Becoming a real estate broker is an expensive process that requires you to be very dedicated to it. There are many costs involved in becoming a broker, but none more important than your personal commitment to this career choice.
As with any job, there’s a cost for having equipment that does not match up with your budget. Luckily, most of these tools are accessible through companies that offer loan programs or limited credit cards that can be put towards professional fees.
Another cost that comes up when investing in education is taxes! Depending on where you live and what kind of business you run as a broker, you may have to pay additional tax obligations.
Get your license
Now that you have an understanding of what it takes to be a real estate agent, it is time to get training! While some people are born with a knack for selling homes, most must learn how to do it.
Most broker trainings can be completed in one year, so even if you aren’t quite sure whether or not you want to become a realtor yet, you can still start down this path later. Most courses will cover everything from business licenses, liability coverage, professional obligations such as abiding by the rules of the Realtor Association, marketing strategies and more.
Once all of these things have been mastered, then you can apply to take the exam. Many states require both a bachelor’s degree AND certification before granting you full licensure, so make sure to check out each state’s requirements.
Choose your niche
As mentioned before, being a real estate broker is not like being a doctor or lawyer that you can be anyone with a degree. Being a real estate agent means there’s more than just selling houses!
As a broker, your duty is to promote sales of both residential and commercial property. This may include helping homeowners find their dream home, finding business opportunities for investors, or even creating a portfolio to buy properties and rent them out.
There are different levels of brokers depending on what area of real estate you want to focus in. The most basic is associate (or brokerage) level where you can work independently and have conversations about buying and selling properties.
Brokers at professional license level can do things such as negotiate contracts, deal with financial institutions, create marketing strategies and presentations, and so on. They also need education and training beyond just learning how to sell a house!
These additional qualifications make sure you know the laws related to real estate and investing, how to manage your personal finances, etc.
Find a mentor
As mentioned before, being a real estate broker is a difficult career path that requires you to be trained in several areas. But what most people do not realize is that having a mentor can make all of the difference when it comes to your success as a professional real estate agent.
As you begin working as an agent, find someone who already works at the top level and learn from them!
Their experience will help you succeed in the long run. They may even give you some tips or tricks for how to better yourself within the industry.
By establishing relationships with other brokers, they’ll look out for you and contribute to your learning by talking about marketing strategies and things like that.
Finding a good mentor isn’t easy but it’s very worth its weight in gold.
Build a website
After you earn your real estate license, the next step is to find an appropriate place to showcase your skills as a broker. This can be done by creating or editing your own domain name and hosting that site on one of the many free web hosts available.
A good way to begin is by going to Google and searching for “free websites with WordPress” or something along those lines. You will then need to pick either a personal (yournamehere.com) or business (myrealestatesaleforme.com) domain name.
Create your marketing plan
The next step in becoming a real estate broker is creating a marketing strategy or, as some like to call it, your life’s roadmap. This means figuring out what messages will inspire you to become someone who lures people into buying and selling houses.
It’s not about being known for doing great work, but instead knowing why you do good work and living with conviction behind that reason. As a real estate agent, this should be because you believe this solution is best for your clients and for the market.
Your message can change every month, even weekly. Your colleagues and the media are constantly changing and evolving, so don’t get stuck thinking about the same thing over and over again.
As we mentioned before, becoming a real estate broker is not easy, nor does it require much money upfront. But you do need to know how to advertise yourself as a real estate agent!
Running your own show means more than just putting up signs and walking around offering house tours. You will have to create advertisements for yourself as a real estate agent. These ads can be done in many different ways depending on what market you are targeting.
You can use social media to spread your name and brand, put up flyers or posters where people may see you, start conversations with potential clients, and even hold open houses.
By owning your own agency, you get to pick which agents you want to work with and who you feel comfortable working with. This gives you some control over your career because you decide if you like someone’s style or personality enough to work together.
It also helps promote trust in other professionals since you choose to work only with those that match you and your goals.
Consistency is one of the most important things to be as a real estate broker. Whether you are investing in yourself or others, consistency is key! When you invest in yourself, it’s through education (reading books and courses), business training (certifications, seminars, workshops), and lifestyle changes (diet, exercise, etc.).
When you invest in someone else, it’s through practice. You would spend time with the person so that they can learn how to do their job more effectively. As a real estate broker, this includes educating buyers and sellers on the products and services you represent, finding homes for them to look at, negotiating on their behalf, and eventually helping them find a home and earn profits from the transaction.
Consistent education, certification, workshop attendance, and/or other professional development will help ensure that your skills stay up-to-date and relevant. It also helps you build trust in yourself and your potential clients or employers by proving that you have invested in your career and want to keep learning and developing.
Connect with clients
As mentioned before, being a real estate broker means having a business relationship with others. Your success as a broker will depend heavily upon your connections in the industry.
As a beginner, it is important to focus more on building strong relationships within your community or area of specialization.
By developing solid friendships, you’ll be able to leverage these relationships for help when you are just starting out. Others in the industry can provide you with contacts, tips, and even employment!
Interacting with other brokers in person or over the phone/text helps develop those relationships. When they see that you are engaged in your career, they may feel inclined to do the same.
Chatting about daily life, experiences, and opportunities can also inspire conversations about what you are looking for next in your career. This can lead to referrals and new job possibilities.
Running into an old friend at a party can often result in introductions and helpful information. While some people have their own successful careers, most don’t. By talking to different professionals, you’d probably find something you could add to yours.