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5 Steps to Get Started in Real Estate

Thinking about a career change?  Real estate is an exciting, rewarding, and challenging career field.  It’s an easy industry to get started in, but without proper preparation, it can be difficult to build a successful real estate career.  Here are some steps to take to get your new business off on the right foot. 

  1. Do your research.  Read articles, collect information from real estate certification programs, talk to successful, established real estate professionals.  Take a good look at your finances and be sure to make a comprehensive plan for your career transition.  There are two potentially challenging aspects that you should consider before making this leap: (1) the cost to get started and (2) the potential irregularity of income and the time it could take before your get your first check.  These factors should not scare you away from your goal of becoming a real estate agent, though.  These are just things that are important to take into account when making your plan.  Let’s talk more about them. 
    • Cost of getting started. It generally costs about $2,000 to get started in real estate.  This estimate includes classes, the fee for the state licensure exam, board and MLS fees, and initial marketing expenses.  This number could be a little higher or lower depending on which state/local Board(s) of Realtors and MLS(s) you will be joining, which real estate certification program you choose, how much and what type(s) of marketing you choose to do, etc.  
    • Getting paid.  Most real estate agents work solely on commission.  This means that they only get a paycheck after a closing.  With a robust business plan and diligent follow-through on that plan, an agent can build a strong business with (mostly) regular pay.  Another factor to take into consideration:  It can take as long as 3-6 months to get a paycheck.  However, when you are executing your business plan, it is very realistic to have a deal put together in your first 30-60 days, and a closing (read: paycheck) in the first 60-90 days.  Either way, it’s a good idea to save up enough money to cover your living expenses for a few months.  Lohmiller Real Estate offers a W-2 agent program with a base pay that can really help out during this transition time.  Contact LRE to schedule a time to meet with us and learn more about getting started. 
  2. Start classes.  Today, many real estate certification programs are available online to complete at your own pace.  The deadline for completion of these programs varies, but for most people, the classes are completed in two to three months.  Some spend close to a year, and others complete the classes in as little as two weeks.  This avenue is great for a lot of people, especially if you need the flexibility to work around your busy schedule.  However, many individuals (myself included) are much more attentive and productive in a classroom environment.  Having an instructor available during your classes can be invaluable.  They can offer explanations and further information that may not be outlined in the books, and also be available for questions.  Check out LRE’s recommended provider list here. 
  3. Take your state licensure exam.  There are plenty of great exam prep courses out there, and these are great tools to prepare you for the big test.  You can also schedule a study session with your sales manager at LRE.  Most states require an FBI background check and fingerprinting prior to testing, and some states require that you and your sponsoring broker submit paperwork to the Real Estate Commission or Division of Real Estate prior to testing.  Your sales manager at LRE can help you find a testing location with a date and time slot that works best for you.  The exam itself usually costs around $60.   
  4. Join the National Association of Realtors and your state and local boards.  Lohmiller Real Estate is a member of the National Association of Realtors.  Therefore, to work as a real estate agent at LRE, you will need to join also.  Once you pass your test, schedule a time to meet with your manager to complete the paperwork necessary to join NAR and the MLS.  The total fees for this usually total around $1,000; however, this varies from state to state and local board to board. 
  5. Create your business plan and start selling real estate!  By now, you should have met with your sales manager to help you put your business plan together.  Now it’s time to finalize and put it into action!   

 

Lindsay Lohmiller

EVP, Lohmiller Real Estate 

 

 

 

 

 

 

 

Community Spotlight: Lawrenceburg, Indiana

HERE IS TO WISHING EVERYONE A HAPPY THANKSGIVING!

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Great things are happening in Lawrenceburg! 

THE MARKET:

The real estate market in Lawrenceburg is a seller’s market.  This includes homes in Lawrenceburg School District but excluding Greendale & Hidden Valley.

In the last 6 months there have been 61 individual residential units sold (avg sale price $168,719) and with a current inventory of 24, we have a 2.36 month supply of homes.  Anything under a 6 month supply (known as equilibrium) means that we are in a seller’s market.

EVENTS:

Highlights include Small Business Saturday on November 24 (support local!) and The Holiday Shopping Expo November 16-18 at the Lawrenceburg Event Center.  Rumors are swirling that SANTA will be attending this event!
For a full calendar of events, please click on the links below:

https://www.thinklawrenceburg.com/all-events/
http://www.lawrenceburgshows.com/

 

Billy Rumsey

Senior Sales Vice President

Lohmiller Real Estate

Community Spotlight: Aurora, Indiana

Great things are happening in Aurora! 

 

THE MARKET:

The real estate market in Aurora is a seller’s market.

In the last 6 months there have been 60 homes sold (avg sale price $164,824) and with a current inventory of 50, we have a 5 month supply of homes.  Anything under a 6 month supply (known as equilibrium) means that we are in a seller’s market.

 

EVENTS:

The Aurora Farmer’s Fair – Oct 3-6 Indiana’s oldest street festival…First one was in 1908!

