My journey as a real estate agent began at the age of 18, back in 2007, during a time when the industry was dominated by older, more traditional agents. I stumbled into real estate almost by chance, as no one in my family had any prior experience in the field.
After facing rejection from several interviews, I secured an opportunity to work as a real estate agent. Being one of the few young and diverse individuals in the industry at the time, I was determined to make my mark despite the initial challenges and lack of familial connections in the field.
In my first year of business, I made $6,250. You read that right.
Starting out, I had to navigate through a market that was coming off its peak, very similar to what we are facing in todays market. Over time, I carved out a path for myself, proving that a strong work ethic, choosing the right mentors and understanding the significance of working with integrity enabled me to become one of the top-selling agents in Christchurch within a few years.
I talk deeply about becoming a successful real estate agent in my podcast series, Next Gen Agent and share my framework for becoming a millionaire agent. Below are 6 crucial points that I wish someone had told me when I started.
Finding the right mentor is vital. John McGrath, a renowned agent in Australia, remains my mentor to this day, offering invaluable guidance, support, and insights based on his experience. However, not all mentors are created equal, and it is imperative to assess them to ensure compatibility.
Here’s how to select the right mentor:
There are many mentors available nowadays. I recommend utilising the TEA Theory when choosing your mentor:
T: Theory - possesses solid knowledge of the industry.
E: Experience - worked alongside other successful individuals.
A: Application - a practitioner who has sustained success over an extended period.
Ideally, your mentor should encompass all three qualities.
The biggest mistake I see agents make is joining agencies without strong systems in place. Agents need systems that are easy to follow to set them up for success. This means having a plug-and-play system that, when implemented properly, leads to success in real estate.
Another mistake I see agents making is that working for a big brand guarantees success. However, the problem is that these brands often prioritise their own interests over those of their agents and clients. As a result, everyone ends up losing out.
While many agents are attracted to real estate for its financial potential, few realise that most agents work part-time and that many full-time agents earn only an average income while working long hours. This may sound demotivating, but if you have the right mindset, the right mentor and a blueprint to follow, you can become a very successful real estate agent.
I truly believe if you possess the following traits you can become a millionaire agent within 5 years.
Step 1: Identify what it takes to become successful
Successful real estate agents possess a blend of hard and soft skills. Effective communication, negotiation prowess, and keen attention to detail are all essential attributes. Additionally, a knack for problem-solving and a passion to do good for your clients can distinguish you in the competitive world of real estate.
Many skills acquired in your previous jobs can be transferable to a career in real estate. For example:
Sales Experience: If you've worked in sales roles, you likely have experience building relationships, negotiating deals, and closing transactions—all valuable skills for a real estate agent.
Customer Service Skills: Jobs in hospitality, retail, or client-facing roles can provide you with strong customer service skills, which are essential for building rapport with clients and providing exceptional service.
Step 2: Ask yourself the tough questions
Before starting a career as a real estate agent, ask yourself some tough questions.
Am I prepared to navigate the highs and lows of the industry?
Do I possess the resilience and determination needed to overcome obstacles?
Am I willing to work for commission only?
Will I commit to this for at least 3 years?
If the answer is yes, then real estate may be the right path for you.
Step 3: Start working towards your real estate license
To legally practice as a real estate agent in New Zealand, you must obtain the appropriate license. Familiarise yourself with the licensing requirements set forth by the Real Estate Authority (REA), including any exams or certifications that may be necessary.
A great way to introduce yourself to the real estate world is to join an agency, while working on your studies.
Step 4: Find An Agency and Mentor
When selecting an agency, remember that bigger is not always better. Find an agency that can provide mentorship and demonstrate what it takes to succeed in real estate.
Here at Najib Real Estate, we offer a blueprint for new agents, outlining the systems, skillset, and mindset required for success. Begin as a sales associate, take the time to build confidence, establish proven systems, and then you'll be on track to become a millionaire real estate agent.
Step 5: Gain Insight into the New Zealand Property Market
Deepen your understanding of the local real estate market through comprehensive research. Analyse market trends, study property values, and identify a suburb you would love to serve. This knowledge will not only enable you to better serve your future clients but also position you as a knowledgeable and trusted advisor.
Step 6: Develop Networking Strategies
Networking is a vital aspect of success in the real estate industry. Attend industry events, join professional associations, and cultivate relationships with community members and locals. Building a strong network can open doors to new opportunities and referrals.
Step 7: Become a Licensed Real Estate Agent in New Zealand
Once you've completed your studies and followed your mentor’s/agency's guidance, it will be time to engage in prospecting, listing, negotiating, and nurturing your new clients.
Becoming a real estate agent in New Zealand is a rewarding journey that requires dedication, resilience, and a passion for helping others. By following these steps and embracing the challenges along the way, you enjoy a fulfilling career in one of the most dynamic industries.
Are you ready to take the first step towards your future in real estate? We're recruiting - see roles here.
1. What are the key factors for success in the real estate industry?
Success in real estate is primarily about mindset, with 80% attributed to mindset and 20% to mechanics. Establishing a routine, embracing rejection, seeking mentorship, and focusing on essential skills like prospecting, listing, negotiating, and nurturing are also crucial.
2. How do you recommend finding the right mentor in real estate?
The TEA Theory offers guidance in selecting a mentor: Theory (solid knowledge), Experience (worked with successful individuals), and Application (sustained success). Ideally, a mentor should encompass all three qualities.
3. What traits are essential for becoming a successful real estate agent?
Traits like audacity, humility, coachability, and spirituality are crucial for becoming a millionaire agent.
4. What steps should one take to embark on a career in real estate in New Zealand?
The journey starts with identifying the skills needed for success, and asking tough questions about your readiness for the industry's challenges. You'll then need to obtain the necessary license, find an agency with mentorship opportunities, gain insights into the local property market and finally, engage in prospecting, listing, negotiating, and nurturing clients.