People from all walks of life are drawn to the idea of becoming a real estate agent, whether it’s for the flexible schedule, enhanced social connections, or unlimited earning potential. And although the requirements vary by state, almost anyone can become a real estate broker.
However, life as a real estate agent is nothing like what you may have seen on reality TV. While anyone can become a real estate agent, very few become successful in the field. To reach your full potential, you will need to work smart to expand your clientele and increase sales strategically.
Before you jump into this new, exciting industry, you’ll need to pass your state’s real estate licensing exam. From there, develop a clear understanding of your financial situation and budget accordingly. Once you’ve established those basics, it’s time to expand your sphere of influence and attract qualified leads with tools like cold calling, social media, and networking.
Ready to get started on a brand new career path? Let’s discuss the steps you’ll need to complete to become a real estate broker who’s not just licensed, but successful at your craft.
How to Study for a Real Estate Exam
Before you begin making sales, you will need to complete a pre-licensing course and your state’s real estate exam. Since real estate is a state-specific industry, the requirements you need to fulfill to obtain your real estate license vary from state to state. To learn more about the requirements for your state, check the website of your state’s regulatory office. Depending on your residence, you may be required to complete anywhere from 40 to 160 hours of a pre-licensing course, a background check, fingerprinting, and an application for licensure. Then, of course, you must pass your exam.
As you prepare to ace your exam, be aware that there is a time limit. You will have 3 hours and 15 minutes to complete an exam that includes anywhere from 100 to 150 questions, depending on your state. The exam is also divided into two parts: national and state.
Real estate can be a tough industry, and the exam shouldn’t be taken lightly. Even with your preparatory course, you will also need to study for the exam in your free time. It’s in your best interest to purchase up-to-date books and workbooks so that you can adequately prepare. Study your material thoroughly, take detailed notes, and consider quizzing yourself using flashcards. You also may be able to find practice exams online.
Getting Started as a Real Estate Broker
Now that you have passed your real estate licensing exam, it’s time to get started! However, working in real estate is nothing like a regular 9 to 5 or a casual side hustle. To succeed as a real estate broker, you will need to proactively build and manage your brand like any other business owner. And although you will have unlimited earning potential, life as a real estate agent doesn’t mean that the financial rewards will come quickly. Track your spending and living expenses closely, and establish an emergency fund before quitting your day job.
It will take time for you to establish a reputation and begin earning a steady income. In the beginning, there may be months where you barely make any money at all, and this is where many real estate agents fail. Your first year as a real estate broker will be the most difficult, and many hopefuls fail for the simple reason that they bleed their funds dry. When estimating your startup costs, consider the cost of licensing classes, exam fees, marketing costs, and your living expenses. With a thorough financial plan, you are already eons ahead of competing real estate agents.
Social Media Marketing
In 2021, real estate agents must leverage social media to expand their sphere of influence. If you’re not tech-savvy, consider working with a social media assistant who understands the technicalities of social media. However, getting started isn’t too complicated. At the very least, you’ll need to create Facebook, Instagram, and TikTok profiles that establish who you are and the types of properties you’re selling. Finish off your profiles with high-quality images and videos, along with contact information.
Social media is particularly effective if you are most interested in attracting clients between the ages of 25 and 35, which is also a prime age group for first-time homebuyers. Just be sure to post consistently, and soon you will have a solid client base.
While tools like social media can get you started on the road to branding and younger client demographics, cold calling is key for reaching clients that may not be interested in social media. For example, older demographics who aren’t as engaged online (but often have more in their spending budgets).
Don’t miss out on these ripe opportunities. Even if you’re not interested in cold calling yourself, you can always work with a team of professional cold callers who are well-versed in the subject. Expert cold callers will take the profile of your ideal customer, engage with potential clients, and send qualified leads your way. They have mastered the art of captivating leads over the phone while forming a human connection that isn’t possible using digital means.
As a real estate agent, your sphere of influence is one of the most critical factors that will contribute to your success. Make it a point to expand your social network, whether engaging with the public or other real estate professionals. As a real estate agent, you should be networking anywhere and everywhere because you never know where qualified leads are lurking. Attend social events, art galleries, charity events, and wine tastings. Consider where your ideal clients prefer to socialize and insert yourself into their social circle. Don’t forget to hand out business cards and communicate your value effectively.
Call Motivated Sellers
If you’ve always dreamed of becoming a real estate agent, it is certainly possible, so long as you study diligently, work strategically, and establish your clientele. And when you’re ready to expand your real estate business, Call Motivated Sellers is here to help.
Call Motivated Sellers can raise your sales to unprecedented heights during both the busy and slow months. We are an American-based real estate cold calling service, complete with a highly skilled sales staff. Leave the hard work of vetting your leads to us so that you can focus on closing deals and increasing profits. By partnering with Call Motivated Sellers, you can augment your online efforts and expand your reach without losing that human touch.
Ready to uncover new leads for your real estate business? Contact our team today!
Marketing by Joseph Studios