5 Tips To Succeed In Your First Year As A Realtor
Starting off as a real estate agent can be pretty hard in the beginning days of your career, but it is all about staying in the game, and over time, you will succeed. The first year is always the hardest in any job, and it is no different in the business of real estate.
You need to keep your head held high and keep on learning the tricks of the trade. It is quite impossible that two real estate agents would have the same kind of experience during their first year, but we can definitely note a few points which are similar in the career path of every real estate agent.
1. Establish your network quickly
In the first year of your career, it is essential to build your network and get your feet firmly planted in the game. The more people you know, the more leads and potential business clients you will be able to get.
Attending networking events, meeting with new people, contacting experienced real estate agents, and cold calling needs to be your priorities in the first year of your career. It is all about putting yourself in the market and letting people know that there is a new rookie in town who is striving hard to own the market.
2. Learn as much as you can
It is imperative to acquire knowledge of the game at the very early start of your career. Although you will be learning a lot theoretically in the pre-license courses, the market requires practical, real-life experience. Try to find a seasoned agent in a brokerage and ask him or her to become your mentor. Try to learn from the best in your area as an experienced agent will introduce you to opportunities that can shape your future. There are professional development classes available online as well as in different institutions. Learn the art of talking and selling because half the part of closing the deal is about communication.
Different brokerages give the rookies a chance to take sales training, and you need to cash in on such opportunities. Get yourself out in the market and try to handle real clients. It may not be possible if you are acting on your own, but a mentor can arrange it for you.
You can also observe your mentor in shaping a deal, and learn from him or her on how to act in a similar situation. You have got a lot of time in your hands if it’s your first year in this business, so make the best use of this time and take as much practical knowledge as you can from the people around you in the market.
3. Budget now, Not Later
Handling finances are difficult for experienced agents, let alone for new agents in the first year of their career. You need to properly plan and manage your finances if you don’t want to be in big trouble once you have your own office setup.
Tax deductions will come earlier than you expected, so you should have a plan in place to handle these tax items. As you will be starting small like most the new agents, you will need to set aside a particular amount of money before you apply to become a real estate agent. Make a backup plan to handle the risk of hitting rock bottom. Having sufficient savings will help you a lot by allowing you to cater to any situation. You have the rest of your life to relax, enjoy concerts, or take a vacation. At this moment, in the beginning stages of your career, all of your energy should be dedicated to surviving in the market.
4. Acknowledge your weaknesses
Nobody is born a great real estate agent. All agents were once in your position. There is no shame in asking for help, and if you have already chosen a mentor, it will be much easier for you. The first year of your career will definitely be exciting, but you need to stay on course and acquire guidance from experienced professionals in your field. Contact professionals, coaches, teachers, friends in the market, or any person who could give you useful advice.
5. Understand your employment status
One of the biggest confusions new agents face is regarding their employment status. Most agents aren’t employees but independent contractors. Being an independent contractor means that you are not linked with a brokerage as an employee, and you are definitely not a partner. If you are not an employee, your payment is connected with your sales, which is an added pressure. There is no monthly wage being promised to you, and you have to withhold your own taxes.
On the other hand, an employee has most of his/her taxes automatically withheld by an employer, like health and retirement benefits, Medicare and federal Social Security taxes. Keep 35% of your income put aside to tackle these taxes if you are not ready to become an employee.
It would probably be better in the first year of your career if you try to work for a successful brokerage than venturing out on your own as an independent agent. You may not make a single sale in your first year.
So stay on the safer side at the beginning instead of taking many risks, because it would be quite challenging to handle failure and financial difficulties when you first start out.
Final words of advice
As a new real estate agent, you should concentrate more on learning than earning money. There is a long road ahead of you, and you need to obtain the knowledge necessary to kick-start a successful career. Observe what successful real estate agents do, and try to get in the company of such professionals as they can help you to uplift your career in a short period. Try to learn from the best, and implement the knowledge in the field as much as you can. Slowly but surely, you will get the know-how of how the business is done and all you need to do in your first year is to remain determined and consistent.
Best of luck on your future endeavors, and if you have any questions, you can post them in the comments section, and we will get back to you as soon as possible.