After Real Estate Classes: Your First Year

Real Estate First Year

You’ve passed your real estate classes and you’re ready to start making sales… Or are you?

Of course you are! You’re armed with an entrepreneurial spirit and hunger to succeed. All you need now is a bit of experience and some solid advice.

So here are a few tips to guide you through year one, as you graduate from the classroom to open houses.

Keep in Touch With the People From Your Real Estate Classes

You’ve probably already build a friendship or two from these classes. Cherish them and hold on to them. Your network is going to drive your success at every phase of your career, so start building it now.

On a more human level, it can be invaluable to keep in close contact with someone who is going through the exact same struggles that you are in year-one. Meet for dinner or a drink when you can. Talk strategy, learn from each other’s mistakes and celebrate your victories.

Exude Confidence, Even Though You’re the “New Kid”

When you’re fresh out of real estate classes, you may feel inferior to the seasoned Realtors® in your area. But don’t be intimidated by their success. Be inspired by it. Also, don’t forget what you bring to the table.

“Find a niche in your market that you know well and feel confident you can serve. This takes you from feeling inferior to being recognized for how you’re different than the rest. Those two things are worlds apart,” wrote Realtors®, Tonya Eberhart and Michael Carr.

“If you lay claim to one specific attribute, accomplishment, or business segment, you’ve taken the most important step to gaining tremendous confidence. There’s something powerful about that suit of armor called ‘differentiation.’”

Expect to Spend Money Before You Make Money

You probably got into real estate because you saw the potential to make a lot of money. This is of course true. But be prepared to spend money in your first year.

“After all, the four to seven percent an agent might charge on a 250K property is a quick $10,000-$17,500, so why not? At that rate, a person need only sell five houses a year to make a nice living. It sounds easy and profitable,” recalled Realtor®, Tina Plett.

“But that kind of monkey math gets a lot of people in trouble.”

Remember, after you’ve paid for your real estate classes, you have to pay for things like:

  • Licensing
  • Marketing, both print marketing and online
  • MLS fees
  • Office space and supplies
  • Gas and other vehicle costs

All in, you may expect anywhere from $20,000-$30,000 worth of expenses, before you sell your first property. This actually isn’t an unreasonable amount to invest in your future, as long as you’re prepared for it.

Focus on the Things They Don’t Teach in Real Estate Classes

They may touch on the importance of your online identity in class, but you will do most of your learning when you’re out there trying to build one. This is definitely something that you want to do right from the very start.

“If I were to go back in time and advise myself as a new real estate agent I would tell myself to focus on the technology aspects of real estate,” wrote Realtor®, Paul Sian.

“Not just technology related to signatures and taking great pictures with professional photography gear but also focusing on the Internet and social media technology to help connect with people.”

Also keep yourself open to advice at all times. They say that everyone you will ever meet knows something you don’t. So listen to all of the people you meet on this journey and you’re likely to glean a nugget of wisdom from just about everyone.

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