizational abilities. Dealing with people from diverse backgrounds helps agents understand their style and what works best with different personalities, making it an ideal way to gain experience in a lower-stakes environment.
Experienced agents often prefer not to handle rentals and are happy to refer clients to new agents. By doing a good job with rental clients, new agents can build a reputation and receive more referrals from senior agents. This creates a network of clients, many of whom might become buyers in the future. Building a client network is challenging, but working with tenants allows new agents to establish relationships with individuals with significant incomes who may become buyers in a few years. Satisfied clients will remember their agent and refer them to others, helping to build a strong client base.
Understanding communication in real estate is essential. New agents need to know what to say, what not to say, what to have in writing, and what to avoid. Mastering leases helps agents learn how to handle various scenarios, deal with clients with unrealistic expectations, and build a business in a low-stakes environment. Senior agents often avoid rentals, so new agents can build their reputation and personal brand by excelling in this area.
Building a foundation through rentals is crucial, especially in a market with the lowest transaction levels in 40 years. New agents who start with rentals can set themselves up for success in three to five years. Real estate is not a get-rich-quick scheme; paying dues is necessary and can lead to a sustainable business and a strong personal brand.
3/ Building Your Network: A Crucial Step for Real Estate Rookies
The third big step for new real estate agents is building a database. New agents should start by thinking of every person they know with an email address, phone number, and social media connection. Create a spreadsheet and aim for at least one hundred contacts, including family, friends, and acquaintances. This initial spreadsheet forms the first mini-target audience, comprising the people who already know and trust the agent. These individuals often become the biggest supporters during the early stages of a real estate career.
To build this list, agents should gather contacts from various sources, including Instagram, Facebook, LinkedIn, and university and high school connections. Once compiled, the list should be imported into a Customer Relationship Management (CRM) system, a tool used to manage interactions with clients and potential clients. Informing these contacts about the new real estate career is essential, as they can refer clients looking to rent or buy properties.
Effective communication with this initial audience is vital. Agents should connect with them through social media, newsletters, and personal emails, informing them about the new venture in real estate. This backend work complements the hustling, property showings, and driving across the city. The list becomes a valuable asset, a seed that will grow over time.
New agents should also say yes to various opportunities, such as hosting open houses for senior agents or handling rental referrals. Engaging with online leads and conversing with as many people as possible helps build the database. Relying solely on family and friends will eventually dry up, so seeking out other sources for referrals and leads is a crucial next step.
The goal is to nurture this list so that people think of the agent whenever they need a Realtor or want to refer someone. This creates a force multiplier or domino effect, expanding the network. Building and maintaining this database is essential for strategic business growth, providing a foundation and structure to expand upon later. This approach distinguishes between running around transactionally and building a sustainable, structured business.
4/ Making Your Mark: A Key Step for New Real Estate Agents
The fourth step for new real estate agents is putting yourself out there and learning how to do so effectively. It is vital not to be a secret agent. Agents must find ways to inform people about their profession and make themselves relatable. This does not mean posting mundane real estate content daily on social media. Instead, agents should consider who they know, what their audience wants to hear, and how they can connect meaningfully. The goal is to show that they are fun, trustworthy, and great at their job without coming across as salespeople. .
Finding one’s voice in this process takes time, but it’s essential. Social media is likely the easiest way to achieve this. There are many approaches, such as writing a blog, creating value-added content on Instagram, or sharing insights and learnings on TikTok or YouTube.
It is important to understand that people are busy and not overly critical! Agents must get over the fear of negative feedback. Most responses to your content will be positive, and it is not worth dwelling on if someone doesn’t connect with the content. Agents who are confident in their abilities and services can feel assured about putting themselves out there!
Avoiding the secret agent approach is essential for business success. Finding a way to carve out a personal niche, especially when part of a team, helps establish credibility. A team can provide support, content to repost or comment on, and a larger brand to lean on.
This support alleviates much of the pressure faced by solo agents.
Marketing stamina is another crucial aspect. Agents need to consistently engage in lead generation and business development to avoid fluctuations in success. Consistency in marketing efforts, whether through podcasts, social media reels, newsletters, handwritten notes, or events, pays off more than sporadic efforts. Maintaining an online presence is vital because most people research agents before reaching out. Agents need to build a connection with potential clients through their website, blog, YouTube channel, or Instagram twelve months a year!
New agents often feel they have nothing to say, but sharing their journey and answering questions is a great starting point. Being genuine and finding a comfortable, aligned voice is key to resonating with an audience.
