Speaking from Experience: Four Valuable Pieces of Advice for New REALTORS®
Being a great salesperson and REALTOR®, like any profession, is something learned and developed over time. A business built in relationships, seasoned real estate professionals often have wisdom to pass on to those just beginning their careers.
We spoke to experienced REALTORS® about what they would tell someone starting out. Here’s what they said.
Focus on rentals to start, but also try to build a nest egg
“Everyone gets into real estate thinking that the big deals are the most important,” says Elena Saradidis, a salesperson and REALTOR® with Royal LePage Signature Realty in Toronto, Ontario. “If you’re not buying and selling, you're not really transacting. [But those new to the business] need to be focusing on rentals.”
What she means by this is that the first year or two for a new REALTOR® can be lean as they try to build up their business and brand. The common advice is to prepare for that by having a year’s expenses paid before launching the business; but, helping people find rental accommodation can help generate income while you build a sustainable client base, and also make important connections with new people.
“In this industry, rentals are people that usually don’t have an agent yet or haven't established an agent relationship. If you connect with someone on their first few transactions, odds are they are going to use you down the line,” Saradidis says.
“Think long-term planning, not short-term planning,” she says. “Eventually, you will get bigger deals done.”
Focusing a blossoming business on rentals gives a new REALTOR® valuable market knowledge. You get to practise negotiation skills on a smaller scale, while getting comfortable with the ins and outs of lease paperwork.
“Why wouldn’t you want to take out someone that wants to see five different properties, then get yourself acquainted with those five properties, and eventually make about $1,000?” she says. “Maybe that took you five hours.”
Think long-term planning, not short-term planning. Eventually, you will get bigger deals done.”
Elena Saradidis, REALTOR®, Toronto, Ontario
In her first year in the business, Saradidis says she closed 100 rental deals. “You can make a really good living from rentals and you aren’t waiting a long time for closing to get paid – maybe 10 to 15 days,” she adds. “That’s good way to make passive income in an unstable market.”
That being said, it’s important to have money put away to backstop you as you build your business, says Tim Syrianos, a RE/MAX broker and REALTOR® based in Toronto, Ontario, who started in 2008 during a recession. Being able to cover a year’s worth of expenses allows a new REALTOR® to concentrate on building the real estate business rather than taking on another paying job, since it will likely take months to land a first sale.
Dive deep into market data
The real estate market is constantly changing and having up-to-date knowledge about it is power.
Homes might sell in seven to 10 days during a peak market, which can instill market preconceptions in new agents, Syrianos says. They need to understand that properties will take longer in a generally downward-trending market.
When REALTORS® are just starting out, they’re anxiously waiting for the phone to ring and have more time available than busy, established REALTORS®. Utilize that time wisely by deeply studying market stats, Syrianos says, such as months of supply and turnover rates. The Canadian Real Estate Association (CREA) compiles and analyzes numerous factors affecting the real estate market each month on CREA Stats. In addition, as a REALTOR®, you have exclusive access to the MLS® Home Price Index (HPI), the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends.
“You should know about every listing on the market that you are working in,” he says. “A tip that I give new agents when they're doing open houses is do a radius around you for a similar product that’s vacant and reach out to the listing REALTORS® in advance.”
The MLS® HPI is a key data source for new REALTORS®, says Conrad Zurini, a broker/owner with RE/MAX in Burlington, Ontario, who has been selling for three decades and has 14 offices in his brokerage. It consists of a set of software tools configured to provide time-related indices on the residential markets of participating real estate boards in Canada.
“The MLS® HPI is the Holy Grail,” says Zurini. It allows a REALTOR® to dive deeply into a client’s neighbourhood, showing changes in values over time, whether that’s three years, five years or 10 years. “I would have those committed to memory,” he says.
Be prepared to give before receiving, and expect to hear “no” a lot
Real estate is not just about making deals; it’s about providing a service. Those who understand that well know that every tip they provide and every extra mile they go can pay off dividends later.
“If you get someone that comes through and they say this is a little too small for me, you can say there’s one that’s 200 square feet bigger down the street,” Syrianos says. “Talk about picking up a client. You’re giving something they are looking for and you are showing it to them immediately.”
“You need to bring an item of value,” he says. “Why should they pick you over someone else? What do you bring to the table?
“If you are cold calling, if there was a sale in the neighbourhood, tell people about it. Then ask them if you can keep them updated on their neighbourhood. So, you are giving before you are receiving. They may not move for five years but you’ll be top of mind when they decide to.”
When it comes to cold calls, a new REALTOR® can’t be afraid of a “no” response. Even if you have to make 100 calls, one “yes” is all you need, Syrianos says. The purpose of the cold call should be seen as a means to get an appointment, not to sell something.
You need to bring an item of value.”
Tim Syrianos, REALTOR®, Toronto, Ontario
Offering a homeowner a free property valuation – which has a $500 value – is another successful way to provide a service that can build connections, says Cameron Forbes, a RE/MAX broker and REALTOR® who started in Alberta in 1989.
Offering the free service of a valuation allows a REALTOR® to potentially get an appointment with a homeowner, which can lead to any number of buy and sell scenarios.
Be social and not just on social media
New REALTORS® “need to understand they have to generate business,” Forbes says. It won’t come to them. And, to do that, relationships need to be forged and nurtured. New REALTORS® need to reach out to those people they already know and trust and who can either use or refer them. They must do open houses, knock on doors and physically meet new people and not just rely on the internet and social media, he says.
“Human contact is now a luxury,” Zurini says, adding that it’s important when a client’s home sale goes through, for instance, to go over with a celebratory gift rather than relying on a text.
“Your clients always want to know that you are thinking of them – helping them build equity, helping them get that right purchase, even remembering birthdays.”
That being said, social media is free, Syrianos says, making it an invaluable marketing tool. Don’t be a secret agent, he advises. Let as many people as possible know you are out there.
It comes down to using the right approach at the right time. Zurini, for instance, releases a short video every Friday to broadcast what’s currently going on in the market and the factors affecting real estate.
A REALTOR® needs to show they’re “an expert in the industry,” Zurini says. “And nothing replaces knowing a neighbourhood well … [and] articulating that over social channels, but also face to face.”
So, tell us what you think! Any of these tips new to you? Something that you did as well? Whatever your take, let us know in the comments.
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