Step By Step: How to make $100k your FIRST YEAR as a Real Estate Agent
Step By Step: How to make $100k your FIRST YEAR as a Real Estate Agent – Latest News Today
Here’s how you can make $100,000 your first year as a real estate agent, step-by-step, and the process involved day-to-day to hit that goal. Enjoy! Add me on Instagram/Snapchat: GPStephan More information below…
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Anytime you set a goal in real estate, it’s really important to work backwards in order to find out how to hit that goal. Figure out how much real estate you’ll need to sell, the average price of a home in your area, and how many people you’ll need to meet to make those numbers work. For simplicity sake, lets just say you need $5,000,000 in sales to net $100k. Look at the average purchase price of the area you want to work in, or are working in, and divide that number by $5,000,000. We will assume you will need 14 homes to hit $100k in net commission at $350k average price. The next step is to figure out how you’re going to sell 14 homes…
And we’ll break it down further. In order to hit high sales numbers, you WILL need to prospect for business. It’s said that you’ll generally make about 1 sale for every 180 people you come in contact with. And by contact, I mean you actually have a conversation with them about real estate for the purposes of finding out if they want to buy or sell.
So with that, to sell 14 homes…you’ll need to meet 2,520 contacts over the course of a year, or 210 per month. This also works out to be an average of 7 contacts per DAY. So how can you do this? Here’s my ideal recommendation:
Going after expired listings:
I’d also recommend holding open houses every single Saturday and Sunday. Just by doing this, you could easily meet another 3-20+ people in a few hours:
The third option you can do is going after homes under construction. Walk in, find the contractor, and find out if the home is going to be sold or rented…if so, introduce yourself to the owner. Find out how much they want to list it for and bam…use this as an opportunity to pitch your services as a Realtor:
Finally, you can cold call or door knock for business. Especially if you’re aiming for a lofty goal of $100k in your first year, door knocking or cold calling will be pretty much required as you’re growing your business. You’ll need to build up a lot of contacts and a lot of experience quickly, and this is one of the best ways of doing this by just using your time.
But one of the largest components of all of this…FOLLOW UP. Don’t be afraid of being annoying. You will NEED to do this…yes, some people will get annoyed, but those aren’t the people you want to work with, anyway. Because if you don’t consistently follow up, you will lose out on business and all of your hard work will be for nothing.
Doing this consistently should lead you to about 14 sales, which should equate to $100k given a $350,000 sale price at 2.5% commission. If you’re in a higher priced area, this could actually lead to way more.
Now with something like this, a few things that I should mention:
When you’re just starting out, there’s a steep learning curve. You will mess up. You will make mistakes. That’s part of the process. It’s okay – it will take some time to find a balance of what works best with your style and personality. And finally, with something like this, personal work ethic matters a lot. The reason why most people fail is because they expect quick commissions or get into it for the wrong reasons. If you’re interested in real estate and really enjoy it, and have the self motivation to continue pushing through the times when you’re frustrated and feel like you’re not getting anywhere, you’ll do well. But how hard you push yourself will make the difference -you need to be consistent, and you need to be dedicated to hitting your numbers.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
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