You have passed your real estate exam and are now able to hold a real estate license. Hard effort, dedication, and devotion are required to complete your Pre-Licensing course, take your exam Prep seriously, and pass your licensing exam to become a real estate agent. Now let’s learn what to do after passing the real estate exam.
Now that you’ve completed this essential part of your profession, you’re probably wondering what to do now that you’ve passed the real estate test. After passing the real estate test, we’ve detailed some of the logical things to do as a new professional joining a wide network of other real estate professionals striving to assist buyers and sellers through the process.
What to do After Passing the Real Estate Exam
Look for a sponsorship broker who is a suitable match for you.
Brokers are typically always agents with years of expertise and a broker’s license in real estate. When you’re just BEGINING your profession, it might be beneficial to tap into the expertise and network of those who have worked in the area where you want to conduct real estate transactions.
A broker may be seen as both a partner and a boss since they will help you in the starting stages of your career as a real estate agent in return for a commission split.
The commission amount is determined by the price of the properties being purchased or sold via a brokerage. On the other hand, Brokers normally compute their share using a flat fee or commission split.
Here’s the difference.
Flat Charge: This is generally calculated monthly and entails paying a broker a predetermined fee for their services.
The numbers vary depending on the specific agreement, but a 70/30 split is normal. This implies that you would retain 70% of the fee as the agent, and the broker would get 30%.
Make a timetable
If you don’t sell the house, you won’t make any money in real estate. Setting a timetable for everything you want to do throughout the early years of your career is critical.
Create a timetable that includes precise targets that can get accomplished in the near and long term. You may pick a five-year timeframe or a yearly option for your first five years in the industry.
In figuring out your next steps, keep in mind that certain states require you to take Post-Licensing education after your license. Keep yourself responsible and prepared as you embark on this exciting career adventure, include any additional schooling needs into your calendar.
Create a Budget
One of the incredible things you can do to set yourself up for future success is create a budget from your profession’s beginning. Consider your estimated yearly income in your estimates, depending on the kind of real estate you want to specialize in.
Determine your chosen work setting after you estimate your annual salary. Will you be happy working from home or desire a luxurious office in a high-end location? Do you intend to recruit office workers in the future, such as administrative assistants?
Furthermore, are you thinking of employing a marketing firm to help you with your marketing efforts? These and other variables will impact how you build your budget.
You’ll need to budget for transportation, rent, wages, office equipment, and other operational expenditures if you want to operate in an office outside of your home. When putting up a budget, it’s a good idea to consult with an industry expert who can help you predict your business’s demands. Professional budgeting software such as QuickBooks may also help you get through the process fast.
Establish a professional online presence.
It is important to create a website, but your effort does not end there. In today’s extremely competitive business market, having a professional (and active) social media presence can help prospective customers discover you and set you apart from other agents.
According to the National Association Of REALTORS2017 ®’s Real Estate in Digital Age Survey, over 95 percent of prospective clients utilize the internet to purchase or sell a house. We suggest concentrating on two major areas to improve your online presence: your web presence and social media presence.
You want these sites to encapsulate who you are, what you do, and what sets you expect your competitors to persuade prospective customers that you’re the right real estate agent for them.
Collaborate with other real estate agents.
Several professional firms in the real estate sector may help you connect, network, and expand your understanding of the field. Solicit advice from industry experts so that you may learn directly from their experience as a seasoned agent and what they would have done differently as a beginning agent.
And don’t stop there: for your career to advance, you’ll need to establish strong professional contacts with seasoned agents. Professional real estate groups will also keep you updated on industry trends. Some of these include:
- REALTORS® National Association
- The National Council of Real Estate Investment Fiduciaries (NCREIF)
- Society of Industrial And Office Realtors U.S.
- Green Building Council
- Urban Land Institute
Options for further education
New real estate agents often complete Pre-licensure courses. Thus, it may be tempting to believe that you don’t need more education. However, in the ever-changing business of real estate and marketplaces, being ahead of the game is critical.
Brokerage businesses sometimes provide in-house training and seminars to assist agents in maintaining their skills up to date. It’s critical to take advantage of these learning opportunities regardless of how recently you passed the real estate test.
When it comes to renewing your real estate license, continuing education is also crucial. Several online solutions enable you to finish coursework with ease and flexibility.
Begin networking in your neighborhood.
It’s impossible to excel in real estate without a strong drive to network and connect with others. Professional groups may assist you in this process, but networking necessitates putting oneself out there in the community.
It would help if you networked with individuals in your business and colleagues, friends, and acquaintances as a new real estate agent. While networking should not be only to generate a sale, it does aid in developing a large list of possible customers and recommendations.
Fortunately, networking does not have to be tedious or uncomfortable. While formal events are available, there are alternative methods to make networking more engaging and enjoyable. These are some of the possibilities:
- Sponsoring local meetups
- Spending time with the owners and customers of local small businesses
- Lunches with people or business meetings
- Open houses are held at for-sale homes.
- Participating in local mixers
- Participating in community groups or service organizations as a volunteer
Frequently Asked Questions
Which state’s real estate test is the most difficult?
Colorado stands as the most difficult state regarding the real estate exam. This is valid since agents must complete 160 hours of training, pass two examinations, pass background checks, and fingerprint. Many other states have fewer than 100 hours of education requirements, with the bulk falling under the 40-hour mark.
Is real estate still a good career option in 2022?
Yes. In 2022, becoming a real estate agent will provide many chances. Despite the great changes that have occurred, the market will continue to increase. Agents will adapt to the changing terrain and prosper with the correct training and guide.
What do you call a real estate agent?
Real estate agents are often known as salespeople or real estate associates. The criteria for being a licensed realtor differ by state (a federal license is not required). Realtors must, in general, take and pass the state real estate licensing exam.
Is the real estate test difficult?
Real estate examinations are meant to be tough to pass so that those who will not be competent agents may be weeded out. Though the pass rate varies depending on the state test, it generally hovers around 50% nationwide. This implies that only around half of those who take a state licensure test succeed.
What budgeting things should you think about after passing the real estate exam?
Here are a few financial issues to think about:
- Office rental: in the United States, the average cost per square foot for office space ranges from $8 to $23.
- Transportation costs vary based on the distance traveled and the conveyance used. For your down payment, set up at least $5,000.
- Website design, hosting, and maintenance may cost anywhere from $2000 to $3000 per year. If you are on a tight budget, you may use services that allow you to establish a free real estate website.
- Membership in a good organization in the field might cost up to $200 per year. While networking with your colleagues, joining a professional real estate group can help you obtain visibility and increase your marketing efforts.
In conclusion, real estate provides an excellent option for many entrepreneurs. And if you need more help on this, the above highlight on what to do after passing the real estate exam will be indispensable.