Next Steps for Newly Licensed Agents
Congratulations! You’ve just obtained your real estate license. The long nights spent studying and navigating the real estate law have finally paid off.
Just as the exam proces itself differs slightly based on the state in which you are licensed, the next steps to getting work can also depend on the nuances of the market you’re looking to enter.
Nevertheless, there are some basic steps that most real estate professionals would agree are the most beneficial way to start your career off on the right foot. Here are the five major steps you need to do after you obtained your license.
Step 1: Find a sponsoring broker who is a good fit
In real estate, brokers are almost always agents with years of experience and a broker’s license. When you’re just getting started in your career, it helps to tap into the knowledge and network of someone who has worked in the region in which you’re looking to do real estate transactions. You can think of a broker as both your partner and your boss, as they’ll help you manoeuvre through the beginning of your journey as a real estate agent in exchange for a commission split. The price of the properties being bought or sold through a brokerage determines the commission amount, but usually, brokers calculate their cut based off of a flat fee or commission split.
Step 2: Engage in professional organizations
There are countless professional organizations within real estate that can help real estate professionals connect, network and increase their knowledge of the field. A simple Google search can usually yield a plethora of state-wide real estate organizations to become a part of and there are a few national organizations to consider as well.
You can choose to become a member of an organization based around the type of property you’re looking to sell, as well as the region. For example, the Association of Foreign Investors in Real Estate (AFIRE) has a global investment emphasis that other organizations might not have.
Step 3: Build Your Professional Profile
After landing the right brokerage, the next step is to build your professional profile.What does that entail? It’s all about building your brand. Create a website, open social media accounts for your business, have professional portraits taken, etc. Small details like having an online presence or even business cards with you can show potential clients that you’re organized in what you do.
Step 4: Market Your Business
Now that you have built a solid foundation and joined reputable organizations, it’s time to get to the fun part of the job. Marketing! Keep in mind that even if you’re operating under the umbrella of a broker, you’re operating a small business.
First, you’ll need to sketch out a marketing budget.
As a new agent, you probably don’t have a buyer list or referral system that will bring in buyer leads. To that end, you might need to leverage the services of reputable lead generators that will bring potential leads right into your inbox. These include lead generation companies such as BoldLeads, REDX, Market Leader, SmartZip, etc.
You will also want to leverage non-paid lead generation sources to expand your reach. This may include asking your sphere of influence for referrals, attending community events, blogging, and posting your listings on social media.
Step 5: Network, Network, Network
One of the best things you can do as a new agent to grow your business is to network extensively.
Look to build connections with local real estate agents and other stakeholders—bankers, surveyors, lenders, etc. If you have joined any professional organizations, it’s in your best interest to attend as many events as possible.
The real estate business is a numbers game. The more the contacts, the higher your chances of getting more referrals and closing more deals.
Now that you have some tips for starting a real estate career, be confident in your abilities to become successful. You’ve already completed the biggest step, passing your real estate exam, and are on your way to a fruitful career.