How Long Does It Take to Start Making Money as a Real Estate Agent?
There’s no doubt that real estate is a lucrative industry. However, many people are wondering how long it takes to start making money as a real estate agent. The answer to this question varies depending on several factors, including your level of experience and the market conditions in your area. In this blog post, we will discuss some of the things you need to do to start generating income as a real estate agent!
My name is Evie Brown, and I’m a Realtor® licensed in the state of Arizona. I’ve been a real estate agent for over seventeen years now, and I’ve helped hundreds of buyers and sellers alike. Now, I’ve decided to help people new to the career of real estate to understand the ins, outs, ups, downs, glories, and pitfalls of the real estate world so that they can be better prepared for their journey. I’m writing these blogs with the assumption that you are new to the career, but I hope to provide information that even experienced real estate agents can benefit from. Also, I am always looking for agents to join my team, as well, so keep that in mind as you read on.
If you’re thinking about becoming a real estate agent, the first thing you need to do is get your license. The process of getting your license varies from state to state, but it typically takes a few months to complete. Once you have your license, you can start working with clients and earning commissions. However, it’s important to keep in mind that real estate is a commission-based industry, so your income will fluctuate from month to month. To start generating a consistent income, you need to build up your clientele and close deals regularly.
The best way to generate leads as a new real estate agent is by networking with people you know. This can include family, friends, co-workers, and acquaintances. You can also join local organizations and attend community events. Once you start meeting people and getting your name out there, you’ll start to generate leads. The key is to follow up with those leads and turn them into clients.
On that note, communication is paramount to being a successful real estate agent. You need to be able to effectively communicate with your clients, as well as other real estate professionals. This includes being able to negotiate deals, as well as writing and sending contracts. If you’re not a people person or if you don’t feel comfortable communicating with others, then you’ll need to practice your people skills to bring your communication up to new levels. Take advantage of technology to help you with reminders for client appointments, meetings, even returning phone calls and follow-ups as you go. Everyone has a smartphone with a calendar, I highly recommend using it for this purpose. I can’t stress this enough: the best real estate agents have the best communication with their clients and their preferred vendors.
Communication is so much the cornerstone of my career I’m going to deviate from the topic at hand for a moment to talk about just how important it is. The team I’ve put together for my transactions is the same team that I recommend to everyone. This isn’t because they get commissions for the work they do, or because they may be cheaper than anyone else; it’s strictly because they have the absolute best communication skills I could ask for. My clients rave about the process with my preferred mortgage lender, Chad Conley. When a deal is done and it’s ready to go to Title, Lori is on it better than anyone I’ve ever encountered. We know each other so well, that we know what to expect and when to expect it, and how well they’ll handle the clients we pass between each other. You will put a LOT of trust into your team, and having a team that communicates quickly, effectively, and consistently is what produces FANTASTIC results. If you’re not happy with the lender, or title, or your inspector, FIND A NEW ONE. If you’re not happy with them, your clients won’t be happy with them, and that will reflect poorly on you. Let that sink in. Having the right team, with the right communication, is what will take you from a mediocre real estate agent to a desirable, highly recommended real estate agent in no time.
Now that I’ve highlighted the necessity for good communication, the most important thing to remember when starting out as a real estate agent in regards to your initial income is that it takes time to build up your business. It’s important to be patient and to stay focused on your goals. If you work hard, you will eventually start to see results. With a little bit of time and effort, you can start making money as a real estate agent!
So, “How long before you can start making money as a real estate agent?” You can start making money within your first month if you take the opportunity to grow your network and utilize your reputation amongst your network to help you accelerate your career. Your network of associates is your sphere of influence, and the larger you grow this network, the faster you can obtain leads and start making money. Leverage your social media, join a networking group like BNI or a Chamber of Commerce, and really get to know the people you’re meeting. Everyone you meet is an opportunity to grow your marketing team. Everyone is part of your marketing team if you present yourself in a way that’s positive and memorable. The majority of my leads come from word-of-mouth referrals because I invest the time to get to know the people in the networking groups I attend, and the clients, on a personal level. The better your newfound associates get to know you, the more likely they are to remember you when the situation arises where they’re asked if they know a real estate agent. I’ve written an entire article on acquiring new clients here!
The bottom line is, if you work hard and are both patient and driven, you can start making money as a real estate agent relatively quickly. It’s important to focus on networking and building relationships with potential clients, and reinforcing those relationships happens with great communication. With some time and effort, you can be well on your way to a successful career in real estate!
– Evie Brown, REALTOR®
(602) 577-7410 direct line/text