I currently work in senior management in the corporate world and I just passed my RE exam. I did my fingerprints and I am waiting for them to come back before I apply. I had a few questions if anyone would be willing to help me.
- I am strongly considering Coldwell Banker. I feel like they have what I am looking for in terms of my long term goals. I would like to eventually specialize in transactions for foreign investors as well as 1031 exchanges. Does anybody have any input about them as a broker for a new agent who is ready and willing to learn and excel?
-For my RE application, I can apply as a business with an EIN number right? LLC or S corp? I am hearing conflicting opinions.
-What types of tools are out there that give step by step instructions for new agents. I am sure I will learn a lot from my broker when I choose the right one but in the meantime I really want to dive in and get all my ducks in a row, but I am having trouble finding that information. There is so much information out there (in the forms of books, podcasts, youtube, internet in general) so I wasn't sure if anyone could recommend somewhere online that had it all localized in one spot. Everything I find is more geared towards after you are working your first deal but I am looking for the steps I need to take in order to get prepared for my first deal. (I hope that makes sense)
-I am in Virginia. I work in DC so I really want to get my DC license and possibly MD. Would you recommend getting it right away or waiting until after a year of actively working as a RE agent in VA first?
-Any advice for a new agent? Anything you wish you had done or you are glad you did within your first 90 days.
Thank you all in advance so much! Everyone is so inspiring and I am so honored to be in your company. I am a big fan of the forums and I have been lurking for years not really feeling I had the right to post or ask any questions. But now that I got my real estate license I am looking forward to interacting more and learning more with you. :)
**Please feel free to add me as a connect. I would like to build by bigger pockets network
Have a great weekend!
Remaz ...not Remax :)
87% of people who get their license do not even renew it on the first renewal. Due to that likelihood, before spending the money to acquire a bunch of licenses, Id wait til you know you will actually end up keeping yoir current license.
Thanks Russell! Great advice....although I am going to work very hard to be in the 13% percent but that is a good point. 😊
@Remaz Gaffar you should be able to apply as an entity, and your RE course should spell out which entities are allowed and how it must be named (usually it has to match your name and/or registered nickname). @Emily Howlett can you answer this?
If I were you I'd focus on one thing, so that'd be a VA license and getting some sales done to see if you even like it, before you go get extra certifications and licenses.
I've never worked with Coldwell for sales but they manage 24 apartments for me in Ohio and do a decent job. Not the BEST, but then again no one will ever manage a property like you will. I won't be letting them sell the properties, but that is partly because I want to give the same agents that helped me acquire them a shot.
Advice: keep in mind you will have MLS/REALTOR expenses on top of broker expenses. For me, it is $290 a month (spread out over the year) to just maintain a license. That's fine with me, because the benefit far outweighs the cost but keep that in mine. Other advice: remember that you still have to generate your own leads or pay someone (team, paid lead gen, broker commission split) for them. Clients don't magically appear once you are licensed, there are millions of agents out there (literally).
Are you planning to transition slowly or jump in to sales?
Go out there and crush it!
@Charlie Cameron thanks looping me in!
Remaz: Yes, you can apply using a number of different entities. If you go to http://www.dpor.virginia.gov/u... that’s a copy of the license, where it very clearly lets you mark what kind of entity you want to apply as :) I hope this helps and best of luck in your new adventure. If you ever want to chat, let me know....I’m always looking for new RE people in the DC area!
@Charlie Cameron thank you so much! Great advice. You are right. I will concentrate on VA before getting DC or MD. I was just trying to maximize my pool of leads.
My goal is to leverage my current salary as much as possible to fund my RE career temporarily until I really get going and I have quite a few pennies put away in savings specifically for RE expenses. You are right, it can get very expensive!
I am excited to get going! I keep telling myself that failing will not be an option for me lol
@Emily Howlett thank you very much! I will look this over. I want to make sure there are no surprises for me come next tax time so I will give this to my Accountant so we can go over it together.
Read the millionaire real estate agent by Gary Keller and just do what’s in that book. New agents try to find ways to avoid doing the hard work like cold calling and door knocking but they’re the most effective way to get business off the bat.
Don’t try to learn everything before just going and doing it. It’s impossible to figure it out without doing it so spend that time you’d be reading books and just get a deal done.
And find your niche. Don’t try to do it all!