Getting your real estate license is an exciting time. For one, you get to call yourself an agent. But even beyond that are the things you’ll need to do to get your career off the ground.
There is the responsibility of finding a broker, building your professional network, finding leads, doing your marketing, and dealing with all the paperwork that comes with the job. This process can seem long and arduous, but don’t worry—it gets easier with every deal you close.
The specifics of the market you’re trying to join can influence the following stages to find work. The exam procedure varies slightly according to the state where you got your license.
One way to ease the stress of your first few months in real estate is to find a broker with a sound support system. Read this article to find out what you should do after getting your real estate license!
Steps to Take After Getting Your Real Estate License
You’ve passed your exams and are now a licensed real estate agent. But what should you do next? Below are recommendations for the steps to take to launch your real estate career.
Choose a Brokerage or Sponsoring Broker
A sponsoring broker is necessary before you can receive your license. Your real estate license isn’t valid without a sponsoring broker to back you up.
You may complete your pre-licensing coursework and even your licensing, but your license will be inactive until you meet this criterion. Furthermore, you will need real estate education whenever your license needs renewal.
When you first start as a real estate agent, a broker will guide you through the process in exchange for a commission. The commission will be a fixed fee or commission split, usually determined by the income from property sales and purchases in your brokerage.
- If your brokerage operates with a fixed fee, you must pay a broker a predetermined price for their services, often decided monthly.
- If it’s a commission split, you may give the sponsoring broker a certain percentage of the commission while you keep the rest. The 70/30 split is typical. In this case, you save 70% and give the sponsoring broker 30%. However, a brokerage like eXp Realty operates on an 80/20 commission split.
In exchange for the commission split, your sponsoring brokerage will help you grow and establish your brand. While you will receive the guidance you need from the sponsoring broker, it is your responsibility to push your business out there.
After receiving your real estate license, choosing a broker will rank among one of the most critical choices you will make. Select a hiring broker whose culture fits your business goals and needs.
You must become a broker if you want to be your own boss or want other licensed real estate agents to work under you.
Establish a Business Plan
As a new real estate agent, you will most likely be a part of a team. Even if you aren’t part of a team, you’ll be working under the mentorship of an experienced agent. It’s easy to think of yourself as part of a large group, not as an independent business that needs its own goals and objectives.
This view may be a rookie mistake. Growing in the real estate industry will require you to have a business plan. That plan should include a budget, strategies, and long-term projections. Even if things don’t go according to your schedule, goals, and strategies to achieve those goals will help you stay on track and establish your business.
Create a Professional Profile
Establishing a professional profile is a powerful marketing strategy; there’s no better time than now. You may need to create a website, have a social media presence, and socialize with well-known agents and brokers around you to put yourself out there.
- If you’re not social media inclined, consider hiring a social media specialist to increase your online presence.
- Additionally, little things like having business cards on you at all times can demonstrate to potential clients how prepared you are.
- Start distributing your business cards immediately. Determine the image you wish to project, and tactically establish your brand in your neighborhood, for starters.
Don’t wait until you’re done with your licensing application before you start setting things in place. You can start building a good rapport with local contacts and familiarizing yourself with the local market.
Good Customer Relationship Management (CRM)
Collect contact details, emails, and social media handles for your sphere of influence (SOI). Then, spend as much time as you can entering these details in your CRM.
Learn how to communicate effectively with your SOI through various media. To ensure your clientele is never out of reach, set aside time regularly to update your CRM with new contact details.
Technology has made some of the best CRM software available to every real estate agent. And, to make things easier, agents can enjoy CRM benefits at cheaper rates when they work with some brokerages. A perfect example is eXp Realty’s KVCore facility, that’s available to all its agents.
Join Professional Associations & Network
There are several real estate organizations and community groups where professionals can interact, network, and broaden their industry knowledge.
Consider what is essential to you as a real estate agent, and look for organizations based around that. For instance, the Society of Industrial and Office Realtors (SIOR) emphasizes commercial and industrial real estate.
Many other professional organizations can help you in whatever field you choose. Below are some top real estate organizations:
- Association of Foreign Investors in Real Estate (AFIRE)
- National Association of Realtors (NAR)
- Urban Land Institute (ULI)
- U.S. Green Building Council (USGBC)
Remember, while you’ll get help from your real estate brokerage, your responsibility is to grow your business. This assertion can mean educating yourself about the local real estate market, interacting with proprietors of small businesses, or joining neighborhood organizations.
Develop a Good Relationship with Clients
Fostering a relationship with your clients is one of the most important things you can do for your business. No matter how good you are, your clients will never know your prowess or abilities.
Your customers need to know they can trust you with business. And there’s no way to get their trust without reaching out to them regularly. The real estate industry is about successful property sales; you will need a good sphere of influence to secure future deals.
Whether you reach out through calls, texts, social media check-ins, or email doesn’t matter. What is important is finding an effective way to stay in touch with your clientele.
Locate a Mentor
As a rookie, you will need all the guidance you can get. The real estate industry is full of complexities, and it’s easy for you to feel lost or make rookie mistakes without good mentorship.
You’re not going to learn everything you need to succeed overnight. After you receive your license, you have a whole career ahead. With a mentor’s help, you can learn the ropes and receive helpful advice. This mentorship can help you avoid mistakes rookies usually make.
Your broker could be a good mentor. Certain brokerages go a long way in helping new agents grow. For instance, eXp Realty’s mentorship program gives new agents the tools they need to build a successful career.
