Tips for a successful beginning to your career as a real estate sales agent
There are lots of millennials interested becoming a real estate sales agent. From taking courses in college classrooms or online, to pursuing a real estate license, it’s awesome that the next generation of people filling out real estate sales careers is taking shape! And, many mature people seeking a career change are joining the real estate sales profession.
If you are considering becoming a real estate sales agent, first, talk with people already in the industry, and get a firm understanding of what you’re getting into, by entering the real estate sales industry.
Once you have made the decision to charge ahead, here are a few tips to use, once you are licensed:
Do your homework
A real estate sales agent is almost always a commission-only independent contractor. As a real estate sales agent, you must have a broker supervising your transactions. Join a broker’s office that embraces, and is successful at, training new agents. Do the homework that will help you select the working environment that offers you the best chance at success. A lot of your commission will go to the broker, but the trade-off is the training — at least until you earn the annual income it takes to get you to the next commission split level.
When brokers interview you, they will be trying to gauge your drive and ambition. Every broker knows what makes a great real estate sales agent. Being clear about what motivates you will go a long way towards helping you land a spot as a real estate sales agent.
It’s a marathon, not a sprint!
Upon becoming a licensed real estate sales agent, focus on managing your real estate sales income carefully. Being prepared for the long on-ramp to your first few real estate sales is an important step. Your first transaction can take 30-to-60 days to close, from the beginning to the end of the real estate sales process. So, creating a capital reserve that will last you at least six months is crucial. It could be that long before you earn your first commission check! You must have enough reserve funds to support your lifestyle, and the cost of doing business, i.e.: dues, fees, taxes, customized marketing materials, electronics, and other business tools. A cash reserve will help you be focused and effective in your first year.
And, since real estate sales, like most other sales-oriented professions, is cyclical, having funds available to help you weather the ups-and-downs of the market is key. All boon years come to an end… budget for surviving the down cycles. Market downturns force many agents to leave the business, because they failed to budget and manage their commission dollars.
Moving on up
Once you have launched your shiny, new real estate sales agent career, connect with seasoned agents, and stay in touch. Listen to their advice, and find out their keys to success. Ultimately, you have to make your own path to success, but you’ll get enough to help you make informed decisions along the way to your success.
In addition to the traditional ways of procuring listings and buyers, find a niche market that uniquely suits you i.e.; buyer’s agent, probates, investment properties, condos, multiple units, relocation services, etc.
This is just the tip of the “getting started” iceberg! Good luck on a prosperous future! Feel free to drop me a line with your questions about how to succeed in real estate sales.