The following is an excerpt from Gary Oberoi’s instructional book: “How to Make $120000 Your 1st Year as a Rental Agent.”

You can purchase this book in the 1MonthOP.com Amazon bookstore or contact the 1MonthOP team at 1MonthOP@gmail.com for a copy!

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Chapter 2: Reality Check!

Six out of ten people will leave this business within the first 12 months. Sixty percent! That is the reality. Of those that stay, perhaps 70% will not make over $45,000. Of the remaining 30%, only one or two will make $100,000. The good news is, you can be one of the two making over $100,000! If you make the right decisions, learn the right lessons, use the right tools and techniques, and put in the right amount of hard work, you will be one of those agents laughing all the way to the bank!

The best part is that real estate in non-discriminatory! With the right actions, an agent from any walk of life can be a success. There are no set prejudices against you. I know a bald guy, an African American, a heavy set guy, a Russian immigrant who just came to the U.S., a Latina woman with shaky English skills, and a native Israeli who just finished his army service and moved to America – each one of whom makes $120,000+ every year in rental real estate in Manhattan! I know of a _______________________ (this is where you insert your background) who can make over $120,000 a year.

I wrote this chapter so that you will understand the cold hard truth. Success in this business requires creativity, intelligence, dedication and the right tools, and a lot of HARD WORK!

“Is it True That You Either Have a Talent for Sales or You Don’t?”
NO! That’s a great big fallacy! There is no “born salesman!” Excelling in sales is actually a long and continuing process of learning and growth. If someone were to consider himself a “natural talent”, he would limit himself with the false belief that his skills are innate. They’re not. He may have traits that make it easier for him to perform or learn certain techniques, but the skills that will help you become a champion agent are learned and continually perfected throughout your career! In fact, the personality traits I talk about next are behaviors and habits – not genetically-gifted aptitudes!

The Personality Traits of a Champion Agent!
Through personal experience and by observing some of the most successful agents I’ve worked with over the years, I’ve determined some general traits, whether inherent or learned, that all top agents have going for them.

1. Have a Clear Vision
“The beginning is half of every action.” – Greek proverb

Champion agents know exactly where they’re going and when they expect to get there. They join the industry with the crystal-clear vision of where they plan to be in one year, in three years, in five years. My own vision included earning $120,000 my first year, becoming a broker after two years, and having agents working for me at the end of three. Take time to think about it. Write it out as a set of goals – whatever you expect to achieve in your first year in the industry.

2. Confidence
“Fake it till you make it!” That’s an expression you’ll hear all the time in the real estate business. Although you don’t yet have the knowledge and skill sets that you’ll acquire later on, you still need to be a walking, talking picture of confidence. If you’re “faking it” think of ways you can consciously project confidence (even if your projection is only an illusion for now!) Confidence can come from your attire, smile, demeanor, body language, eye contact, the way you speak, even the way you shake someone’s hand! The point is, when clients come into your energy field they should innately feel they are in the presence of a successful and accomplished real estate agent.

Remember, your clients will have virtually no experience in Manhattan real estate and they expect you to conduct a transaction for them as smoothly as possible. In order for them to trust you, they must have a high level of confidence in you. If you don’t exude this confidence, they simply won’t feel secure doing business with you.

3. Having Control & Command
The elements of “Control and Command” play a large role in determining the success or failure of an agent. Interestingly, I find that new agents aren’t even aware of the need for these skills. When I interview people for positions in my company, I often ask them what traits will make them a good agent. Over 90% of them tell me they have great “people skills.” To me, that’s like saying you can “talk.” Not that everyone has these skills, but that people skills are a base requisite for the job. That’s a given. Even those 60% who drop out each year have people skills. Your ability to effectively communicate with people isn’t what makes you an excellent agent. Agents that close deals have the ability to command and control the rental process.