Click here for a schedule of events

 

MEDIA:

The article below appeared in the October 2018 edition of The Beacon.  It outlines infrastructure plans/updates, some of the players involved, and the facade grant program.

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Billy Rumsey

Senior Sales Vice President

Lohmiller Real Estate

The Seven Levels of Communication Book

1The Seven Levels of communication tells a story of a Real Estate agent named Rick Masters, who is suffering from a down economy when he meets a mortgage professional who has built a successful business without advertising or personal promotion. Skeptical Masters agrees to accompany her to a conference to learn more about her mysterious methods. Masters soon learns the that the rewards for implementing these strategies are far greater than he have ever imagined. In seeking success, he finds significance. This book is a both building a business that not only feeds your family, but also feeds your soul.

The author Michael J. Maher is North America’s most referred Real Estate Professional and founder of the Generosity Generation, he is dedicated to helping sales people earn a better living. He rocketed to the top of the profession by earning 1 million dollars in his third year of full-time real estate.

This book tells the story and gives you insight and nuggets along the way. These are my highlighted notes from the book.

  • Don’t wait for a life changing event to change your life.
  • When written in Chinese the word crisis is composed of two characters–one represents danger and the other represents opportunity–John F. Kennedy.
  • Generosity Generation: Give more than you get.
  • If your buyers aren’t buying and your sellers aren’t motivated to sell, perhaps it is your sense of urgency that is lacking and not theirs.
  • The National Association of Realtors estimates that the average person moves one out of every five years. So that means one fifth or twenty percent of your database moves every year, which would be 30 people if you have a base of 150 people in your database.
  •  Write hand written notes to everyone for everything.
  • If you are a realtor, when you sell someone a new house. Throw a house-warming party for them. It’s a great opportunity for you to get in front of more people.
  • L.I.F.E: Learn, Implement, Fail, Evaluate.

7 levels of communication:

  • 1 on 1 meetings (this is the top of the pyramid) (influential zone)
  • Events and Seminars (influential zone)
  • Phone calls (influential zone)
  • Handwritten notes (influential zone)
  • Electronic Communication (informational zone)
  • Direct Mail (informational zone)
  • Advertising. (informational zone)
  • When your why is strong enough, the how takes care of itself.
  • To get fifty referrals you will have to give out 100 referrals.
  • Write your blessings down every morning.
  • F.R.O.G: Use this acronym to carry on a conversation. Ask about a person’s Family, Recreation, Occupation, and Goals.
  • Be strategic in your meeting times. Stack them together and make sure each person meets the other person. EX: Schedule an 11:30 am, 1 pm, and a 2 pm. Be sure your 1 pm meets your 11:30 am meeting. Your 2 pm meeting meets your 1 pm. This is called the networking STACK.
  • The DISC profile is an assessment that determines a person’s behavioral styles. Everybody has some of each, but one of them is typically more dominant than others. The four behavioral styles spell the acronym DISC.
  • D stands for dominance. D’s are straight to the point. They tend to be driven, fast paced, impatient, efficient and brutally honest. They aren’t into long explanations–they want the bottom line.
  • I stands for Influence and I’s love socializing. They are often outgoing, friendly, emotional, and energetic. They;re the life of the party.
  • S stands for Steadiness. An S is steady and dependable. S’s nurture. They live to serve and please.
  • C is for Compliance. C’s are perfectionists who expect everyone to comply with the rules. They crave order and process.
  • The DISCovery: Care like everyone’s an S., Smile like everyone’s an I, Prepare like everyone’s a C, and sell like everyone’s a D.
  • End all meetings with people, especially when networking. With these two questions: How can I help you and what can I do for you.
  • If you are a sales person and you are hesitating to call, it’s because you’re thinking about yourself. If you’re thinking about helping the people you’re calling and fouling on their needs, it’s easy to pick up the phone.
  • The person who talks the most dominates the conversation, but the person who asks the most questions control the conversation.
  • Rank your network: A+ are ambassadors. These are people who have big network as well and they are outgoing enough to self for you. They’re like your unpaid sales staff.
  • Emails are for you to inform, confirm, or to get people on the phone. Don’t sell, or try to close deals via email.
  • Focus on people. When you take care of the people, the numbers will take care of themselves.
  • 1st and 10. First thing upon arriving at the office make ten phone calls.

This book was really designed for people in Real Estate and the guy in the story is a Real Estate agent. However after reading it, I pulled several key insights that can apply to any business.

When I read this pool side on a much needed vacation I found myself highlighting so much in this book. My business model was very close to this and my pipeline of business was always full. BEWARE OF “SUCCESS SUICIDE”. You will know what I’m talking about when you read it. To your success and your future.

