So you've taken the real estate prelicense test and passed. How do you get started making money right out the door?
Jumpstarting your real estate income is one of the things that new real estate agents are most interested in. We totally get it. After all, who doesn't want the cheat sheet to building the career of their dreams? Don't worry, we've got you covered with a must-do list built from over 50 years of real estate experience so that agents looking to increase their income can do so immediately.
With these tips and strategies, we'll help you build the techniques you need to be a lifelong learner, and lifetime top-earning real estate sales rep.
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Maximize your profit by partnering with like-minded agents.
Sometimes you'll be referred to a client or a property that just doesn't fit in with what you want for your business. Instead of turning them away flat, consider passing the buyer or seller to a colleague who is better matched for the project for a percentage of the profits. Not only will you be building a strong connection with fellow associates in your area by passing along business that doesn't align with your brand, but you'll also be directly profiting from the referral.
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Develop your marketing budget on the front end.
There's a lot of competition in the top real estate markets. There's a lot of competition even in the smaller real estate markets. And that's exactly why marketing needs to be one of your main focuses. Everything — from lunch with your top clients and referrers to postcards blanketing the neighborhoods you want to represent — needs to be included in your budget plan. Figure out how much you can realistically dedicate to launching — and maintaining — your brand during the first 6 months of launching, and then make sure you adjust for scaling as you go.
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Continue to improve your license by getting designations and certifications.
Did you know that designations and certifications make you uniquely suited for specific industries, like luxury homes and buyer representation? Designations and certifications acknowledging experience and expertise in various real estate sectors are awarded by NAR and each affiliated group upon completion of required courses. Distinguish yourself by learning how to build a business that specializes in niche markets to nearly double your earning potential in various real estate sectors. The best part? You don't have to wait to take any of the designation courses — as soon as you get your license you can register for the classes that will take your career to the next level.
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Think digitally.
Even though real estate is a "people business," it really helps to have a digital presence for landing web-based leads, especially as the Millennial market grows. Millennials love discovering the ethos of a person or company before they commit, so having a one-stop shop for them to reference should be one of your main focuses as a new real estate agent. Even if you don't have time for a full-fledged digital strategy, make sure you've got a website, with a clear message about who you are, what you excel at, what your clients have loved about working with you, and where your future clients can win big by partnering with you. Then at the very least, you have a place to direct traffic when you meet someone at the coffee shop or have a friend who refers you on Facebook.
Beginning your real estate career as a newly-licensed agent can seem a little daunting, but with a solid education under your belt, a great broker to hang your license with, and a few other, key strategies, you can build the top-earning career you've always dreamed of right from the start.