Thinking About Getting Your Real Estate License?

Below are a few things you can expect when you're getting you're real estate license as a new real estate agent.

1. A steep learning curve: The real estate industry can be a very complex thing and there is a lot to learn. There are a ton of moving parts and a ton of things to keep your eyes peeled for. As a brand new real estate agent, you’ll need to become familiar with local market trends, property values, real estate laws and regulations, among other things. You’ll also need to learn about the various types of properties available (e.g. residential, commercial, industrial), as well as the different financing options available to buyers.

In addition to learning about the technical aspects of the industry, you’ll also need to learn how to effectively market and sell properties. The biggest piece of that will be how to manage and communicate with your clients effectively. You'll also need to learn various sales & marketing skills such as how to create compelling listing materials, how to price properties competitively, and how to negotiate deals.

One way to speed up the learning process as a brand new real estate licensee is to seek out training and mentoring opportunities. Many real estate companies offer continued education programs for new agents, or you can seek your education outside of your brokerage if they are just a flat fee company or something like that.

2. Long hours: This might be counter-intuitive. A lot of people get their licesne so they can have more time freedom, but they don't understand that most real estate agents are on a commission only pay structure, which means you’ll only get paid when you close a deal. This can be the best thing for you or the worst thing for you. On one hand, it means you have a huge earning potential – the more deals you close, the more money you’ll make. On the other hand, it means that you may have to put in long hours, especially at first, to gain traction and start closing deals.

As a new real estate agents, you can expect to work evenings and weekends since those are the most convenient times for clients to meet with you. You may also have to spend a lot of time on the phone or driving to show properties.

3. Networking is key: You might have heard the old saying "It's not what you know, it's who you know". Well, in real estate that holds true. As a brand new agent, it’s vital that you start building your network of contacts right away. This includes other real estate agents, industry professionals (e.g. mortgage brokers, home inspectors), and potential clients. The more people you know and the more people you talk to, the more opportunities you’ll have to capture business.

One way to build your network is to get involved in local community events, such as school events, church events, etc. This allows you to meet other likeminded local that share you same interested & values. You can also utilize social media and online networking platforms to connect with others that you can't meet face to face..

4. Don’t expect immediate success: Unfortunately, building a successful real estate business takes time. If you're looking for a 'get rich, quick' scheme, this isn't it. It’s important to be patient and remain focused on your goals and why you got into the industry in the first place. Don’t get discouraged if it takes you a little while to gain momentum – keep working hard and as long as you're making progress, you'll eventually see the results.

I would also urge new real estate agents to manage their expectations when it comes to your income. Although there is huge earning potential in this industry, as a new real estate agent, you may not make a ton of money at first. It takes time to build up a pipeline and start closing deals. Be prepared for some financial ups and downs in your first year as you establish your business.

5. Seek out additional training: The real estate industry is constantly evolving, and it’s important to stay up-to-date on the latest trends and regulations. Although your brokerage should provide some additional training, you need to take the responsibility of self education into your own hands. To stay competitive, consider seeking out additional training opportunities. This could include real estate classes, conferences, or even additional industry certifications.

For example, you may want to consider earning a seller representative specialist (SRS) designation, which is a professional certification specifically for agents who work with sellers. Or a GRI designation to show to clients that you continue to strive to provide a better service.

In summary, starting a career in real estate can be a a tremendous opportunity if you approach it with the correct work ethic and preparation. If not, it can be a short lived experience. The best thing you can do is seek out mentorship early and continue to expand your network of mentors and trainers that will support you throughout your career.

If you're ready to get your real estate license, but you're not sure what to do next, check out our previous blog about the steps to get an Oklahoma real estate license. The first step is to get enrolled in the 90 hour pre-license course. You can enroll in the online real estate course here.