Do you want an insider’s look at what to expect when you get your real estate license? Many new agents are surprised by some of the realities of the industry.
You’ve done all the hard work to get your license:
Took your pre-license courses
Passed your real estate exam
Applied for your real estate license
But now the real work begins! Once you get your real estate license, you get to start working with buyers and sellers and building your business.
And we want to help prepare you for this exciting phase of your career! So we’ve prepared a list of what to expect when you get your real estate license.
What to Expect When You Get Your Real Estate License
You might not encounter every one of these items, but this is what you should be prepared for as a new real estate agent.
1. You’ll Keep Learning
Your pre-license real estate courses taught you about the concepts of real estate. But they didn’t teach you much about prospecting, marketing, or building your new business. Reading books about being a real estate agent or taking a training course to boost your sales skills will make all the difference to your new business. Furthermore, you’ll need to complete ongoing continuing education courses in your state for your license renewals.
2. You'll Need a Plan
Real estate agents are business owners. As a business owner, you need a business plan. Your business plan is simply an outline of how you will run your business. Documenting a business plan gives you a clear path to follow, which is particularly helpful when you’re feeling overwhelmed by the many different directions you could take as a real estate agent. Your plan should include:
3. You Won't Sell a House for a While
You’re probably not going to sell a home in your first week. It may take a month or two (or longer) to get that first sale. It takes a little time to get your name in front of buyers and sellers and convince people to trust you with their most valuable asset. Good news: the first sale is the hardest. They will get easier after this.
4. You Won't Get Paid for a While
You don’t get paid when you sell your first home. You only get paid when the deal closes. It typically takes 30-60 days for a home to close escrow. So be prepared to cover your living expenses by another means during those first few months.
5. You'll Need a Website ASAP
A profile page on your broker’s website doesn’t cut it in the 2020s. To establish instant credibility in the digital age, you need a website of your own. You can rent a website from real estate website providers for a monthly fee, pay a web designer to build your site, or even build your own real estate website.
6. You'll Need to Be Available
Buyers and sellers expect their agents to be available round-the-clock. Be prepared for your phone to buzz at odd hours with random questions and requests for showings. The sooner you can reply, the better. But it might help to establish a few boundaries upfront in your initial consultation with new prospective clients.
7. You'll Be Lied To
It’s a sad but true fact: clients will lie to you. They may lie inadvertently, thinking they want one thing when they really want another. Or they might lie to avoid an awkward conversation. They might even ghost you. Try not to take it personally.
8. You'll Need to Follow the Market Closely
Over your real estate career, you’ll see strong seller’s markets and slow buyer’s markets. You’ll need to pay attention to these trends and stay up-to-date to give your clients accurate information and sound advice. Experienced agents still begin every day by reviewing the MLS “hot sheets” to see which homes are moving and how prices and days on market are trending. Different markets require different marketing strategies, so you’ll need to build some flexibility into your marketing plan.
9. You’ll Be a Social Media Manager
Every small business owner in the 2020s is also a social media manager. You might not want to be one, but the marketing reach of social media is just too valuable to pass up. Invest a little time in learning the basics of social media marketing, and keep your social accounts current. You could choose to outsource your social media, but remember, this is a golden opportunity to connect directly with your buyers and sellers. It’s well worth some personal time and effort!
10. You’ll Make a Real Difference in People’s Lives
As a real estate professional, you’re helping people buy homes in which to make memories and sell homes so they can open the next chapter of their lives. What you can expect when you get your real estate license is to make a real difference in the lives of your clients and your community.