Did you recently get your real estate license? You may be wondering how to get started. The first thing you will need to do is find a real estate brokerage. Shop around for a fair commission split and look for a brokerage that offers training. After you sign with a brokerage, you will be an independent contractor in control of your own business. If you sign with a good brokerage, they should give you the information you need to get registered on the MLS.
1. Lead Generation
The most daunting part of being a new Realtor is often finding leads. There are many ways you can find buyers and sellers. Use social media platforms to advertise. Send real estate postcard marketing in the mail. Create an engaging website that showcases your brand.
2. Budget Management
You will need to estimate your monthly expenses and figure out your budget. Get a separate bank account for business. Keep track of all of your business expenses throughout the year. You will be able to deduct your business expenses from your taxes at the end of the year which will help you save money.
3. Sphere of Influence
Your sphere of influence is your family, friends and acquaintances. The more people you know, the better your chances that you will get business. Take every opportunity to grow your sphere and add more contacts every chance you get. Go to networking events and trade business cards with other business owners. You must nurture your sphere of influence and make sure that everyone who knows you, knows you as a real estate agent.
Real estate can be a profitable industry to jump into if you are willing to put in the effort. Unfortunately, more than half of new agents do not make it past their first year. If you make a plan and stick to it, you will have a better chance of being successful.