You’ve spent endless hours studying, in classes, and preparing for your real estate exam. You know all of the basic principles and best practices like the back of your hand. But are you truly ready to hit the market?
Claudine Ellis of Keller Williams Realty in Chesapeake has been in real estate for over 15 years and has spent time instructing up and coming professionals to prepare them to work in the field after they finish their licensing. While you may leave your real estate school feeling fully prepared for the field, there may be a few surprises lurking out there that could catch you off guard. It’s important to be prepared for all aspects of the business, not just the technicalities of real estate. Claudine has helped us compile a few of the top pitfalls new agents could face in their initial few months.
It’s important to start building a client pipeline during your schooling. Getting a list of clients ahead of time will help to get the ball rolling as soon as you’re ready to start buying or selling. Whether you plan to go out on your own or join a larger agency, it’s important to get connected to professionals in the industry and to potential clients in the market. Attending general networking events is a great way to start building your base of contacts.
Even if you’re working for a larger real estate company, it’s hard to wrap your head around the fact that you are now your own boss. You might receive helpful materials or turn key marketing assets, but you’re essentially on your own. It’s important to stay in the self-starter mindset to get through the initial onboarding process.
The number one mistake that a new real estate agent can make is jumping in two feet first with no net to catch them. Becoming a full-time real estate agent right out of the gate is a high-risk, high-reward situation. It takes 45 days to close on a house, so even if you have a client lined up with a home the day you complete your schooling, you still won’t receive your first paycheck for another month and a half. Can you afford to live that way?
Waiting for your first check isn’t the only money challenge. There are often surprised costs to being a real estate agent. Aside from needing to secure an office location, technology, and even support staff, there are additional costs that you’ll need to keep in mind. For example, you’ll be doing a lot of driving from home to home with clients and you’ll want to be sure it’s well kept. While those costs can be deducted in your taxes, you’ll still have to budget that money upfront and when you’re just starting out, that’s not always easy.
“It’s about who knows you, not who you know,” Claudine Ellis.
While real estate may seem like a competitive field, there are more than enough houses in your market to be bought and sold. The real key is having your name known so that this excess of buyers and sellers know who to call when they take the next step. In addition to building your network and pipeline of clients, it’s important to market yourself to a wider audience.
The right combination of print, outdoor, and digital marketing can really put you ahead of the game in your local market when done right. Social media marketing only costs the time you put into it, but advertising through social media could take another step further. There are plenty of resources out there to help you gain these vital skills, even on this very blog!
So now that you’re ready to jump into the wonderful world of real estate, keep these things in mind! Stay sharp, stay motivated, and stay on top of your education with Moseley Real Estate Schools!
By Moseley Real Estate Experts