Posted on February 2, 2015 by bwillett555

Now Hiring! Posted 11/02/17

Now Hiring!           Posted 11/02/17 

LRE is now accepting resumes for the following position via email.  For more information on the position below please contact: 

 

Lindsay Lohmiller    Andrew Lohmiller 
Executive Vice President    Broker & CEO 
513-371-5440    513-371-5440 
llohmiller@lohmillerrealestate.com    alohmiller@lohmillerrealestate.com

 

Office Sales Manager – FlorenceKY 

 

This managerial position is for the leader of a real estate sales office.  As the leader, the manager is responsible for everything that their office does or fails to do.  Sales managers must have industry experience and thick skin to help their sales people navigate through tough situations.  Sales management is one of the most fulfilling roles in the real estate industry but it’s tough work and not for the faint of heart.  The sales manager’s primary duties include recruiting, retention, training, deal management, risk reduction, and policy enforcement. Applicants should have a very good understanding of real estate license law and practice.  They should be prepared to conduct a simple display of this knowledge during the interview process.  They should be well networked in the market, enjoy customer service based interaction and possess excellent communication and people skills.  They must be willing to deal with multiple tasks in a day and be able to independently problem solve.  Applicants should be well versed on Windows based PC’s and should be proficient in the current version of MS Office applications such as Word, Excel and Power Point.  They should be prepared to conduct a hands on computer skills assessment during the interview process.  Applicants must dress and speak appropriately for a leadership role in an office environment. 

The ideal candidate is a friendly, outgoing, well-dressed person with a magnetic personality who enjoys training and mentoring others.  He/she has worked in the real estate industry for 5+ years and has a strong sales history.  The ideal candidate has an active real estate license but is more interested in growing and training an office then selling personally.  This person is either in a current managerial type role or is a producing Realtor whom is willing to put their agents before themselves in order to become an office leader.  This candidate would under no circumstances compete against his or her salespeople. 

LRE managers are W2 salaried employees whom work regular hours and enjoy a base salary plus revenue sharing and commissions; including paid holidays, paid vacation, employer sponsored health insurance and a voluntary 401k plan with an aggressive company match.  This is a 40 hour a week position (M-F from 8-5 with a 1 hour lunch).  Interviewing for this position will begin soon with a targeted hiring period beginning as soon as possible. 

HOW TO GET THE BEST CONTRACTOR EXPERIENCE

Lohmiller_RCS_LogoIf you’ve decided that DIY is not for you then the next step is to find the right
contractor. You may think to always call “the best” “top rated” most reviewed
for your project. Then you might find that the contractor doesn’t call you back
or doesn’t have time for your project…
Try the 3 Rs…Research, Referral, Repeat
Research the particular job that you need done. How long will this take? How
much will this cost me? Will a general contractor be able to handle the project
or would I prefer a specialist?
Ask for referrals. Ask your neighbors who they’ve used before that would be
the right fit for you. Looking through online reviews or community boards will
also help in finding the perfect fit. Ask as many questions as you can before
the job is started.
Repeat. After you’ve found the right contractor for you you’ll need to follow
the same process until the job is complete. There might be another issue that
comes along even if you just wanted a simple repair done. Be prepared to
research the next step, ask questions and find the right solution!
Or try the 4th R: call Residential and Commercial Services! We offer free
estimates and only work with licensed and insured contractors. Residential
Services streamlines the process and completion of any potential job you
may have. We are the general contracting division of Lohmiller Real Estate,
where one call handles it all!

How Technology Has Changed The Real Estate Market

Let’s start with how it was when I started in a small town in Indiana in the late 90’s. We had MLS books in the office in which prospective buyers had to come check on out in order to know what was on the market. We had much less paperwork, in fact, some companies were still using one page listing and purchase contracts. Polaroid photos were still alive and well.

Fast forward 2 decades…..electronic-signature-generator

Technology has changed, and continues to change the transactional side of real estate. Having the ability to write an offer and have it signed electronically from a buyer in another country, or signed manually on a tablet pc (mobile device) was unheard of just a few short years ago. This has taken the profession from local to global. Now all real estate companies are the same playing field. Access to breaking industry news which then disseminates via plug-ins to hundreds of other outlets and sites simultaneously, which is then viewed by hundreds within minutes, also unheard of until now. State of the art virtual tours making homes 24 hour open houses to name a few. Those trends are allowing users to access information faster and acquire knowledge without ever needing to meet with an agent face-to-face. As a result, is also requiring more self policing on the part of the professionals in the industry who are sharing the information and tools on their various websites, blogs, etc., to ensure the information provided is pertinent and valid. Because we all know, if it’s on the internet, then it must be true. Some would have us to believe that our industry is in jeopardy because of how technology is making the process of home buying/selling more convenient and efficient for the would be buyer/seller. However, I beg to differ. For, as with any business, there is also the relational side of business. Technology will never take the place of the personal agent hosted house warming, or hand written “thank you” card. The agents who excel in the unexpected extras will do well no matter what the market condition is or what the next new piece of technology does. We will instead embrace the change, remain cutting edge, and serve our clients beyond their expectation.