From floridarealtors.org
The parking lot at Climer School of Real Estate on North Orange Blossom Trail in Orlando is almost full.
More than 60 students typically sign up for the required 60-plus hours of education required to get a real estate license in Florida. Five years ago, when the majority of home sales in Orlando were distress sales, classes at Climer had as few as 15 students per class. Statewide, the number of new agents has doubled from 12,908 in 2009.
With a fresh crop of real estate agents entering the market, some Central Florida industry veterans offered their thoughts on the biggest mistakes made by an inexperienced sales force.
Paperwork, regulations
Sharon Voss, president of Orlando Regional Realtors Association and an agent with Watson Realty Corp., said to guard against copying details from a dated house listing on the multiple listing service. Getting the most recent listing information reduces mistakes.
Kelly Price, broker of Winter Park-based Kelly Price & Company, which has about 35 agents, took issue with not taking the time to understand contracts and closing documents. It’s more than filling in the blanks. Each deal has its own personality.
Personal finances
That includes going into the business undercapitalized, Richard T. “Dick” Fryer, chairman of the Florida Real Estate Commission and president of IFREC real estate schools, said. New agents should have at least six to 12 months’ worth of income in the bank, or a significant other with income earnings, he said — and it takes three to six months to close an initial sale.
New agents need a second job for at least three years, said Thomas Allen, broker at Urbanista, which has offices in Orlando, Daytona Beach and Tampa — to help supplement real estate income until an agent can start to rely solely on commissions.
Another part of failing to budget well is forgetting to pay Uncle Sam, said Andy Brown, principal of Climer, because many new agents are not used to it.
Online approach
Allen says agents should not underestimate the dedication needed to grow an online presence. In the same time it takes to drive a client to Oviedo or Clermont, agents can post dozens of listings on sites including Craigslist and Zillow. Building an online audience is a daily routine.
But it’s a mistake to engage every person possible on social media, he said — instead of friending everyone, develop a selective audience with posts that communicate lifestyle and entertainment.
People expect social media to generate a lot of business, Price says — but this is still an old-fashioned line of work. Social media is important but agents must make personal contact with customers too.