Real estate is an incredible business. You essentially make a living from being friendly and helpful to people.
But, like any entrepreneurial business, it has a fairly high failure rate. Most new agents won’t make it through the first year.
My first full year as an agent will be complete at the end of June. I’ll end up closing between 12-14 deals for clients in my first year.
I know at least three people working towards their license right now. I’ve given them this advice, but I wanted to share it with anyone else considering this amazing profession. Here are some things I learned and some things I would’ve done differently.
6 Tips For People Getting A Real Estate License
- Be prepared for success to take some time. Have plenty of savings. It will take time before you see any income coming in. Count on at least 6 months before you have your first closing. If you can do it faster than this, you’re exceptional. Everything will take longer than you want it to. Things in real estate have a way of dragging out. You may have to get used to this tempo.
- Here’s the most cost effective way to get licensed. I’m always looking for the most efficient way to do things. I took 360training.com‘s pre-license class and bought it with a Groupon for $150. The entire course was online, at your own pace. After completing the training I bought a book of practice tests off Amazon for $7. Know yourself. Some people may need to be in a classroom. I’ve heard great things about some of the local Birmingham real estate schools. MY Real Estate School gets recommended all the time, I’m sure they do a great job.
- Join a team. I wish I would’ve done this. The right team would’ve been such a tremendous learning environment. Finding your own clients is the hardest part of starting out. Teams can provide you with some clients. The second hardest part of starting out is not knowing what to do or what to say. Teams will teach you that. They’ll teach you systems and scripts. I would estimate that joining a team increases your chances of succeeding as a realtor by 50%.
- Read the Millionaire Real Estate Agent by Gary Keller. Then re-read it. He lays out the foundation and models for success as an agent. This book is really a must read for people in any business. I learned more about marketing from this book than any other I’ve ever read. All of Gary Keller’s books are incredible.
- Network with other agents, mortgage brokers, title companies, etc. You can learn so much from hanging out with other agents. Especially ones that have been in business a few years. I take every chance I get to meet other agents. And I always try to build relationships with the agents on the other side of my deals. Every time I meet with someone in the industry I learn something new that can help my clients. Mortgages, closings, and home warranties can all be very complicated. You’ll need people to support you and your clients.
- Don’t be afraid to let people know you’re new. Other agents will usually help you and give you advice. Support people, like mortgage lenders and closing attorneys will be extra supportive to new agents. They want to make sure everything is taken care of and the deal goes through. Sure, being new might turn off some potential clients, but don’t worry about that. Plenty of people are willing to work with a new agent if they seem professional and serious. You won’t be new forever.
I started as an Investor before I got my license, and I’ve gotten a lot of great experience from working on my own deals. I wrote more about that in my post, “67 Things I Learned From My First Year In Real Estate”