Choose a Specific Field
There are several career options in the real estate industry. Maybe you have already decided on a specialization before writing your real estate exams, or perhaps you have not yet chosen. But after some time in the industry, you must consider your career options.
Maybe you’d like to specialize in commercial real estate, or perhaps you prefer rental properties. You might also want to work primarily as a buyer’s or listing agent. Or maybe build your portfolio steadily until you can become a broker and run your own brokerage.
Consider your expected annual income concerning the type of real estate you plan to purchase. Consider the kind of workplace that would make you most comfortable after determining your ideal income.
Are you considering working from home, or do you see yourself working from an office? Do you intend to lead a real estate team? All these aspects are affected by the area in which you decide to specialize.
Deciding on your specialty early in your career can benefit you because it will shape the direction of your job. But there’s no problem if you haven’t made up your mind yet. Take time to make the right choice. Make sure you choose a brokerage that can help you realize your goals.
Gain Knowledge
Your education doesn’t end after your real estate exams. To educate yourself, consult books, browse the internet to find coaches, attend meetings and training for brokers and enroll in online courses offered by your association. You can learn from others through seminars, conferences, and other networking occasions.
To improve your effectiveness and performance, you should constantly be studying new information and mastering the latest approaches to the real estate business.
One advantage agents at a brokerage like eXp Realty have is the online platform, eXp World. Both new and experienced agents can use this platform to learn about the real estate industry. They can stay updated on the latest tools and technologies available to real estate agents and brokers.
Consult Real Estate Experts for Guidance
Although each real estate agent has their path in the business, it can be helpful to seek counsel from others with more expertise. You can learn about the real estate industry’s peculiarities by seeking people with experience in the area that you intend to work.
You can seek advice from your managing broker. While you’re working on expanding your business, you’re also helping them grow theirs. They should also help you advance your career, connect you with new customers, and advise you on the best course of action.
As a new agent, you have a better chance at success if you choose an agent-focused broker. If you aren’t getting enough guidance and support at your brokerage, it might be time to leave.
Moving your real estate license to a broker who can help is always in your best interest. eXp Realty has the best culture for rookie agents who want to establish themselves in the industry and put their brand out there.
What You Can Do With a License
After you get your real estate license, you’re at liberty to choose your career path. Choose what fits your interests and skills.
The first step for people who obtain their real estate license may be becoming a real estate agent. But there are other possibilities.
Do you have a Real Estate License on hand? Great! But are you still wondering what to do with it? A Real Estate License is your ticket to a rewarding career in the real estate industry. With the proper training, you can make it even better.
Here are some options for you if you have your real estate license.
- Real Estate Agent (Buyer’s or Seller’s Agent)
Real estate’s most sought-after entry-level position is this one. Real estate agents represent people who want to buy or sell a property.
This job involves some networking, customer management, and paperwork. The typical compensation for real estate brokers is a commission or a flat rate, agreed on by the agent and their brokerage. Some confuse real estate agents for brokers, but they are not the same job.
- Real Estate Broker
Brokers help sell, lease, and acquire real estate, much like agents do. However, they can choose to work alone or oversee other agents individually or as a team.
Some brokers focus on resort management or work with government organizations to rebuild industrial sites or reclaim the land. But before becoming a broker, you may need to work in the real estate sector for a while.
Additionally, brokers typically earn more money than agents, making this an excellent choice if you want to boost your pay.
However, starting as a real estate agent is easier if you just got your license. As an agent, you have the opportunity to gather experience and knowledge of the real estate industry. Building a good portfolio can help you establish yourself as an agent before you move forward and aim for higher pay.
- Property Appraiser
As a property appraiser, your job will involve creating an assessment of a property’s value. Many people can use the service of an appraiser. But the typical clients are people who want to refinance a property or buy homes under contract.
As an appraiser, you must be an expert who knows the way around the real estate market. This job might be ideal if you’re familiar with your local real estate market.
- Real Property Administrator
Property administrators must manage investment property once it has been bought or created. The real property administrator (also known as the property manager or management administrator) is responsible for the daily management of a property.
As a property manager, your duty will include hiring personnel, hiring professionals to perform services, and leasing. Most people in property management receive salaries. You won’t have to bother about working for a commission like agents. Some believe this option is more financially secure.
- Realtor
After you’ve been in the real estate industry for a while, you might decide to consider becoming a realtor. You’ll need to join the National Association of Realtors if you want to advance in the field.
By becoming a realtor, buyers, sellers, and other real estate industry professionals will expect you to show commitment to providing top-quality services to your clients.
You must offer high-level professional services if you have GRI accreditation. Licensed real estate workers can acquire this certification if motivated to learn more and go to a new level in the industry.
Expectations for Your First Year In The Industry
The real estate industry is massive in the United States and worldwide. As a new agent, your first year will be unique and depend on several factors like your personal business goals and the brokerage you choose.
However, there are certain things to expect no matter where you decide to go. Your networking activities will affect your first few years in real estate, and the relationships you develop will shape your real estate career.
That’s why paying attention to your sphere of influence is essential, especially as a new real estate agent. When satisfied customers begin recommending you to their friends and family, your network of potential clients grows.
Conclusion
Finding a brokerage that invests in your development and education is crucial. As a rookie, you will have a lot to learn.
eXp Realty is known for its agent-focused culture and dedication to the growth of all its new and experienced agents. Agents at eXp have access to cutting-edge real estate tools and resources to help anyone build a successful real estate career.