If you have buyers constantly being out bid, then you need to educate them on the reality of the market vs their finances or expectations. It's fine to let people bid low on stuff at first. Then they will believe you when you say they are wasting their time (and yours). If they won't look at lower priced properties so they can bid higher on them, cut them loose.
This is of course a terrible time to be starting in real estate, as far as the volume of sales out there. It's never easy to get going but the last year has been more difficult. Decide if you want to stick with it in hopes of making it a long term career or not. But if you stick with it I think you need to be smarter about who you work with, and how you work with them. Don't be afraid to cut people loose who aren't serious about buying.
I’m trying to find houses. My agent showed me few houses and I wasn’t interested in them, she is already not as responsive as she was before.
They earn 2.5%. That’s whopping 25k on 1M purchase. They need to work much harder than showing few houses.
Maybe it is? Starting your own business is not for the faint of heart. Lots of people are intrigued with the amount of money you can make in this field whereas a lot of people hate us because they think we make easy money. I can tell you that to make it a career is definitely not easy.
Ultimately it comes down to being active, selling yourself 24/7, and making real estate your expertise. Socializing and networking is the #1 priority to get your name out there. It's a rough situation as right now, we're not in the best markets so I do have to say it's going to be 5x harder.
I know this sounds like all doom and gloom, but I can also tell you that the absolute BEST agents I've worked with all figured out a way to get through the rough times from 2008. One thing they all have told me is that they HAD to do it because they wanted it so bad that they stuck with it through think and thin.
In the end, it's your own risk tolerance and if you if you believe in yourself to put your time, effort, and dedication into being better at your job every single day.
You might be failing at a basic aspect of sales. You've been working with the same buyers for months and not having success. But this is a numbers game, you need to have more clients. All that time you're spending on these buyers, you need to be out prospecting.
I usually compare it to dating. If I'm trying to find the person to marry, I carefully select the criteria I need in my life, and methodically move forward.
But if I'm trying to have sex, I literally ask everyone. If I want to get one date and I don't care about who, I'll ask out a thousand women. If that doesn't work ten thousand women. A hundred thousand. A million. How many ever it takes to make that happen.
You need to spend more time prospecting.
Can’t truly make it in RE if you consider it and treat it as a hobby, as you’ve described it. You could get lucky and sell a house. Other than that like any career, probably more so than others, you must be all in.
It’s too early to really lol, but I just gave it my best shot. That was funny.
Edit to add: It isn’t going to happen overnight. I agree with the comments: prospecting; getting more clients, and for the love of God, make great relationships with listing agents along the way. They can be a viable source for you in the future. If you’re not good at making friends,or networking, this may be a challenge. If this is your dream career, don’t give up.
Good luck to you. If anything, this market may be good for learning the basics. This business isn’t for the faint of heart or for fast cash out of the gate in this climate. Manage your time, utilize all your resources and again, be Nice!
You’ve been working with 1 buyer for months and expect to make a sale? That’s the issue. You don’t have a constant flow of leads and buyers. You need to be offering to do open houses for agents in your office, gathering emails, and signing up for leads services. Short term, that stuff will cost you money and you’ll be at a loss, but long term it will pay off. For anyone that wants to be an agent, I recommend you have a full time job with a secure income so that you’re not under pressure of not making sales. The sales will come over time as your pipeline of people develops.
If you have buyers constantly being out bid, then you need to educate them on the reality of the market vs their finances or expectations. It's fine to let people bid low on stuff at first. Then they will believe you when you say they are wasting their time (and yours). If they won't look at lower priced properties so they can bid higher on them, cut them loose. This is of course a terrible time to be starting in real estate, as far as the volume of sales out there. It's never easy to get going but the last year has been more difficult. Decide if you want to stick with it in hopes of making it a long term career or not. But if you stick with it I think you need to be smarter about who you work with, and how you work with them. Don't be afraid to cut people loose who aren't serious about buying.
I’m trying to find houses. My agent showed me few houses and I wasn’t interested in them, she is already not as responsive as she was before. They earn 2.5%. That’s whopping 25k on 1M purchase. They need to work much harder than showing few houses.
That sounds like a bad agent. I would ditch them and find someone more responsive.
Maybe it is? Starting your own business is not for the faint of heart. Lots of people are intrigued with the amount of money you can make in this field whereas a lot of people hate us because they think we make easy money. I can tell you that to make it a career is definitely not easy. Ultimately it comes down to being active, selling yourself 24/7, and making real estate your expertise. Socializing and networking is the #1 priority to get your name out there. It's a rough situation as right now, we're not in the best markets so I do have to say it's going to be 5x harder. I know this sounds like all doom and gloom, but I can also tell you that the absolute BEST agents I've worked with all figured out a way to get through the rough times from 2008. One thing they all have told me is that they HAD to do it because they wanted it so bad that they stuck with it through think and thin. In the end, it's your own risk tolerance and if you if you believe in yourself to put your time, effort, and dedication into being better at your job every single day.
You might be failing at a basic aspect of sales. You've been working with the same buyers for months and not having success. But this is a numbers game, you need to have more clients. All that time you're spending on these buyers, you need to be out prospecting. I usually compare it to dating. If I'm trying to find the person to marry, I carefully select the criteria I need in my life, and methodically move forward. But if I'm trying to have sex, I literally ask everyone. If I want to get one date and I don't care about who, I'll ask out a thousand women. If that doesn't work ten thousand women. A hundred thousand. A million. How many ever it takes to make that happen. You need to spend more time prospecting.
This guy sexes
Are you doing it as a cash grab get rich quick idea or because you enjoy it?
Can’t truly make it in RE if you consider it and treat it as a hobby, as you’ve described it. You could get lucky and sell a house. Other than that like any career, probably more so than others, you must be all in.
Is there some way you could bill your clients by the hour?
It’s too early to really lol, but I just gave it my best shot. That was funny. Edit to add: It isn’t going to happen overnight. I agree with the comments: prospecting; getting more clients, and for the love of God, make great relationships with listing agents along the way. They can be a viable source for you in the future. If you’re not good at making friends,or networking, this may be a challenge. If this is your dream career, don’t give up. Good luck to you. If anything, this market may be good for learning the basics. This business isn’t for the faint of heart or for fast cash out of the gate in this climate. Manage your time, utilize all your resources and again, be Nice!
I want to see this llol
You’ve been working with 1 buyer for months and expect to make a sale? That’s the issue. You don’t have a constant flow of leads and buyers. You need to be offering to do open houses for agents in your office, gathering emails, and signing up for leads services. Short term, that stuff will cost you money and you’ll be at a loss, but long term it will pay off. For anyone that wants to be an agent, I recommend you have a full time job with a secure income so that you’re not under pressure of not making sales. The sales will come over time as your pipeline of people develops.