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Here are the first few things you can expect as a budding real estate agent right after completing school. Read on!
Now that you have passed the exam and acquired a real estate license, your career can finally begin. Starting out as a real estate agent can seem scary at first.
However, there is nothing to worry about and if you are passionate and ready to put in the work you will most definitely succeed.
Every start brings some form of uncertainty with it, but with careful planning and execution, you can set on the right course. That being said, our goal here is to provide you with some tips for a new real estate agent to help you start off right.
Now, if you are ready, let’s go over everything you need to know and what to expect so you can thrive and create a successful career for yourself.
Things Every New Real Estate Agent Needs
So here are the things you, as a new real estate agent, will need.
Create a Good Mindset
One of the first things to do as a new real estate agent is that you need to have the right mindset before anything else. To do so, you need to understand a few things.
First of all, being a real estate agent and working a 9 to 5 are nothing alike. As a real estate agent, you set your own hours and work as much or as little as you want. This means that you do not have a consistent income. Earning an income in this industry works on commissions, so depending how many properties you sell will result in how much you earn.
Be that as it may, sometimes there will be some issues and you might not earn as much as you would like. However, do not let this discourage you from moving forward.
Learn from your mistakes and create new opportunities for yourself. Success will not come right off the bat, but with enough dedication, you will be able to reach your goal.
Carefully Select a Broker to Work With
When you are just starting out, every decision is career-changing. Once you finish real estate school, you can either create your own agency or work for a broker. Usually, working for a broker is better as it will prove to be a great working experience. That being said, when you start looking for a broker you need to consider several factors before you settle with one.
Understand that working for your first broker will be the initial network of colleagues that you work with. Here is where you will find your first mentor. This is why it is crucial that you find a broker that has successful real estate agents working for it and is a high-quality firm in general.
Budget Around Your First Year
One of the biggest problems real estate agents face in their first year of becoming one is financial difficulties. When you just start out as a real estate agent you will most likely not have a lot of commissions.
Because of this, your income might not meet your living expenses and you will be forced to get a part-time job on the side. This way you will not be able to focus on your real estate career as much as you would like.
Creating a budget for your first year will help you eliminate the necessity for a second job. Start off with a list that contains all of your monthly expenses and add them up. Now you know how much money you need every month.
Your next step is to figure out whether it is easier to save enough money on the side or to create some sort of passive income that can support you until the first paycheck.
Do not forget about unforeseen costs that might happen and, of course, about the brokerage fees.
With that out of the way, creating a budget to cover a few first months as a real estate agent is a necessity if you want to focus on real estate completely.
Pick a Niche
Trying to cover every niche in the real estate industry is simply impossible to do on your own. Focusing your efforts on a specific niche will reduce the competition and increase your chances of success.
This does mean that the number of clients is also smaller; however, it is still enough to make a solid income. Down the line, you can always expand your horizons and start focusing on other niches as well as expanding your client list as you go along.
The most important thing is to not give up easily. As with anything else, starting out is difficult and giving up might seem like the easiest choice to make.
There are plenty of ways to improve yourself which will increase the likelihood of your success. Real estate is an industry full of potential and is open for anyone to make a career for themselves.