Tom Dalebroux
President of ERA Titletown, REALTORS
tom.dalebroux@eratitletown.com
(920) 445-2308
The common assumption is that it is better to wait to become a REALTOR when the market gets stronger. Before you decide, let’s look at what it takes to be a REALTOR in a good or bad market.
Successful REALTORS know the real estate business is about relationship building and although it takes time and patience to accomplish this, it is what makes an agent consistent in their business regardless of the market conditions. Seventy percent of real estate is sold through people a REALTOR has worked with in the past either directly or through referrals. What that tells you is trust is a very big issue when it comes to buying or selling a home.
New REALTORS that recognize this will create their relationships now so when the market is hot their relationships will bring them lots of business.
The last market recession of this magnitude came in the early 1980’s, when interest rates rose to 18%. The general public thought anyone left in the business could not have been selling anything. The reality is almost 50% of Real Estate Agents did drop out of the business. The ones that remained had to become so knowledgeable with regard to various types of financing that they became experts in their fields. When the market improved a few years later, those agents immediately reaped the benefits because of the previous 2 years of “relationship building”.
Now let’s take a look at today’s market to see if things are really any different. The number of REALTORS who have left the business in the past three years is almost the same percentage as the earlier 80’s. Again history repeats itself. When the market is strong, new REALTORS flood the market and when it declines, they exit just as quickly. The REALTORS that remain are the REALTORS that are committed to it for the long run and are building their businesses on solid ground. Now everyone agrees that the market will improve–the only difference of opinion is when.
What we teach at ERA Titletown, REALTORS is “above and beyond” customer service, leadership, teamwork, innovation of technology, business planning and accountability, mentorship and coaching. We believe with dedication to sound business practices and fundamentals, new agents have the best chance of “succeeding” in any market.
