Every day, wooed by the prospect of high income, self-employment, and a myriad of other possibilities, individuals pass the state-mandated real estate exam and obtain their real estate license. These agents plan to have a successful career in real estate-one that will reward them handsomely for their hard work. Yet the harsh truth is, few new licensees go on to succeed as agents, and, according to the National Association of Realtors (NAR), less than ten percent of all agents earn more than $100,000 per year. What single first step can you take to help ensure a successful career in real estate?
Your first order of business is getting clients. You will do this by making a list of everyone you know and sending them a letter. Most folks are short on time, so keep your letter concise. The list of names (your database) should include EVERYONE-friends, family, church members, folks you’ve worked with in the past, neighbors, your doctor, people you do business with, etc.
The format of your letter will be like so:
- Paragraph one: Announce the news that you have obtained your real estate license and joined a firm.
- Paragraph two: Talk about how your previous work experience has prepared you for this career (this will help many folks overcome the fear of referring a “rookie” agent to their friends.
- Paragraph three: Ask for business.
Here’s a sample letter:
I hope you and your family are doing well. I am writing with some exciting news! I recently obtained my real estate license, and am now a full-time real estate agent for XYZ Realty. XYZ Realty is one of the top five companies in Austin, successfully selling over 1,000 properties a year.
Over the past five years, I have worked as a paralegal for several high-profile law firms. The training and experience I gained from this career, along with rigorous real estate training, has taught me the fundamental skills necessary to assist my clients with all of their real estate needs.
John, if you know of anyone (family member, coworker, church member) who is looking to buy or sell his or her home, please give them my name. I pledge to provide them with unrivaled service. I am confident that they will feel you have done them a great favor in referring me, and you will be very pleased with the results. I have enclosed some of my business cards to assist you in helping me.
Thanks for your friendship, and thanks in advance for helping me spread the word.
Send out five to ten business cards with each letter, and make it a point to keep in contact with your database on a monthly basis (via email monthly newsletter, phone call, or mailing).
Keeping your contacts in an online database will also help you stay organized. Assuming that the average person moves once every six years, you can do 50 transactions a year with a database of 300 people, or 25 transactions with only 150 contacts. Get the word out today, and watch your real estate career blossom.