While you are on the phone with a client, as you’re being confident and communicating effectively, you must also be firmly in control of the situation. You command the environment. That means you know how to deal with clients in a way that steadily moves them toward the objective of renting an apartment. Control means you’re leading the client to arrive at the right decision at all times. On the phone the decision is to set up an appointment, when you meet them the decision is to sign the fee agreement, when you’re showing the apartment the decision is to fill out the application, and when the paperwork comes through the decision is to sign the lease and give you a commission check. You have to be in control at all times or else the deal will fall apart somewhere in the process. Mastering control and command will be extremely important to your success.

4. Persistence
You need diligence and a thick skin. No matter how good you are, you will have lean periods in this business. You’ll face times when it feels like all you face is one rejection after another. Maybe you’ve shown an apartment four times in one day and had four rejections. Don’t be discouraged! When you meet the next client, you have to bounce back as though you were having the best day of your life.

When I was starting out, I found a helpful technique for when I needed to shake off discouragement and re-vamp my energy. There were times when, after the fifth client rejection, I just couldn’t find the energy to be confident, persistent, and positive the way I needed to be in order to face my next client. So I started to carry a portable CD player with me (there were no iPods then!) and popped in my most energizing and motivational music. For a few minutes prior to meeting with a client, I let that music rejuvenate my spirits and put me in the right frame of mind to tackle the meeting with the attitude and enthusiasm I needed! A motivated “state of mind” is important!

5. Commitment
Real estate is like a marriage and you need to be seriously committed to it. I met someone a few years ago who really illustrated this point for me. I was on a hike and I struck up a conversation with a fellow hiker. I noticed he sported a gold band on his ring finger, so I inquired how long he’d been married. “Gary,” he said, “I’ve been married for fourteen years, we have two children – a prince and a princess!” So I asked him what he thought was the foundation of an enduring marriage. He answered, “The reason we’re so HAPPILY married is that we’re completely committed to each other. Not just in the good times, but in the challenging times as well.” Then he said, “When times are tough we roast together in the oven.”

To make it in real estate you have to be truly committed to the business. You’ll run into tough times, the industry might change, unfortunate circumstances might come your way, you might encounter a health issue – but irrespective of the obstacles you face, you cannot let your commitment waiver. It’s a two way street – the more you commit yourself to this industry, the more it will reward you in return!

6. Ability to Accept Rejection
When you’re a new rental agent, there’s a very good chance that you’ll show fifteen apartments before making a transaction. There will also be times when there is no business at all because you meet clients whose expectations happen to be different from what you’re showing them. Don’t let this discourage you! As long as you’re following all the right steps, every “No” is literally a “Yes” waiting to happen! No matter what you have to go through, a certain amount of “No’s” gets you to a “Yes!” No one closes 100% of the time! I welcome “No’s” because each “No” means I’m getting closer to a “Yes!”

Let’s say your commission is $1500 and it takes 10 people for you to make a deal happen. This technically means that every time you meet someone you’re earning $150 because that meeting brings you one tenth of the way closer to putting $1500 in your pocket! It’s all a matter of perspective. To succeed as an agent you need to develop the ability to see everything that happens with a positive slant.

Henry Ford once said, “If you think you can do a thing or think you can’t do a thing, you’re right.” Believe in yourself and shrug off rejection!

7. Ability to Provide Solutions
To a certain extent real estate is a complicated business. There are a lot of variables that you need to navigate in order to successfully match clients with apartments. There are guarantors, employment records, different types of apartments – walkups, doormen, elevator buildings, different neighborhoods, different types of people – some are introverted, some are extroverted, some prefer the east village where it’s cool and hip, some want a quiet environment, some want an upscale neighborhood. What I’m trying to say is that you need to be able to quickly size up the client and get a feel for – out of all those options – what solution will work for them. If you’re showing a client an apartment in the wrong area, it doesn’t matter how good a sales person you are, it won’t be a fit. The closing skills of even the greatest agent will fall on deaf ears if the apartment is a bad fit for the client. Finding the right solution for your clients, even if they don’t know what that solution is themselves, is critical to pairing viable apartments with the right renters.