5/ Leading with Knowledge: Key to Success for New Real Estate Agents
The fifth crucial step for new real estate agents is becoming a knowledge broker. Before becoming a “knowledge broker,” one must be knowledgeable. This requires curiosity and a proactive approach to seeking information and staying involved in the market’s day-to-day happenings. Properly advising clients and providing genuine opinions requires internalizing information, forming thoughts, and sharing them effectively. Curiosity is key—agents should strive to know as much as possible, absorb it, and share it with clients and their audience through various channels.
Having a well-informed opinion is essential because clients make multimillion-dollar decisions that can have generational impacts. Agents need to articulate their opinions clearly and back them up with facts. While it’s okay to be wrong occasionally, understanding the fundamentals driving the market, including geopolitics, interest rates, and the policies of the Bank of Canada, positions agents to offer valuable insights. Knowing how the overall market and sub-markets within the Toronto real estate market work is crucial, as clients rely on agents to guide them.
Focusing solely on lead generation or commissions will not sustain a long-lasting career. To become a knowledge broker, agents should be curious, ask questions, gather information, form opinions, and confidently share their insights to help clients make informed decisions.
New agents should learn to balance forming and giving fully informed opinions and decisions. Practical steps can ease the process for those starting out. Creating cheat notes for showings on the phone or on printed MLS listings can be beneficial. Writing a few facts about each property helps integrate information into client discussions.
Practicing responses to common questions, like those about recent interest rate announcements, can also build confidence. These soundbites need not be lengthy; concise, three-line responses are often sufficient. Over time, integrating these practices will build an agent’s confidence and expertise, establishing them as a knowledgeable and reliable advisor!
6/ Saying Yes to Growth: Essential for New Real Estate Agents
The sixth crucial step for new real estate agents is saying yes to everything. As a brand new agent, gaining experience and understanding everything is essential. Saying yes to opportunities allows new agents to help as many people as possible and work with diverse clients. While it’s not feasible to do everything, soaking in as much as possible is crucial initially.
Seizing every opportunity means taking on tasks and running with them. When new agents say yes to everything, they will often encounter situations where they don’t know what to do. Being part of a team is advantageous in these scenarios, as it provides a support system for asking questions and bouncing ideas off others. Properly advising clients requires having the right answers and seeking out accurate information.
Advocating the “yes” motto is vital. If a senior agent asks a new agent to cover an open house, they should clear their plans and take on the task. Attending home inspections, even if unfamiliar, provides valuable learning experiences. Accepting challenging rental leads, attending social events, and sharing one’s role as an agent are all part of this approach. Saying yes signals readiness for opportunity and fosters a snowball effect of learning and growth.
Covering an open house might lead to positive feedback from a senior agent, resulting in more opportunities. Meeting stagers at a property can teach new agents about space planning, and these new experiences can be shared through content creation. By saying yes, new agents gain confidence and knowledge through osmosis. This commitment to saying yes should last for at least two years, during which new agents will work insane hours and open themselves up to numerous opportunities. Over time, they may reach a point where they can afford to say no occasionally.
When unsure, asking questions is essential. Whether seeking clarification or discussing uncertainties, asking for help is critical to learning. Embracing the yes mindset opens agents up to a flow of opportunities. Conversely, a constricted, entitled attitude will limit growth and success. Opening up and accepting opportunities allows more to come their way, fostering a successful real estate career.
Conclusion:
Embarking on a real estate career can be daunting, but these six essential tips provide a roadmap for new agents to navigate their first year successfully. Finding a supportive team, mastering leases, building a robust database, putting oneself out there, becoming a knowledgeable broker, and embracing the “yes” mindset are foundational steps that set the stage for a thriving career. By following these guidelines, new agents can build a strong foundation, gain invaluable experience, and create lasting relationships with clients and colleagues. Remember, success in real estate requires curiosity, perseverance, and a commitment to continuous learning and growth. With dedication and the right approach, new agents can achieve remarkable success and establish themselves as trusted professionals in the industry (if we did it, you can do it, too)!
Contact Fox Marin, Toronto’s downtown luxury real estate brokerage, today to learn more about the advantages of hiring a quality team!
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Kori Marin is a Toronto Broker & Managing Partner at Fox Marin Associates. For high-energy real estate aficionado Kori Marin, a well-lived life is achieved by maintaining an “all-in” attitude that realizes every last ounce of one’s full potential. This mindset has driven successful results in every aspect of her life – from her corporate sales and account management experience to her international travels to her years of fitness training and leadership – and is the hallmark of the exceptional work that she does on behalf of her clients in the residential real estate sector in downtown Toronto.
