by Bob Boog
Special to Realty/Builder/Connection
Real estate has always been a fast-paced business and now it’s going even faster. It’s like trying to jump on a fast-moving merry-go-round that keeps spinning faster and faster. And the merry-go-round just never seems to slow down.
Technology sees to it that it moves ever faster. Which begs the question:
What’s the best way for a new or part-time agent to get started in the real estate business?
I think that the answer to becoming a success in real estate involves developing a system. Having a systematic approach to your work is critical. What this means to you is creating and following checklists which will enable you to work more efficiently in the future.
For example, let’s pretend that you are a buyer. You might want to know the answer to this question: “What happens after my earnest money check gets cashed?”
How would you answer that question?
Most likely you know what to do with a buyer’s earnest money check and thought to yourself, “that’s easy!” But if you don’t know the answer and if you haven’t done so already, get together with your broker or a mentor agent and start making up a checklist or a flowchart of what happens in a normal real estate transaction in your area from start to finish.
Other checklists might include:
• How to open the office.
• How to input names into your data base.
• How to print a merged form letter.
• How to make up a monthly newsletter.
If you make a checklist, you’ll be doing things in a 1-2-3 order, won’t you?
Now, things may not always work out in the same 1-2-3 fashion as your checklist, but that’s okay. It’s better than nothing, and it will help keep your thoughts on track, don’t you agree? Using a systematic approach is the basis of my book Selling Homes 1-2-3.
First you learn the process, then you create checklists, recipes or blueprints for real estate activities, and then you can explain them more easily later to clients. By having a systemized approach, you will become better at doing them right everytime. And that will help make you a better real estate practitioner, don’t you agree?
(Note to experienced agents: do you have an assistant? If so, isn’t this what you had to do to help that assistant?)
Now, before rushing out to make up checklists, you’ll need to get organized. I suggest that you purchase a 3-ring binder and divide this folder into six sections.
1. Office rules and policies.
Here’s where you’ll put checklists about the office. How to enter names into your database. A list of pager numbers of other agents. How to update your electronic keypad. How to submit a response to a home inspection. Get answers to all the “how do we do this?” questions and keep them here. Learn to become self sufficient.
2. Purchase contract samples.
Keep copies of properly filled-out purchase agreements. Type them so that they are legible and easy to read. Include any and all disclosure forms and keep them in this section.
3. Photo-brochures of homes you’ve previewed.
Save some photo-brochures of homes you’ve seen on tour. Make notes on the pages to help jog your memory, such as “cute home with yuckky orange carpet”. Notes like this will help keep the inventory of homes you see sorted in your mind.
4. Financing information.
Store information on interest rates, points and loan fees in this file. Include estimates of closing costs for buyers and sellers as well as monthly payments for FHA and VA loans along with jumbo and conventional loans. Also, keep several credit authorization forms handy.
5. Referral directory.
Work without leaving home by having the names and phone numbers of escrow companies, lawyers, title companies, loan reps, etc. in this section. It’s wise to save this info on computer disk if possible or on a Web page as people in the real estate industry tend to switch companies. Make up a list of utilities: electric, gas, telephone and cable. Also have the names of handymen, painters and carpet-layers.
6. Ideas on selling.
This is where you’ll keep your seminar notes, news clippings, flyers from the competition, etc. Collecting sales tips will soon become your hobby. Spend 15 minutes to an hour each night studying books and listening to tapes on selling. In no time at all, you’ll become an expert!