Have you thought about becoming a real estate agent? What about buying and selling homes as a business? For me, I’ve always wanted to be an investor. The reason being is simply because it’ll give me the opportunity to grow generational wealth. Which in the long run I can pass down to my future children. The issue is, I don’t know one thing about the industry to even get started. So today, I am cutting the ribbon into my future in real estate. And I want to take you on the journey with me.
Whether or not you want to become an agent yourself, knowing a little bit about real estate can help you when it comes to buying your first home or rental property investments. Trust me, I wish I had someone I could talk to. But lucky for you, you have me!
So today, I took the first step by attending “Career Night” for Keller Williams. If you are unfamiliar with Keller Williams, it’s an international real estate franchise company with over 700 offices. I won’t speak much about Keller Wiliams. Because the event was more about the job description of an agent. So if you want to know some 101 facts about Real Estate Agents, continue reading below!
- I am not affilated with Keller Williams in any way. Actually, I found this event on Instagram through a girl I follow and was interested. I highly recommend going to the Career Night with Keller Williams in person if there is an opportunity for you. Or join their livestream via zoom so that you can ask or listen to any questions that you need answered about the Real Estate Industry.
#1 87% of Real Estate Agents Fail in the Business!
This actually came as a big shock to me. I knew that this industry was competitive. But I had no idea all that it took to become successful as a real estate agent. You may see on TV shows like Selling Sunset that real estate agents make making millions of dollars a year in commissions look like a cakewalk. This actually came as a big shock to me.
While I dove deeper into this statistic, I learned that celebrity real estate agent Brett Oppenheim took years to get this first deal! You can check out this interview he had with Graham Stephen. It’s about their experience of getting started in the industry. https://youtu.be/k28vTFRgl_I
#2 Real Estate Agents are Considered Self-Employees.
I learned that when you become a real estate agent, you are not an employee of the brokerage. In actuality, you are a 1099 independent contractor. For tax purposes, real estate agents are considered self-employed. This was mindblowing to me. I actually had no idea! Essentially the brokerage is there for supervision, support, training, and other legal things. I’m still learning but that’s along with the gist of it! Eventually, as we learn more about real estate, we can get into the taxes in a later post!
#3 You Need Capital to Get Into the Industry
There are up-cost expenses when becoming a real estate agent. This would include completing an approved real estate course ($300-500), exam fee ($), fingerprint and background check ($50-$100), Board of Realtor with access to Steller MLS ($1600), Marketing Signs ($100), Business Cards ($100), E-Key App ($26/month) and I’m sure I’m missing more but I estimate that the start-up costs would be about $2o00 depending on which state you are going to be working in.
#4 Becoming an agent isn’t just about Buying and selling Homes, it’s about building relationships
The best way to be a great realtor is to build contentions. and relationships in the community. It seems the more confident and popular reality comes on top. Although, if you get into this field knowing that having our client’s trust is a big part of the job, then you learned one of the main personality traits of a successful real estate agent.
#5 The Real Estate Course teaches you Law and How to Pass the Test, not on How to Become a Successul Agent.
Once you take the course, the real job is finding how to to make sales, how to generate leads, build a big client list, grow relationships and networking and so much more. Most Real estate agents would recommend that you zoom through the course because most of the things you’re going to learn are going to be through experience. Once you join a brokerage that is right for you, you should find a mentor to get the best training possible.
There is a lot more that I still don’t know. But I am so excited to be started with this journey and to see where it will lead me. I’ve always been interested in real estate since I was in high school but instead decided to work and go to school for business marketing. Although I don’t regret my choice, real estate has always been on my mind so 2022 is going. tobe the year I explore this realm and can’t wait to share more about what I learn along the way here on this blog.
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