Getting into Real Estate: A Complete Guide

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If you are thinking of kickstarting a career in real estate, this is the perfect guide for you. like mentioned here, In the coming years, it is expected that the rate of employment of real estate agents will go up by over 6%. Because of this, now is the best time to start your career in this industry. Continue reading to find out ways and strategies to be a top real estate agent.

Getting Your Real Estate Agent License

In each state, requirements in getting a license vary. You need to contact the real estate commission in your area to know the things you need to do to get a license. They will tell the applications you need to fill out, how much the cost of the applications are, and the courses you need to take.

Looking for a Real Estate Brokerage

After you obtain your license, you need to work with a broker for your first couple of years as an agent. Most states obligate newly-licensed agents to work in a real estate brokerage.

Some of the things you need to consider when choosing a brokerage are the culture of the company, the structure of the commission, and the size of the brokerage.

Joining NAR (National Association of Realtors)

Since the nature of the real estate industry is growing a property business, it is recommended that you join NAR. You can have a higher earning potential and enjoy membership perks such as MLS or Multiple Listing Service and their benefits program. Becoming a member is not mandatory. However, once you become a member, you’ll be called a realtor and uphold a realtor code of conduct.

Knowing your Budget and Income

Before deciding to put up your own real estate company, you need to assess your budget and income first. The Bureau of Labor Statistics reported that the average yearly profit of realtors in 2017 was lower than $50,000. A real estate agent doesn’t have a fixed salary since their earnings are based on the commission they make. Take into consideration the percentage of commission you’ll get. In any investment you make, you need to think of the total expenses you will make and budget properly. The same goes for a real estate business.

Apart from that, you also have to consider allocating a budget for your maintenance needs. Since you’ll be putting up a building or an office space for your business, aspects that require maintenance such as plumbing and fixtures should be considered as well. After all, unexpected water damage can really cost you a lot if left unattended, and this can affect the performance of your real estate business as well.

Creating and Developing a Plan

When you think of the direction your business will be going, consider listing down your short and long term goals for it. Make a plan that will protect you and your company from falling.

After you establish your plan, you need to think about methods that can help you get clients and endorse your real estate business. You can develop it further by planning your marketing goals, your vision for your business, and your target market.

Seeking Advice from a Mentor

Building a good relationship with experienced agents can help you possess skills that you won’t probably learn on your own. Relationships are always about working together, so in return for their helpful feedback and tips, you can assist them with their business.

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