How does one get into the real estate business? How much does a Real Estate Agent make early on? Is it possible to do it part-time? Whether you’re thinking of a new career or trying to add an extra source of income, real estate is definitely an industry that can support both. Of course, granted that you’re prepared to invest a lot of time and energy into getting started. After all, it is yourself that’s going to be your primary asset, and in order for you to succeed, you’ll need to market yourself really well and stay patient. Having said that, here’s a few things to take note of to get yourself started on your real estate career:
First off, secure a Real Estate License. Keep in mind, though, that most states have state-specific requirements. Therefore, it’s better to check with your local commission onset so that you can sign up only for the required online or in-person pre-license real estate courses in your market. Nowadays, the most efficient and flexible way to get trained for licensure is online, since web-based courses enable you to study at your own pace at any time. Just make sure that the training you’ve enrolled yourself in is coming from an accredited real estate Pre-license educator and that the topics they’re covering are up to date.
Take the state exam
Once you’ve completed the required hours of pre-license training, you will need to take the state’s official exam to become a licensed real estate salesperson. Make sure to have your certificate of completion from an approved provider on-hand when you’re ready to take the exam. Exam dates fill up fast so make sure to reserve your spot with plenty of time to prepare.
Where and how do you start?
You passed your exam, congrats! New agents always work under the supervision of an established broker. Real estate brokers offer agents marketing support and legal protection. Interview with at least three different brokerages before settling with one. Some agents prefer big brokerages because they are well-known and it helps with credibility. Others pick smaller firms because they’re more flexible.
Even though you’ll be working under the umbrella of a broker, real estate agents are essentially independent contractors. You will most likely need to pay for your own marketing and business expenses like business cards, sale signs, open house signs and website launch. Consider getting your broker’s approval before creating assets with their logo. It’s their credibility after all and in your best interest to develop a positive, long-lasting relationship. Startup costs can be tough to manage, especially if this is your secondary source of income. Take your time and build the best brand you can. The success of your business is reflective of the time and energy you’re willing to spend to create it.
How much can I make once I settled in?
This is a commission-based industry which means profit can vary depending on your client list or the price of the properties in your bucket. At first, you may go months without seeing a steady paycheck or if you play your cards well, there’s a chance you’ll be able to see your income ramp up after just three months. The key is thinking long-term and focusing on building lasting relationships. The industry works on referrals, so it might very well be your first few clients that will bring you all the other ones. So focus on maintaining positive relationships amongst new and existing clients. It’s a smaller world than you think.