What to Expect: Your First Year as a Real Estate Agent
After you’ve gotten your real estate license, you are ready to begin your career as a real estate agent. However, starting your career as a real estate agent is not the same as taking a job in some other field. Your first year will be all about setting up your business, developing good habits, making relationships a priority, and chasing leads.
Many real estate agents underestimate how long it will take to get started. During your first year, you will need to make a financial investment in setting up your business, and it may take a while before you are collecting commissions. Before you take on real estate full time, understand that your income will not be regular at the beginning and it will take some time to establish yourself. Don’t get discouraged!
Find a Good Mentor
Real estate is a business where you will learn and grow all through your career. Your first year can be overwhelming without the right guidance. Most seasoned agents remember what it was like at the beginning of their career and will be willing to guide you through everything you need to know. Your broker and the senior agents at your brokerage are a good place to start. When you have questions, don’t be afraid to ask for help. Many agents like to set up regular meetings to work through the challenges of the first year.
Start Developing Your Network
Your real estate career will be all about relationships. During your first year, your job is to build those relationships. Put yourself out there as much as possible. Attend community events, talk yourself up to friends and family, make cold calls, and build your online presence. Your first year is not the time to be tentative. The more people you get to know in the business and community, the better you will do in the future.
Develop Your Real Estate Financial Plan
After becoming a real estate agent, you’ll find that getting yourself settled into managing your finances will take some thought. The habits you develop in your first year as a real estate agent will set the tone for your career. Begin by documenting all your expenses. The many expenses you’ll incur as a real estate agent are tax deductible. Paying your taxes as a real estate agent is much more complicated than paying taxes through a standard 9-5 job. Most real estate agents are 1099 contractors. This means that you’ll have a larger tax liability and should set aside a portion of your income throughout the year to go toward your taxes, so you aren’t blindsided. Many agents pay their taxes quarterly, and during your first year, you will get a sense of how you will want to handle your financial plan.
Becoming a real estate agent is different for everyone who enters the career. Take your business seriously from the beginning and set up good habits. Focus on putting yourself out there with confidence to build your brand as a real estate agent and make sure that the right people know your name. If you have the right drive and expectations for your first year, you will set yourself up for success. Every agent starts out just like you are now, and it’s easy to compare yourself to others. This is such a rewarding career, and with the right focus, you will soon be a success that others will look to for advice when they begin their own real estate careers. We are always looking for talented agents to join our team. If you’re interested in learning more about job opportunities with Amberwood Real Estate, contact us today!