Dear Shak & Jill,
I’m just
starting out in real estate, but I can’t seem to close any deals for
people. What am I doing wrong?

It could just be that you are not giving it enough time.
A high percentage of people that get into the real estate business give up
before a year has elapsed. That is usually due to the misconception that a real
estate career is a “get-rich-quick” profession with flexible hours and minimal
work. None of which are true. I have noticed that most successful Realtors are
able to achieve their success because they were able to devote themselves full
time and then some to prospecting before seeing results.

The average person can’t afford to quit their job with no
hope of a pay check for at a minimum of 3 months, but more likely 6-9 months.
Lets look at the time lines involved; finding a customer that wants your
services could be anywhere from 2 weeks (if you are a generally lucky person
who always wins contests or perhaps lotto) to 2 months, then the average amount
of time to find a home for your customer, which is estimated to be 4 – 7 weeks.
Then the average time to complete a closing which is 45 – 60 days, you are
looking at potentially close to 4 months after you find your customer to
finally see a closing that pays you a commission if it goes through. This is
precisely why the turn over rate is so high in this industry. Unless you have a
spouse that can support you while you get started or a nice 401K plan to tap
into, you will likely be “broke-quick” rather than “rich-quick”! I suggest
first and foremost contacting all of your friends and family and network to let
them know of your new found career. This is usually referred to in this
business as your “sphere of influence”. You should contact your “sphere” a
minimum of 6 times in your first year. Next, learn your market and concentrate
on what you know. Home sellers and buyers are drawn to agents because of their
knowledge. If you are not knowledgeable and it shows, you will likely lose them
to the next guy that knows their interest. If you live in a condo then consider
starting out prospecting for condo sellers and buyers. You live that life so
you will have some knowledge to pass along. If you have never even walked into
a million dollar home, then don’t start prospecting for them.

Try mailing to your own neighborhood consistently, host
garage sales and neighborhood events, hold open houses. All of these things are
effective but can take some time to see the results. This type of
self-marketing is referred to as “farming” due to the fact that you have to
start sowing the seeds first, and then reap the harvest later.

Lastly I suggest working as an assistant for a successful
real estate team first. You can lean the ropes while still receiving an income.
The lead agent for a successful team will generate lots of leads to follow up
on which will give you a jump start to earnings, and the knowledge you’ll gain
will put you above the curve.

Shaktoid… The average Realtor sells 8-10 homes a year.