The Secret to Starting a Successful Real Estate Career

real estate career

According to the National Association of Realtors(R), up to 86 percent of Realtors(R) are independent contractors. As of March 1, 2018, most real estate agents earn a gross income of $39,650-$51,626 every year.

So, if you’re considering a real estate career, you need to take this numbers into account to determine the viability of your options. Most Realtors(R) work about 40 hours a week and have some college education or hold a Bachelor’s degree.

In this post, we’re going to share some tips on how to start a successful career in real estate.

Let’s get right into it.

Choose Your Career Option

In real estate, there are different paths you can take, but the most common and rewarding options, include real estate agent, real estate broker, real estate appraiser, and mortgage loan originator.

If it’s your first time in the industry, your likely choice would be a real estate agent. The job involves looking for selling, buying, and renting opportunities for your clients. You’ll need to show buyers and renters potential home, negotiate prices, and act as a liaison between all parties. Agents also help sellers find homebuyers.

Real estate broker also helps in selling and buying of property. However, their job has a broader scope than that of an agent. Typically, they oversee a group of agents and manage an office to offer these services. This real estate career option is ideal if you have worked as an agent for a few years.

As an appraiser, you can take care of the maths and calculations involved in property appraisals and other transactions. You’ll work with agents and brokers to ensure correct value estimation. You can also be a loan originator, and you’ll help clients through all the aspects of loan application when they’re buying homes.

It’s Usually a Rough Start

Like most careers, gaining traction in real estate as an agent or broker takes time. It will take about 3 to 6 months for you to realize steady commissions. Typically, these careers are usually commission-based, so the more clients you have, the better.

If you’re just starting, be sure to save enough money to make it through the first six months. Alternatively, do not quit your day job until you feel the time is right. You have bills to pay and other expenses to meet, and it’s possible to go for months without an income when starting.

In this case, most starting agents usually look for a successful agent or broker to be their mentor. If you’re somewhat competent in the trade, you can offer to assist them in their deals. Being a successful agent is not all about selling. You need to understand deeds, liens, title insurance, industry surveys and data, and much more.

Have a Plan and Budget

Developing a plan is all about setting your direction, defining your ideal client, and managing your time accordingly. You want your real estate career to hit the ground running, so your long-term success depends on how you pan for your business. Don’t rush to get clients and forget other crucial aspects of your business.

When budgeting, keep in mind that there are real estate expenses and personal living costs you need to meet. You’ll be lucky enough if you start working for a real estate firm as this will help you cut some costs. Ensure your budget covers every crucial thing in your career and personal life.

Build a Solid Profile

The truth is, there are many agents and brokers out there. Just because you have enthusiasm for real estate doesn’t mean success is guaranteed. If you want to stand out, it beckons you to build a stellar real estate agent profile. Partner with other agents and experts, such as Jeeves Realty, to learn how they work.

You can also use a publicist to build your reputation as the local go-to guy for all things real estate. If you have any exciting news or something you want to share, pitch stories to local reporters and they will add you as a source or even interview you.

Do not just limit yourself to agents and brokers. Vendors, landlords, real estate management firms, investors, lawyers, accountants, and construction companies are all excellent sources of leads and networking opportunities. You can find ways to talk to them to build your foundation in real estate career.

Leverage Past Clients

After working with a handful of clients, don’t terminate their relationships with you. Find ways to cultivate them so they can always approach you whenever something comes up. Also, never turn buyers and sellers away just because you’re already climbing the ladder.

When hosting clients and contacts, things like buying lunch for them can deliver substantial returns. Basically, it’s a clear indication of your concern for your clients. As such, most people are likely to treat you in the same way. This will gradually develop into a close relationship, which means for business for you.

Sending information, such as market updates, cards, and listings, to past clients can also be significantly rewarding.

Cultivate an Online Presence

With the growth of the internet, online presence has become a staple in the success of just about any business. When building your real estate career, you can overlook online business tools and tactics for success. Get a personal website that is well-structured to display all the essential information to your potential clients.

There are sustainable and cost-effective online marketing strategies, such as searching engine optimization (SEO) and pay per click (PPC) advertising, which can grow your local client base. Leveraging social media platforms, including Facebook, Twitter, and LinkedIn, is also great for a solid online footprint.

The quality of your customer experience and service will help you garner positive reviews and ratings on Yelp and Google My Business.

Jumpstart Your Real Estate Career

At this point, you have a clear picture of what is involved in leading a career in real estate. The start is expected to be bumpy, but a little determination and commitment will go a long way in solidifying your success and building rewarding relationships.

Work with other agents and brokers and take advantage of open houses to build a profile that attracts the right real estate clients.

If you have any thoughts on starting a real estate career, be sure to share them with us in the comments.