Financial Stability – You DO Need Savings!
When I started in real estate I had $46,000 in debt over my head. This was a huge mistake! As a result, my first few months were fraught with anxiety and turmoil. I exhausted myself working as hard as I could, while the stress of my situation wore me down even more. Rather than endure what I went through, I recommend that anyone entering real estate have at least 6-8 weeks of living expenses in the bank. Even though with rentals you can make money in your first month, you still need a back-up to cover your rent, food, transportation, and other basic necessities. Having this peace of mind allows you to concentrate all of your energy on learning the ropes more quickly. If you do this, you are exponentially increasing your odds of becoming a success! I sold my printer for $300 to pay for my real estate classes. That’s not the right way! Learn from my mistake and make sure you have some savings!

Only Full-Time Agents Succeed
In my ten years in rentals I haven’s seen a single new agent succeed in real estate part time. Not one! The only people who can do deals part time are the veterans who know the business inside and out! If your financial situation is such that you’re planning on working nights as a bartender while trying your hand at real estate part time during the day – you are setting yourself up to fail. It’s far better that you bartend full time, overtime if you have to, and save money for a few months until you can go into real estate full time. Trying to enter the industry part time will be an exercise in frustration and a waste of your time, energy and money. Don’t do it!

Income – What to Expect…
In Manhattan, the break down of average income for a rental agent is as follows:

Below Average Agent (Majority, 60%):<$35,000
Average Agent:$35,000 – $50,000
Above-Average Agent:$50,000 – $90,000
Champion Agent:$90,000 – $500,000

Examine your level of commitment and your financial goals, and decide for yourself. If you learn the skills and are willing to put in the time, your earning potential is limitless!

A Word About Weekends…
Weekends in this business are not for friends and family; weekends belong to your clients! For a rental agent, there’s no way around this. On Saturday and Sunday people are free to look at apartments, rental offices are open, and keys to buildings are accessible. At least one weekend day must be devoted to work if you want to succeed.

Family & Fun Time
“Men are wise in proportion, not to their experience, but their capacity to experience.” – George Bernard Shaw

If you have a partner or spouse with whom you spend a considerable amount of time, talk to them about your ambitions in real estate. When you’re suddenly unavailable 65-80 hours a week, discussing it up front will help you transition more smoothly. Talk about your aspirations and what you’re willing to do to be successful. Also talk about your goals for success. Real estate can be financially rewarding and this means a higher standard of living for both of you! Approaching it this way lets them know what to expect and allows them to support you, and celebrate your accomplishments with you.

Another tip to help you balance work and family life is to schedule fun time. Tell your partner that you’ll be working around the clock for the next twelve weeks, but on the thirteenth week you’ll go away together. It gives you both something to look forward to and lets your partner know that you value him or her enough to make them a priority!

You are entirely responsible for your success…
The cost of entry is amazingly low in the world of real estate. A real estate license in Manhattan will cost you anywhere from $300 – $550. It takes 2-4 weeks to get the license, depending upon how frequently you attend classes and how much time you put in each day. Contrast that with a doctor who might spend $250,000 and ten years of his life to finally earn $120,000 his first year. In real estate, you pay almost nothing, can start in as little as two weeks, and make $120,000 your first year! All you need is to be over eighteen, be of good character, and be able to pass the exam. After that, you’re a licensed real estate agent.

However, just because it’s easy to become an agent DOES NOT mean that it’s easy to succeed as one. Don’t forget that sixty percent of agents fail in this business every year! You need to accept and embrace the fact that the entire responsibility for your success rests on your shoulders. It isn’t dependent upon the Manhattan business climate, the national economy, the real estate market, your office environment, or your broker. Your success is 100% dependent on you!

That’s actually a tremendous empowerment. You can’t blame someone else if you fail – but the flip side of that is no one else can stop you from succeeding! It’s all in your own hands! If you devote the necessary amount of time, persistence, commitment and hard work you WILL produce your own success within your first year in the field!