You have just entered the real estate business, and everything is going fine. But fine isn’t good enough for you. You have seen both the good and the bad sides of the job, and you are eager to improve. So the question is, how to become a successful real estate agent?
What does it take to become a successful real estate agent? Does it depend on the diploma and experience you have, or do you get lucky?
Well, we have taken the time to dig deeper into this topic and tell you all about it. So, if you are still interested in some basic information concerning realtors, how to become even more successful and earn good money, stay tuned!
Is This Job Worth The Chase?
Real estate might seem a little demanding at first glance, but it is definitely worth the chase. If you are hard-working and willing to learn and earn, pursuing this business path is just what you need.
Let’s get familiar with the procedure of becoming a realtor and the benefits that go with it.
The first thing you will have to do is go to a certain website (Department of Real Estate) and search for online or live courses. This is entirely up to you and your schedule. Some people are more comfortable taking this course in the comfort of their own homes, while others prefer an interactive learning method. This will go on for several months, depending on the course.
After finishing the course, you will take the state’s official exam – be prepared – this test isn’t cheap at all, so if you are not sure, save your money for another try.
The best part is that, after you successfully pass the exam, most licensed real estate agents choose to work for famous brokers. They offer them supervision and legal counseling. If you are lucky enough to end up in a big brokerage company, they will most likely give you credibility and provide you with a good job opportunity.
Some say that the hardest thing about this job is building your clientele. And yes, I agree. But, your reputation will get a great boost when you break the ice, and the phone will be ringing 24/7. Of course, for this to happen, you have to know how to deal with people.
If you are patient with your buyers, you will be rewarded by much more.
Some Basics Every Realtor Needs To Know
You can’t go into business without any knowledge. It would be best to introduce some of the basics that concern every real estate agent today.
This Is A Business, Not A Career
- You are in this for your benefit, so – you are an independent contractor. Everything depends on you. In a career, you work for someone else. As a business owner, you are responsible for: your reputation, obeying laws and following certain regulations, taxation and government reports, licensing and insurance, etc.
Working For A Brokerage Company
- Today, many real estate agents must be employed for some time under a brokerage company before getting licensed. Sure, the earning won’t be fantastic initially, but you will come to a mutual understanding.
- Open four eyes when choosing the broker that you will work for. Sure, the first commission will be a little less than you anticipated, but if you learn how to deal with money and set some aside, soon you will be able to stand on your own feet and make decisions by yourself – without a broker lurking behind you.
- Accept the partnership, but work on yourself and for yourself!
Be On Top Of Your Real Estate Game With These Tips
So far, we have explained why this job is worth pursuing and some basic knowledge that goes along. Now that you have been introduced to this, it is time for us to raise the curtain.
If you want to be a top real estate agent, you must follow these steps:
- Be proactive – It doesn’t matter if you have been in the real estate business for years or just started yesterday. You must set productive meetings with possible future buyers and act upon leads. You must understand and value your own time. Be prepared in advance for any questions you might be asked. This will contribute to your confidence.
- Deal with issues before they appear – Don’t hide problems that you came across on the property. Learn to deal with them and provide your clients with a few possible solutions. The more confident you sound, the faster you will close the deal.
- A steady relationship – Maintaining good communication with your customer is a deal-breaker. Acknowledge some of the following information: setting a time that works for both you and your customer puts you in a good mood and open to communication, avoiding canceling meetings because if you value their time, they will respect yours as well, asking questions and being a good listener, etc. These are all bonuses, so consider them.
- Emphasize the positive – Show the property you are selling in the brightest light possible. Show your problem-solver mindset and pay great attention to details because they are the ones that matter most.
- Understand and be understood – The customer isn’t always right. When things get tough, don’t let them have superior knowledge of real estate – you are the one who is doing the job. Be clear and stand by everything you say.
- Allies – Working together with another successful agency is great! Even if you are a slightly smaller agency, don’t be terrified. Let this be a great motivator. Use social media and share information online through business allies, friends, past customers, and even family.
- Self- improve – Never stop trying to be better and better in something that you do, work on your physical appearance, be assertive but polite, promote confidence, and be presentable at all times!
The Average Salary Of A Real Estate Agent
The theoretical part is done, now let’s get to the numbers. For better understanding, we have examined the potential earnings of real estate agents.
But, before counting cheques – you have to be licensed and over 18 years old.
After paying for licenses, ads, and education, you would like some money of your own. The first commission might be just around the corner, but to reach it – you have to spread the word.
I know it might make you sound a little boring, but your friends and family need to know that you are in the real estate business – a good reputation brings clients.
When a seller sells his house with a real estate agent’s help, he pays a 5-6% commission. This is then split between the selling and buying agent – let’s say there is a 3% commission for each side.
A $250.000,00 house gives each agent a cheque for $7.500,00.
Every year, the National Association of Realtors has 12 transactions – so an average agent earns $5.000,00 per transaction, and we are left with $60.000 a year.
We can certainly say this is not bad at all.
Best Countries For Real Estate Investment
Business opportunities and success can depend on the country that you live in. We are here to help you narrow down the selection to the best states for real estate investment:
London and Los Angeles share the top.
Although London was number 4 in ranking for some time, Los Angeles took the throne in 2020 when it was voted for the best city for real estate investment.
Let’s look at the list that shows other great cities as well:
- Los Angeles
- San Francisco
- New York
A different list shows us the best countries:
India, Mexico, and Columbia are fighting their way to be listed here, but until then – pack your bags and prepare for a business trip.
How To Become A Successful Real Estate Agent – Conclusion
You have just entered the real estate business recently, and everything is going according to plan. But this isn’t enough for you – you want more. You have seen the pros and cons of this business, but you want to become even better.
This job has many good sides, but the best is choosing how you will educate yourself and working for famous brokerage companies. You get to decide whether you want to study online or in-person, and after you finish the course and pass the exam, you get to work under a famous broker who will give you credibility.
There are some basics that you can’t work without. This is a business and not a career – you are an independent contractor, and you bear all the risks, pay attention to which broker you work for, and be sure to get paid your time’s worth.
There are some tips for being a successful real estate agent as well here, and they are: be proactive, deal with issues before they appear, be positive, have powerful allies, and always improve.
According to the National Association Of Realtors, the yearly profit of an average real estate agent is $60.000,00 – good money!
You should also consider the country and its success concerning real estate investments. Some of the leading cities are Los Angeles, London, Paris, Tokyo, etc.