How to Start a Career in Real Estate
1. Get licensed in your state. …
2. Choose a brokerage. …
3. Join the National Association of Realtors. …
4. Find a path to get training. …
5. Create a business plan. …
6. Build your business using your contacts. …
7. Develop your professional image. …
8. Be ready to meet your first client. …
In day-to-day practice, there are three functions that real estate agents perform: representing buyers, representing sellers, and building their business. And it’s easy to get started, no matter what you are doing now.
Follow these steps and you’ll be well on your way.
1. Get licensed in your state
First, you’ll need to get a real estate license from your state which will require a certain amount of coursework. The courses are mostly related to ethics, discrimination and other consumer protections. Many online courses are available, but you can take live courses if you prefer. The longest course may stretch over eight weeks, but many courses can be completed in less than a week. The cost of your courses and the state license can vary.
2. Choose a brokerage
A real estate brokerage is a company that is set up to help facilitate the business brought in by their real estate agents. A brokerage will provide:
• A brand to be affiliated with
• A managing broker who can help guide your career
• Some tools and light training
• Business cards
• A desk
• A contract to use
3. Join the National Association of Realtors
A state license gives you the legal right to sell real estate, but you cannot call yourself a Realtor until you have joined the National Association of Realtors (NAR) and agree to follow the rules they set forth. You do not have to join the association, but successful agents often find it beneficial. Most brokerages will require it and in most states this is how you gain access to your local Multiple Listing Services, the database where all the homes for sale is listed.
4. Find a path to get training
Many agents are surprised to learn that their real estate license does not prepare them to do the daily work of a real estate agent. In residential real estate there are many moving parts, from finding customers to closing deals. Real estate agents need to find a mentor, coach or some other form of training in order to be successful. Companies like Adeniji Adele & Associates offer agents the training they need through a series of engaging and informative Interactive Sessions “New agents have to learn a lot of information quickly. ” says Adeniji Adele, founder of Adeniji Adele & Associates.
5. Create a business plan
A real estate agent is essentially an entrepreneur. Although it’s tempting to skip business planning, or think about it without writing it down, most successful agents say that writing out a business plan helped them out tremendously. You can download a template to create your business plan from training companies like Adeniji Adele & Associates.
6. Build your business using your contacts
As a new agent, most of your initial contacts will be family or friends. For most agents, getting the word out is the best way to use your contacts to build your business. First you create a list of your all contacts and put them together in a database. Then, send out an announcement about your new career and ask your closest people to help share the news. Put out information through your social media, start networking and soon you’ll have people interested in talking to you about representing them!
7. Develop your professional image
Real estate is an image-based business, and clients make a quick judgment call on whether or not you’re in contention for hire. Your image, which can influence your career more than any other factor, is conveyed by the way that you dress, the way you speak, the way you respond to others, and the way that others speak about you. You should hire a professional photographer and a professional writer to take your headshot and write your bio, which will be shared on your website, through social media and in marketing materials. Don’t be afraid to put your creativity to work!
8. Be ready to meet your first client
Seventy percent of real estate customers only interview one agent to sell their home! Leads may come from many places — for example, an office call, a referral, or from someone you already know. Always be prepared to handle the first contact with any client.
The timing of your response and the professionalism of your note or phone call will set the tone for the future. Potential clients are deciding whether to hire you when they first reach out. Remember:
• Establish your credibility in every conversation.
• Give a prompt reply. Demonstrate your reliability by responding in a timely fashion — 5-to-10-minute response times are best.
• Avoid slang, jokes, emoticons or misspellings in emails, texts and any other written correspondence.
Once you get your first client, you are on your way to a career that can bring you joy and success for many years!