I’m new to real estate, that’s why I can’t close a deal!
New to the real estate business as a realtor or real estate agent? Feeling paralyzed and immobilized by the phobia of no deals closed yet. We feel you. It’s all too easy to think that as soon as you’ve done a bit of research, followed some of the best real estate agent in the game closely, and then fueled by passion and some prospects, that the numbers of deal just keep reeling in. Sadly, that’s not always the case. If you’re new to the real estate sales and investment business and you haven’t closed a deal yet, you aren’t alone.
How is this going to pan out? When will I break even, break the jinx with a first sale? Uppermost questions on your mind, and this sort of pressure can be unnerving and nerve racking. Will it be smooth and seamless, like it sounds when you listen to professionals talk about it? Will it be a nightmare? Will you be nervous, or excited?
Here’s a few things to bear in mind, well, according to experts:
It will happen, it will all work out: Sometimes it just goes well, almost effortlessly. And when this happens, it makes you feel like “wow, this really works!” and “I can do it again!”. Realize that knowledge, education, and information play a large part. Take the time to learn all you can about the real estate business, even going out of and beyond your scope. That information will come in handy, someday.
Learn about how to properly evaluate a land or property’s current worth, research the entire area where your listings are, what potential damages/expenses to look out for in the types of properties you’re thinking of listing, how to evaluate the current housing market in your city, how to talk to clients, listen, and help them solve their problems. Become some sort of the expert yourself. This way, you’re setting yourself up for a much better chance of having a really smooth, profitable first purchase. Of course, everything needs to be learned on the job, and it’s not out of place to make mistakes here and there, but this “pre-deal education” will go a long way.
The truth is, you successfully closing a deal depends, to a large extent, on your commitment to “becoming the expert” in your market. That means knowing the local real estate market, knowing your ROI numbers, and the like.
Your first deal can actually be profitable.
Working in the real estate business and working tirelessly to close that first sale will be an eclectic mix of fun, excitement, and pressure. All the more reason why hands-on experience is a must. It’s about leaving the sphere of books, online courses, podcasts and YouTube videos and getting your hands dirty on the field. This is where the real learning happens, where you get to live all of that learning in real-time. Got to convert that book-smart to real life experience. As you learn so much, you’re also making real life connections, and that’s how deals are closed, easily.
It’s also crucial to work with a solid team. “We’re better, together”, as the saying goes. Everyone plays a critical role to successfully closing a deal, you never know who’s going to help salvage a situation. The excitement of helping landowners eventually become home owners is a gift that keeps on giving, a win-win for both you and your clients. If closing a profitable deal and closing your first investment property is only half the excitement, but if making something happen for the seller and coming through for them is your full picture, you’re on to a great start.
Let that be your big picture. As new real estate agent or realtor, strive to help and serve sellers in every transaction, and carry this culture on, even after years of staying in the business. Render your services in a way that shows that you care for the seller and are about helping them as a person, not merely looking the transaction. You’d be amazed at how you’d get not just a first deal closed, but also referrals that you’d get.
Don’t just focus on closing the deal, hitting your numbers, and walking away with a solid profit. Focus just as much on caring for the homeowner, treating them like a person (not a number), and find excitement and joy in that you get to help a real human being out, who is potentially making one of their biggest decisions in their lives
So, your nerves still wrecking about that first deal?
If we’re being honest, it really is up to you. really just depends on you. It depends on how much edification you’ve put yourself through. It depends on how much you’ve worked to become an expert and get your numbers right. It also depends on substantiating your details, and being thorough in your walkthrough. But it also depends on things like having a solid, supportive team around you to help you get through the downs of a bad deal or a no-deal, and finding joy in helping someone go through a really tough, important decision of buying land or investing in property.
Your deals are just on the horizon, go get yours.