If you are contemplating whether to get into a real estate career, you should ask yourself if this would be the best career path for you. It is necessary that you understand that a real estate professional is more of an entrepreneur rather than an employee. You need to know the basics of tax deductions and record keeping for your business. As an entrepreneur, you aren’t always sure of how much you will earn. However, the real estate business may be the career of your dreams. You may also want to do your research on how to become a real estate agent.
Is Real Estate the Right Job for You?
You need to learn pretty much everything about the profession; you may already be an enthusiast or amateur. You need to do your research to make sure you are suited for the job. This includes your strengths and weaknesses because they determine your success in this career. Getting into real estate needs a tremendous amount of self-discipline. You need to know the licensing requirements of the state since it isn’t the same everywhere. The reason people quit real estate is because they didn’t understand the job before they entered it.
How Do I Get Into Real Estate?
A career in real estate is both rewarding and exciting for the perfect fit. In most states, you will be required to work under a real estate broker. Your broker will give you desk space and manage your real estate activities. A broker can also teach you the ways of real estate. Be prepared to work by commissions only since this is the only way you can earn money. Brokerage fees are being paid to brokers and will be divided among agents. Successful real estate agents have learned traditional sales techniques to close their sales.
Learning how to be successful in real estate can get you substantial income opportunities with enough persistence and determination. Expect to work long hours and even on weekends to learn more about how to get into the real estate career. You must be available when homeowners are likely to meet with you.
How to Get Your Real Estate License
Most states and territories like Queensland require you to get a license before you can engage in real estate. Some us national testing service centres for you to take the test. You will be tested on your knowledge of laws, rules, regulations and procedures regarding real estate. Brush up on your knowledge by reading some property investment books attending short courses.
States also have varied pretest program requirements in which you may be required to attend a formal study session. Some, however, may offer online real estate training which is much more convenient. Also, some organisations like REAA may provide real estate courses. Take a look at all your options before you choose one.
Where to Work?
Once you have passed your real estate exam with REAA, you need to find yourself a company that can offer you a position. You can look for real estate companies in your area that have successful real estate agents. A broker is always looking for new agents who can effectively work for them as a team. You can check different websites for different brokers in your area to know more about how they run their business. Various factors such as local market shares and agent income, quality of sales staff and retention are things to look at when looking for someone to work for. Get an interview with at least 4 or 5 before making a decision.
What to Expect When You Start
The first year is always the worst because it might take some time to build relationships and referrals for sales. You will be facing financial challenges during the first year exceptionally if you are positioned as low commission real estate agents. It is smart to plan and save some money into your savings account. Your training might be formal or casual depending on where you decided to work. It is the first year where you will learn the basics of becoming a real estate agent. The good news is you will earn a substantial amount that can grow even more over the years. You must learn to manage your time and improve your organisation skills to be successful in this business. Look for someone who can mentor you and observe how they work. If you had previous sales jobs, then it might help you understand how the process works. The real estate career is an excellent way to earn money.
Going All In
If you want to go all out and become a permanent sales agent, you need to be prepared to give yourself the best chance of securing the job by demonstrating to your employer that you are ready and worth investing the knowledge on.
- Invest in your training and learn, so you increase your chances of being successful in the event someone gives you the opening. Check some free podcasts such as such as Real Estate Pros by Josh Cobb of Stepps and then specific sales training that is inexpensive yet effective through Tom Panos’ Real Estate Gym.
- Get a full license. If you are a newbie to real estate you will have lots of competition and become a fully licensed agent is a great way to even the playing field. If you announce that you are fully licensed, then regardless of talent and experience of other people, you are undoubtedly more qualified to represent homeowners and help them sell a property.
- Get yourself a mentor. Make sure your office has successful real estate agents you can learn from and shadow them. They will gain less from teaching but you but they will look for ways you can get back to them, like by asking you to assist them at open homes in exchange for tips and insights on building a successful property portfolio.