How To Make Your First Sale In Real Estate

     Making your first sale is a significant milestone that can set the tone for the rest of your career. However, getting there requires more than just obtaining your real estate license; it involves careful planning, strategy, and a bit of hustle. Once you have that license, these are the steps you will take to make your first sale in your real estate career. 

    The first step toward making a sale is securing a client, whether they’re a buyer or a seller. To secure that client, you will need to build a network, market yourself and your real estate services, and take measures to generate leads. For more information on this step, refer to the first paragraph of one of my previous articles, “Facing Challenges as a New Broker.” 

    After you secure that first client, the next step is to conduct a client consultation. This is basically your first meeting with your clients where you sit down to talk about their expectations and what they will get with your services. Understanding their goals, timeline, and budget is key to creating a plan for success. In a buyer consultation, ask them about their budget, ideal location, and kind of property so you can find out what they're searching for. Examine in-depth their needs against wants. Next, walk them through the stages of home buying. Explain things in terms that they will understand. Be patient and do your best to answer any questions they have. In a seller consultation, evaluate their property and discuss potential pricing based on comparative market analysis data. Make sure to always stay realistic in your evaluations to avoid overpricing. If you price their house too high and no offers come through, this may discourage your sellers. Just like the buyer consultation, explain the whole process to your clients so they completely understand how things will work. Finally, prepare the home for sale. This could include proper staging or making minor changes or fixes to maximize its appeal. 

The next step in your first sale is to either search for properties that fit your buyer’s needs or list the property if you have a seller client. In terms of a buyer client, as a broker you will need to utilize the MLS (multiple listing service) to search for homes that could potentially work for your client. Share these properties with the client to see what sparks their interest. If there are some they like, you will start setting up tours. These tours help your clients visualize themselves in the home. It is your job as an agent to help assess these properties, answer questions, and provide insight. After seeing potential properties, start to narrow down the options and determine the best fit based on their needs and preferences. On the seller side, you will list your client’s property on the MLS. Once the home is prepared, take professional photos, write a compelling listing description, and upload the property. In addition to listing the property online, use social media, email campaigns, and open houses to attract potential buyers. Your duties include coordinating showings with potential buyers and other agents, ensuring the home is presented in its best light. 

Once your buyer finds a home they love, or your seller receives an offer on their property, the next step is to negotiate and formalize the offer. For your buyer clients, assist them in putting together a formal offer that specifies the purchase price, the closing date, and any conditions (such as a house inspection, financing, and appraisal). If the seller counters the offer, be prepared to negotiate terms. Keep your client’s best interests in mind while working toward a mutually agreeable outcome. If your client is a seller, you will help them review the offers from potential buyers. Navigate the negotiation process with your seller, as it may entail counteroffers. After a deal is established and the seller accepts the offer, the property goes to the following phase, executing the contracts. 

Once an offer is accepted, both parties sign a purchase agreement, which legally binds them to the transaction. This document outlines all the terms of the sale. There will also be contingency clauses to address. The finance, appraisal, and house inspection are examples of common contingencies. These safeguard both sides and provide them the option to pull out of the agreement if specific requirements aren't fulfilled. Finally, the buyer typically deposits earnest money into an escrow account to show that they are proceeding with the purchase. The transaction moves into the escrow phase after these contracts are signed. 

To guarantee the transaction moves forward without hiccups, a number of significant duties must be done during the escrow period. It will be your responsibility as the agent to arrange these tasks. On the buyer client side, to make sure the house is in good shape, an inspection is done. Should problems emerge, negotiation may reopen to discuss fixes or pricing modifications. If the buyer is financing the purchase, an appraisal will be required by the lender to make sure the worth of the home and the purchase price match. The buyer’s lender will then finalize their mortgage approval based on the home appraisal and other financial checks. For a seller client during escrow, the seller's main responsibility is to make sure the house is prepared for the last walkthrough. After the examination, they might also need to finish any agreed-upon repairs. To make sure there are no liens or other legal difficulties on the property, the title company will do a title search. After the sale's terms are fulfilled, escrow manages the money transfer. 

The final step in the transaction is closing. This is when ownership of the property officially transfers from the seller to the buyer. Closing day activities include the following. First, the buyer does a final walkthrough of the property to ensure everything is in the agreed-upon condition. The deed, settlement statement, and any other legal documents required by the escrow company or lender are signed by both parties. The buyer’s lender releases the mortgage funds, and the seller receives the proceeds from the sale. The title company then ensures all funds are correctly distributed, including payment of fees such as agent commissions. The buyer receives ownership formally when the title business files the new deed with the county. And that's your finalized first sale! 

It takes perseverance, preparation, and patience to make your first real estate sale. By taking these actions, which include obtaining clients, evaluating offers, handling paperwork, and finalizing the transaction, you'll be well on your way to making that crucial first sale.