10 Tips for Young Real Estate Agents
As young Americans turn 18 years of age, they’re afforded a multitude of new freedoms but one such liberty, sometimes overlooked, is the ability to secure a real estate license. At least, that’s the case in most states (always check with your local real estate regulatory body’s requirements). So for many ambitious young real estate hopefuls, who’d rather be “making scratch” rather than scratching tickets at a gas station, that’s great news, because getting an early start can prove to be seriously beneficial in the long run.
Make no mistake, young agents have a knack for tech, are social media naturals, and have time to build an impressive real estate business. This guide will lay the foundation for just that, and help young agents prepare for a sustained future in the real estate industry.
1. Choose a Supportive Brokerage
Choosing the right brokerage can make all of the difference. When an agent is just starting out, it can be tempting to play the real estate game on “hard” — or in other words, it can be tempting to join a real estate brokerage where agents keep most of their commission. But that’s not always the best place to get established.
With a more supportive brokerage, young professionals can get a feel for the myriad aspects of the real estate industry including, but not limited to marketing, using CRMs (customer relationship management platforms), the art of the follow up, administrative duties, placing offers, staging homes, hosting open houses, negotiating, and how to relate to the various types of buyers.
2. Find a Real Estate Mentor
Before many successful real estate agents came successful mentors. Real estate is an industry where finding a great mentor can really slingshot a career. Young agents not only get to learn the ropes, but they also get to practice the habits of success, draw on years of experience, make new connections, maybe get a referral or two, and witness the power of a great real estate company culture.
3. Start by Co-Listing Properties
Agents that are still new may want to hone their skills by co-listing properties. By co-listing with a more experienced agent, less experienced agents will get a feel for things like staging the property, creating the listing, marketing, and fielding offers. Once those skills are mastered, the young agent should see higher returns on future listings.
4. Invest in Your Real Estate Marketing
Great marketing never comes cheap, and that’s okay because quality in means quality out. However, young agents may not have a lofty marketing budget so they should begin with what they know: social media. Those just starting out should invest their time in making sure their online presence is top tier, producing the best content they can, reaching out to their sphere of influence, making phone calls, and doing simple things that have a large impact — like handwriting thank you notes. Then, as they make a few sales they can begin executing and investing in more complex marketing strategies.
Networking to real estate is like motor oil to a car; it’s essential for continued smooth operation and longevity. Young agents will find, or be told by their mentors, that building and nurturing relationships is always a good thing, and that a strong network is ether for success in almost any industry at almost any time.
6. Stay up to Date on Your Local Market
Experienced agents have spent a lot of time establishing themselves as the “thought leaders” in a given housing market. Young agents, too, will have to do the same. By closely monitoring the local market, then communicating those findings accurately, agents can both keep their brand top of mind and build trust with clients.
7. Continue Learning
The sooner an agent adopts the “always a student” mentality, the better. It doesn’t matter where a real estate agent is in their career, the best real estate agents are generally those that keep an open mind, don’t allow their egos to stymie their vision, and possess an insatiable need to better themselves through learning.
8. Stay Organized
There’s an inherent relationship between organization and efficiency. It’s no secret that real estate transactions can be somewhat complex and intricate, as there are a lot of moving parts and a lot of coordination involved. To make the most of it, and to start seeing returns, young agents should remain as organized as possible
9. Believe in Yourself and Don't get Discouraged
The struggle is real estate. Nobody ever said being a real estate agent was an easy get-rich-quick opportunity. In fact, it’s quite the opposite. The most successful agents have often put years of hard work and dedication into getting where they are.
When times get tough, it can be discouraging but the truth is nearly every agent has felt that way. If things don’t seem to be working, that’s okay, take a deep breath, pivot, and use that ambition to march forward. Long-time agents will say that there are many paths to success in real estate, sometimes it just takes a bit to find the right one.
10. Maintain Work-Life Balance
One of the greatest benefits of working in real estate is the ability to set one’s own schedule around the things they value. Now, agents are people too, so it’s important to never overlook the importance of work-life balance. After all, most clients, especially when they’re making a big decision like purchasing a property, want to work with happy passionate agents. Self care, in a roundabout way, is client care.
Did You Know?
According to the National Association of REALTORS® (NAR), the average real estate agent in the United States is a 54-year-old female who’s a homeowner with a college degree.
Pros & Cons of Being a Young Real Estate Agent
Starting a real estate career early in life isn’t without its challenges, but it also has some serious pros:
Peers not usually ready to buy property
Natural tech proficiency
Inexperience can lead to errors
Time to build a bigger network
Difficult to get new listings without co-listing
Limitless earning potential
Finding a mentor is almost a must
First-Year Real Estate Agent Income
The first year is generally the most difficult. Young agents may feel like they’re struggling to acquire listings or earn the trust of potential clients, but that’s the case with most new agents. As a result, salaries in the first year can vary greatly but many real estate agents make nearly $83K.
The good news is, real estate agents generally do well when they make a sale -- the commission split is roughly 5-6% of the asking price. As always, the trick is to stick with it. As agents gain experience and grow their network, that’s when it becomes truly fulfilling.
How to Become a Young Real Estate Agent
If you’re young, and you’re ready to begin building your real estate empire, The CE Shop has the tools to help you get off the ground and stay flying high. With sophisticated, mobile-friendly, 100% online education packages, The CE Shop lets you get your license on your schedule all with 7 days of customer support, and a wealth of how-tos, ebooks, podcasts, blogs, and videos to keep you headed toward success.
Ready to make the leap? Each state is slightly different in their requirements. Generally speaking, though, here are the steps to becoming an agent:
- Be sure you meet your state’s prerequisite requirements. (Usually must be 18 years of age, be able to pass a background check, and have a high school diploma or GED)
- Complete the required Pre-Licensing coursework for your state and pass the exams.
- Schedule, take, and pass your state’s real estate exam.
- Apply for your real estate license through your state’s regulatory agency.
- Get hired by a sponsoring broker or brokerage firm.
- If required, complete any Post-Licensing coursework and pass associated exams.
Regardless of where you are in life, a career in real estate is always a worthwhile investment. Whether it’s being your own boss, the limitless earning potential, or just helping others find their dream home — becoming a real estate professional might just be the best move you’ll make.