The truth is that becoming a real estate agent is a lot easier than becoming a successful one. Taking real estate classes online and passing the real estate exam is the easy part. After you get your Read more...
The truth is that becoming a real estate agent is a lot easier than becoming a successful one. Taking real estate classes online and passing the real estate exam is the easy part. After you get your real estate license, the next step is to get connected with a brokerage and jump into production as quickly as you can.
One way that newer Realtors accelerate their chances of making it in the business is by getting paired up with a mentor. There are many reasons why mentors work and can bend the learning curve for a newer agent. I wanted to share a few of these so you know that you aren’t going to be thrown to the wolves in most real estate offices. You’ll have help in the form of a mentor.
Mentors Increase Your Chances of Actually Staying in the Business
Ask any big broker and they will tell you that the biggest burden they face in their business isn’t actually getting sued by an angry client. It’s actually recruitment and retention. The burnout rate for newer agents is so high that most companies have a stated goal of hiring 5-10 new agents per month because so many new agents don’t end up making it. This in turn means that the broker has to put resources into recruitment leaving them less time to train their newer sales staff. It’s a vicious cycle.
A great mentor can give 1:1 advice to a mentee and help them work through concerns which helps retain great salespeople.
By keeping agent turnover low, the broker can build a strong network of experienced and qualified agents rather than dealing with the constant task of recruiting newer agents to replace the ones that leave.
Time Savings for The Broker
Imagine large real estate brokerages. I define a “large” real estate company as one with at least 100 agents. There is really no effective way that one man or woman can be there to answer questions, coach and train a staff that large and do it consistently.
For this reason, a well thought out mentorship program is an easy way to save the broker time and hassle. By leveraging mentors, newer agents with questions can look to their mentor for help as opposed to hunting down an already stretched-too-thin broker/owner. This frees the broker up to only answer those high-level questions that stump even the best of mentors.
Additionally, mentors also play a vital role in reducing the “on-the-job” training necessary for newer agents working on their first escrow. In effect, the mentor can act as a ‘project-based’ sounding board for help on a deal-by-deal basis. This will allow the broker to invest more time working on higher level training rather than putting out deal specific fires.
Mentors Offer Encouragement and Act as a Cheerleader
Great mentors should help us see those things that we would not otherwise recognize. For newer agents this means that their mentor is able to realize what you are capable of achieving and will put you on the track to realize your potential.
This is especially true in the real estate business where there are several ups and downs in the course of a day and that every deal is on life support at some point in the escrow process.
Helping a newer agent manage their emotions and keep their eye on the finish line is a critical aspect of the business.
A great mentor can give a boost to the confidence that a newer agent needs.
Mentors Have Experience That They Can Pass On
Every veteran real estate agent has had a buyer buy from someone else or a seller who didn’t give them the listing. Understanding how to navigate these emotional ups and downs is critical.
A mentor who is transparent about their experience has likely been where you are, and has made the same mistakes you might have made or are about to make.
A good mentor will share their own mistakes, so they aren’t repeated by a newer agent.
Before you get a real estate mentor, I’m guessing that you need to sign up for online real estate classes. Please call me at 888 768 5285 and I would be happy to discuss your career and help you get started in our great business of listing and selling real estate.
Love,
Kartik
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While historic homes don’t make up the bulk of sales for most Realtors, there are some agents who specialize in historic home sales. Still, this doesn't mean that you shouldn't venture into this great Read more...
While historic homes don’t make up the bulk of sales for most Realtors, there are some agents who specialize in historic home sales. Still, this doesn't mean that you shouldn't venture into this great market, or that you should defer to a local agent that has more experience with historic properties.
Historic homes can be an amazing acquisition for the right buyer. But there are some things specific to these types of properties that you should be aware of in order to best serve your clients.
Why Historic Homes Can Be an Amazing Purchase
Historic homes and properties within historic districts have amazing features that many buyers prize. For the home buyer who loves classic architecture or enjoys the history behind their residence, no new construction could ever compare. You may have a client who just falls in love with a historic property or you may have a client who is specifically looking for something with historic significance.
Each geographic location has their own historical homes that bring some flavor of past residents to life. The amazing thing with many historic homes is that they've gone through numerous generations and the history of each family is often present in the home itself. You can see this through additions made to the original architecture and a layering of the original design with more modern elements added over time.
The architectural and historic appeal is often the biggest benefit that your clients might be looking at in making their decision. But there are some other benefits that might be available that you should research and point out when applicable.
6 Things to Keep in Mind When Buying Historic Property
While many home buyers fall in love with the romance and history of historic properties, there are some things to consider which are unique to these types of property. Unlike new construction or homes built in recent years, historic homes have some quirks that can at times be costly to maintain. They've weathered many seasons and, depending on the local weather and type of construction, they may be in need of some extra TLC in regular maintenance.
Here are some things to make sure that your clients are aware of when purchasing a historic home:
1. Does the Property Include Elements Besides the Home?
Some historic properties are larger than a typical home lot and may include other structures which may also be historical in nature. They also often include great gems in landscaping, such as very large, beautiful trees, carefully planned gardens and hedges, greenhouses, gazebos, and even ponds.
2. Is There A Mass Appeal to this Home's History?
In cases where the property of someone with great local or national significance or where the architect was someone of note, the home might be used for touring or parts of the property might be useful to rent for events. If you're not interested in opening up your private residence in this manner, you might still find this a major perk just to own a home of this value and showcase it for your own purposes.
3. Possible Tax Incentives and Funding
In many areas, there are available funds and lower interest loans available for people who buy historical homes and wish to renovate them. These loans do come with some strings attached. The renovations often need to be done to certain specifications in order to maintain the home's integrity as a historic place.
4. Higher Than Average Renovation Costs
Each property is different. If your client is looking at a historic home that has already been completely renovated, they may not need to worry over renovation costs. However, in a case where there is major renovation work, it can often be more costly than renovating a newer home. This is because you'll often need to replace pieces that are no longer made or commonly used in newer construction. To maintain the historic significance, you may need to hire specialty contractors or preservationists to work on the home, which can be way higher in cost than a do it yourself project.
5. There May Be Restrictions
In many places, there are restrictions on the types of changes you can make to a historic property. This might include rigid restrictions on the outside aesthetic, such as paint color schemes and landscaping. It also might mean that you're prohibited from enhancing the property with new additions. It's important that buyers know these parameters in advance because they may need to live in a home where the architecture and design is less convenient for today's lifestyle than it was for the generation who built it. In most cases, those historic differences will add to the charm of the place.
6. More Likely to Have Hazards Than Newer Properties
Older properties were often built with materials that are no longer in use because they were found to be hazardous, such as asbestos. They also may be more prone to issues like mold because of the age of the home itself. It's important to have the home thoroughly inspected by a professional before purchasing. They can tell you if there are any issues in advance.
Historic homes provide a wonderful glimpse into past generations and can often be a dream residence for the right buyer. If you want more information about the historic properties in your area, contact the National Register of Historic Places.
As always, the first place to start your real estate journey is with a great online real estate course like ours. Call us today at 888 768 5285 if we can be of service.
Love,
Kartik
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