One of the hallmarks of the 2010’s is the drive toward entrepreneurism. People throughout the United States are foregoing normal career opportunities and taking a chance with their own business. One great entrepreneurial opportunity is real estate, and judging by the gains in membership reported by the National Association of REALTORS® over the last 18 months, people are eager to jump on board.
So what do you need to know before starting down the path to become a REALTOR®
First of all, know that you can’t just wake up tomorrow and decide you want to sell real estate. You’ll need a license for each state where you want to do business. In Pennsylvania, that currently means 60 hours of classroom instruction and successful completion of the state licensing exam. In New Jersey there is a test too, but the classroom requirement is 75 hours.
To practice real estate in Pennsylvania or in New Jersey you will need to be managed by a broker. This is the person who takes the legal responsibility for you with the state should there be any issues, and is also the person who provides the training and mentoring to help your business get up and running. The broker is required to have additional classroom education (and must also show a track record of successful transactions) so as to ensure they are helping you grow your business in the right fashion.
Coldwell Banker Hearthside, REALTORS® is like most real estate companies in Pennsylvania and New Jersey in that we require you to join the local Association of REALTORS® and complete the ethics training necessary to call yourself a REALTOR®. Some people do not realize the term REALTOR® has a specific meaning, and that members who do not have the REALTOR® “R” associated with them have not been provided the same guidance with regard to the Code of Ethics and may not necessarily have access to the same real estate tools.
Why real estate business is so lucrative?
Like most entrepreneurial businesses, real estate offers the opportunity for those who work the hardest to make the most money. While hard work is not the only driver of success, real estate is unlike many other business opportunities in that the specific knowledge is given to you by someone else (can you imagine the owner of the hardware store down the street learning the business by stopping by The Home Depot) and there is day-to-day management of your growth and success. Of course, having a large network of friends, relatives and community contacts will benefit any successful real estate career tremendously.
Should you join a real estate team?
In some instances, a team provides the best opportunity for a new REALTOR® to hit the ground running. The best real estate teams in Pennsylvania and New Jersey are those that define roles carefully (one agent works with buyers, another works with sellers, perhaps one specializes in first-time home buyers) so that specialization can occur. While being a part of a team may have an impact on your income from each transaction (think of the idea of “pooling tips” in a restaurant) it often is a great way to ensure there are always transactions in the pipeline. Real estate teams are ideal for agents new to a community or those who may not have a large contact pool. There are real estate rules and regulations specific to teams, so be sure if you join one the team leader is someone you trust. Coldwell Banker Hearthside, REALTORS® currently boasts the number one team in the state of Pennsylvania.
What other Resources are there?
As mentioned previously, most firms will insist you join the local Association of REALTORS®. Doing so is not just a way for you to get the ethics education and technology tools, but it also introduces you to additional resources for your business. Consider learning asking whether there is a YPN Network established. While the letters still stand for “Young Professionals Network”, the group has grown to embrace members who are young in experience as well as young in years. These networks can expose you to some of the areas best agents and can offer you tips to get your business moving in the right direction. There are currently YPN Networks in Bucks County, the Lehigh Valley, Philadelphia, Montgomery County and the Main Line.
Also look at online educational opportunities. Building your business is a forever-job, so learning new techniques never ends. For Coldwell Banker real estate professionals that means linking into Coldwell Banker University; but the training is available from independent sources as well.
Finally, look to your broker. They have a vested interest in making sure you succeed - take full advantage of the courses they have already built to help you along. At Coldwell Banker Hearthside, REALTORS® that means embracing the “Agent Essentials” program designed to help real estate agents succeed and that help you transition other skills (whether they be from college, another job or just your skills in life) into a successful career.
No comments:
Post a Comment