Now That You Have Your Real Estate License, Now What?
Once you have passed your test to obtain your real estate license, you now have a world of options open to you! Here are some things to consider:
- You have to find a brokerage to hold your license. What kind of brokerage would you be most comfortable with and what kind of brokerage will help you grow your business the quickest?
- Do you want to be a large or small brokerage, want personal one-on-one attention or be one of many agents?
- Large national brokerage or a smaller independent brokerage?
- What kind of training is offered? Management support? Do they work for you, or do you work for them?
- Once you’ve decided on the best brokerage fit, it’s now time to join the local board of REALTORS. In the Indianapolis area, that’s MIBOR (Metropolitan Indianapolis Board Of Realtors). You will also join the IAR (Indiana Association of Realtors) and NAR (The National Association of Realtors which gives you the permission to call yourself a REALTOR®?).
- Now, it’s time to think about how you will get business. Some brokerages will offer you Internet leads. Be careful here - Internet leads are notoriously time consuming, require endless followup and often don’t lead to any business. Your best source for real estate business in a timely fashion is to focus on your Sphere of Influence (SOI). These are people who you know … and who know you. These people are the most likely to hire you to help with a real estate transaction, or refer someone to you.
- By the way, you will find that 30 to 40% of your SOI will already have a relationship with a REALTOR®?. So plan on your initial list to shrink at first.
- Studies show that it will take 7 to 10 contacts with your SOI before they even remember that you are in the real estate business. They will tend to still think of you in your prior profession. So plan to make numerous contacts before you see business from this source.
- Plan to budget an amount (1% to 10% ) of your expected income to support your outreach to your SOI, including post card mailings, newsletters, hand written notes and etc.
- You will need a good, lead generating website. Not just a page on your broker’s site. Don’t count on achieving Google first page placement. You can drive traffic to your website in other ways. It helps if your website is capable of allowing an IDX search of your local MLS.
- A good CRM (Client Relationship Manager) is indispensable. It should be simple to use, have a way of grouping your prospects and making notes. And it should have a way of sending drip email programs and email newsletters.
- In today’s hi-tech, fast paced real estate world, you will also need a good “Smart Phone”, a tablet computer or iPad, and a good notebook or laptop computer.
Stay tuned for part 3!
Feel free to contact us: 317-324-8331 or visit our website: CLICK HERE
We’d love to help you start your career in real estate.