Congratulations! If you are reading this, we assume you’ve passed your real estate exam! (or are close to passing!) As a new addition to the extensive network of real estate professionals working to aid buyers and sellers, there are a few logical next steps.
Just as the exam process differs slightly based on the state in which you are licensed, the next steps to getting work can also depend on the nuances of the market you’re looking to enter. Nevertheless, here are some basic steps that most real estate professionals agree are the most beneficial way to start your career on the right foot.
What To Do After You Pass Your Real Estate Exam
Not sure what to do now that you’ve passed this major hurdle? Here are some next steps to follow to get your real estate career up and running.
Step 1: Find a sponsoring broker/brokerage.
In real estate, brokers are almost always experienced agents with a broker’s license. (In some states, “broker” is the name of an entry-level real estate agent.) Real estate agents without broker licenses must work under a broker (within a brokerage.) Think of a broker as both your partner and your boss, as they’ll help you maneuver through your journey as a real estate agent in exchange for a portion of your income, which is typically determined as a flat fee and/or commission split.
Flat Fee: This fee is paid to your brokerage every month.
Commission Split: The percentages depend on individual agreements, but a 70/30 split is one option. This means you would keep 70% of the commission as the agent and hand over 30% to the broker.
Learn more about the differences between an agent and a broker with this helpful article: Real Estate Agent vs. Real Estate Broker: What’s the Difference? | Colibri Real Estate.
Step 2: Network with other real estate professionals.
Countless professional organizations within real estate can help you connect, network, and increase your knowledge of the field. A simple Google search can yield a plethora of state-wide real estate organizations, and there are a few national organizations to consider as well.
You can choose to become a member of an organization based on the type of property you’re looking to sell, as well as the region. For example, the Association of Foreign Investors in Real Estate has a global investment emphasis that other organizations might not have.
Consider what is important to you as a real estate agent, and look for organizations based around that. Here are some reputable organizations to get you started.
- Institute of Real Estate Management (IREM)
- National Association of REALTORS® (NAR)
- National Council of Real Estate Investment Fiduciaries (NCREIF)
- U.S. Green Building Council (USGBC)
- Society of Industrial and Office Realtors (SIOR)
- Urban Land Institute (ULI)
Step 3: Join the MLS.
The MLS (Multiple Listing Service) refers to hundreds of regional databases that contain comprehensive information about properties for sale or rent in a given area. Joining an MLS is essential for real estate agents as it provides access to listings, increases exposure to your listings, and enhances market knowledge.
Step 4: Build an online presence.
There’s never a better time than the present to start building your professional social media profile. Creating a website, taking professional portraits, and creating social media pages are great steps.
If you aren’t inclined toward social media, there are people who can help! Consider employing a social media expert to help you build your online presence. There are a lot of experienced designers and social media experts who work as freelancers on Upwork and Freelancer.
Step 5: Set goals and timelines.
If you’re not closing deals in real estate, you’re not making money. It’s easy to become discouraged. If you are struggling to make those first few sales, set goals unrelated to income. For example, set a goal to connect (in person) with X people a week. Or make a goal to attend four local industry events per month. Setting and meeting goals may help you stay motivated as you grow your connections and career.
Step 6: Set a budget.
As you see the trajectory of your career goals unfold, it’s a good idea to start budgeting accordingly. Think about the work environment that would make you most comfortable. Are you planning to work from home? Is a luxe office space in your vision of your future? Do you plan to have a real estate assistant eventually? These are all factors that influence how you should structure your budget.
Some professional budgeting apps that can help you through the process include QuickBooks and Wave.
Step 7: Create a marketing plan.
Creating a marketing plan is crucial, as a plan helps you define your target audience, identify effective marketing channels, and develop strategies to reach potential clients. A well-crafted marketing plan outlines specific goals, such as increasing brand awareness, generating leads, or promoting listings. It includes tactics like digital marketing, social media campaigns, networking events, and traditional advertising. A clearly defined marketing plan can help you allocate your resources effectively, track your progress, and adjust strategies as needed.
Step 8: Seek expert advice.
Every real estate professional has their own journey through the industry, but it can help to get advice from people with more experience. Seeking out individuals with knowledge of the specific market or real estate niche you plan to work in can help you catch market peculiarities you wouldn’t have otherwise known about. Everyone learns as they put education to practice, but it usually doesn’t hurt to get advice from someone who has already ironed out their way of doing business.
Find someone whose work you admire and ask them for lunch or coffee. The odds are that they will be flattered that you want to pick their brain and agree to give you any help they can with your new career.
Now that you have some tips for starting a real estate career, be confident in your abilities to become successful. You’ve already completed the most significant step, passing your real estate exam, and are on your way to a fruitful career. Once you become a real estate agent, it’s up to you to complete the necessary state-specific requirements to stay licensed. Every state requires licensed real estate agents to take continuing education courses. Colibri Real Estate offers helpful continuing education courses to help you maintain your license – and grow your business. Check out your state’s license renewal requirements today.
