If you’re thinking about pursuing a career in real estate then there’s a lot you should learn about before making the jump. On the surface real estate looks fun and exciting; no set hours, not tied to an office desk, the ability to work for yourself. All that is true, but there is also a lot to unpack the deeper you get in real estate. Which is why we created a list of what we consider the top 8 things to know before pursuing your real estate license.
1. Uncapped Income Potential:
First things first, and this goes without saying, real estate agents have the potential for uncapped income potential. Unlike traditional jobs with fixed salaries, real estate agents earn commissions based on their sales. While this offers the opportunity to earn significant income, it requires time and dedication to build a steady stream of clients.
2. Importance of Marketing:
There are estimated over 3 million active real estate licenses in the United States. Meaning it’s a good idea to find out how you stand out from the rest. In the competitive world of real estate, marketing is everything. To succeed, you need to ensure that potential clients are aware of your services. Social media is a great starting platform that is cheap and effective to begin your marketing efforts. Platforms, such as YouTube, TikTok, and Instagram, are the perfect place to showcase your expertise and attract clients. Additionally, you can look to other routes of marketing that may cost some money. Consider investing in lead generation tools like Zillow or dedicating time to cold calling and door knocking.
3. Financial Preparedness:
Pro Tip: Save Some Money. Launching a career in real estate requires financial preparedness. It often takes six to twelve months to close your first deal, so having a financial cushion is essential. Consider saving enough to cover your expenses during this initial period or explore alternative sources of income to support yourself as you build your client base.
4. Setting Metrics:
As a real estate agent, you'll be your own boss, which means you'll need to hold yourself accountable. Establishing metrics for your activities, such as content creation, calls, and door knocking, can help you track your progress and stay focused on achieving your goals. If you’re looking for a daily task worksheet to help keep you accountable then you’re in luck. (Add link to the guide on our website)
5. Length of Licensing Process:
Obtaining a real estate license is not a quick process. Depending on your state's requirements, it may take several months to complete the necessary coursework, pass exams, and obtain licensure. Remember, passing the licensing exam is just the beginning of your real estate journey. Be prepared for this timeline and plan accordingly.
6. Mentorship and Networking:
Real estate and networking go hand and hand, especially during the beginning of your career. Seeking mentorship and building a strong network are crucial steps in your real estate journey. There are many ways to find the right real estate mentor for you as well. A mentor can provide invaluable guidance and support, helping you navigate the complexities of the industry. Additionally, working on a team or joining a brokerage with robust training programs can provide valuable networking opportunities and accelerate your learning curve.
7. Part Time vs. Full Time:
While it's possible to pursue real estate part-time, dedicating yourself full-time to the profession increases your chances of success. Full-time agents have more time to dedicate to their clients, build their expertise, and establish themselves in the industry. However, if you're considering real estate as a side hustle or stepping stone to real estate investing, part-time may be a viable option. A great way to become financially prepared as we mentioned earlier is to start out as part time and then when you’re ready to make the jump, do it!
8. Diverse Path to Success:
There is no one-size-fits-all approach to success in real estate. While some agents thrive on traditional methods like cold calling, others may find success through innovative strategies like social media marketing. Explore different avenues and find what works best for you and your strengths.
Summary:
Before embarking on your real estate journey, it's essential to be aware of these eight crucial factors. From understanding the income potential to navigating the licensing process, each aspect plays a vital role in your success as a real estate agent. By taking the time to prepare and educate yourself, you'll be better equipped to thrive in this dynamic industry.
If you’re ready to take the next step towards a career in real estate, keep these eight factors in mind as you embark on your journey. With dedication, perseverance, and a solid understanding of the industry, you'll be well on your way to achieving success as a real estate agent.