Manhattan-based real estate agent Levy Tewel started out cold-calling in his parents’ basement before launching his career in real estate. His path to success has lessons for all of us.
Don’t go it alone to begin with.
Start off working with other agents and sharing commission splits while you develop your skills and get to know the local area and its people. It’s better to get a small split of a huge wedding cake than a bigger slice of a cupcake.
Set aside enough to live on for six to twelve months
When you go out alone, you aren’t going to earn money from day one, so set aside enough money to live on for at least six months, preferably a year. Clients can read when you’re desperate to close a sale, and it will turn them off. If you have a financial cushion you will be able to sell with more confidence.
Treat each new business meeting as a first date
Real estate is all about relationships. Whether you are dealing with a landlord, a seller, a buyer or a renter, view that initial transaction as the start of a long-term relationship. If you do well with that first contact, your seller will come back to you when they want to sell, your landlord will ask you to manage their next property, and they will refer you to friends.
I see myself more as a matchmaker than a sales person. I treat every new listing as a first date – it needs to look perfect. When showing a property, I am a firm believer that the product speaks for itself, and that the seller’s decision is largely emotional. If someone ‘feels it’ they usually end up pulling the trigger. If they don’t, then it can make perfect sense financially, but they will not go for it. Just like dating.
Find a mentor
There is a reason so many new agents quit after three months. Work with someone that will be a great mentor, will take you under their wing, and will have an interest in your success.
Accept that you can’t control everything, but you can work hard
When I first entered the business world at the age of 18, I realized that in business there is a certain amount that I can control, and the rest will play out as it should. We gotta push and do everything we can to make a deal happen but, in the end, there is 30 percent or so that is not in our control.
As a man of faith, I was taught that God determines how much we can earn, but it is my choice to do the work to achieve it. It’s like a cup, or vessel. I believe that the harder and smarter I work and the bigger I make the “cup”, the more blessings I will receive.
Always treat challenges as opportunities
When I started out, I was competing with one of the biggest firms in upper Manhattan for listings. Rather than worrying about being smaller than them, I used it to my advantage and pitched from another angle. I would tell the landlord that since I was smaller, I was hungrier, and I would put a lot more effort into managing their properties, as opposed to the larger company that would treat it as just one of 50 or 100 other properties. I ended up with a lot of business using this approach.
Remember that you have nothing to lose when you pitch
The worst that can happen is you don’t make the sale. But if you don’t ask, you’ll get nowhere. I have a nothing-to-lose mentality, which I think comes from my upbringing. As a young kid, I would go on Jewish outreach programs, which included asking strangers on the street in midtown Manhattan if they were Jewish, and try to get them to do a Mitzvah. I also did a few years of cold-calling, which helped tremendously with my real estate career. I will always put myself forward and try and make a sale, and if I don’t get anywhere I move on.
Focus on building a good team
Lead by example, and always be super-positive, even when things aren’t going well. I have a weekly or monthly check-in with each of my agents, and I like to create a good team culture with lots of team bonding. We have Happy Hours, bowling trips and annual dinners. I also think you need to give your employees opportunities to grow, as they will leave if they feel they’ve hit a brick wall. Give them reasons to stay.
Provide excellent service to your customers
To me, excellent customer service means treating your customer as you would like to be treated. Listen more than you speak, and communicate clearly and transparently at all times.
Property can get emotional, but it’s essential to never take things personally. I teach my agents to swallow their pride and never give clients a piece of their mind. Ever.
Work to live, don’t live to work
Many people get too focused on the money and forget that it’s only a tool to provide the lifestyle you want. Life passes by quickly, so enjoy the simple things.https://www.compass.com/agents/the-tewel-team/