Passing your real estate exam is an early milestone in your exciting real estate career. But it doesn’t mean you’re ready to get to work.
There are 5 important to-do’s to handle before Day One as a new real estate agent.
1. Map the Path to Your Real Estate License.
Passing your exam and getting your real estate license are two different things. In most states, once you pass your exam, you are eligible to apply for your real estate license. Some states, like Texas, require you to find a sponsoring broker before you can apply for your real estate license.
Make sure you understand what steps you need to take to secure your real estate license now that you’ve passed your exam. Then get on it!
2. Start Building Your Network.
It’s never too early to start building your network!
Your network initially consists of the people you already know: friends, family, former colleagues, etc. And sure, those relationships will probably lead to a few real estate deals. But now that you’ve passed your real estate exam, it’s time to think bigger and start building strategic professional relationships.
Seek out lenders, investors, and other industry professionals. Figure out how you can provide value to them (perhaps through a referral or regular market updates). Then nurture those relationships for the long-term.
3. Choose Your Broker.
Nearly every state requires real estate agents to work under the supervision of a real estate broker. Your broker has a substantial impact on your career, so choose carefully!
Interview several local brokers to find the best fit for you.
Here are a few factors to consider when choosing your broker:
- How much training does the brokerage offer?
- How much ongoing support does the brokerage offer?
- Does the broker have a good reputation?
- What is the work environment like?
- How much of each commission will you keep and how much will go to the broker?
- Does the broker charge the agents any additional expenses?
4. Improve Your Sales Skills.
Sales skills are critical to your success as an agent. You need to know how to land appointments, overcome objections, and close a deal.
There are several exceptional books to help real estate agents learn these skills. Get in the habit of reading every day.
Then put that knowledge to use with practice exercises. You can record yourself delivering your sales scripts, then play your recording back. Do you sound natural and confident?
Or you can role play with friends, family, and new colleagues. Call them and give your cold-call sales pitch. Or give a few practice tours around a few homes. Practice now so you’ll be polished for your first real-world clients!
5. Draft Your Financial Plan.
Don’t start your new career without a financial plan!
It will take time to earn your first paycheck, often 3-6 months for new agents. To protect yourself financially, figure out how you’ll cover your living expenses for the first few months. Perhaps with savings, a significant other’s income, or a side hustle that allows you to focus on real estate.
And you’ll have a few upfront expenses to cover as well. Find out how much you’ll need to spend on business cards, marketing, and any brokerage fees and membership dues. Don’t forget to include these costs in your financial plan.
With these 5 items checked off your to-do list, you’re officially ready for your first day as a new agent!