Whether you work in residential or commercial real estate, it an be tough getting started in the business. Here are five great tips for new real estate agents just starting out.
Proven Tips For New Real Estate Agents
One of the most important tips for new real estate agents is to start part-time.
That doesn’t mean putting less effort into your new real estate career. What it does mean is to make sure you have enough income coming in while you’re ramping up your new business.
The last thing you want to do is to run out of money just before the big dollar real estate sales commissions start flowing in.
Focus On One Area
The second most important tip for new real estate agents is to focus on a single area to work in.
This could mean a specific neighborhood, zip code, or even a single building in your city. It just depends on what real estate market you are working in.
Focus On One Product Type
In real estate there are different product types or asset classes. Single family, multi family, free standing commercial, and multi tenant retail buildings are a few examples.
The third most important tip for a new real estate agent just starting out is to focus on a single type of real estate. Then, become an expert in that asset class for your chosen marketing area.
Do What Fits Your Personality
Most brand new agents fresh out of real estate school begin by selling resale homes. But that’s not always the smartest choice.
Understandably new real estate agents make this choice because there is more inventory in the resale market than in any other segment.
But selling homes may not be the best fit for your personality. Other areas of real estate include new home construction, land, commercial, and property management.
Real Estate Is A Business
Just as investing in real estate is a business, so is deciding to work as a real estate agent.
It’s important to have a business plan, and to track all of your income and expenses. Successful real estate agents also know that it is critical to always underestimate the cash coming in, and to always have money in the bank.
After that, marketing your new real estate business is a key factor to success.