What Should You Do After Passing the Real Estate Exam?
Posted by: CENTURY 21 Northwest
Date: March 17, 2021
Posted by: CENTURY 21 Northwest
Date: March 17, 2021
Are you considering a real estate career in Arizona? If so, there are several opportunities that you can take advantage of to start your professional career in a new industry. Before you sell your first property, you’ll need to have a plan for what to do after passing the real estate exam.
Taking the official real estate licensing exam is one of the biggest hurdles that new realtors face as they begin their journey. Passing this important test means you can receive a real estate license in your state and start working with homebuyers. There are several important considerations to make as you plan and prepare for a new career.
In this post, you’ll learn more about how to set up solid partnerships with other experienced brokers and mentors. You’ll also discover how real estate coaching can offer you additional training and hands-on advice as you tackle your first years in business.
Keep reading to discover the most practical and recommended first steps to take after passing your real estate exam.
If you’re a new and eager real estate agent, you might be ready to hit the ground running once you have your license in hand. However, state laws often prohibit new real estate agents from charting their own path right away. In most cases, you’ll be required to work under the direction of an established brokerage firm.
Sometimes, new real estate agents are confused by this step. This is primarily because many real estate agents consider themselves individual business owners. Additionally, success in real estate is often dependent upon personal effort and individual motivation.
While both of these factors are true, many states require that new real estate agents work at a real estate company for up to 2 years before working independently. However, there’s no need to let this requirement be a discouragement or a turn-off.
Partnering with a reputable brokerage firm or real estate company gives new real estate agents the ability to:
Occasionally, new real estate agents are worried about the agent and broker split. This split refers to the percentage of a commission that the real estate agent keeps versus the amount that the company or brokerage will take after a sale. However, the percentage that goes to a brokerage often goes to resources, training, and more.
New real estate agents should focus on what a brokerage can offer them, rather than what the firm might take away. It’s also important to consider a firm’s speciality and make sure that it lines up with your intentions as a new agent. If the firm focuses on selling commercial properties, it may not be a good fit for an agent who wants to work with residential buyers.
What’s one of the easiest ways to fast-track your success as a new real estate agent? Seek out a mentorship with an experienced agent who understands market trends and best practices. While training helps develop a skill, mentorship helps develop an individual.
Along with mentorship, new real estate agents can search for real estate coaching opportunities. Although working with a coach involves a financial investment, those who work with a coach often see higher returns and better results early on in their careers.
Coaching offers helpful opportunities that real estate agents might need after passing the real estate exam. These include:
While mentorship requires sacrificing time and money, the process can pay dividends both personally and professionally. After passing the real estate exam, finding a suitable mentor should be high on the list of priorities.
New real estate agents are often fresh from pre-licensure courses. As a result, it may be tempting to think that you don’t necessarily need new learning opportunities. But in the ever-changing world of real estate and local markets, it’s vital to stay ahead of the game.
Occasionally, brokerage firms offer in-house training and seminars to help agents keep skills fresh. No matter how recently you’ve passed the real estate exam, it’s important to take advantage of these learning opportunities.
Continuing education is also important when it’s time to renew your real estate license. Many online options are available that allow you to complete coursework with flexibility and efficiency. Century 21 Northwest Realty has a list of approved continuing education courses in Arizona that you can take advantage of when the time is right.
Another step that you should take after passing your real estate exams is to research professional organizations. There are several of these for realtors, and they provide many opportunities that you won’t be able to find anywhere else.
One of the most popular and well-known associations is the National Association of Realtors (NAR). Becoming a member of this organization provides recognition and a higher standard of conduct for doing business. Many buyers may be attracted to the trademarked symbol that accompanies membership within this organization.
In addition to national groups, check with your state or city for smaller organizations. It’s important to be involved in regional real estate associations so that you can network at a local level. In turn, this helps you to become more familiar with your personal market.
If you practice real estate in Arizona, a popular choice for professional organizations is the Arizona Association of Realtors.
As a new realtor, you should also be aware of the costs you’ll incur as you run and market your real estate business. When you work at a large firm, you may naturally reap the benefits of the company’s broad marketing campaigns.
After passing the real estate exam, new realtors should be careful to personally budget for expenses such as:
It may be difficult to invest in some of these items before you’ve made any big sales. However, it could be possible to list some of these as business expenses, depending on state regulations. After passing your real estate exam, set a realistic budget to determine how much money you want to spend in your first few years as an agent.
Sometimes, it’s easy for new real estate agents to become discouraged while navigating a new career. The truth is that a successful career in real estate requires a significant amount of time and skill. For many agents, it takes trial and error to hone specific strengths that help in the real estate business.
Having the right expectations means that you can separate the personal from the professional. You’re able to set specific and attainable goals relating to commissions, sales, or new connections. You also know how to keep goals realistic in order to maintain a healthy work-life balance while navigating a new career.
After passing your real estate exam, you’ll be faced with real-world, stressful situations with actual buyers and sellers. Decide ahead of time how you’ll handle these situations. This will help you to feel prepared as you reach notable benchmarks in your early career.
It’s difficult to make any real estate career work without the desire to network and connect with other people. Joining professional organizations can help you accomplish this automatically, but networking requires putting yourself out there in the community.
As a new real estate agent, you should network with others in your industry as well as neighbors, friends, and acquaintances. While networking should not exclusively be about making a sale, it does help you build a long list of potential clients and referrals.
Fortunately, networking doesn’t have to be stale or awkward. While there are formal gatherings that you can attend, there are also ways to make networking engaging and fun. Some of these options include:
The Century 21 Northwest Realty team is committed to helping new real estate agents excel in their careers. If you need help launching a real estate career in Arizona, we invite you to explore our comprehensive blog and continuing education options.
If you’re ready to find a professional mentor for hands-on advice and training, take a look at Century 21’s real estate coaching options today. The advice, expertise, and wisdom you’ll find when working with an experienced real estate mentor is unparalleled. Achieve your goals today with the help of an expert coach.
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