Being an agent is a lucrative career, but it definitely comes with its own set of responsibilities. As such, there are many different levels of real estate agents beyond beginner to expert. Starting at the entry level, like myself as a new agent, we must learn how to talk about properties, do some basic marketing, and create a business plan!
As you climb the ladder towards being an experienced real estate professional, you will find that your salary increases quite rapidly. At the most fundamental level, real estate agents make good money due to their knowledge in the field.
However, additional benefits include becoming part of a bigger community, getting early exposure to helping others grow a business, and learning more about the industry. All these factors contribute to another important reason why real estate agent salaries are so high.
Agent salaries vary greatly by location. In fact, depending on where you live, you could be paid much less than what someone else makes with no special skills or training. This can easily become demoralizing if you are trying to advance in your career.
Luckily for you, I have gathered the information you need to know here! If you want to earn more as a real estate agent, this article has all the tips and tricks you need.
What does a real estate agent do?
Being a real estate agent is a lot of things to a lot of people. Some feel it is a profession that sets them apart and gives them an edge over others, while some think it is too money hungry. But what all real estate agents have in common is helping sellers find their home and buyers find theirs!
Sellers use real estate agents for help in finding their house or apartment. This includes attending open houses, showing properties online, and bringing potential homes to the agent’s attention. Agents then negotiate with the seller on how much they want for the property and come up with a price, which both parties agree upon.
Agents also work with buyers by taking them through several steps towards buying a home. These include looking at properties, negotiating prices, and eventually getting you into a house. After you are shown a house, an agent will go about listing the house with a broker so you can make a decision if it is right for you.
That covers the basics, but there are lots more parts to being a real estate agent. Beyond just selling and buying houses, there are many other responsibilities that come with the job.
What are the requirements to become a real estate agent?
Being a professional real estate agent requires more than just wanting to be one. In fact, being able to make a good living as a real estate agent is only possible for people who are very passionate about sales and business.
Mostly, this comes down to two things: marketing and selling. Marketing means finding potential buyers or renters for a property, and then getting them into your office so you can sell it to them. Selling includes talking with potential clients, negotiating on pricing, and finally closing the sale!
While both these parts of the job sound simple enough, doing them well takes some skill and training. This is why most real estate agents have additional education or certification beyond a bachelor’s degree in Business Administration.
This article will talk more in depth about what it costs to be a real estate agent, how much money they earn, and some ways to increase their income.
Who can I work with as a real estate agent?
Being a real estate agent is not for anyone who does not like to spend money. This career requires you to promote your services, which often includes spending money to advertise yourself or providing incentives to individuals that may hire you.
Most real estate agents have large business networks they use to increase their exposure. By being part of these groups, you get access to all sorts of resources such as advertising, marketing materials, and even income opportunities.
By having access to these resources, you would be giving up some privacy to make more money. It is important to balance this opportunity cost with how much personal time you are willing to invest in this profession.
Another key component of becoming a successful real estate agent is knowing the market. You must know which areas are over-populated and under-saturated so that you can offer solutions to people looking to buy or sell a home.
How to start a real estate business
Starting your own real estate business may seem like a daunting task, but it is not! With the right preparation, resources, and strategies, you can easily become a professional real estate agent. There are many ways to get into the industry with no formal education beyond your high school diploma or BA in Marketing.
The hardest part about becoming an agent is deciding how much money you want to spend on marketing and advertising. Many agents do not advertise properly and lose revenue due to this. It is important to know what works for your budget and then invest in these products wisely.
There are several ways to begin your career as a real estate agent. Some people create their agency using Facebook, Instagram, and LinkedIn to promote themselves. Others hold house parties and meeting events to gain exposure while some hire professionals to help them market and grow their business.
Whatever method you choose, make sure to keep yourself motivated. You will need to be persistent when it comes to meeting new people, keeping up-to-date on changes to the field, and promoting your services consistently.
Location is important
As mentioned before, being able to negotiate your pay as an agent depends mostly on two things: where you work and how well you do your job.
The location of your office makes a big difference in how much money you earn, and not all offices are equal when it comes to paying agents a salary that’s good for them.
Some real estate agencies may have their reasons for offering less than they could be earning, but there are ways to get what you deserve even if yours is one of those low-paying franchises.
Here are some tips for changing your income level as a real estate agent.
Do I need a license as a real estate agent?
Being a real estate agent is not an easy job, which is another reason why it is such a popular career choice. The amount of money involved can be very expensive depending on how many agents you have under your banner!
As mentioned before, being able to negotiate is one of the most important skills that aspiring real estate agents must learn. If you are ever in a situation where someone or something needs your help, this skill will come in handy.
By helping them find their home or putting yourself at a discount for what they own, you will save some serious cash!
Another integral part of the profession is marketing. As a realtor, your business depends on how well you market yoursself so that people will want to do business with you.
A great way to begin investing in your future as a real estate professional is to get a licence as a broker. After completing certification, you can start working towards becoming a licensed real estate agent.
The basics of marketing your property
As we mentioned before, being an excellent real estate agent is not about having a ton of tricks up your sleeve or owning the best looking house. It’s about knowing how to market a home effectively!
Mostly, this means putting in time into social media, keeping your listing active and updated, finding new clients through proactive approaches rather than relying on referrals, responding to messages and calls from prospective buyers and sellers, and developing strong relationships with other agents so you can refer business their way.
And don’t forget about giving good value for money by asking around about recommendations and doing some research yourself to determine who are the top agents in your area.
But first, what is the average real estate agent salary?
The average cost of hiring a professional real estate agent varies depending on whether you are buying or selling a house, as well as where you live. Some areas may have higher or lower salaries than others due to competition or lack thereof.
In general though, the Bureau of Labor Statistics reports that full-time residential sales representatives earn an average total compensation (which includes their paychecks and benefits) of $61,000 per year. This comes out to just over $42,500 per annum (£33,250 GBP) gross ($56,700 USD) + benefits like paid vacation, healthcare, etc.
Designing your website
A real estate agent’s website is their first impression for potential clients, so it should be full of beautiful pictures and information. It also acts as a way to connect with people who may want to work with you!
As such, making sure your website looks professional and contains up-to-date content is very important. Your website must tell someone three things: that you are capable of doing the job well, what services you offer, and how to contact you.
It is also crucial to have a clear call to action at the end of every page. This can be an advertisement or an inquiry form, depending on what kind of content you are offering and what types of jobs you are looking to dole out to customers.
Your website needs to look professionally done – no one will take you seriously if yours does not. There are several free tools available to anyone to design a good real estate agency site.