Real estate careers are one of the most lucrative out there. There’s always work to be done, and people need homes. You can make millions in a career if you know what you’re doing! But before you can really get started with this industry, you need to know your way around the basics. This article will cover everything that potential realtors should know about breaking into the field and starting a successful career!
1. Get your realtor license
Before you can start working in this career, there are a few things that must be done! First and foremost, you need to go to school and pass the real estate exam to get a license in order to do any work in the industry. Exams might not be exactly the same in all states, as laws and regulations in each state can be different, and that’s why it’s important to practice for those exams. If you live in Pennsylvania for example, googling “pa real estate practice exam” will show you what options you have for practice tests in Pennsylvania. At most schools, students will take a course lasting 18-40 weeks where they learn about all of the laws governing realtors and how to sell properties. In addition, many courses focus on practical training so that students can become familiar with what exactly goes into being effective at showing homes or simply giving advice about a home’s value.
After getting your license, you typically need to be sponsored by an established real estate firm before you can work for them. This is because agents are legally allowed to only practice at one brokerage unless they have special permission otherwise. This is known as getting your “broker’s license.” The brokerage that you work for will need to get a surety bond from an insurance company, which protects the broker against fraud committed by agents in their office. The cost for a firm to buy a surety bond varies between 1% and 15% of the bond amount.
2. Decide which realtor career is best for you
There are several different paths you can take if you want to work as a real estate agent. If making money as a property manager doesn’t sound appealing, there are still other options to consider! To help decide what path would be the best for you, ask yourself these questions:
- Are you extroverted? Do you enjoy socializing with people and showing them homes?
- How much experience do you have in business? Do you understand the basics of how a company runs efficiently?
- What types of things about homeownership interest or intrigue you?
- Do you love going to open houses and checking out the newest styles of each season, or have an interest in the nitty-gritty business side of things?
Your answers to these questions will help you narrow down which career path would be best for you.
3. Brush up on your business knowledge
Additionally, students will learn the basics of how to run a company as a real estate agent so that they can effectively work from day one! Many courses now teach students about what all is involved in running a business and how to provide good customer service. Students may also spend some time learning about marketing strategies and ways to bring in leads or sales for their business. This knowledge can be used to boost sales, which will help you advance quickly in your career! No matter how long you’ve been in this field, there is always something new to learn. Don’t be afraid to ask for advice from people who have more experience than you do or attend seminars about up-to-date information about what buyers are looking for when they shop for property.
4. Gain experience! Then gain more experience!
There are several different methods of gaining experience with real estate before venturing off on your own as an independent agent. You can look for a job in an established real estate firm, where you will work with other agents who can be helpful mentors. Not only do you gain experience that way, but it’s also beneficial to become acquainted with the various systems that exist within the company. If your mentor shows good business sense and hard work ethic, they could help teach you key skills for getting ahead in this industry!
If working in a company isn’t for you, consider working in another field where there is potential to communicate with people about homes or property. This could be anything from marketing for home improvement companies to serving as a management consultant! This experience can give you valuable insight into what makes people interested in buying property, which will make it easier when it comes time to show homes. And, of course, the more experience you have in a field related to real estate, the better!
5. Networking is a vital part of being involved in real estate
In today’s world where technology makes everything easier, networking has become key during almost any career search. Regardless of whether you want a job as an agent or if you want to create a name for yourself as a property manager, connections with other people can be invaluable.
As you begin building your career as an agent, you might find yourself starting out with very basic tasks like networking and cold-calling people to offer them your services. After some time passes, more opportunities may come up for increased responsibility or new types of work like selling commercial real estate. They can help you find new opportunities and can open doors for you that might have been closed otherwise! Networking is significant because they will be able to give you advice they might not share freely with others about things like what businesses are the most profitable or how to handle certain types of clients.
6. Businesses are people too!
This means that just as you would treat other people with respect, make sure to extend the same courtesy to your clients and coworkers. Working well with others is important in any career, but especially so when money can be involved. When you take care of your business relationships, they will take care of you through increased sales and better connections! You never know where your next lead or referral might come from, so it’s best not to burn bridges if at all possible. Treating everyone well also helps to ensure that your reputation remains intact throughout the industry, that way, people won’t hesitate to refer their friends or family to you!
These tips can help you get started with a lucrative career in real estate. Of course, there is always something new to learn, and experience never hurts! There are several different methods of gaining this experience before venturing off as an independent agent, from working for established firms or working within another field related to property. Regardless of how long you’ve been in the industry, it pays to network with others who have more experience than you do and show respect towards your clients and coworkers alike. As long as you put these principles into practice throughout your entire professional life, then staying successful shouldn’t be a problem!
