Congratulations! You’ve just obtained your real estate license. The long nights spent studying and navigating the real estate law have finally paid off.
So, what’s next?
Prepare a business plan? Tell your sphere of influence you’re in the game? Buy a real estate CRM? Host an open house? Nah! While all these steps are critical in your real estate journey, they should come later after you’ve grasped the nuts and bolts of the business.
The most important thing to do after getting a license is to focus on your foundation. And that foundation is all about building your knowledge in the real world. Ready to get started with your real estate journey? These steps will help you build a foundation that will set you up for success.
As a newly minted real estate agent, you’re excited about selling your first house. Not so fast. You’ll need to join a brokerage first.
Most if not all states require new real estate agents to work under the tutelage, guidance, and protection of a licensed real estate broker. Once you’ve passed the real estate exam and filed all the paperwork, you’ll be issued a real estate license with the status of inactive.
This means you can’t do business until your license is activated. To activate it, you’ll need to find a sponsoring broker. You can think of a broker as both your boss and your partner as they will help you navigate the complex world of real estate in exchange for a commission split.
After landing the right brokerage, the next step is to build your professional profile.
What does that entail?
It’s all about building your brand. Create a website, open social media accounts for your business, have professional portraits taken, etc. Small details like having an online presence or even business cards with you can show potential clients that you’re organized in what you do.
Joining a few local and national real estate organizations is a great way to connect with real estate professionals, expand your network, and gain more knowledge. This will further help in building your foundation as a freshly licensed agent.
Consider what is important to you as an agent, then join a professional organization that will help to expand your knowledge in that area. Here are some reputable organizations to consider.
By joining a prestigious organization such as NAR, you’ll get opportunities to network with the industry’s best realtors and boost your reputation.
Now that you have built a solid foundation and joined reputable organizations, it’s time to get to the fun part of the job. Marketing! Keep in mind that even if you’re operating under the umbrella of a broker, you’re operating a small business.
First, you’ll need to sketch out a marketing budget.
As a new agent, you probably don’t have a buyer list or referral system that will bring in buyer leads. To that end, you might need to leverage the services of reputable lead generators that will bring potential leads right into your inbox. These include lead generation companies such as BoldLeads, REDX, Market Leader, SmartZip, etc.
You will also want to leverage non-paid lead generation sources to expand your reach. This may include asking your sphere of influence for referrals, attending community events, blogging, and posting your listings on social media.
One of the best things you can do as a new agent to grow your business is to network extensively.
Look to build connections with local real estate agents and other stakeholders—bankers, surveyors, lenders, etc. If you have joined any professional organizations, it’s in your best interest to attend as many events as possible.
The real estate business is a numbers game. The more the contacts, the higher your chances of getting more referrals and closing more deals.
Really great advice for new licensees. Thanks for writing this! One thing I wanted to add, is a newly licensed agent doesn't have to immediately go to selling homes. Some people want to continue working a full-time job while they build up a business. If that's the case, a referral only brokerage might be a better way to start off. That way, the licensee doesn't have to start paying Association dues, marketing fees, etc., but can still start networking and make some money while they build up their business.