After Getting Your Pennsylvania Real Estate License: What’s Next?
You’ve done! You’ve officially pass all your exams and have just received your real estate license for the state of Pennsylvania. Congrats! Now that you’re officially a licensed real estate agent, and the stress of passing your exams is behind you, what comes next? We think that the next steps are the fun part. This article will go over a few basic tips to help you get started with your real estate career so that you can hit the ground running.
Read on to get started on your journey into the wonderful world of real estate.
What Happens After You Get Your Pennsylvania Real Estate License?
Ready to get started on the planning process? Hopefully you’ve had a minute to relax after the exams and get your bearings. Getting to build your sphere of influence and actually sell properties is the fun and exciting part. Keep reading for some helpful ideas that we help will help you start making money and help you get off on the right foot.
Get A Pennsylvania Sponsoring Broker On Your Side
Most states require that all aspiring Pennsylvania real estate agents have a sponsoring broker backing them before even getting their license - for good reason. Especially if you’ve never been involved with the industry, having a team and an experienced brokerage on your side is a great idea. Lean into their knowledge and an already established network. They will be able to help you successfully maneuver your first few transactions and give you a leg up at the beginning of your career.
Since the law already requires that you have a brokerage to give you guidance and protection, we have a few tips to help you find the right mentor for you. We know that most agents go into the real estate industry so that they can work for themselves and set their own schedule, but it is nice at the beginning to have a team supporting you through those tricky first transactions.
One thing we recommend when it comes to finding the right sponsoring brokerage is to start by finding a team that already has a good reputation in Pennsylvania. You want to work with a team that is already well respected in your community. You also will want to make sure they have a pre-established continuing education program. The best brokerages invest in their agents because the educated agent is the successful agent, and a successful agent reflects well onto the brokerage. Do a little bit of research to see how much your potential broker invests into the team - happy agents will be easy to spot, and you’ll want to join them.
The last quick tip we want to pass onto any new Pennsylvania real estate agents is to look for a brokerage that has experience in the speciality you want to go into. Lean into a mentor that has similar goals as you that will be able to help you grow in the way that you want. Do you want to be the number one agent for first time home buyers? Or maybe you’re looking to become the top agent for business owners looking into commercial spaces? Either way, find the brokerage that has the experiences you’re looking for.
Don’t Forget To Set A Marketing Budget
The minute you become a real estate agent in Pennsylvania and are serious about your career, you’re in business for yourself. Which means you that all of the marketing, budgeting, networking, and organizing falls on you. Though your sponsoring brokerage might be helpful in the beginning and be able to provide some marketing materials and brand materials, it ultimately falls on you to network and get your name out there.
The advice agents are always hearing, and the advice we support, is this: never stop marketing. Make sure you constantly have contact information to give out to other professionals or potential clients. Show up to local events and always introduce yourself and tell people about what you do. The goal is to make lasting connections so that you are the first person that potential clients go to when they have questions about real estate. You will also want to build meaningful relationships with people who are in your industry, not just clients and prospects.
We know it often takes up to 3-6 month before a new agent even starts their first transaction, and it can even longer to earn that first commission. Sometimes your brokerage helps you stay afloat by offering a retainer for your first few months. However there are other ways you can earn money right away. It’s pretty common for first time agents to earn money by leasing rental properties. Typically, the commission on rentals is much smaller, but it also takes less experience and the turnaround can get you a paycheck in as little as 30 days.
Talk to your real estate mentor or sponsoring broker in Pennsylvania right away. They should be able to set you in the right direction and give you the advice on marketing materials that work best in your area.
Join The Right Real Estate Organizations To Help You Grow
It’s probably common sense, but we think it’s important to join some local and national real estate organizations in the state of Pennsylvania. It can help you connect with other professionals, grow your sphere and network, and also just gain some more knowledge in your field.
The first one we think you should join, maybe the most important association for any real estate agent is the NAR or the National Association of REALTORS®. When you’re in the NAR, you are held to a higher standard than other real estate agents because they hold the reputation of being both educated and ethical. This type of group can set you apart from other agents.
Additionally, there are literally dozens of other local and national groups you can join that are related to your industry. From local meetups to networking specific groups, there are so many ways you can connect with other people. They can help your business grow, give you more opportunities for success, and also boost your reputation.
Network, Network, Network!
Nowadays, networking and real estate are synonymous. The reason you should join any professional marketing group is to make more connections and widen your sphere of business. A good way to start is to build a database of people that you already know and have a connection with. It is also important that you have a strategy to build relationships with new people, both as potential clients and people in your industry. From real estate attorneys, mortgage companies, general contractors, title companies, and more - all of these people can help you grow your business.
A couple easy ways you can build your business are to get to know your team by taking them to lunch, try out new meetups and networking groups, attending conferences and host a lot of open houses. Again, it’s important to join groups so that you have a way to network and build a contact list in an organic and organic way. Keep your business cards on you at all times and stay consistent with your social media postings.
The biggest piece of advice we can give to new agents in Pennsylvania who have just passed their exams is to organize their database straight away. Every person you’ve ever come into contact with you that could be a potential client should go into your database. Try to take notes on everything you learned about them, from what they do to where you met them. Document the names of their family and remember important dates. Find out how you might best connect with these people. Doing this at the beginning of your career will help you build your reputation as an organized and thoughtful agent.
We know that not everyone is cut out for the exciting and challenging journey that is real estate. But you’ve already done the hard part - you passed your Pennsylvania real estate exams and have your license. The next step is to team up with your broker or real estate mentor that will help set you up for your career. We think that if you go all out in the beginning, you’ll be able to maintain that energy and success throughout the rest of your business life.
Hopefully we’ve been able to pass on some helpful and easy tips for your next steps in the real estate business. The biggest part is behind you - so lean into your broker and ask them for help when you need it. There are a ton of resources out there that they can point you towards and make sure you have everything you need going forward. Remember that it’s ok to make mistakes and ask for help! Real estate is full of opportunities, and you’re ready to make your career successful, so get going!