If you’re thinking about becoming a real estate agent, there are several things you should know before diving in. Real estate is one of the most competitive industries out there, and it’s especially tough to get your foot in the door if you’re new to the business. If you have dreams of making millions as an industry leader, you’ll have to take some extra steps to ensure your success. Here are 8 tips for becoming a successful real estate agent from someone who has been in your shoes before.
1) Why Should I Become a Real Estate Agent?
If you’re looking for a career change, real estate may be just what you’re looking for. The average agent in most states earns between $40,000 and $60,000 per year. Most agents work full-time and work about 40 hours per week. If you are employed by an office or franchise that requires long hours and doesn’t offer flexible working conditions, consider becoming your own boss with your own brokerage firm.
2) How Much Money Can I Make?
Real estate agents typically get paid two ways: commissions (about half of which are earned through deals they bring in) and fees for services such as advertising, listing consultations and showings. Some states require agents to work exclusively with one brokerage, while others allow them to work independently. Real estate agent salaries tend to fall between $30,000 and $90,000 per year (average annual salary: $65,500), but it’s possible to earn more if you manage rental properties or have your own business. And since real estate is something you can do remotely from anywhere in the world there is no cap on how much money you can make or where you can live!
3) Do I Need An Education?
You don’t need a college degree to be successful in real estate. However, it can provide you with useful business skills and networking opportunities that will make it easier for you to land your first job. If you choose to go to school for real estate, note that there are two different types of programs: One is an undergraduate program (think BBA or BS) which will help teach you about real estate but won’t make you eligible for state licensing; another is a graduate program (MS/MAcc/MRE) which will get you licensed as well as trained in finance, economics and accounting skills.
4) Do I Need A License?
It depends on what state you live in and what you want to do. In some states, certain licenses are required for brokering sales, appraising real estate or holding yourself out as an agent of any kind. Some states have reciprocity agreements between each other that allows agents licensed in one state to practice in another state without having to take additional exams. Each state’s licensing requirements vary quite a bit, so it’s wise to familiarize yourself with your own state’s laws before assuming what may be required where you live.
5) Are There Any Prerequisites?
To be successful as a real estate agent, you need to be creative and have an interest in helping people. Although it may not seem like it from watching TV shows like Property Brothers, becoming a successful real estate agent isn’t something that happens overnight; however, because of that, there aren’t any prerequisites. In order to get started as a real estate agent, all you need is motivation and dedication to see it through. The potential rewards are worth all of your time and effort!
6) What Type of Work is Involved?
You can make anywhere from $40,000 to over $100,000 per year as a real estate agent. If you’re thinking of becoming an agent, it’s essential that you know exactly what you’re getting into. On top of working long hours and attending networking events on your days off, there are other things that agents have to do on top of their regular job duties. This could include putting up signs around town or being at open houses every weekend. Like most jobs in sales, there is no salary; only commission-based income so you need to make sure that your efforts will eventually be worth it! Your earning potential depends largely on how many clients you can bring in but most agents rely heavily on word-of-mouth advertising.
7) What Skills Do I Need To Succeed as an Agent?
No matter what type of agent you want to be, it’s important to remember that there are lots of skills necessary for real estate success. Most agents start their career as an assistant under an established agent, or working at a real estate company as either a salesperson or as part of an administrative staff. You can take on these jobs with zero experience, but it will make your job search much easier if you gain relevant experience beforehand. To become a successful real estate agent, these are some basic skills you’ll need
8) How Long Does it Take To Get Paid As A Newbie?
The real estate agent compensation process is pretty simple: you’ll get paid once your client has closed on their home, but exactly how long it takes to be paid varies. Some agents have clients who need time to come up with their down payment, while others may wait until closing to submit an offer on another house. So how long does it take? It really depends, but most likely between 30 and 45 days. This can seem like a very long time when you’re just starting out—so keep in mind that once you do land your first client, there won’t be much downtime at all. No matter what stage your business is in, there will always be more work for you to do as soon as possible.