How to get started in real estate
When you want to learn a new career and have flexibility with your schedule, the real estate industry can offer a variety of benefits and is easier to get started in than you may think. By having access to the right resources and mentors, you can thrive as a beginner and enjoy a long-term career that will prove to be exciting. To ensure that you become a successful agent and establish long-term security with your profession, there are a few important steps to take to get started.
Obtain Your License
The first step to getting started in real estate is to get your license, which is required by law to work as an agent. You’ll need to pass both state and national exams while also performing a criminal background check. Although the fees vary for each state, the average price for obtaining your license is $200. According to Investopedia.com, start-up fees also range from $1,500 to $2,000, making it important to prepare for the costs when you need to pay for business cards, courses, and advertising.
Find an Office
It’s important to find the right office that will support you as an agent and the career goals that you have in the industry. You can find the right fit by asking what their vision is and what values they stand for. Credible offices often have a long-term plan established for their company. Before working for a local office, it’s important to learn how much commission you’ll make and what you get in return. The company that you work for should also have listings of properties that are in good condition. Their offices should also be in close proximity to your home with listings that are in neighborhoods that you’re familiar with.
You’ll also want to determine if you desire to work for a franchise or chain. This can provide you with access to a variety of different referrals, but can also limit how much freedom you have to experiment. Although you may have higher costs and initiation fees with chain real estate offices, you’ll also receive training that is more professional. You’ll also have access to real estate investor software that can significantly cut the time it takes to research a house. Independent offices tend to have lower costs and local credibility, but are also limited on their resources.
Excel as a Student
You can increase your chance of success as an agent by becoming an excellent student. You can do this by finding mentors with local brokers or agents and be willing to volunteer in the area. Build your experience by performing open houses, cold calling, and gaining experience with floor duty.
Create a Marketing Plan
One of the best ways to begin creating a large client list is to establish a schedule with specific time that is set aside each day where you can work towards your goals. You’ll need to make yourself easy to search on the Internet by using different social media platforms and writing a professional biography that adds credibility to your professionalism and experience. You can also build a strong mailing list by frequently sending out newsletters and performing marketing campaigns to maintain the interest of those you’re connected with.
Your marketing plan should also include building a website that includes a logo, social media accounts, current listings, content marketing, and featured listings. The more updated and modern your design and content is, the more buyers and sellers will take you seriously.
You can also build your network by asking for referrals from family on friends on people they know who are planning on buying or selling a property in the future. You’ll also find success by joining your local realtor’s association, getting involved in the community, treating each person you meet as a potential client, and forming relationships with public officials.
Stay Updated on the Market
Make it a point to stay informed by reading news and relevant information on the industry throughout the week from companies like SNL. You’ll have access to in-depth data and real-time news to ensure that you’re current with changes that are occurring with real estate around the world. The more research you perform, the more confidence your clients will have with your expertise.