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I'm relatively new to the Real Estate business - I've had my license for about two months.
I've done kind of an informal poll around the office, but figured this would be a good place to ask:
How long did it take for you to get your first viable purchase contract?
Most I've asked say about six months. Of course there are exceptions, my team leader did it in nine days and another lady at the office had a contract on the first day she had her license (due to some finagling by her realtor husband).
DISCLAIMER: I mentioned this in another thread - I work my business part time, do not have to work to support my family, but am not looking at real estate as a hobby. When I'm working, I'm working hard - taking everyone's floor duty when asked, open house nearly every weekend, eager to learn, attend training, etc. I'm in this for the long run, just curious as to what I can expect.
Last edited by AmberFlynn; 11-27-2009 at 08:09 AM..
Reason: spell check ;)
It all depends on how hard you work to get your name out there. If you put in the time you can easily get your first contract within a month or two. Be it by your SOI or sitting floor. You state that you take other agents floor time when asked, do you have your own set time? I was in real estate three months before my first contract, however for the first two months I was with a company that did not receive any calls and their training was not great. When I moved over to a larger firm the calls came in and in a month had my first contract. Get your name out there via, internet, mailings, phone calls, and even door knocking. Don't be afraid to call FSBO's or expired listings. The worse thing they can say is no, so you lose nothing. Good luck and get prospecting!!!
I do have my own time (although my team has to share floor time). I am at the largest firm in town, so we do usually get some good prospects during floor duty. I haven't done any mailings or cold calls, I wondered how much that would help...
I do have some business going. I have one sole listing and am co-listing agent on several others (again I am on a real estate 'team') and I have 5-6 buyers I'm working with. Thanks so much for your input, byoak -- btw, may be dumb question but what is SOI?
SOI=Sphere of Influence(People you know and their extended sphere). Cold calling around recent listings you or your team have to just let people know there is a new home on the market could land you a client. You might get two clients out of 100 calls but thats two that you did not have to begin with. People say that it doesn't work but real estate is a numbers game and the more people you are in contact with the better your business will be.
It took me about about 60 days as a full time agent and in the summer / spring market.
If your winter and fall market slows like ours I would suspect it might take longer as a beginning part time agent.
As a beginning part timer you should sit a goal of at least maybe 1 a month after 6 months. If you can't do at least 1 a month average IMO it's better to find something else to do for a living.
I sat an open house my first week, and a neighbor stopped in who wanted to list her home. I listed it the next week. that was the first week of December. We had 2 contracts come in on New Years Eve ( I went to my clients to negotiate them versus going out with my hubby, met up with him at a party later). and closed end of MIddle of Feb. and have been going strong ever since!!
First listing-2 weeks
First contract-30 days days (buyer side)
First closing-60 days, Second closing 75 days (the listing)
Third closing-7 months (Was a long time from Dec to May with no income)
Depends on what you are doing to generate business. Simply getting a license will not create business. You must promote yourself. Your office can be "support". But you might get just as much support from a chair!! You are in business for yourself - self employed.
Thanks for all the input guys, pretty encouraging overall. Maybe the less 'with it' realtors don't visit these forums I have been very surprised at how little some realtors want to put into their business. Granted, I'm probably only putting in 20hrs a week, but those 20hrs are used wisely. It seems like alot of even successful realtors around here work hard for the first couple of years then kinda coast through once they've made a name for themselves. And maybe that's the secret, I dunno.
I have been surprised that most of my current business is not from my SOI (thanks byoak ). A few are, but most are total strangers (probably 70/30). I have a pretty large SOI, so I kinda thought going into this that that would sustain me, but it's not clicked in so far. Many already have a realtor they are happy with - and that's totally understandable.
The best description I've heard is from one of my teammates - she says your real estate business is like a funnel, you keep putting things in, constantly working your business, getting your name out there, servicing the clients you have, and eventually sales start coming out the bottom. I'm trying to be patient as I fill up my funnel
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I have been very surprised at how little some realtors want to put into their business. Granted, I'm probably only putting in 20hrs a week, but those 20hrs are used wisely. It seems like alot of even successful realtors around here work hard for the first couple of years then kinda coast through once they've made a name for themselves. And maybe that's the secret, I dunno.
