Top 10 Things I Learned in My First Year in Real Estate

More seasoned realtors may struggle to recall their first listing, but for me, it feels like yesterday.

The hazy, Eastern-Shore-humid afternoon climbing towards triple digit temperatures . . .

The feel of the soil giving way as I plunged my first-ever ‘For Sale’ sign into the manicured garden of my friend’s townhome on Kent Island.

And the complete and utter terror of knowing the fate of this house now rests in my hands.

Seriously, the time I nearly drove my Aunt’s station wagon into her garage when I was 12 years old was nothing compared to how I felt as I look back at that first listing.  Suddenly, the homework I had done, the training, and the willingness to work hard, seemed embarrassingly insignificant. Was I really going to be able to pull this off?

A year and many happy clients later, I realize I may never quite get over that initial ‘going skydiving in the dark’ mix of adrenaline and fear that comes with a new listing. But that’s okay. It’s driven me to lead with an open mind, to learn from every experience, and to build standards for my work that I can be proud of, and that will endure.  

The foundation for those standards starts right here, with the top ten things I learned in my first year in real estate:

Lesson #10: Do NOT Flush Baby Wipes Down the Toilet

Cottonelle claims to make a flushable wipe. This is a lie. They’re not made like marine-grade toilet paper. I’ve seen way too many septic tanks full of them. It’s a bad scene and can be an expensive one. Do your plumber a favor and pay it forward in a house you may one day sell: drop those baby wipes in the trash—not down the toilet!

Lesson #9: Communicate

When I first got into real estate, I polled friends and family about their biggest frustrations with agents they had used in the past.  Lack of communication was at the top of many of their lists. Whether it was chasing the agent down for feedback or not giving regular updates related to inspection results, all of them had communication complaints. It’s better to be accused of over-communicating vs. under-communicating.

Lesson #8: Location, Location, Price

A new twist on an old saying. You can be in an ideal location and have a great home. If it’s not priced right, it’s not going to sell. The market bears the truth.

Lesson #7: Your 1st Offer is Generally Your Best Offer

You’ve got them on the hook. Don’t lose it! There are other elements to an offer besides just the price (which you can always counter). Is it a cash offer? Are they non-contingent? Can they settle quickly? Those terms can sometimes outweigh the offer price.

Lesson #6: Every Interaction is an Opportunity to Learn

Regardless of what you do for a living, this should hold true: always be looking to learn something new. I’ve acquired a lot of information from the inspectors, lenders, and title attorneys I’ve dealt with over the past year. I’ve also learned a lot from the brokers and agents I’ve worked with—both the good ones and the bad ones!

Lesson #5: Leverage Your Network

I’ve had a good start in real estate. The average rookie agent sells one or two homes during their first year and I was fortunate to close nine. I’ve done so because of your support. Family, friends, and clients—thank you! It has been a tremendous help to stay in touch and keep you updated through my newsletter, Instagram, Facebook, etc. Right now, I’m working with parents of two different clients—that says a lot. Those clients know I did a good job for them and trust that I’ll do the same for their family.

Lesson #4: DO NOT Put Your House on The Market if Your Wife is Out of Town!

I got to see this scenario play out firsthand earlier this year. I had buyers waiting for a home to come available in their neighborhood of choice. After 8 long months, one finally did, and we went to see it the day after it was listed. The house was an absolute mess! I know I’m pickier than most folks when it comes to keeping a tidy home, but this was an absolute disaster. Even my clients, who have three young children, agreed it was out of control.

It turns out that the seller’s wife was out of town on business and the husband had not bothered to clean before showings started. Dirty clothes on the floor, dishes piled up in the sink, nasty bathrooms...you name it! Our offer reflected the appearance of the home. It worked out great for my clients. Not so much for the sellers. It should go without saying, but a prepared seller and a clean house are key to a good showing.

Lesson #3: Fail Forward

Another way to say, ‘learn from your mistakes’. If you’re going to take a risk, like leaving a successful 19-year career, you are going to encounter challenging situations that make you think you’re a failure. (The self-doubt is all the more acute if you had been running on auto-pilot in your previous role, and are suddenly being hit with new tactics, procedures, schedules and expectations.)

Sometimes you align with the wrong organization or over-invest in a process or methodology that doesn’t pan out. The only response is to forge on. The average entrepreneur fails 3.8 times before experiencing his or her first success in business. I hit that dubious mark spot-on this past year. The good news is that I’m a quick study and work hard on my resilience. When I meet with failure, I chalk it up to experience and move on. My real estate ‘Spidey Sense’ is getting stronger every day.

Lesson #2: When One Door Closes, Another Opens

My business is growing, and it demands an environment that can support and grow with it. Impact Maryland Real Estate provided me a crucial education on the uniqueness of our region compared to other Maryland markets and helped me get a solid foothold in the business. However, Impact wasn’t able to accommodate my business growth and I was finding myself ill-equipped for maximum expansion. I desperately needed local expertise and insight. I’ve found that in working with Gunther McClary Real Estate. In my first newsletter story, I wrote about how one always ends up back home, never imagining how soon that would prove true for me, or how good it would feel.

Lesson #1: Be Honest

With your clients and with yourself. I probably could have sold double the number of houses I did in the past year if it weren’t for my brutal honesty. I wouldn’t want to steer you in the wrong direction with your home purchase if I’m going to see you out in the community. I would hate to run into you at the grocery store or the gym and have you tell me ‘the HOA just issued us a $9,000 roof assessment!’ If I’m aware of a risk in a community based on history, I’m going to make you aware, plain and simple.

As I settle into my new role as Realtor with Benson & Mangold Real Estate, I’m taking a moment to reflect on my first year in the real estate business and gearing up to take these learnings into the rest of my career. Rookie realtor, out!