This post is the third in a group of six about getting started using a real estate career. This post covers the "tools" you'll need to have and also the "tools" which might be nice to have to aid you be profitable in this career. We'll briefly discuss generating a spending budget and things you'll want to acquire started at the same time as things you are able to think about in the future.
Generating a Spending budget. Since you're essentially starting a business there will inevitably be some costs you will have. The first ones are obviously your exam & licensing fees, at the same time as dues you'll most likely pay to belong to the local board of Realtor. Given that these expenditures are mandatory we'll skip talking about them. We're talking more about the expenses that you'll incur as a result of doing company on a day to day basis. There are tons of businesses out there trying to sell you leads, or advertizing opportunities, or "guaranteed" programs of how to acquire 10 listings in your 1st 60 days of being in enterprise. I wouldn't consider these products until you've been in the organization at least one year. The most important thing to ask yourself when you get started is "Do I Need to have this product or service today?" If the response is no then, take note of it and set it aside. Get some experience and deals going on and you'll realize you don't want those products at all.
Everyday Tools. The basic items that most real estate agents use every day are:
1. A mobile phone - Most agents have smart phones with internet connectivity so they can get e-mail, view online data, and use applications that assist them provide better faster service to their clientele.
2. Use of a computer - If possible one with internet and a printer. You want to fill out and print forms online so it is possible to create listing and sales documents for your customers. Not to mention all new listings will appear in an online database provided by your MLS(multiple listing service) which you will definitely want.
3. Business Cards - The most simple of enterprise marketing materials, but definitely a must have. Get high quality cards which are professionally designed, not the perforated ones you buy at the local office shop. Those are cheap and it people will subconsciously connect that to you and your service. Most brokerage companies have a relationship using a large printer that offers professional templates at a reasonable price.
4. Lock boxes, yard signs, electronic keys, a reliable vehicle. This list needs no full explanation but to typically cost a fair amount of money so you will need to look carefully and shop around. Ask around the office to see where other agents get their products and how much they pay to acquire an idea of what you'll need to spend.
Additional Tools. These items you will want to think about obtaining eventually if not right away.
1. Professionally branded e-mail address. Many brokerages will give you an email on their domain, i.e. billsmith@abcrealty.com. This is great, but what happens if you leave ABC Realty. You'll need to contact everyone you know and give them a new address. The best thing to do is purchase your own domain. Many agents choose their own name which may be a good option. Domains are cheap i.e. $10 annually and you usually get an email address or two for free with it.
2. Your own website. Professionally designed websites can be expensive, so until you have the couple thousand it will take to get a high quality interactive site it is possible to do one of two issues. Your broker may give you a page on their main site, or you'll be able to get a basic 4-5 page site produced by a free lancer that delivers basic information regarding you and how to get in touch with you. Either is okay to begin with.
3. CRM Tool - This means Customer/Client Relationship Management Tool. Essentially it's a software program that helps you keep your contacts and activities organized. While they are a fantastic tool they do tend to be expensive and are often a monthly recurring bill. If you are able to afford paying $30 or so a month for the service then I would highly recommend it. There are many real estate specific programs like Top Producer, ACT, etc. Thank you for reading. Please check out our next installment "Getting Started In Real Estate: Where To get Business".
Generating a Spending budget. Since you're essentially starting a business there will inevitably be some costs you will have. The first ones are obviously your exam & licensing fees, at the same time as dues you'll most likely pay to belong to the local board of Realtor. Given that these expenditures are mandatory we'll skip talking about them. We're talking more about the expenses that you'll incur as a result of doing company on a day to day basis. There are tons of businesses out there trying to sell you leads, or advertizing opportunities, or "guaranteed" programs of how to acquire 10 listings in your 1st 60 days of being in enterprise. I wouldn't consider these products until you've been in the organization at least one year. The most important thing to ask yourself when you get started is "Do I Need to have this product or service today?" If the response is no then, take note of it and set it aside. Get some experience and deals going on and you'll realize you don't want those products at all.
Everyday Tools. The basic items that most real estate agents use every day are:
1. A mobile phone - Most agents have smart phones with internet connectivity so they can get e-mail, view online data, and use applications that assist them provide better faster service to their clientele.
2. Use of a computer - If possible one with internet and a printer. You want to fill out and print forms online so it is possible to create listing and sales documents for your customers. Not to mention all new listings will appear in an online database provided by your MLS(multiple listing service) which you will definitely want.
3. Business Cards - The most simple of enterprise marketing materials, but definitely a must have. Get high quality cards which are professionally designed, not the perforated ones you buy at the local office shop. Those are cheap and it people will subconsciously connect that to you and your service. Most brokerage companies have a relationship using a large printer that offers professional templates at a reasonable price.
4. Lock boxes, yard signs, electronic keys, a reliable vehicle. This list needs no full explanation but to typically cost a fair amount of money so you will need to look carefully and shop around. Ask around the office to see where other agents get their products and how much they pay to acquire an idea of what you'll need to spend.
Additional Tools. These items you will want to think about obtaining eventually if not right away.
1. Professionally branded e-mail address. Many brokerages will give you an email on their domain, i.e. billsmith@abcrealty.com. This is great, but what happens if you leave ABC Realty. You'll need to contact everyone you know and give them a new address. The best thing to do is purchase your own domain. Many agents choose their own name which may be a good option. Domains are cheap i.e. $10 annually and you usually get an email address or two for free with it.
2. Your own website. Professionally designed websites can be expensive, so until you have the couple thousand it will take to get a high quality interactive site it is possible to do one of two issues. Your broker may give you a page on their main site, or you'll be able to get a basic 4-5 page site produced by a free lancer that delivers basic information regarding you and how to get in touch with you. Either is okay to begin with.
3. CRM Tool - This means Customer/Client Relationship Management Tool. Essentially it's a software program that helps you keep your contacts and activities organized. While they are a fantastic tool they do tend to be expensive and are often a monthly recurring bill. If you are able to afford paying $30 or so a month for the service then I would highly recommend it. There are many real estate specific programs like Top Producer, ACT, etc. Thank you for reading. Please check out our next installment "Getting Started In Real Estate: Where To get Business".
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