Photo by MOHD AZRIN on Unsplash

3 Things I Wish I Knew Before I Got My Real Estate License

Disclosure: This post may contain affiliate links.

I have spent nearly 15 years involved in the real estate industry, but it wasn’t until several years ago that I decided to take the leap and get my real estate license. Here’s the top three things that I wish I knew before I made the jump.

#1 — This is a People Business, Not a House Business

If you think that “real estate” is about houses and land — at least in terms of real estate agency — you’d be sorely mistaken.

Being a real estate agent or Realtor® is a people business. Your main job is to network. Cliché, I know — but it’s true.

Your entire business depends on your ability to meet new people, make friends, keep your customers happy, and gain referrals.

Keep in mind though, you’re not just networking to meet customers. To be successful as an agent, you need to meet and build relationships with other professionals too. These can include, loan originators, inspectors, contractors, and more.

#2 — Starting on a Team is Easier than Starting From Scratch

Here’s the thing. I actually already knew this when I first got my real estate license.

After all, I’d already been involved in the real estate industry for nearly ten years. That gave me an ample amount of time to learn the ins and outs and the ability to talk to many, many professional agents and managing brokers.

But the truth is, I let my ego get in the way — and I wish I hadn’t done that.

Starting on an established “team” is possibly the easiest path to choose when you first get your real estate license.

Instead of trying to prospect on your own, your team has already built their networking foundation, and has regular leads coming in.

This gives you the ability to start learning fast while gaining experience working through multiple purchase and sale agreements.

The downside to this option is that you take a significant pay cut. This happens because you may only receive a percentage of your team lead’s commission on each contract closed. It’s also possible that you may be paid a flat or hourly rate; this all depends on the contract you agree to when you sign on to your team.

In the long run you’ll have built a steady network of people, which makes it all the more likely that you’ll flourish when you strike out on your own after a year or two.

#3 — If you don’t have the time, You won’t be successful

If you’re getting into this business as a part-time endeavor I have just one thing to say — good luck.

Yes, it’s possible to be a real estate agent part-time but in all likelihood you’ll need to be working over-time.

Okay, okay, maybe not over-time, but at least full-time. This is because it takes a lot of work to build your network base.

You need to gain leads and clients, and you do that by pounding the pavement — sometimes literally, sometimes figuratively.

You need to be out there meeting people face to face, sometimes you might make calls, sometimes you might text, email, or use other means.

In reality, the majority of your time will be spent generating leads and networking — especially in the beginning. It’s up to you to decide how to do it, you just have to put in the time doing it.

Give It Time, Think About It

All in all — for me at least — I wish I’d done things differently. Even so, that might not have actually changed what happened for me in the long run.

Ultimately, I had to that aspect of my career on hold — but that’s a story for another time.

Still, now it’s your chance to have a go at it.

My best advice: Take your time, think about it, listen to advice, and don’t let your ego get in the way while you’re making your decisions.

(Also, always read your brokerage contract and contact a lawyer if you think something is shady or if you have any questions.)

This article was originally published on OhHeyItsRay.com

Oh Hey, It’s Ray is a real estate investor, entrepreneur, and former real estate agent. She lives happily with her husband and two children in the Pacific Northwest. See more from Ray at her YouTube channel and on Ohheyitsray.com