# Tips and Advice EVERY New Real Estate Agent Needs to Know

**Channel:** Brandon Mulrenin
**Source:** https://www.youtube.com/watch?v=BqiwiDRYfVY
**Transcript page:** https://www.withtranscript.ai/video/BqiwiDRYfVY

## Chapters

- 0:00 — Real Estate Is a Sales Business
- 2:25 — Master the Market and Competition
- 4:53 — Get Coaching and Build Lead Sources
- 6:58 — Perfect Pricing and Daily Prospecting

## Transcript

**[0:00]:** if you're a new real estate agent these are the eight things that i wish somebody would have told me when i got started that i'm now telling you number one you're getting into a sales business i don't care what anybody else says out there real estate is in fact a direct outbound sales business which means you're going to have to pick up the phone call strangers and oh yeah by the way work on your skills don't think for one second that you're going to get in this business get your license pass your exam and then people are just going to start blowing you up on social media and start calling you to come and list their property any real estate agent will tell you the same it doesn't work that way you're gonna have to go out there and generate business on your own number two your skills are the absolute most important part of

**[0:58]:** your business it's not marketing it's nothing else matter of fact i put out a poll to thousands of real estate agents on my instagram and i asked them i said hey what do you think is the most important part now that you're in the business what do you think is the most important part of a real estate agent's business and i asked him was it sales skills or your ability to market and over 90 percent of the poll came back and said sales skills i can tell you with absolute certainty that the people that decide to hire me as their agent over over the last 16 years of being in this industry and the hundreds of homes that i've that i've listed and sold the thousands of homes people are doing business with me based on how i make them feel do i make them feel confident that i'm the right agent for the job

**[1:53]:** you can only do that through skills it doesn't matter how sexy your website is it doesn't matter if you have velvet business cards that's not going to move the needle your skill set will be the only thing that determines whether or not somebody is going to be confident enough to hire you as their agent number three know right now you can absolutely compete and not only compete you can beat top agents you can beat experienced agents

**[2:25]:** in your market if you'll master the marketplace if you understand the market better than any other agent these are the six different stats or ratios that i'm that i'm begging you with much love and much respect to go into your mls every single month and master number one is the number of active listings in the marketplace okay and so when we look at active listings this is the market how many homes are for sale right now number two how many new listings come into the marketplace every single month you need to be able to recognize that and speak to it number three number of homes sold okay that's a ratio called the absorption rate how many new homes are coming into the market how many are selling this will give you the absorption rate or how many months worth of inventory there is in the marketplace super critical for you and understand that number four

**[3:21]:** the list price to sold price ratio someone lists their house at 100 000 how much are they getting that's a ratio you need to know your ratio in your market number five average days on market i make the argument and my students know this to be true i make the argument this is the one ratio that drives the entire real estate marketplace for buyers and sellers average days on market timing is the most critical driving factor for a real estate transaction the number six average showings to get an offer how many times do we have to show the house on average to get an offer imagine a world you can articulate all six of those to a prospective seller when you're at an interview and you can do it in a way that positions you as a market expert okay next when we talk about beating the competition okay as a brand new agent you

**[4:15]:** can do that not only by knowing the stats but by previewing homes you should be spending all the time because you probably have a lot of time on your hands right now previewing all of the new listings that hit the market every time a house hits the market in your local area that you're going to work you need to go schedule an agent preview go physically walk through the property this will allow you to know the marketplace know the homes inside and out no prices better than any other agent be a student of the game master the market number four get a coach okay this is so simple yet so many agents are not doing

**[4:53]:** it because oh that's an expense you can't afford not to have a coach i mean here's the reality it's the age-old advice right if you want to succeed find somebody who has already done what you want to do and ask them how to do it so i have a link beneath this video if you'd like to talk to me about coaching and working with me i'd be happy to do so if it's not going to be me that's coaching you then go hire somebody else but believe me when i tell you coaching uh is is uh the cost of coaching is something that is so um you'll be glad that you did it because the amount of time that i can cut from a learning curve the the amount of um effort energy frustration money that i can save an agent when i coach with them it's it's not even close and you go watch

**[5:42]:** some of the agents uh that are in my program and see what they say but get a coach this is not a pitch for coaching with me this is a pitch for you to get a coach because people have walked before you and success leaves clues number five focus on your database plus three additional lead sources this is the reality there are agents been in the business for 10 15 20 30 years still chasing zillow leads because they've neglected the most important part of their business which is their database the people that they know that they trust that they like and that they and that those folks like them your sphere of influence friends family past clients referral partners is the most important segment of your business you need to focus on communicating with that group plus an additional lead three lead sources for sale by owners expired listings and for rent by owners every

**[6:43]:** agent needs to have those three in their pillar it's the lowest hanging fruit the easiest way to get now listings okay number six master your enlisting presentation when you get a shot to go an interview okay you get

**[6:58]:** that call you do everything i i i ask you to do and you get that opportunity to go and interview for the job you've got to know you've got to be able to nail that presentation so at the end of the presentation the sellers look at each other and say you're the obvious choice we'd love to hire you number seven learn how to price property so i just talked about knowing the market stats previewing the property now you need to know how to actually do a cma or a comparative market analysis a price analysis you need to know how to price property and not only do you need to know how to do it what i also recommend is you call everybody in your sphere and offer up the free cma right you talk about providing value into the database imagine a world you picked up the phone okay i know it weighs a thousand

**[7:45]:** pounds you're scared shitless of it you picked it up you called your top 100 and you said bob and sue hey uh you know i'm a new real estate agent as you guys know i got into the business i'd like to do a price analysis on your property for the simple fact of me getting an opportunity to practice and two you can have that information and so if you guys are okay with it i'd like to get a little bit of some details on your property and i'll send it in the mail right so many people will be so appreciative of that and you'll get really good at pricing property number eight make 50 contacts a day five days a week and you will win with 100 certainty pick up the phone have 50 5-0 conversations per day five days a week 250 conversations uh uh per week you cannot help but win i promise

**[8:36]:** you if you do 50 conversations to your sphere of influence your friends your family business professionals in your market divorce attorneys cpas financial planners expired listings old expireds for sale by owners for rent by owners absentee owners if you do that you will absolutely win matter of fact i would actually bet that within two years you're the top agent at your company so if you're a brand new agent okay and you want to see how uh an agent in my coaching program is doing everything that we talk about how he's getting three listings a month as a brand new agent watch this video right here