Starting your real estate career is an incredible way to make a living. There are many ways to get into the game, but most of them start with someone who has done it before going out and doing it themselves. By and large, people who succeed in this field have trained under someone else’s tutelage for at least some time.
That mentor will usually give you solid advice along the way and help you navigate the business side of things. In fact, they may even push you towards becoming a professional so that you can benefit from their experience.
The more experienced you become, the better chance you have of succeeding as a broker or agent. You would be smart to consider whether or not this is something you want by looking into the profession closely. If it sounds like it could use your expertise, then maybe it’s time to look into it.
There are lots of great resources available these days if you are really determined to take what you learn here and apply it beyond these shores. With just about any smartphone, you can easily do all of the basics needed to begin your real estate career.
Create a plan for your business
So you’ve decided that real estate is something you would like to do as a career, or at least be part of the profession. You want to know what it takes to become successful so that you can get there!
The first thing you need to do is create a goal and plan for your business. What will you be doing with your life? Will you be offering one type of service, such as helping people buy or sell a house, or will you have several services and products?
You must have a goal – otherwise, you’ll lose interest and drop off when things get tough. And they are going to get difficult if you don’t take steps to ensure your success!
It’s easy to start talking about how great this job is but then nothing happens after the speech. Don’t talk about it unless you are willing to put in the work to make it happen.
Fund your business
Starting your real estate career does not require much money, but it will take some time to reach that level where you can run a successful business. This is especially true if you are starting off as an agent with no experience!
It’s great to dream of being a millionaire real estate mogul, but you have to start somewhere first. Plus, there are lots of costs associated with opening up a real estate office – fees, marketing materials, website design, advertising, etc. It takes time to accumulate all of this equipment and inventory!
Most people who become millionaires did so by saving their money and putting in hard work over an extended period of time. If you don’t have much money set aside, then maybe selling houses isn’t for you. You could still be able to live a comfortable life owning a small home though, just like many other professionals do.
A more affordable option would be to open up a simple “virtual” or “mobile” agency. There are several companies out there that offer mobile apps and tools that can help you get started (or even promote yourself as an agent!). These cost around $100 -$500 depending on how advanced you want to get with it.
Good luck reaching financial success, but don’t give up before you try! A lot of things will break down before you achieve what you hope to, but don’t let that stop you from chasing your dreams.
Pick your location
When deciding where to start investing in real estate, first decide if owning a house is a goal of yours. If not, then don’t get involved with it!
Real estate is a good investment option only for those who want their money to grow quickly. People spend large amounts of money on real estate so therefore there are always sellers and buyers.
There are many ways to become successful as an investor by buying or selling a home. Take your time and do your research before jumping into the market.
Know your market
As with any career, being successful in real estate requires knowing your market and which areas are bustling with activity. You will want to be very familiar with the area you’re planning to invest in or run a business in so that you know what competition is like and if there are ways to better yourself against it.
It’s important to also understand how much of a down-payment or loan you can comfortably afford before buying a home. While some agents may talk about “needless risk” when investing, too high of an investment could put you in debt for years if you make a mistake!
Also consider whether or not owning a house is the right thing for you and your family at this time. Many people find great success as homeowners, but it doesn’t work out for everyone – especially if you don’t feel comfortable in a stable environment.
Create a website
Now that you have your new business license, you can start creating your own little real estate empire! While it’s great to dream of being a millionaire, this isn’t necessarily the best way to go about it.
Thinking that you will “save lots of money by buying a house directly from a seller,” is definitely not the best way to get started as a realtor.
This article will talk you through all of the steps necessary to create an online real estate sales platform that will give you the same level of success as the big boys!
So what are these essential steps?
1) Creating a website
2) Choosing your niche and target audience
3) Finding and organizing your listings data
4) Starting your real estate marketing engine
5) Getting familiar with the MLS (Multiple Listing Service) system
6) Calculating your monthly budget
7) Optimizing your site for performance
8) Running successful SEO (search engine optimization) strategies
9) Surviving the initial stages of the market
Step 1: Creating a Website
The first thing you need to do is choose a good domain name and web hosting package. This will be your professional looking website address that people will use to connect to yours.
It should be catchy and easy to type or say but at the same time, it needs to convey your business clearly.
Register your business
The next step in starting your real estate career is registering your business! This will allow you to use the proper terms for yourself and your business, as well as giving you a legal identity separate from yours personally.
Most states offer online tools to help you register your business easily. Some even have free versions that you can use to see if this format works for you before investing money in it.
Many people start off by creating an LLC (Limited Liability Company) or a PA (Private Agency). Both of these require some more expensive fees later though, so be sure to check out both options before buying.
It is very important to have adequate home coverage. This includes having sufficient liability coverage, damage due to wind or hail, and coverage for what they call “special needs” of your house- such as additional living spaces or garages.
Liability coverage can be in form of homeowners’ policy or renters’ policy. A homeowners’ policy covers you if someone gets hurt on your property, while a renters’ policy covers you for claims made because of negligent use of the premises.
Damage caused by lightning or other natural disasters is usually covered under a Wind/Hail Coverage clause in your homeowner’s policy.
Get federal and state tax IDs
Now that you have your business plan in place, it is time to get some legal documentation done! First up, you will need to obtain both your federal and state tax identification documents from the IRS or your local revenue agency.
Most people begin their real estate career by working with an established broker or agent who has the necessary licenses and registrations. As such, they are given these documents at no cost to them. It is not uncommon for brokers to be paid back-handed compliments about how professional they look while walking around with all of this proof of their license. :p
However, if you are starting out as an entrepreneur, there should be no false modesty when displaying your licenses. You want to make sure you look like someone who knows what he/she is doing before opening doors and investing money. Becoming licensed can take anywhere from several months to years depending on whether you go through official channels or not!
There is nothing wrong with choosing the later unless you really know what you’re looking for and can tell fake from true documents.