Real estate can be a lucrative career path. Each year, millions of people buy and rent property throughout the United States. The potential to make a significant income in this business is endless.
Before you earn your first commission check, you must set up your real estate business. Here’s how to start a real estate business.
1. Get Licensed in your State
If you want to sell real estate, you must get licensed in the state in which you plan to sell property. Many states require real estate sales professionals to enroll in a pre-licensing course with an accredited provider.
After you complete and pass the course, you must register for the salesperson licensing test. If you pass the test, you will be required to pay a fee to receive your license.
2. Join a Local Realtor Association
Many states require real estate sale professionals to join a realtor association. You will be required to pay a fee to join this organization.
Depending on the association, the enrollment fee could cost up to $2,500 per year. If you need money to pay your dues, title loans in Charleston can give you the cash you need in a hurry.
3. Select a Broker
As a new real estate sales professional, you must work under a licensed broker. Most state regulations prevent newly licensed sales professionals from starting brokerages without a broker’s license. When you work under a broker, you will be required to give a portion of your commission check or pay transaction fees to your broker.
4. Open a Business Bank Account
It’s a good idea to keep your personal and business accounts separate. Open a business bank account. You can use this account to cash your commission checks. Here are some things you may need to present to the bank before you open an account.
- Business License
- Government-issued Identification
- Legal Incorporation Documents
- Tax Identification Number
- DBA Name Registration
5. Build a Website
Since most of your customers begin their home search using the internet, you must have a website. Although your website doesn’t have to be fancy, it should feature information about your local area, the buying process and listings.
Your website should be focused on your potential clients’ needs. Resist the urge to focus on your accomplishments.
6. Network with People in Various Industries
As a sales professional, you must interact with diverse groups of people. It’s important for you to get comfortable with talking to new people.
Attend at least one networking or social event every week. Keep a few business cards with you at all times. Give the cards to your new contacts.
7. Start Prospecting
At this moment, there are hundreds of people in your area who are in the market for a new home. However, you must find them. Here are a few things that you can do to connect with them.
- Host a real estate seminar.
- Start a YouTube channel.
- Make cold calls to people who have expired listings.
- Ask for referrals from friends or family members.
Starting a new real estate business can be exciting. These tips can help you grow a successful business.