I can tell you from first-hand experience real estate is an appealing career choice. There are so many reasons people choose to become a licensed real estate professional. Realtors can set their own schedules, work with diverse clients, and the earning potential is outstanding! Even the creativity involved in the market is a draw for many who want a career they love. Once you’ve taken your real estate licensing exam, I can guarantee that you’ll be motivated to quickly start your real estate career.
I often see new agents who are excited to get their real estate careers started, but truthfully, the hard work has just begun. That’s why I recommend new agents think about the following to get their real estate business booming.
Find a broker
You need to find a sponsoring broker, or a Broker-in-Charge, to activate your agent status and earn your provisional status. You’ll have to work under the supervision of that licensed Broker-in-Charge until you’ve completed a 90-hour post-licensing education program. It’s a lot of work, but I promise it’s worth it.
I can’t recommend this enough: your sponsoring broker should be somebody that can guide you through all the processes when you have questions. A brokerage firm will also have the marketing dollars and connections to make sure you’re successful. When you’ve got a great broker coaching and training you, your success will happen fast, which is an awesome feeling.
Networking is a critical growth strategy when you’re new to the real estate market. I’m a big believer in joining local organizations that will help you meet potential clients, partners, mentors, or word-of-mouth referrals.
You’ll want to start by joining your local or regional Realtor Association and look into joining your local Chamber of Commerce. It’s never too early to begin establishing great connections! Check into young professionals’ organizations or small business groups, then start attending their regular meetings, events, and conferences. Don’t forget to bring your business cards to share with anyone you meet, and don’t be afraid to follow up with those connections down the road since you never know where they may lead.
Build a business plan
As a new real estate agent, you’ll want to work with a trusted real estate group. But I still encourage you to create a business plan for yourself, too. You’ll probably join a group that has its own plans in place, but as an agent, you’re also your own boss. You’ll need your own business plan to ensure you’re successful on your terms.
You may want to think about building mission and values statements for yourself. If you’re working with a bigger organization, you could consider syncing your personal mission and values statements with that of another organization. Still, your statements should help you set the tone for what you stand for and how you want to build your business.
Next, take your goals into consideration. For example, you may want to make your clients feel they’re your top priority. Think about what actions you could take to make that happen and put it down in your plan, along with ways to make it measurable. You’ll likely also have a sales goal in mind. Put those goals in the plan, too, to keep yourself accountable, whether they’re monthly, quarterly, or yearly.
Don’t forget to account for growth strategies, eventual team members, and even a Strengths, Weaknesses, Opportunities, and Threats analysis. Revisit your business plan regularly as you grow, just to make sure you’re on target to meet your goals and that you’re always staying on track with your vision and mission.
Look for a mentor
The broker you choose can always serve as a mentor. But don’t hesitate to find other mentors who can guide you in your career, too. Mentors can give you inspiration in so many phenomenal ways, whether it’s guiding you in the way you want to do business or understanding the ins and outs of the real estate business.
Start hunting for a great mentor within your new real estate community. In addition to your broker, don’t hesitate to look for rising stars in real estate and top producers who have earned a top spot in the market. You may want to look for other business professionals who have similar values to yours to see how they’ve implemented those values into their business. These professionals may just open your eyes to the type of businessperson you can be down the road.
By implementing these tips, you’ll make your name in the real estate industry in no time and will have the guidance to be the most successful professional possible. Good luck as you work on building this amazing career.
Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.