I am likely a unique case to real estate sales. For you experienced agents I have a myriad of questions about my situation. Anyways, I just graduated from college and have decided to join my mother who does real estate. Seeing her not put much in to the business and still do OK has inspired me to put a full blown "balls to the wall" approach hoping it will be financially rewarding. The book the "Millionaire Real Estate Agent" also didn't hurt my motivations.

Anyways, lets get down to business. After reading the book mentioned above I will most likely follow his model. As I clearly I do not have my own yet. I may limit some of the contacting due to the area in Virginia I am in. I think 33 times and 8 touches within 8 weeks maybe get a little annoying. Anyways, I have grown up in the city I came back to after college so know a lot of contacts from high school. I went to private school and would say my contacts are financially successful. The problem is all the contacts I have are my friend's parents. The reason I mentioned my background above is because not many parents are most likely going to allow a 24 year old to show there 500,000-900,000 dollar house. What are you guys knowledge and experience when this is the case? The only bargaining chip I have to get these people as clients is potentially my mother. I can say I am working as a "team" with my mother. This may calm older people's nerves? I am not going to completely abandon these contacts so I must come up with an effective strategy. Thoughts?

Also I am determined to make a sale in the NEAR future. I know places in the area where I grew up where cold calling (door to door) would be quite easy. (easy to at least "engage" and not have a door thrown in my face) but once again these areas tend to be nicer and higher priced homes. I am looking at getting 50 solid people met/eventual leads a day. (putting them in my database ext) Whether that be 150 doors, So be it. Again, I don't have anything else to do. The phone is not ringing so I have to do SOMETHING. I have door knocked before and don't really have a problem with rejection and tend be pretty good on first impression. I would like to get in FRONT of them. It makes it more personal in my opinion. Thoughts on this?

I have also read that 50 percent of transactions recently have been FIRST TIME HOME BUYERS. That is why I am questioning knocking on doors when I could be at apartments. With my age (young) and that statistic, is it in my best interest to by try knocking on nice apartments in the area?

Also, Have any of you specifically used the "Millionaire Agent Strategy"

Thanks you for ANY comments and advice you can give me. I am planning on going to these 200 contacts (friends parents) give them a bio/letter about getting in to real estate. Talk to them for a while, then a week later write a handwritten card to each one of them. Then start the "Millionaire Agent" with these hopeful clients. All while getting 50 more leads a day and continuing the same process with them. Thoughts? Thanks again you all. Sorry it was long, I just want to be prepared and do it RIGHT! Thanks.

-Will

Will,

While I applaud your enthusiasm, I would recommend that you read this message board extensively. Here you will find real life stories and information about the practices agents use everyday. You will also find the "nuts and bolts."

One of the nuts and bolts you need to put in your knowledge tool box is that 99% of all apartments strictly prohibit solicitation. They might let the pizza guy stick his flyer in your door, but they are most certainly going to run a resident-poaching Realtor out of Dodge when they catch you. If you are going to door knock, it is almost certainly going to have to be at single family homes.

I see some issues with your plan to tell your friends parents that you are "working as a team with your mother." First, are you actually doing that? If so, then great. If not, you've already misled your first customer. Don't expect to hold onto your license for long. Next, are these friends parents truly your only contacts? If they are, and you want to get in front of people, then you need to expand your horizons. Join business groups, recreational groups, alumni associations, get to social networking, blogging, etc.

Figure out why the phone isn't ringing. If you are at a brokerage whose business is wholly derived from previous clients and referrals, you might be in the wrong place. Do they have a website that is ranked and has a lead capture system? Do you have your own? Are you holding other agents listings open? Are you working expireds? Have you established a farm and are you actively working it (this doesn't have to be geographic)?

As for the "hey, I'm new to real estate" letter, there are several threads on that here, and it is generally not the best of ideas. Check out Jennifer Allan's (she's a member here) information on how to do it correctly.

Hopefully, I've given you some food for thought. Do all the reading here that you can and figure out how to apply it to your own situation. No single book is going to fit. Why not get information and learn from as many people as possible? With your enthusiasm and determination, you'll make it work - just do it honestly, ethically and legally!

