New Real Estate Agent: How can I Be Successful in My First Year?

[Andrew W.]

I am in the process of becoming a real estate agent in Upstate NY. I grew up in the area, and currently have 2 cash flowing rentals in this area, so I am very familiar with my market. My question is for the experienced agents, or even those who are just starting out. How do I achieve success in my first year? Does the size of the broker I sign on with matter? Should I start part time or go in full time? Any feedback would be super helpful! I really want to have a plan for when I pass my exam so I can hit the ground running.

Thanks! 

[Joseph Cacciapaglia]

If you already have a full time job, I think it's a decent idea to start part time. This business can be slow going in the beginning, and having a stable income to keep you afloat will allow you to reinvest your commissions into marketing. I've seen a lot of new agents run into trouble, because they needed their commission checks to live, and couldn't invest in their business.

I think having a good mentor is much more important than the actual brokerage that you pick. It doesn't matter if it's a formal mentoring program or just another agent that has agreed to train you. Having someone that's willing to devote their time and effort into helping you succeed it paramount. I would suggest finding a broker that has resources that will help you serve investors, like in house property management and vacation rental management.

Also, your commission split should be your last consideration. 70% of 20 transactions is far better than 100% of 3. You should focus on the resources and training that each brokerage will provide more than anything else. Once you've learned the ropes, you're always able to move somewhere with a better split, if it seems worth it at that point.