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]]>Educational Investment: Licensing Course and Exam
Your first step into real estate will likely be an educational one. Licensing courses can range anywhere from $150 to $800, while the licensing exam may cost between $75 and $150, with variations depending on the number of attempts.
Initial Background Checks:
- Background Check: $35
- Fingerprinting: $35
Licensing and Association Fees:
- State License Fee (e.g., Oregon: $230)
- Realtor Association Fee (National, State, and Local): $700 (Prorated annually, this estimate is as of January 1st)
- Local MLS Fee: $200 ish each quarter (This varies widely)
Business Essentials:
- Brokerage Monthly Fee: $0-$99/month (Depending on your chosen brokerage)
- Business Cards: $50 – $150
- Professional Headshot: $150+
- CRM (Client Relationship Manager) Software: $25-250/month (May be included in some brokerage packages)
- Personalized Real Estate Website: $25 – $1500/month
If you’re Listing Properties:
- Lockboxes: $50-$100 each
- Property Signs: $65 – $100 each
- Open House Signs: $35 – $85
- Property Photographer: $200 – $500 per home
- Home Staging Services: $100 – thousands
Understanding the financial commitment to become a real estate agent can better prepare you for a smooth start in your new career. Ensure you budget effectively and strategically for these necessary expenses. Your investment today can set the stage for a rewarding and successful career in real estate.
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]]>Welcome to an exciting, challenging, and rewarding first year in the world of real estate. The journey ahead will be a blend of exhilarating moments, daunting challenges, and rich learning experiences.
Picture your real estate career’s onset like an airplane preparing for takeoff. It demands a substantial amount of energy, endures turbulence, and requires constant throttle to avoid a crash.
Understanding Your Role: The Multifaceted Job of a Real Estate Agent
While it’s tricky to offer one-size-fits-all advice, every real estate agent must navigate a variety of roles. From meeting clients, drafting contracts, learning market trends, and advertising, to bookkeeping, design work, scheduling, and more, the responsibilities are diverse.
Focus on these five crucial areas in your role as an agent: identifying potential clients, following up with contacts, showing homes, writing contracts, and rehearsing these tasks with friends or other agents.
Mastering the Essentials: Administrative Duties and Balance
As a new agent, you’ll need to familiarize yourself with various systems like your local association, your local MLS, and your brokerage. And yes, you’ll have to manage a lot of passwords. Though it might feel overwhelming initially, rest assured, it becomes easier with time.
Avoid concentrating on a single task. A balanced approach towards the five main areas of your job will facilitate a smoother first year. Maintain equilibrium between finding new clients, understanding contracts, and enhancing your knowledge without waiting to know it all before making your first move.
Managing Deals: Systems and Steady Progress
Your first deal might feel like a precious newborn that occupies your thoughts constantly. Don’t let the exhilaration disrupt your productivity or limit your client reach. Adopt the tortoise’s pace instead of the hare’s rush.
As you gradually manage multiple deals simultaneously, you’ll realize the power of systems. Properly structured systems can solve most challenges.
Cultivating Cooperation: The Real Estate Community
Contrary to what many new agents believe, your real estate journey isn’t about competing against fellow agents. Strive to build a reputation of trust and collaboration. Remember, your goal is to close deals, not to feed your ego.
Embrace Continuous Learning: Stay Humble and Seek Guidance
At some point, you may feel you’ve mastered it all. However, remember the wise words of Michelangelo, “I’m still learning.” Each deal is unique, so don’t hesitate to ask for help or have an experienced agent review your offers or responses.
No advice can fully prepare you for your first year. It’s a unique journey filled with personal learning and growth experiences. Soak it all in, earn along the way, and most importantly, enjoy the ride.
Good luck!
You might want to check out Having a Consistent Real Estate Career
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]]>Remember: You’re in Control
It’s important to remember that you’re not the one being interviewed – it’s the other way around. The brokerage you choose can either propel you towards success or hold you back. So, choose wisely!
The Big Company vs. Small Company Debate
Joining a larger company can provide ample opportunities. You could meet potential mentors and even receive referrals. However, there’s also the risk of getting lost in the crowd. For newcomers, I recommend joining a big company for the exposure it provides. But if you’re experienced, the world’s your oyster.
Smaller companies might not have the same number of agents, but they can offer more personalized attention and easier access to the Principal Broker.
In the end, your choice between a large or small company should be based on the Principal Broker, the training provided, and the systems in place. The right environment can spell success for any agent.
Questions to Ask When Choosing a Brokerage
When interviewing potential brokerages, here are some key questions to ask:
- What training do you offer? Can I observe a training session before joining?
- What kind of support will you provide?
- How accessible is the Principal Broker?
- If I have a critical question at 9:30 pm, who do I contact?
- What’s the Principal Broker’s background?
- Do you provide leads? (Remember, all leads aren’t created equal and this shouldn’t be your main criteria. Quality leads are worth their weight in gold. )
- How will you help me achieve my goals?
- What unique opportunities do you offer?
- Do you provide mentors or coaches?
- What systems are in place to support agents?
- What marketing support do you provide?
Understanding the Financial Aspects
Ensure you understand all the financial aspects such as desk fee, cap limits, commission splits, franchise fees, royalty fees, monthly fees, tech fees, profit share, revenue share, stocks, other income opportunities, and Errors and Omissions Insurance.
Know Your Expectations
Understanding what the brokerage expects from you is crucial. Do they want all agents to follow the same lead generation methods, or do they cater to individual preferences? Do they have a Company Manual that you can review?
Remember, it’s completely normal to hold a second interview with your top choices. Be sure to ask all necessary questions to make an informed decision.
n and what the brokerages or recruiters tell you. A second interview with the finalists is completely normal.
You’ve picked your brokerage, now it’s time to think about being a solo agent or joining a team.
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