You’ve chosen a career in real estate and cannot wait to get started, but you need to get your licence first. Now, what if we told you that getting your real estate licence is the easiest part of becoming a successful real estate agent? You are probably having sleepless nights stressing about your real estate exam, but the truth is, if you study hard, you will pass. Your exam is not the only thing that you need to focus on. Planning is key when it comes to being a successful real estate agent and the following five items will help and guide you to make a success of your career:
Always have a backup income source
It is recommended to have enough money saved up to get by for at least six months without a commission. Alternatively, you should keep your day job for a while. Although becoming a real estate agent part-time might not have been a part of your plan, you need to be able to still pay your bills while you get started on your real estate career.
Get a mentor
To make a success of your career, get a successful agent or broker to mentor you, or offer to assist them in their property deals, especially at the start of your career. You can learn a lot about the real estate process from a successful agent or broker. They will be able to help you understand title insurance, deeds, etc. These documents form an integral part of the real estate process, and you will feel a lot more confident if you have seen these documents and understand their role in the process.
Build your contact list
During your real estate career, you will work with numerous buyers, sellers, investors, loan officers, mortgage brokers, inspectors etc. Make sure to manage these contacts effectively by finding a good contact management system.
In this day and age, you simply cannot market in the real estate world without the internet. You will need to use your website and social media platforms to reach potential buyers and sellers. Make sure that you have an online presence, and that potential clients can get a hold of you.
Always plan ahead
Make sure that you always have a plan ahead. When starting your real estate career, you could be waiting up to three months before you land your first client. Make sure to have a plan in place and money saved up so that you can make a smooth transition into this very competitive business.
Working in real estate can be a very exciting and satisfying career and if you make it through the first year or two, you can look forward to a long and successful career in real estate. Put your plan in place, build your database of prospective clients, work hard and you will find the key to becoming a successful real estate agent.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE)