Some advice for those new to the real estate business

real estate industry is exciting and always changing – but it can also be cutthroat and competitive. For new agents, the reality of the industry can be a rude awakening as it takes time to learn the intricacies of the business in order to end up on the other side of your career with a nest egg and the confidence that you have stayed true to your integrity. I’m not going to promise this short blurb will give you all of the answers, but I want to share with you the top 4 things I wish I knew as an agent starting out.

The one question you should ALWAYS ask

First off, I would like to cover something that should be a no-brainer, but many new agents forget the importance of a simple question that makes a huge difference at the start of a conversation with a potential buyer. “Are you working with another real estate agent?” This question reveals vital information. If a client is not currently with another agent, you can feel free to spend time investing, knowing you have the opportunity to win their business. But, if a client is already committed to an agent, but seeks you out to view a property, you will be wasting your valuable time and putting commission in another agent’s pocket. You must learn how to politely allow their current agent to view the property in your place.

3 Month Financial Cushion

The real estate industry can be tricky and unpredictable. Agents are required to handle a host of issues and problems that come up during a typical real estate transaction. I could give you a laundry list of crazy situations that have come my way in the past, and any agent worth their salt can take these types of common issues in stride. But starting out, learning the ropes, and figuring out your style of handling tricky transactions can be a challenge. One aspect most new agents fail to recognize is the delay that can happen in the bureaucratic end of the process, sometimes causing commission checks to back up three or four weeks. Even the smoothest transactions are not immune and can have a holdup for an undetermined reason. It is vital for new agents to have a 3 month financial cushion to help field the possibility of commission check delay.

Respect the Protocol

Every agent must learn the importance of the protocol set

up in the real estate industry. You must honor the relationship between the listing agent and the seller. Some rookie agents are tempted to casually strike up a conversation with a seller during a showing –

and while this might feel natural, it can bring hostility into your transaction, even costing you the sale and threaten your potential success in the future. A painful mistake that many young agents learn the hard way, maintaining emotional distance and boundaries is vital to the process and ability to remain neutral.

Don’t get overly emotional

This tip falls in line with respecting the process of a real estate transaction. Becoming too emotionally invested in a negotiation can cause you to lose sight of your goals and your client’s needs. You must learn quickly to not take anything personally and not

become offended by the negative aspects that come with this business. Frustrating situations can cause agents to bad mouth, make snide comments, or add negative speculation – all of which posture you negatively in the eyes of all involved with your transaction. Your reputation and integrity are one of your most valuable assets – protect

them and they will serve you well with repeat customers and a stellar rap sheet.

Have a real estate question for Maureen? Email her and be featured in our next Q&A! maureenhughes@ kw.com

Maureen Hughes is the Lead Listing Specialist of

The Wayne Megill Real Estate Team of Keller Williams Brandywine Valley in West Chester. For buyer or seller representation, or for more perspective on the local and national real estate market, please email maureenhughes@kw.com and visit The Wayne Megill Team site at http://www. waynemegillteam.com.