So, you’ve passed the real estate licensing exam. Congratulations!
You’re most likely feeling excited about starting a new job as an agent but also probably anxious and overwhelmed about what to do next. You can’t wait to begin earning, but at the same time, you’re uncertain about how to proceed.
We get you - launching a career in real estate may be intimidating, but hey, there’s always a first for everyone. And don’t worry, we’ve got tips that will be helpful for you.
Below are 6 things you need to know as a new real estate agent.
Choose your broker wisely
In all states, you cannot operate independently as a real estate agent. You need to work under the supervision of a managing broker.
That said, choosing a broker is not only necessary, but it is also crucial.
Affiliating with a reputable and easily recognizable broker or brokerage firm will most likely help you earn more clients than family-owned ones. However, well-known real estate companies may also mean higher franchise fees and additional charges related to branding and marketing.
A real estate company’s commission model is another factor to consider when choosing a broker.
Some firms offer traditional splits, usually at 50/50, while some have rather flexible fee arrangements.
If you are only in it for an additional source of income, you may want to choose a traditional commission model.
But if you will be actively working as an agent, you may be better off with companies like Keller Williams and eXp Realty, which offer 100% commission to agents once they meet their cap.
Get started and spread the word
Once you have chosen a real estate agency/managing broker to work for, you are now ready to start.
The first step will always be the hardest but also the most exciting part. In your first month as a new real estate agent, you will need to organize your affairs and begin introducing yourself to the market.
We recommend you get a professional headshot. You see, being a real estate agent is more a business than a career. You are not only selling properties; you are also selling yourself.
If your agency is not yet providing business cards, you can also order some for yourself to help you spread the word.
Also, don’t forget to take advantage of social media. Not only is it free to advertise your services on the Internet, but it is also easily accessible to a lot of people who could potentially be your clients.
Understand the market
Understanding your market is another essential step in building your real estate career.
Whether you will work as an agent close to home or in another state, you will need to have adequate knowledge about different aspects of your market, such as demographics and client appetite.
Boston, for instance, is home to many universities in Massachusetts, and there is a high demand for rentals during summer when students are looking for places to live in.
The city of San Jose, on the other hand, is among the top 10 most populated cities in the country, which means higher demand for agents but also higher competition.
To gain a better understanding of your market, you should also frequently visit and use the multiple listing service (MLS), which is a database that allows brokers to see listings of properties for sale. Running real estate market reports through the MLS will help you understand current market conditions.
Build relationships
Being a real estate agent revolves around relationships. For one, you are technically a matchmaker, matching buyers with property listings.
As a real estate agent, you will transact not only with vendors, investors, and inspectors but also with your fellow salespersons.
You cannot succeed in this business without building good relationships.
Before you close a sale, you need to earn your client’s trust, which only sprouts when you have a good relationship with them.
Many successful agents gain leads through referrals from their previous customers, which shows just how important establishing a solid network is.
Bank on your skills and keep learning
Apart from extensive knowledge of your market, you also need soft skills to succeed as a real estate agent.
More than half of your job entails customer service, and you will have to communicate well with your clients, pay attention to their needs, and provide suggestions.
Offering after-sales service even by simply checking in on how your client is doing can help you earn their confidence and gain more potential future customers.
It also pays to keep learning. Shadow a senior agent or ask someone to mentor you. There are many brokerage firms that offer mentors and tutoring when you work with them (that’s another thing you should consider when choosing a broker).
If not, you can enroll in online courses that provide professional development tools that will help you become a better real estate agent.
For great resources, we recommend you sign up with McKissock’s Subscription packages.
Not only do they provide you the mandatory CE course for your state, but they also offer webinars, boot camps, training videos, and so much more.
Work, work, work
Being a real estate agent can be lucrative. However, it doesn’t mean that you will have success easily.
In most cases, you will experience rejection several times before completing one sale. So the only way you can achieve your goals in this business is by working hard.
Working hard doesn’t have to mean spending more than ten hours a day hustling, though.
Creating a game plan, putting in the right time, and spending enough effort in learning the business is the best strategy you can do.
Also, when you’re just starting in the industry, do not compete with other real estate agents. Instead, compete with yourself. If you closed one sale on your first month on the job, challenge yourself by aiming to close two sales the following month.
Conclusion
The things we’ve provided above are not an exhaustive list of things you need to know about being a new real estate agent. However, these tips will help you get started on this exciting career path.
Keep in mind that rejections and failures are not unusual in the industry, and therefore you should keep going.
Keep learning, keep trying, and encourage yourself.
With hard work, you can find success as a real estate agent.