No two agents will have quite the same experiences or look at the same challenges during their first year in real estate. But you can expect to face certain events and engage in a few regular activities. Your first challenge will be to simply get the ball rolling. Stay focused, master your studies, and partner with a brokerage that will provide mentorship, guidance, and resources.
Growing your sphere of influence
You will build your real estate career on relationships and your ability to network and obtain leads. The more people who know you’re in the real estate business, the more potential clients you’ll have. As you start your first year, it’s important to put yourself out there: networking, attending community events, connecting with friends and family, and cold calling.
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Expanding your real estate knowledge
You’ll learn a lot in your pre-licensing coursework, but you’ll face many new challenges that will require real-world experience and expertise. Work with a seasoned agent or mentor in your brokerage to get personally acquainted with your local market. Take professional development classes that will further your education, whether or not they’re part of a certification program.
Real estate agents are salespeople. Nothing is more crucial to mastering the art of the sale than practice and experience—including failure, now and then. Many brokerages offer sales training and support, and you should take advantage of those resources during your first year.
Streamlining your finances your first year in real estate
Simplifying your finances and keeping quality records during your first year are necessary activities for any small businessperson—and that’s what you are now. If you develop good habits in this area now, they’ll pay off more and more in years to come. Many of the expenses you’ll encounter are tax deductions, and you’ll want to have records of those.
Make sure you’re setting aside or pre-paying toward your tax liability, as tax time can be a shocker to those who have never been a 1099 contractor before. All of this should be part of your real estate business plan.
Asking for help
Never be afraid to ask for help. All agents and brokers have been new agents. Your first year will likely be exciting, and if you can keep these challenges in focus, you can navigate them with ease. Your broker and senior agents can be great resources.
