Book Review: 21 Things I Wish My Broker Had Told Me

Author: Frank Cook
Publisher: Dearborn Real Estate Education
Year Publishded: 2002
Rating:
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After branching out on their own, entrepreneurs of every field soon realize that there are two major components to succeeding in business. The first is doing what you do well. For real estate, that’s the nitty gritty details that go into making a transaction successful. The second, which most people overlook, is the business component - keeping the books up to date, marketing yourself, and managing your time wisely. This book focuses on that incredibly important second component.

Let me start by saying that I’m not a big fan of most real estate books. The vast majority I’ve read focus on outdated and/or manipulative sales practices or hype up how quickly you can make zillions of dollars. Thankfully, this book isn’t one of them.

Instead, Cook relays a number of tips that any new agent would be wise to heed. The first is that there are no shortcuts - that if you want to succeed, you’ll need to work hard. Yes, there are stories of people who stumbled upon big deals during their first few weeks on the job but there are far more stories about people who didn’t get paid for upwards of 9 months after kicking off their career.

The secret to success is preparation and this book gives it to you straight. You’re going to be running a business, which means you need resources and a supply of cash not only to live off of until you get your first paycheck but also to pay for all the expenses that come with starting out on your own.

You’re also going to be working long hours - an informal study quoted in the book found that the average new agent works 6.27 days per week and 7.85 hours per day - so you’ll need to make sure your family understands that you’ll be putting in long hours for little pay.

And, of course, competition is fierce. Sometimes, you’ll be working with your colleagues against competitors. Sometimes, you’ll be working with your competitors against colleagues. Sometimes, buyers won’t understand how agents work and will sign a deal without you.

Where do you find clients? Cook gives a number of tips. He advocates marketing yourself rather than your firm, suggests you create a database from your sphere of influence asap, and provides stories from agents on what marketing tactics worked best for them. Still, you can’t go wrong with networking. It’s better to get out and talk to people than sit alone in your office.

Cook’s tone is realistic but positive. His purpose is to debunk the hype surrounding the “get rich quick in real estate” mentality while encouraging those that are willing to put in the work. The book is also big picture focused. While Cook does provide some details in each chapter, most are starting points rather than detail focused essays. The result is a quick paced book that doesn’t become bogged down in the details or overwhelm its readers.

Cook uses interviews with agents to emphasize many of his points. Most chapters include interviews and tips from successful agents on how they handle tough issues like marketing best practices, defending commissions, and working with family and friends.

Overall, this is a great book for those considering real estate careers and new agents looking to make a successful start.