So, you’ve just received your Washington state broker’s license–congrats! That’s a huge accomplishment worth celebrating. But what do you do now? Taking the proper steps after getting your real estate license is essential for getting your real estate career off on the right foot. In this article, we’ll go over what to do after you get your license and how to launch a fulfilling and prosperous real estate career.
Key Takeaways
- Celebrate your achievement, verify license details, and plan for renewal. These foundational steps ensure you’re ready to start your real estate career on the right foot.
- Select a brokerage that aligns with your goals by considering factors like culture, support, and compensation. Ask critical questions to find the best fit for your needs.
- Establish a business plan with clear goals, budget wisely, and consider forming an LLC. Networking through associations, events, and social media is crucial for long-term success.
- Develop a strong personal brand and use digital and traditional marketing strategies to promote your business. Commit to ongoing education and consider tools like CRM systems and marketing platforms to streamline operations.
Immediate Steps After Getting Your Real Estate License
Before you get too far ahead of yourself, you must follow these key first steps after receiving your real estate license.
Importance of celebrating the achievement
You might want to rush to start your real estate business after receiving your license, but it is important to take some time to celebrate. Getting your real estate license is a big deal! Throw a party and invite your friends and family to celebrate with you. Not only is celebrating good for your self-esteem, but it can also help get the word out that you are open for business.
Verify your license details
After you’ve taken some time to celebrate, you need to verify that all the information on your real estate license is correct. If something is inaccurate, contact the Washington State Department of Licensing to rectify the error. If everything looks good, go ahead and display it with pride in your office.
Plan to renew your license
In Washington State, you must renew your real estate license every two years by completing 30 hours of continuing education. However, the first time you renew your license, you will need to complete 90 hours of continuing education. These courses will help keep you up-to-date on real estate law and best practices. Rockwell Institute offers in-person or livestream continuing education courses from top instructors, so you’ll be covered for all your continuing education needs.
Choosing the Right Brokerage
Once you’ve received your Washington real estate license, you must find a brokerage to affiliate yourself with. But how do you know which brokerage is right for you? Here are some factors to consider when choosing a brokerage:
- Brokerage culture: Dress code, schedule flexibility, management style, broker expectations, etc.
- Broker support: Training/mentorship program, continuing education and professional development assistance, etc.
- Compensation structure and benefits: Commission split agreement, desk fees, and other benefits such as healthcare and employer-sponsored retirement accounts
Based on these factors, you will want to ask potential managing brokers the following questions, including:
- How would you describe your brokerage’s culture?
- Can I work remotely, or do I need to work in the office?
- Do you have a formal mentorship or training program for new licensees? Is continuing education included?
- What is your commission split?
- Do you provide additional benefits such as healthcare insurance or an employer-sponsored retirement program?
Additionally, you should talk with brokers currently at the brokerage firm to get their opinions on working for that brokerage. To make finding a brokerage easier, Rockwell Institute hosts regular Career Expos where pre-licensing students can meet with local hiring brokers.
Benefits of joining a team vs. going solo
Some real estate brokers work with other brokers as part of a real estate team. Traditionally, you see this more with family-based teams, but non-family-based teams are becoming more common.
So, should you join or form a real estate team? It might be a good idea to join a team when you are just starting out so you can learn the ropes quickly. However, you want to be aware of any profit-sharing agreement as you may have to share some of your commission with team members. You will also need to factor in personality and workstyle compatibility.
Disagreements will always arise when working on a team, no matter how good your working relationship may be, so having good conflict-resolution skills is critical.
Setting Up Your Business
As a real estate professional, you are essentially forming your own business. Thus, it’s important that you create a business and financial plan to set yourself up for success.
Importance of a business plan
You are more likely to be successful if you have a business plan. A business plan helps determine what sets you apart from other real estate brokers, which will help you communicate your unique value to potential clients. Do you want to specialize in a specific market? Do you pride yourself on going above and beyond for your clients, and if so, what does that look like? These are the types of questions you should ask yourself when creating a business plan.
Setting short-term and long-term goals
Another aspect of creating a business plan is defining your long- and short-term goals. Do you want to win three listings by the end of the quarter? Do you want to start your own brokerage or become a managing broker someday? Whatever your goal is, you need to write it out and set a timeline for when you want to achieve it. Bigger goals tend to be more long-term (measured in years), whereas smaller goals tend to be more short-term (measured in weeks or months). Ideally, your smaller goals should ladder up to or help you achieve your bigger goals.
Financial planning and budgeting
Finally, achieving your business goals will cost money. You’ll need to account for marketing and advertising costs, investment in continuing education and professional development, and other business expenses (e.g., client gifts, community sponsorships, gas, insurance, etc.).
Understanding what you can afford regarding your business expenses is extremely important. You don’t want to spend all your money on advertising one month and not have anything left to spend on your continuing education that may be coming due. Budget for what you expect to spend on each item or category and add 10-15% to account for unforeseen costs.
Legal considerations and setting up an LLC
Before getting too far into your real estate business, you should determine if you want to form a business entity, such as a limited liability company (LLC). Forming an LLC has several benefits, including limiting your personal liability and certain tax advantages. Talk to your brokerage and other brokers to determine whether it is worth it to form a business entity.
