In terms of self-directed careers, real-estate agents enjoy some of the best jobs in existence. They learn valuable knowledge about assessing and selling real estate, and they are licensed to close real-estate transactions. In terms of job satisfaction, they can take pride in helping with some of the most important transactions people make in their lives. Finally, they have the ability to earn enormous amounts of commission. Additional perks include the ability to hire agents to work under them. In doing so, the agent can gradually build a realty agency of his or her own.
Of course, there are a lot of things that go into becoming a real-estate agent. The difference between becoming a good agent and an unsuccessful one rely on a variety of behaviors and skills. However, the most successful agents successfully accomplish specific things prior to even getting their license.
- Understand the required tests
Becoming a realtor involves passing the realtor course exam. After that, you need to take both national and state exams. The general realtor exam ensures you are certified as an agent. However, getting a state license is necessary because can only oversee transactions if you are licensed in the appropriate jurisdiction. Without the state certification, for instance, you cannot represents either buyers or sellers interested in homes within those jurisdictions. These tests can be taken at various testing agencies. However, you can also take them online.
- Know the real-estate hiring criteria
Some agencies have specific hiring criteria. Of course, agencies will want new applicants to be certified with the appropriate state. However, they may also want previous sales experience. Additionally, in terms of commercial real estate, agencies might want specific experience in commercial real estate or some type of commercial sales experience. This means that even if you have your license, finding a job might be difficult unless you are already experienced. This catch-22, so to speak, requires you to work on your own until you have the experience necessary to catch the attention of a legitimate agency.
- Understand the hours
Unlike bankers who enjoy set hours, real estate agents are required to be busy throughout the day. Of course, you should never meet a client after hours without an escort. However, you will do a lot of work at home preparing listings, writing marketing copy, and following up on potential leads.
Additionally, the primary sales schedule of any agent will match the hours set by their potential clients. Since clients shop for homes in their free time, most agents will have to conduct meetings in the early evening or on weekends. This type of schedule can wreak havoc on a normal family schedule, so you should understand the commitment you will have to make in order to be successful.
- Understand the process of gaining legitimacy
Of course, most agencies would love to hire experienced, successful agents. However, they often hire qualified, licensed agents that are just starting out. Although it might be easy to get a job, those jobs pay in commission. Consequently, you will not earn much until actual clients trust you. Unlike agencies that will hire promising sales agents, clients want proven track records. Without it, you have to be friendly, professional, and responsive while exhibiting a high level of expertise and knowledge.
Such professionalism will be essential if you are to win over clients. Before you even make your first sale, you will need to follow up on hundreds of texts and emails, letting clients know you understand their needs.
- Costs
Tests costs money, and these costs can range between a few hundred dollars to a thousand or more, depending on how many study aids your require. Additionally, many agents must cover the costs of marketing a house, and these costs must be taken care of prior to actually selling the house. As an agent, you could potentially be working for many clients all at once. Consequently, it is important that you have the cash flow necessary to properly cover the following types of costs.
– printing for brochures and flyers
– website design fees
– listing fees for third-party advertisements
– dedicated cell phone costs
– potential office rental fees
– realty management software licensing
- Customer relationship management software
For any successful realtor, it is important to be able to successfully handle leads as well as all the paperwork that will accompany those leads. Being able to stay on top of hundreds of listings is only possible through what is known as customer relationship management software (CRM software). CRM software helps agents manage the entire sales or purchase process. Additionally, it keeps track of such things as soft leads, hired clients, and previous clients.
It can remind you to send emails, complete paperwork, and attend pre-scheduled meetings. The modern real-estate sales process is complicated enough that this type of software is more than just a good idea. It is an absolute requirement. For instance, there is no feasible way an agent can stay on top of 100 or more clients or potential leads. In a feast-or-famine industry, as they say, Realestate CRM Software by Arosoft, for instance, can be the difference between thriving and dying.
- Lenders
This next tip is one of the most important bits of knowledge aspiring agents wish they knew prior to getting their licenses. For most agents, the incentive to sell real estate is largely based on the hefty commissions. However, the commission rests on the ability of a buyer to obtain a loan. This ability requires them to be able to locate the right lender.
Obtaining firsthand knowledge of all the lenders and their requirements will allow you to determine if you can be successful. If you are in an area with strict lenders, you might find yourself struggling. Additionally, knowing the types of lenders and loans they are able to help you with (construction loans or commercial loans for example) will allow you to screen clients and determine if they will ever be able to be approved for a loan.
- Mentor
Gaining inside knowledge is one of the best ways to ensure you do not miss anything. While you are studying for your licensing exams, for instance, a good mentor can help you gain an understanding of all the best contacts. For instance, you will need to develop relationships with contractors, handymen, and appraisers. Additionally, knowing a good photographer can be of use when you must sell a house that photographs well but does not actually show well. Finally, you will need to know which title agencies to work for, ensuring you find the ones that are proactive and organized. Just as important, a mentor will have years of experience and be able to steer you away from disasters waiting to happen.
- Referral pipeline
Otherwise known as a sales funnel, a referral pipeline is critical to your future success as a real-estate agent. For instance, you will want to be able to develop a website that attracts potential clients and funnels them to your contact form. Additionally, you will want to build a network of people who know you and can refer potential clients to you. Such organizations as Business Network International are geared to helping realtors gain referrals.
- Get pre-hired
You do not have to wait to get hired. Instead, you can land a job as you get your license. Many agents find out later that a variety of agencies will even pay for your training if they feel you are a good investment. Before you set out to purchase all the study aids and licensing fees, it is a good idea to scan online realtor jobs to see what sort of benefits various agencies are offering. Doing so can save you money. However, it can also result in hiring bonuses.
