“The best real estate agents make as much as $1million annually. However, it comes with practicing this business the right way consistently,” says Rock Hill, a top real estate agent in Florida.
While the reality for you may be earning a decent $25,000 annually as a startup, familiarizing yourself with the beginner’s guide to becoming a top-rated real estate agent will help you hit the median and highest pay within a reasonable interval.
Unlimited earning potential aside, other windfalls of building a real estate agent career include enjoying an adjustable schedule, being your boss, and ditching a college degree if you so wish.
But then how does one hit this milestone in a city like Miami where the competition is stiff?
From the lips of our experts, here are the proven ways to becoming a real estate agent in Miami:
1. Get a Mentor
“Being a real estate agent in Miami can be tough. The failure rate is as high as 70% in the first years. However, with the guidance of a high-quality mentor you can make fewer mistakes and compete favorably even with the experts,” says Angelina Jackson, a millionaire real estate agent in Florida.
Your mentor should be a real estate agent based in Miami who has in-depth experience in the market. For instance, if you hope to sell condos, get a mentor who specializes in Miami condo penthouses. That way, they’ll effectively teach you how to read the market and lower your learning curve. Moreover, start by making your real estate broker your first mentor and as time goes on you add to the list.
The rule of thumb is to equally be beneficial to your mentor. Provide free services to them that are of help; you can help them list their properties or write a hot copy. This strategy will help you form a strong relationship with them.
“Sometimes, hiring the service of a coach might be your best bet, as they’ll dedicate their time to supplying you with profound evaluations, effective strategies, and teaching you the necessary soft and hard skills,” says Angelina.
2. Inquiry About Miami Real Estate Industry
While becoming a successful real estate agent may not require a degree, it still isn’t a venture you dabble into uninformed.
Begin by surfing the internet on this subject, and purchase books and publications written by the best Miami realtors. This tip will guide you on the steps you have to take to becoming a licensed realtor and getting the right ballpark of the annual income of a startup real estate agent.
Additionally, inquiring about Miami real estate market will help you know the saturated areas in the city and where you can thrive as a newcomer.
The information you derive from your research will enable you to decide if truly this is a career path you’ll like to follow.
3. Get Some Certification
“Real estate agents who earn high income annually usually have a bachelor of science degree in real estate. Nonetheless, if you’re hoping to transition into this career, get relevant online certificates to notch up your expertise,” says Louis Storey, founder of Louis Realtor.
These courses will help you stay abreast of the latest trends and laws in the real estate industry in Miami. They’ll also afford you the necessary credibility you need to build a great clientele.
4. Save Up
It’s highly likely not to make a juicy commission cheque when starting as a real estate agent. Hence, it’s essential to plan for the rainy days. Ensure your savings would last at least half a year.
Aside from saving up to cater to your needs in your first months, it’s necessary to save up for some minimum costs as a startup.
“A beginner real estate agent needs to obtain a license, which might cost $1,000, pay for insurance, MLS, and board fees, and engage in initial marketing. All of these might run into $2,000 depending on your market. Other costs might include fuel costs,” says Joe Brown, author of Becoming a Successful Real Estate Agent in Miami.
We advise that you inquire from other agents in your locality about what the initial and monthly costs are so that you can create a useful budget.
5. Build Your Personality
“Expanding your client base majorly depends on your people’s skills. With a great experience, a well-rounded personality will convert any lead into a client” says Malia John, a Florida realtor.
Develop strong communication skills, as this will get prospects to listen to you. While networking, show prospects that you’re ethical and confident in your expertise. Don’t merely act like you want to sell a property, demonstrate that you’re interested in helping them solve their problems genuinely. Ask helpful questions and provide feedback and support.
Moreover, perfect your negotiation skills and make your prospects laugh if you can. Also, don’t forget to say please and thank you during your conversations. It always works.
6. Network Actively
“Networking is a skill you must build to drive sales as a real estate agent,” says Joe.
Build lasting connections with other agents and professionals like architects, real estate appraisers, and mortgage loan officers. You’ll most probably find clients in business submits that welcomes realtors and agents at attendance. Conferences like these are a great avenue to exchange business cards and even get a quality mentor. You can also engage in paid networking events to meet excellent real estate agents.
Furthermore, ensure to create an online presence for yourself including getting a professional website for your business. Besides, engaging on the social media platforms of some real estate businesses will help position you as an authority. You can do this by leaving useful comments for readers on these sites and creating guest posts on popular websites.
7. Get Your State Real Estate License
Becoming a real estate agent in Miami requires a Florida real estate license. To obtain one, you must be 18 years old and have a United States Social Security number.
You also need a high school diploma or passing the General Educational Development tests to earn an equivalent certification.
Subsequently, enroll for the mandated 63-hour Florida pre-license course which will equip you to pass the school exam with a minimum score of 70%. This course is necessary only for candidates without a relevant degree in real estate management.
Upon exceeding your final exam, proceed to the Department of Business & Professional Regulation (DBPR) for your fingerprints.
In five days, you can apply for your license to enable you to sit for the licensing examination. Moreover, in Florida, the cut-off mark ranges between 50%-55%, unlike other places.
Finally, to activate your license, you have to choose a real estate company you’d like to work for as an agent and fill a Department of Business & Professional Regulation (DBPR) form to that effect.
But that’s not all,
You’ll also need to enroll in a post-licensing course that spans 60 hours so that your license isn’t revoked after 2 years.
Being a successful real estate agent in Miami surely isn’t a walk in the park. Nonetheless, it’s possible to climb from the lowest rung of the ladder to the top. All you need are diligence, hard work, and patience coupled with your expertise. By practicing all of the above, there’s no doubt you’d be getting your huge commissions after your first six months.