Thinking about getting a Real Estate License? Here are my two cents...
As a military spouse like myself, you move quite a bit. Some military families more than others, but in average we move every 3-5 years. Many of us will start businesses we can take with us, others will work for the Department of Defense and just hope there is a similar job opportunity at the next location. Some decide to focus on the move and figure out the next career move once we get there. Others (I call them superhumans) also add homeschooling to the mix. It all comes down to continuously reinventing yourself every time you move. So once we arrived in #SanAntonio back in 2014, and after doing multiple jobs in the marketing and communications industries (which is where my background is in) I decided to take the plunge into a Real Estate career. So... here are a three key things I learned along the way as well as some recommendations on how to get started. And just for fun, check out my first picture as a #Realtor®... I was so proud (and still am!!)
IT'S NOT EASY
#Realtors® (the good ones at least) are masterful at making their jobs appear easy. Some, even, love to brag about their latest car purchase after a big commission. What no one sees, is that one commission can be months in the making. Every penny you make is before taxes, expenses, gas, hours of work, constant showings in the evenings and weekends. No one sees all the deals that also don't happen. In sum, we are not paid by the hour. All of that is accompanied by a very big and constant learning curve. Every transaction is different and many rules constantly change or get stricter.
2. IT TAKES TIME
Like every job, you need to get good at it before you are successful and that takes time. If you are in a city that you know, you will already have a significant advantage. If you are a new arrival, you will have to get familiar with areas, neighborhoods, school districts, business districts, commute times, restaurants, entertainment, etc. Not to mention Real Estate contracts and the many ways in which you can get sued and lose your license (and there are many). For most agents it takes two years minimum to build a small book of business that starts generating referrals.
3. IT IS IMPORTANT AND SERIOUS WORK
Many people are not aware that as a #Realtor®, you operate as a fiduciary, which means that ethically you need to put your clients' needs before your own. If you think about it, this makes sense given that you are helping them buy, sell and invest in one of the biggest purchases of their lives. Mistakes could cost your clients not only significant financial losses but also an insane amount of stress. I always tell new agents it is best to be humble about what you know and what you don't know, because it is always better to ask questions than to wish you had asked them. In every transaction you need to make it a point to gather as much information as possible so your clients can make the right decision. You are never in charge of making the decision for them but you are responsible for guiding them through information.
IS IT WORTH IT? If you are willing to put in the work, you are open to learning, willing to listen to people's needs and most importantly be patient both with yourself and others, Real Estate can be an amazing way to not only gain financial success but also meet incredible people every day.
STILL WANT TO GET THAT LICENSE? HERE ARE SOME POINTERS (In my humble opinion of course)
- Make sure the alternate hours work for your family's needs or make sure you have serious conversations about the changes the family dynamic will have. This is not a 9-5 job and although everyone believes #Realtors® make their own schedule, most of the time you have to adapt to your clients' schedules; especially at the beginning.
- Set some money aside. Getting your license involves upfront costs including but not limited to: Real Estate classes, licensing exams, board of realtor dues, MLS dues and broker dues. If you are leaving a job to become a realtor full time, you will also need to account for 2-3 months until you see any commissions (for many #Realtors® it is closer to 6 months).
- Evaluate a broker based on your needs and not what their splits are. Brokers vary significantly in what they offer and what commission split they charge based on what they provide. Keep in mind that at the beginning, having a broker that offers full-time mentorship and help in addition to free classes, might be worth the commission split investment. There is true value in education; especially if you are completely new to the industry. Learning from experts will save you time and stress and will help you serve your clients better. Plus, once you have been in the business a few years, you can always decide to change brokers. Your needs as a #Realtor® and what you need from a broker will change over time.
- Consider being part of a successful team. Many new #Realtors® will not consider teams because their commission splits will be reduced even more. Teams however, offer not only their own training programs but also the opportunity to start working with clients relatively quickly; so even though you might only see 30% of the total commission (or less), that commission comes a lot faster than if you decide to ride the wave all on your own. Teams are not for everyone, but if you seek mentorship, quick education, and hands-on experience, a team can provide that. Keep in mind that some teams will ask you to stay for at least 1-2 years. To them you are also an investment and they want to see that investment pay off. In addition, any client contacts you make will usually be bound to that team.
-Don't underestimate the power of #realestatereferrals. Although you cannot operate as a #Realtor® in every state (unless you are licensed in that particular state), you can always help your friends and family find a Real Estate agent where they live and serve as the referring agent for your them. If you get the referral agreement in writing (and many brokers have these) once the transaction closes you will receive a commission split. It is usually 25% but as always commissions are negotiable. Referrals are a great way to make extra money and put your Real Estate license to good use. Always do research on any agent you recommend to people.
ARE YOU CONSIDERING A CAREER IN REAL ESTATE? Send me a note! I am always up for answering any questions you may have and guiding you in the right direction!
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