You’re ready to make the leap into real estate. Whether you are just dipping your toes or cannon-balling right in, you’ll want to set your goals and expectations.
Step 1: Take the prelicense courses
Step 2: Get fingerprinted and take the licensing exam at Pearson Vue
Step 3: Apply for a real estate license with the Idaho Real Estate Commission
Step 4: Interview brokers to determine who aligns with your goals and values. Choose the brokerage who is the best match.
We find that students get in without having a clear picture of what they are after. They know they want success and, of course, income, but what does that mean? Success is one of those words tossed around and yet the definition is different for each person. As you begin your career, define what success means to you.
Success could be work/life balance. Success could be a specific income level. Success could be the number of successful transactions. How are you defining your success and is it something that is measurable? How will you know when you’ve achieved it?
How do you set goals in real estate? What is realistic and attainable? How do market conditions affect what you are seeking to accomplish? There are many variables that come into play and as you set your goals, you will want to take those into account. If, for example, you’ve set a target income level, you have to account for the cost of sales to find your net income. So, if you are wanting to make $50,000 in net commissions, how much do you need to earn in gross commissions knowing that a significant portion goes towards taxes, broker splits, marketing costs, license maintenance, office space rental, etc? Where do you anticipate your business coming from – do you have a lot of personal connections or are you looking to invest in online marketing? What is the anticipated return on investment for each method of marketing? Will you spend your resources (time and effort) focused on buyers or sellers?
These are factors to consider as you write a business plan. Yes, you read that right, a business plan. You are starting a small business – you should have a full plan that not only defines success, but outlines your budget, identifies business activities and tactics, and a 12-month marketing calendar.
Once you are focused on building a business, you’ll find yourself a little less lost and a little less frantic because you will know where you want to head. Knowing where you want to be provides motivation.
“If you have the motivation you need, discipline is no problem. If you lack motivation, discipline is always a problem” – John C. Maxwell.
Good luck! We will see you in the trenches!