So you’ve recently made the decision to dive into real estate. It’s an exciting and nerve-racking time, and if you play your cards right, you’ll be on the road to success soon! Here are three essential steps to put your best foot forward before starting out.
1) Compile a List of Everyone You Know
Everyone means everyone. From your friends and family to your dentist and your barber, try to think outside the box and include anyone you know even if you’ve just met them a few times. This will make up the start of your database and will ultimately control your success in the business. Nurture and maintain this list. Take it seriously and give it attention weekly. Start adding new people to it before you even get your license!
Prepare a strategy for your database BEFORE you’ve gotten your license, in terms of how to reach out to everyone and how often. Research and talk with other agents to get ideas. Once you have your license and you’ve signed on with a brokerage, a good way to start would be to:
- Call each person to let them know you’re in the business, and ask if they know anyone looking to buy or sell real estate
- Send mailers and/or an email announcing your recent endeavor to all of these people after calling them (this also helps to include people that you don’t have phone numbers for)
2) Sign up for Real Estate Class
Before you can get your license, you’ll need to complete the pre-license education required by your state which is either online or in a classroom setting (depends on location and hourly state requirements). Typically a full-time class will be 2-4 weeks with either option.
3) Choose your Brokerage
You don’t have to wait until you get your license to start interviewing with brokerages. The decision of which brokerage to work with can be crucial to your success in the early stages of your real estate career. Schedule interviews with a minimum of 3 brokers at different real estate companies so that you can compare. Make sure to ask the following questions in each interview:
- What training is offered?
- Is mentoring offered?
- What is the commission split?
- Is there administrative support on site and what do they help with?
- What is the desk fee?
- Ask to see their marketing materials and ask about pricing
When you go to each brokerage, aside from the interview it’s important to take in your surroundings, try to speak with a few agents in the office, and ask yourself, “Could I see myself as part of this team?”
You’ve Got This!
After the initial excitement of choosing to go into real estate, it’s easy to feel lost when it seems like there is so much to tackle to get your business off the ground. There is certainly a lot more to it than the items above, but if you keep these guidelines in mind, you’ll make the choices you need to build a foundation for success.