Well to tell you the truth I am taking my test tomorrow. The problem is I am not in a financial state to pay for the $ 1,500 to be a certified agent. What my mother and I were thinking was for me to work as her assistant, this way when I bring a buyer or seller to the table we would run it through her yet I would be there for all the transactions. Make the deal, and I would get money to activate the license and then some, I of course would give her a little. As long as I am honest with potential clients I don't see where there could be a problem with this? Any thoughts? Also, no I am not going to have a website most likely until I make multiple sales. This is why I am going to door knock financially I am strapped for cash. I am however going to HOUND business. Not be pushy with potential customers but just getting out there and playing the numbers game until I finally start making a few sales. I just got home from school and can't bare to be in my parents house so I have a little bit of added "motivation" if you will.

Not sure about your state, but this would not fly in Louisiana. Here you could do ministerial (sp) acts (open doors, answer phones, etc), but could not engage in real estate practice. Folks with a license cannot take a real estate commission. In Louisiana such activity would get you, your mother, and perhaps her broker into a heap of trouble.

Money can be tight, but try to brainstorm ways to cut back and raise the cash. Best of luck!

Will, go to the real estate commission website for your state. They should spell out what you can and cannot do as an unlicensed assistant. FSBO is right, in Louisiana you can't even appear to do "agent only" activities without major legal ramifications.

Don't walk too close to that line... you may fall (or be pushed) over the edge. If a competitor that is licensed finds out what you are doing, one phone call may cause your demise before you ever get started good!

I am getting my License tomorrow, so long I pass of course. I have yet to start anything, obviously because I haven't passed the test. (That would be embarrassing, haha) I wouldn't think that it is unethical/not allowed to market for the person you are "working for" especially if you have a license. Isn't that what an assistant is there for? I could though see it potentially being illegal to get commission off that but then again if you are helping your coworker/superior make commissions why should you not be rewarded? I'm sure you are right, it just doesn't make much sense me to me. This is a capitalist society right? If I have my license (have all the "knowledge" according to the law, as every other agent..) Why should it matter is my point? Just a little food for thought?

"Why should it matter is my point? Just a little food for thought?"

Why can't I jump up and scream FIRE! in public places?
Why can't I go as fast as I want in my car?

I can justify reasons for both (in my mind), it don't make them right.

But to answer your question. You need a broker to sponcer the license to be an agent. Work underneath Mom, Mom pays you, thats between you guys. Represent yourself as anything more than an assistant, its illegal. Want to be more than an assistant, get a license. I don't justify laws, I follow them.

Follow Drolls advice - go to RE commissioner's site for you state to find out what activities are legal. I didn't know you could get your license the day you took your test... Not in my area; scoring takes time.

No one has answered my question. I am getting my licence... My question is when I do, Does it have to be an "ACTIVE licence" or can it be "INACTIVE." What I am trying to ask is when I pass my test. Do I still only have the same "rights" as a person that is off the street working with a Realtor without taking the classes and passing the state exam? Or, do I have leeway (with commission, representation, ext) because I did pass the exam and have taken the classwork and have my licence it just will not be "active." Thanks?

Each state has different laws. That is likely why some agents cannot answer for you. I am not in VA. Where I am you need to 'hang' your license under a broker to be active. Check the DRE website for your state or call.

...your best bet to get your feet wet once you are active is to ask other agents that have listings at the brokerage where you will be employed if you can hold their listings Open. Sit down with your manager before you do this though so you learn how to hold a successful OH.

An inactive license means (generally) that you have not paid your dues, done your continuing ed, have a sponsoring broker, etc. If you plan to do real estate as anything other than an assistant, that license better be active. But if you are going to be Mom's assistant, then you can't just run off and do whatever you want. You need to run everything through your mother, or you could end up helping her retire early when she loses her license for something you did with her name tagged to it.

Simply passing the exam means absolutely nothing except that you have the ability to move to the next step in licensing. Sounds like Mom needs to give you some guidance if she has any interest in keeping you out of a mess.

fyi, passing the test does not make you an agent in VA it only says you have passed your test... you have to hang your license @ a broker to even get to the point that you could go inactive.. that and you'll have a 2 week waiting period from DPOR once your broker requests your license..

Your going to have fees as well with MLS, Lockboxes, DPOR(170 to start your license) Don't forget in VA you also have to be fingerprinted by PSI which is 62.50.. If you don't have 1000bucks to spend on this your not going to get very far...

wow

will you tell your clients the "truth"

look, i was a new agent and know what it was like. i love to help new agents, but i could not understand how you came up with teh information that you typed.

when i talk to a customer and show them why they should be a client, it is really in my heart that i am the best agent they could meet to accomplish their real estate goals.

i want ot go on, but i am still shocked and don't know what to say.

you took away the breath of a sales expert, congradulations!

