Vital Home Realty Blog

Your first 2 years could be tough.

I am in the process of building a rolling study to follow the careers of many new REALTORS^® here in the Edmonton and area marketplace. My early observations would be:

1. Most new REALTORS^® have no plan
2. Most new REALTORS^® have no budget
3. Most new REALTORS^® do NOT have enough contacts in their database

Let us deal with the third observation. Just how many contacts do you need?

Let’s assume your goal was to create 15 transactions per year.

Let’s apply the 80/20 rule, (also called the Pareto Principle). This rule suggests that you will get your clients from 20% of your database. The other 80% goes to waste. This means that you will need 75 good quality contacts in your database.

Question. If you write down a list of ALL the people that know like and trust you, how big is your list? According to a senior manager at the REALTORS^® Association of Edmonton (RAE) most new REALTORS^® cannot name more than 6 people. See below for some suggestons as to how you can grow that list.

In isolation, that equates to only ONE transaction. Can you live on one transaction per year?

Where Else Can You Find New Clients?

Here are some ideas:

1.Open Houses (if done well and regularly),

2. Make a List of Everyone You Know (email Stuart@AmbergateRealtyAdvisors.ca for a tip sheet)

2. Social Media Marketing (over the mid to long term and if you apply a BIG budget),

4. On-Line Leads (over the mid to long term and if you apply a BIG budget to a website build, SEO, PPC & Social Media),

5. Other REALTORS^® With Surplus Contacts

In my opinion this is the NUMBER ONE method to get you through your first 2 years, until your own efforts start to produce results. The graph at the top of this article shows how you might start and transition over time.

Where do you findREALTORS^® With Surplus Contacts?

Perhaps you should consider looking for a Team that will allow you to join, or perhaps a brokerage that offers a lead generation and training program.

To hear me speak about whole subject in more details please visit my Career Coaching & Mentoring Channel on You Tube.

About the author:

You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR^®

You learn more by visiting Stuart’s Career Coaching & Mentoring Channel on You Tube.

Want more information about becoming a partner and creating a career with our team? Call Stuart our broker owner at: 780-760-2014 ext. 3 or go to our Careers page Vital Home Realty Careers.