5 Things to Know Before Getting Your Real Estate License
If you are a self-starter and have been trying to hone in on an independent career path, you may have considered the real estate market. This is an ever-growing sector with a broad spectrum of opportunities. However, before you begin your journey as a real estate agent, you need to learn a few things that will enable you to gain traction right out of the gate.
1. Your Commission is Your Income
The first thing you should know is that being an agent doesn’t guarantee you a daily, monthly, or weekly income like most jobs. Your income level will depend on how many houses you sell. Since being an agent relies on commission, you will need to put extra effort into making those sales in order to increase and maintain your earnings.
In most cases, an agent gets about two to three percent of the house sale. You can make one huge monthly sale or multiple sales that will keep you going. Most agents rely solely on this income, but it can also be advantageous to look for an alternative source of income, such as a side hustle or investment. This way, you will be able to save and avoid getting stuck as you work for the next sale.
Being a real estate agent requires you to relate with people from all walks of life. You should be able to answer the question, “what does a real estate agent do for a buyer?”. Your work will be to help your clients find a suitable property for their specific needs and preference. Therefore, you should start making connections with people well before you get your license. Anyone can be a potential client, from friends and relatives to neighbors or former work colleagues.
This way, once you learn the mechanisms of the field, you will already have potential clients and people to market your services. As you interact with people, always ask about their tastes and preferences and let them know what you do. If you already have an existing rapport, you will likely be their go-to agent when they need help acquiring a property in the future.
3. Work Hours
Real estate agents usually work irregular hours since most clients have other jobs and businesses to run. For example, if you get a client who has a 9 am to 5 pm weekday job, you may need to schedule appointments with them on the weekends or evenings. Always prioritize your client’s timelines to achieve their best satisfaction.
Therefore, you can slot your less busy hours for other productive activities such as a part-time job or personal tasks you’d like to accomplish outside of work. Eventually, you will find a balance in your schedule to create enough time for your clients and for yourself.
4. Have a Plan
Being a real estate agent is like starting a business. You have to have a business plan to keep you on track, reminding you of how to operate and what you need to achieve. Do not go in blindly. Set targets, have the plan to meet them, and put in the effort needed to attain your goal. Since you will most likely be your own boss, there may be the temptation to relax and not give it your best. However, you will soon realize this when you find that you are not reaching your goals.
5. Be Ready to Learn
The real estate world is dynamic, and you will always encounter new things and strategies. You should ensure you remain informed on the trends and anything coming into the market. Additionally, you should be ready to learn from those who came into the field earlier. To become a seasoned agent, you need to know the various dimensions and whom to turn to when you hit a wall.
For example, imagine you meet someone who needs a property in the commercial sector, yet you deal with residential properties only. How will you handle the situation? Always be in the know and find someone to teach you how that side of the market operates. If not, refer the client to someone more knowledgeable and stay involved so you can understand the dealings. The more you expect to learn, the more you will learn, and the broader your scope of operation will become.
Being a real estate agent requires determination, persistence, and learning the various tastes and preferences of clients. Once you determine how to make your clients happy, they will be more than willing to keep referring others to you. Since you will meet different kinds of people, ensure that you are improving your communication and social skills. Be part of the process and open your mind to learn and handle new challenges every day.