You made the decision to become a real estate agent. You reviewed the Nevada Real Estate license requirements, went through the process and gained the educational requirements, and just passed the exam for official certification. Congratulations, you’re a real estate professional! Now it’s time to get out there and market your expertise to the public.
Here are five things to help you succeed as a new agent in your first year:
- Recognize Buyer Wants and Needs
There isn’t a one size fits all approach to buyers. Are you dealing with a first-time homebuyer? An investor? A vacation getaway property? An out-of-the-area homebuyer? Someone looking to purchase a townhouse or condominium? Each will require varying degrees of assistance – your goal each time is to build a strong relationship, guiding the buyer through sale negotiations all the way until closing.
From building codes, hidden problems, and unique local market issues, to data and transactional assistance, be prepared to handle each buyer and their personal journey. It is beneficial to educate yourself on the ways in which you will find yourself helping sellers. They’ll be relying on your expertise for different reasons, looking to sell their property quickly and for the best price.
- Know the Market
Currently, there are 1.2 million members of the National Association of Realtors ® which means it’s vital that as a new agent, you understand the market and the competition. Know your abilities, both in the business and financial sense. Learn your neighborhood – where are the buyers and sellers coming from? Learn the purchase process, local statistics, and things unique to the area. Get familiar with housing types and styles. Knowledge of the real estate market is a must.
- Practice Good Communication
First impressions matter. Sellers want to know that you’ll be representing their property in the best light. And buyers want reassurance that you have their best interests in mind through the purchasing process. Get back to people in a timely fashion. Poor response times can be a red flag.
Contacts and referrals are necessary in real estate. You’re coming in as a new Nevada real estate agent with a goal to succeed and to build a large client base. The more people you know, the wider your network will become. Having a good, solid reputation puts you at the forefront of competing agents in your area. Don’t just rely on your friends and family to help through the first months in business.
- Plan out your Income/Expenses
Not entering the real estate business with adequate financial resources is a common reason for failure. It’s not just having enough cash on hand to make it to the first commission. It’s also making a plan and a budget that is realistic in estimating expenses, allows for the unforeseen and hopefully includes a budget for marketing. Don’t rely only on your broker for prospects and business. Make a marketing plan and develop a budget to fund that plan through the first year.