Why should I consider a career in real estate?
Real estate provides an opportunity to run your own business with a minimum amount of up front expenses. Although it's not for everyone, most people like the idea of not having a limit placed on the amount of income they can earn. The idea of flexible work hours can also be a huge incentive. Realtors also have the luxury of actually having a career that they like, not just a job to earn income.
What are some things I should expect when I'm starting out?
Highs and lows are part of any sales career –– some months will be higher producing than others; consistency over time will be the key to your success. Expect to invest up to $2,000 during the first 60 to 90 days to cover licensing, education courses, business cards, Board of REALTORS® dues and personalized marketing materials. The first paycheck may not come for a few months, because real estate sales are paid on a commission basis; it takes some time to establish and build a customer and client base for your business.
How do I get business?
Your objective in this business is to assist people through the process of buying or selling homes. The way you accomplish this is by utilizing various prospecting systems that develop potential leads. Your business can come from people you already know or from complete strangers. You will be trained in all aspects of prospecting and sales and will be able to create a career that will be long lasting.
But first, it is important that you choose the right real estate office within your brokerage that fits your personality and style. The support and energy you receive from your environment - from your manager, a mentoring program with senior sales people, or other new recruits - will all enhance your business performance. And, it is critical to create a business plan with your manager to ensure that in some way you are prospecting for new clients every single day!
What kind of person does well in real estate?
Almost anyone can do well in real estate. It really isn't a matter of education or superior salesmanship. Although these things help, it's more about being committed to your own success and willingness to work hard. At Edina Realty, we've had people from all walks of life become tremendously successful.
How do I get started?
The first step in pursuing a real estate career is to meet with me so we can assess your interest level, financial ability and time commitment necessary to succeed in a real estate career. Next, you would sign up for the pre-licensing class through Kaplan Professional Schools, a 30-hour class that provides the education needed to pass the required state-licensing exam.
We estimate the start-up expenses to be at least $2,000. Some of these expenses include membership in the local, state and National Association of Realtors® licensing fees, etc. I will elaborate on what fees are due and when during our informational interview. Just contact me when you're ready to meet.
Are there recurring costs?
Just like running any business there are associated costs and real estate is no exception. Every year you will have similar recurring fees as those above. In addition, there will be other self-promotion expenses that you could incur.
What type of training is available to me through Edina Realty?
Edina Realty offers several training programs. The first is Edina Realty University, an intensive two-week program, taught by some of Edina Realty's best eal estate professionals. If you're interested in ongoing training or sales skills development, I provide a Business Essentials workbook and reference guide along with my Four Weeks to Success Series.
But the training and coaching doesn't stop there. I will also work with you, one-on-one, to create a Personalized Business Plan, outlining your goals, and a Personal Marketing Plan as the blueprint for achieving that goal. And you'll have the option of choosing a mentor you can 'shadow' so you can observe how successful real estate professionals work. That's having a professinoal coach and mentor to help you every step of the way.
How much money can I really make?
This really depends on you. Realtors are paid strictly on a commission basis with no draws. Depending on your point of view this can be bad or good. If the idea of being paid what you're worth appeals to you, then real estate is a great career choice. Many hard-working agents can meet or exceed their required income needs in their first year.