One FUNNY THING about these here Real Estate Exams . . . . they will actually have silly little questions that are going test to ensure you have a clear understanding of what you can and cannot do with or without a License (that's with an Ess) in your Jurisdiction.

Your study material may have glossed right over that part; but State/Commonwealth specific rules are most often the cause for failure, the need to study more diligently, and to take the Exam again. Some Jurisdictions actually impose a limit on how many times you can take the Exam after repeatedly failing. Silly; ain't it ?

Good luck tomorrow anyway. You still have time to study those parts.

now that i got off of my chest waht i wanted to say, here is the skinny.

you have several choices.

be an ethical unliscensed assistant
be a liscensed assistant
be an liscensed agent


regardless of the path you choose, become a master of your craft. dont work for the commission, work to get the home sold. the commission comes after that.

get a system (or several)

master a system (or several)

read everything that you can get your hands on

go to every bit of training that you can go to

my first year in the business i had 3 times the amount of continuing education needed to renew my liscense at the 2 year mark! that was sometihng i was proud of!

its obvious you dont fully know the rules. thats ok. learn them.

good luck to you.

Will it seems you are trying to justify your logic by the fact that you need the money. The problem is federal and state laws along with your real estate commission does not care about your financial problems or struggles. Unless you are from a rich family this is the same story over and over again. Many of us struggled in the beginning ME included. Many fail but to the few that succeed go many rewards.

Your mom is she the principal broker and owner of a company? If not and she is an agent or just an associate broker then you being a licensed assistant will have to be cleared with her head broker first unless it gives her that leeway in her Independant Contractor agreement.

Your state commission will define in their statutes what constitutes ACCEPTABLE and UNACCEPTABLE duties for a licensed and an unlicensed assistant.

Your mom could pay you a fee as an independant contractor as an unlicensed assistant. Your mom would need to not keep you on set hours as that might be seen by the IRS as an employee in which your mom would need to pay social security,medicare,unemployment etc.

She would have to check state laws as the rules change per how many employees you have at a company and with just 1 their might be exemptions.

Now with all that said you are OVERANALYZING selling real estate. I use to think years ago about everything that would go wrong at a meeting (worst case scenario).The reality 6 years later is that about 98 percent of the time it never is bad like you think it will be.

I go to appointments and either get the business or I don't. Sometimes I look at the property and do not want the business.

Don't let your mind get in the way of your success. Most successful people I know just get out there and do it and don't focus on all the reasons they can't make it.

Wow. Thank your for a normal response. That is what I was looking for unlike all the chastising comments. I'm looking for advice from experienced real estate agents with the mindset to help others. If money doesn't motivate you and you are 23 living in your PARENTS house I don't know what does. I will be the best agent for my clients and I "truly" believe that too, lady. As for being "ethical." I am sure I will have to be, my mother will make me as her [censored] will be on the line. I was looking for solid advice instead I got a lot of flack. It is as though I messaged a group of whom starred in the classic movie "Grumpy Old Men." Or rather "Grumpy old ladies." Give me a break.

After studying up on ethics and real estate license law you may want to read How to Win Friends and Influence People.

I'm sure you'll be a successful agent ... You already think and talk like 90% of the ones I deal with every day. Good luck.

We shall see, perhaps I won't be. Perhaps I will. If it doesn't work after a year or two, it's not meant to be. I will though put everything I got in to it. I do NOT want to tuck my tail between my legs in front of many friends and family. That will add immense motivation and pressure when times are down. (which is a good thing) I sincerely hope you are successful. Spread the wealth.

That more like it? I just read the, "How to Win Friends and Influence People Column." Just kidding. Little sarcasm I figured would lighten the mood.

Bump - I wonder what happened to our friend. We never heard back from him after his exam. Hmmmmmmm....

Isn't the Old Adage "No News is Good News"; or am I remembering that incorrectly?

The intended technique he described for entering the industry was one which probably had to be done on the Q.T. anyway . . . . cuz if'n it's gonna work, he can't be broadcasting it all over tunderation.

I wonder why Hammurabi started the tradition of having Laws, Rules and Regulations anyway. Who needs them?