One year following the launch of Inman’s The Basics newsletter, our weekly dispatch of must-reads for new agents, we’ll spend the month of August digging deeper into what it takes to survive against the odds as a new agent in a tough market.
This article was last updated Jul. 31, 2023.
Picture it: You stumble upon an abandoned Delorean time machine with just enough power for one round trip. Ignoring all the rules you’ve heard for years about timeline damage, you decide to travel back to the day you received your real estate license.
You find your younger self and share the essential lessons that you have learned the hard way that would have changed your career early on. When you come back, your life is totally different. What advice did you give yourself?
For me, the destination date would be August 9, 2001. I was fresh out of high school and thought selling real estate would be a great part-time job while I completed my college education. Fast forward nearly 22 years later, and I am still in real estate. There are certainly things I would have loved to have known back then from my older self. Here are the top five things I would tell my younger self about real estate.
1. Don’t be a pop tart
Although my first broker told me this early on, I wasn’t great at following the advice. What is a “pop tart,” you ask? That’s when the phone rings and the person on the other end wants to see a home immediately. You “pop” out of your seat like a warm pastry and rush out to accommodate the request.
The problem is not that you are quick to respond. It’s about boundaries. If that customer knows you will drop everything for them at any time, they will exploit it.
A better method is to force them to set an appointment, even if it’s an hour later. Something as simple as, “I’m finishing up with another client. I can meet you at 2 p.m., if that works for you,” will create the understanding that you are a professional — and set the tone for your relationship moving forward.
2. Keep a database
When I think back on all the clients that I helped who never heard from me again, it makes me sick. What a loss of potential income.
Simply keeping a database and setting up a rudimentary follow-up system could have had a huge impact on my repeat and referral business. It’s probably the largest mistake I have made in my two-decade career.
Even if it’s just a spreadsheet, create a list. Do it now and have someone help you create a plan to use it.
3. Stop chasing shiny objects
Oh, the money I have wasted on the “next big” tech tool. Whether it was my Palm Pilot that was going to revolutionize how I would manage my time (it didn’t) or the high-converting website that was going to drive incredible traffic to me (yeah, right), I had a lot of toys.
Tools can absolutely help you drive your business. However, you need to first identify what problem you are trying to solve and then search for the solution. If a vendor spends all their time convincing you that you have an issue that only they can resolve, take a quick step back and allow yourself a little time to critically think about whether your business will see any benefit from the spend.
4. Ask for the business
I know, this one seems too obvious. Well, it’s obvious to me today but wasn’t to my 18-year-old self. I just assumed everyone would use me because they knew me and wanted me to do well. They most definitely did not.
My head spins just thinking about all the deals I lost by not asking for them. It’s one of the simplest and most expensive lessons I have learned.
5. Pay your taxes
Speaking of expensive lessons, this last one cost me a fortune in interest and penalties. Uncle Sam wants his cut. Even if you are really great at using deductions, you’ll still likely have a bill at the end of the year.
Do yourself a favor and set up a tax savings account. It’s even better if you can automatically direct some of your commission money to it before it hits your regular account. Set aside enough money to cover your taxes. You’ll thank yourself when it’s time to write the check.
Final thoughts
These lessons might seem too simplistic to some. However, remember back when you were new to the business. How would this advice have changed your career? Would you even have listened? Maybe with the lessons coming from a familiar source, you would have.
If you are newer to real estate, do yourself a favor and get a mentor. At the very least, take one of these ideas and apply it early on and save yourself a lot of stress.
Stephen Meadows is a 20+ year industry veteran and is the chief operating officer with Coldwell Banker Premier. Connect with him on Facebook and Instagram.
