As mentioned before, being a real estate agent is a great way to make money! But before you start advertising yourself as an agent, you must first learn how to do business like one. Starting your career as a real estate agent means going through some formalities that are necessary for you to be successful.
Under federal law, as of January 1st, 2020, all brokers (real estate agents who represent sellers or buyers) in Canada are required to be licensed. Before this new regulation was put into place, only about half were!
Luckily, licensing is not too difficult and most brokerages offer training courses to help you get started. Many also have introductory classes where they teach you the basics of selling or buying a house!
Now that you know what it takes to become a real estate agent, why not begin studying marketing strategies and putting these strategies into action? Start with our list of tips for beginner real estate agents and then move onto more advanced lessons.
Make a plan
Starting your real estate career is a great way to go! Before you dive in, make sure you have everything all set before hitting the ground running. You will want to know if there are any licensing requirements for doing business as a professional real estate agent.
You should also research the types of agents that are successful so that you can learn from their strategies.
Once you have those things covered, then it’s time to pick which area of the industry you would like to focus on. There are many different areas such as residential sales, commercial rentals or property management.
Finding out more about each field and what opportunities exist in yours will help determine which route to take next. Simply being a good seller or buyer isn’t enough — you need to know how to market a house effectively too!
Real estate is an ever-changing ballroom dance where you must be able to read people and situations very well. It’s impossible to know when someone won’t pay you for a house until you don’t ask them to, but likewise, you can’t expect anyone to listen to you unless you prove that you’re worth listening to.
Develop your business plan
Before you even consider getting into real estate, you will have to know what kind of entrepreneur you want to be. This could be as simple as deciding if you like talking about houses or not, so that is one thing to rule out!
If you are more creative, then designing homes is probably for you. If you enjoy doing research and finding new things you can add to your repertoire, then looking up pictures and studying design trends is good preparation.
Whatever career path you choose, don’t underestimate the importance of having a steady income in your life. A lot of people get distracted by part-time jobs because they feel they aren’t enough “real work” to make it big.
But no matter how small your job may seem, your salary adds up quickly when done consistently. Plus, being consistent shows other people there is someone who has your back while also supporting yourself.
Make sure your priorities are in order before diving in, but understand that investing in yourself now will keep you moving forward as you grow.
Fund your business
Starting a real estate investing company is definitely not for the faint of heart, nor does it come with a guarantee of success! It takes a lot of work and effort to succeed as an investor, so be sure that you have enough motivation to keep working on your career path.
It can also sometimes feel like you’re walking uphill when you are struggling to gain momentum. But remember, things will never change until you make them do, and once you get going, everything else falls into place.
A good way to fund your business is by creating and expanding upon your current source of income. For example, if you are currently in sales then instead of looking for passive income through investing, you could launch your own business or pick one from another area to better help yourself grow.
Pick your team
As mentioned before, being a real estate agent is not for everyone. If you are more of an action person who enjoys talking about markets and properties, then working as one will feel like a job instead of a career choice.
However, if that doesn’t appeal to you then there are ways to work with a broker or directly with individual agents.
By owning my own property I was able to save money in paying brokers and having additional overhead costs! So while it may be harder coming from the other side, going into business for yourself can be a lot less expensive and easier to manage.
There are many ways to become an owner realtor so don’t hesitate to search around for ones that fit you.
Know your market
As with any career, being successful in real estate depends largely on knowing your market! What is the current state of the market? Are there more buyers or sellers? If there are more home owners, what types of homes do they have?
You should also know how much competition there is for houses like yours – is it thin or thick? There’s not really a standard number that defines this but you want to make sure you don’t feel overwhelmed by all the options available to you.
Knowing your market will help determine if buying is the right thing for you at this time. It will give you an idea of whether people around you are actively looking to buy or sell, as well as what price points are popular. This can be done via talking to other homeowners, going to open houses, reading house listings and statistics, and just plain ole walking around.
General trends indicate that most people start looking to purchase somewhere between 6-12 months before they actually do, so using that timeline as a gauge makes sense.
Create your website
After you have determined that real estate investing is for you, you will need to start creating your online presence! This can be done by setting up an easy web-based platform where you can list properties, get feedback, advertise yourself as an investor, and connect with other investors.
Most people begin by buying or leasing a property and then trying to find individuals or groups of individuals to help them invest in this property. While it is great to know people who are willing to lend money, this is not necessary at the beginning stage.
Instead, create your own site where you can invite others to join you and contribute to either buy or sell a house. You can even choose to only offer investments to earn more money!
By having your own site, you will not have to worry about another party taking credit for the work they put into promoting you. Also, most websites allow you to easily monitor traffic and visits, which makes it easier to determine when someone has visited your page and read your content.
Starting your real estate career is not like starting any other business, but there are some things you can do to get yourself up and running quickly. One of those ways is to start distributing promotional materials for houses and areas that show potential properties or brokers you are willing to work with.
You can make signs and fliers advertising your services as a broker, or you can distribute them through other professionals who already have connections in the field. Either way, this is an easy way to get started!
There are many ways to begin spreading your message. Creating your own material is one of the best first steps, though. You will probably want to write down everything about being a real estate agent and what services you offer before making anything final.
Once you have done that, pick somewhere to hang these announcements where people can see it. This could be at a local coffee shop, outside of schools, or anywhere else where people gather.
Create your brand
After you have determined that real estate is the career path for you, what next? You will need to create your own personal brand so people can recognize who you are and what you do!
Your brand should include your professional title, any affiliations or associations you have (such as RE/MAX), your logo, and anything else that makes you clearly stand out from the rest.
It’s important to be honest and consistent with this branding. If you put time into developing your brand, it will pay off in the end!
And don’t forget to keep yourself organized – use an easy-to-access tool like Google Keep to store all of your materials.