It’s been one year since I passed the RE Exam, and about ten months since I switched to real estate full time. 2020 was an odd year for a career switch, but I am SO glad I took the plunge! There was a LOT to learn.. regardless of there being a pandemic that totally changed the social norms of the business ha! One of the most frequently asked questions that slides into my Instagram DMS is “I’m thinking about becoming a realtor. Do you have any advice?” So, I put together a list of what to know before becoming a realtor!
1. Find a brokerage that supports and trains their agents.
Training is so important. Real estate school honestly doesn’t teach you much about the actual business, so you’ll for sure need to enroll in some sort of training program to help you learn the details of a transaction, not to mention lead generation.
2. Meet with an accountant ASAP.
You may be surprised how much you need to save for taxes! Taxes are NOT immediately taken out of your paycheck, so it’s up to YOU to understand what you’ll owe the IRS in April.
3. Real estate is a long game.
Maybe your friends are not in the home buying phase yet. That’s okay! Be a support system for them, and they’ll look to you for advice when they are ready to buy. Patience is key in this business.
4. You’ll need to get out of your comfort zone and meet as many people as possible.
I’m a millennial and I don’t love making phone calls, but I have some clients that LOVE getting phone calls. I’ve made so many phone calls the past year, it’s no skin off my back to pick up the phone and dial any number now. Maybe you’ll need to push yourself to introduce yourself to someone at the gym. Whatever it is, be confident about it and put yourself out there.
5. Make hay while the sun shines.
Some weeks you’ll work / be coordinating with clients from 8AM to 11PM (some clients love those late night texts haha) and you’ll feel like you just can’t catch a break. Other weeks, you’ll be so slow you’ll wonder if you’re unemployed. SO, make hay while the sun shines! Be thankful to be busy – it means you’re getting paid.
6. Your schedule is only flexible if you don’t have any clients.
Your schedule is based on your clients’ schedules. There’s nothing really flexible about that haha.
7. Do your research and know your market.
There’s nothing worse than going to a showing, seeing a For Sale sign down the street, and knowing nothing about that home. It’s embarrassing, and yes, you can always follow up and share the information via email, but don’t you want to be perceived as the “with it” realtor who knows every house? I do!
8. Social media will be your friend.
What’s the best way to let everyone know you’re a realtor? Social media! My instagram page has been a huge help for my business, and yes, I get clients by posting home buying tips, seller tips, market stats, and home design inpso!
9. Use the Mile IQ App to track milage.
It costs $60 for a yearly subscription, but it makes tracking your miles so easy. I highly recommend. Sign up here.
10. Have at least 6 months of savings before committing to your new career.
It takes a bit to get started in this business, so make sure you have money saved in case it takes a bit longer to close your first sale than anticipated.
11. You’ll grow to genuinely care about your clients.
At least, I do! And it makes my job so much more meaningful than I anticipated!
12. Save your receipts.
I have a fear of getting audited. I save all my receipts. Also, printing out your bank statements and highlighting all business related costs is a good exercise and helpful for tax season. (deductibles are so important!)
13. Having a good mentor is vital to success.
You WILL be writing contracts on a Friday at 9:00pm, and you WILL have questions. Being able to call a mentor any time of the day is so important!
14. Create your own brand to set yourself apart.
Be professional, but let your personality shine! The main way I’ve built my brand is through this blog and my Instagram account.
15. Listen to podcasts and read books that inspire you and keep you motivated.
I love the Brian Buffini Show and Never Split the Difference by Chris Voss.
16. Write down your goals and read them every day.
It’s so important to remember what you want to accomplish, and more importantly WHY!
17. Start each day with gratitudes.
This has helped me with my overall outlook on life.
18. Pick up your phone and make calls.
It’s easy, and people appreciate it (especially while they are quarantining!) If they don’t want to answer, that’s fine – but it’ll keep you at the top of their mind should they ever have a question.
19. Develop a killer buyer’s presentation and listing presentation – and PRACTICE!
This is SO IMPORTANT! Practice makes perfect. When you present your buying and listing plans to potential clients, you want to feel like you answered ALL of their questions flawlessly. Sometimes I’ll just practice at home by myself so I have the flow of the presentation down. I try to keep it more like a conversation, too, so the other party doesn’t get bored or feel like they are just getting talked at.
20. Live inside your means – even if you get a great commission check.
You never know when the next paycheck is coming. A deal can fall apart at any moment during the under contract period. It ain’t final until both parties have signed on that dotted line on closing day.
21. Carry yourself with confidence and have good posture.
People are attracted to confidence. My husband tells me this every time he catches me slouching haha! Good posture immediately shows that you respect yourself and are confident in your abilities.
22. Don’t be afraid to let everyone know you’re a Realtor now!
It’s exciting news that you’ve started a new career! Be genuinely excited about it and let your happiness overflow. People LOVE to talk about real estate, too, so be prepared to answer questions about the market. And remember – social media is a great way to get the word out about your new beginning!
I hope that helped you as you navigate the real estate world as a new agent! I truly believe if you work hard, find a great brokerage that supports new agents, and put your clients first, you can be very successful!
My goal for my first year was 8 sales.
As of right now I’ve made 4 sales and have 2 under contract, and with COVID I am okay with that. Even though I didn’t reach my goal this year, I learned so much, and I look forward to surpassing my goal next year!
What questions do you have for me? Comment below – I love talking real estate! 🙂
Great tips! I hate making phone calls too!
Jennifer
Curated By Jennifer
I just passed my RE exam last week and I am very overwhelmed right now. Not knowing anything and what I can and can’t do is extreme! Do you have advice to help me? Thank you.
Go talk to principal brokers at places you’re interested working for. Find out if you get along with them, if they will be available to you and if there is training. Enjoy getting to know them all as you will most likely cross paths again later. Have fun!
Very thorough and helpful! Thank you for taking the ti.e to share what you’ve learned.
So glad you found it helpful!!
I set a goal to become a Realtor this year in 2024, thank you for these tips. I’m still a bit nervous and doing my research however this has been a great start on where to begin.
My family runs a real estate company, so I want to learn more about becoming a realtor first and take the courses I can get to help me with my licensure before I take over. It’s good that you mentioned the importance of research in real estate since we need to know our market well to be able to answer our client’s questions. I’ll keep this in mind while I look for an online real estate salesperson course in Toronto to check out soon.