Master This: 3 Things New Agents Need to Master

1. The contracts

Your clients are counting on you to understand the contracts. If you can’t fill out all the required transaction contracts (agency, purchase agreement, listing agreement, disclosure documents, etc.) without assistance, start practicing filling them out until you can do so alone.

You must also be able to explain the various terms of the contract including how initial deposits are handled, the difference between the down payment and closing costs, why your company does or does not recommend signing an arbitration provision, how the dates for contingencies work, how transactions are closed, etc.

If you haven’t learned how to do all these things, it’s time to review your sales licensing training and/or sign up for additional training on these topics.

2. The inventory 

The top producers know the inventory cold. They can walk into a home and price a property without even looking at the comparable sales.

When you’re new, if you’re not studying contracts or conducting lead generation, see as much of the inventory as possible. Track what you see using Evernote or Google Docs.

When you walk into a recently listed house, estimate what you believe the selling price will be. Track it to see how close you came. If you can’t see certain properties in person that are in your market area, check out the MLS photos so you are at least familiar with the exterior and interior of the property.

As part of the process of learning the inventory, your clients will also expect you to be able to do the following:

  • Accurately price their property, market it successfully, and close the transaction.
  • Name the types of properties available in each price range including the price of entry-level homes.
  • Identify the best-priced properties in each area.
  • Explain how much it costs to purchase a typical three- or four-bedroom home in your area as well as a typical one- to three-bedroom condo.
  • Know who the builders are, their reputation, the quality of the homes they build and the price ranges they offer.
  • Know the various subdivisions including the current prices and characteristics of each area.

3. Contact database

Whether you purchase a real estate customer relationship manager (CRM) — which is a necessity in my opinion — or simply use an Excel spreadsheet, it’s important that you organize your contacts and leads in one place.

The next question is, “Which one is best?” The answer is simple — the one you will use!