Building Your Network
A significant aspect of being a successful real estate broker is networking with potential clients, industry professionals, and community members. While you can get name and brand recognition through advertising, that can get expensive very quickly and can only take you so far. It may be more time-consuming, but networking is the tried-and-true way of building your lead pipeline and fostering relationships with other industry professionals, which could lead to future partnerships and broker referrals.
Ways to build your professional network
If you don’t have networking experience or are unsure about how to network as a real estate broker, you may wonder where to start. Here are some ways you can build your professional network:
Join local real estate associations
Joining your local real estate associations is a great way to expand your network of fellow real estate professionals. You can join your local National Association of REALTORS® (NAR) chapter and some more niche associations, like ones that cater to real estate investors–they usually need a real estate broker to help them sell and buy houses.
Attend industry events and workshops
Another great way to network is by attending industry events and workshops. Not only do you usually learn something new, but you also get to network with other professionals who share your interests and passions.
Marketing Strategies
Real estate brokers wear many hats–including that of “marketer.” As such, it is important to effectively implement various marketing strategies to help support your real estate business.
Creating a personal brand
As an entrepreneur, you are essentially your brand. After all, you will be putting your name and headshot on all your marketing materials, such as for sale signs, business cards, your website, social media, and more. So, what do you want people to think or feel when they see your name? That’s where your personal brand comes in. Your brand should communicate who you are, both as a person and as a real estate professional, and set you apart from other real estate brokers.
Leverage social media for networking
Social media sites, such as LinkedIn and Facebook, are excellent for networking with other professionals in your area and worldwide. Join a LinkedIn or Facebook group that caters to real estate professionals. You can ask questions to get advice or simply listen in to discover the latest hot topics.
Defining your unique selling proposition
Depending on your market, you may be competing against hundreds, if not thousands, of other real estate brokers. As such, you need to find a unique selling proposition that sets you apart from the competition. Is it your connection to the area? A commitment to a cause you care about? If you’re having trouble coming up with a differentiator just yet, focus instead on why you got into real estate.
Building a professional online presence
These days, if you aren’t online, you might as well not exist–at least if you’re a new real estate broker. A professional online presence, such as a professional website, helps prospects find and learn more about you, which is critical if you are just starting out.
Digital marketing tactics
A good website is the starting point for promoting your real estate business online. Active social media accounts, email newsletters, and an ongoing blog help keep your followers engaged so that when the time comes to hire a real estate broker, they know who to reach out to.
Traditional marketing methods
While you want to devote a good amount of time and resources to your digital marketing plan, you don’t want to neglect more traditional marketing methods such as print ads, direct mail, and community involvement. These tactics allow you to reach potential clients who may not be online as much.
Continuing Education and Training
While you may have completed your pre-licensing education, a real estate broker’s education is never fully complete. Here are some ways to invest in your continuing education and professional development.
Importance of continuous learning
The best real estate brokers are avid learners. Even when they hit a high level of success, they know that there is always something new to learn. As such, investing in your professional development, both in time and resources, is essential. Doing so will help keep you abreast of industry trends and best practices so that you can better serve your clients and stay ahead of the competition.
Recommended courses and certifications for new agents
Want to put your career development into hyperspeed? A professional certification or designation can increase your real estate expertise and market yourself to more potential clients.
Finding a mentor or coach
Finally, finding a mentor can be transformative for your career development. Take advantage of any mentoring or training program your brokerage offers, or find a mentor at industry events. Hiring a real estate coach is a great alternative if you have trouble finding a mentor. It may cost more, but you can get one-on-one, dedicated attention that can be hard to find.
Tools and Resources for New Agents
Using the right technology to support your real estate business can help you save time and be more organized. Luckily, there are tools at your disposal to make your life easier.
Client Relationship Management (CRM) System
Keeping track of all your clients and leads can quickly become overwhelming. That’s where a client relationship management (CRM) system comes in. A CRM helps you store contact information, automate repetitive tasks, and track your communications. There are various types of CRMs at various price points. Your brokerage may have a CRM that they use or recommend.
Marketing Platform
As a real estate broker, you will need to constantly market your business and listings. As such, having an all-in-one platform that allows you to update or publish to your various marketing channels is critical. Instead of hiring a marketing agency, which can be very expensive, platforms like Breakthrough Broker and Hubspot enhance your marketing efforts, saving you time and money.
Transaction Management Software
Gone are the days of printing and storing contracts in file cabinets. Transaction management software such as Skylope and Dotloop make signing and storing documents easy–all you need is a smartphone or tablet.
Useful websites and blogs
Now that you’re a licensed real estate broker, you’ll want to keep up with the latest news and trends in the real estate industry. Here’s a list of useful websites and blogs to get you started.
- Rockwell Institute Career Hub: Gain insights on how to launch and grow your real estate career with information specific to Washington state.
- The Close: Discover actionable insights and tips on practically every aspect of real estate.
- Coffee and Contracts: Learn how to grow your real estate business and brand through Instagram.
- Forbes Real Estate: The latest real estate news and information to keep you “in the know.”
- RISMedia: Real estate news and trends catered to residential real estate agents and brokers.
Recommended books and podcasts
If you learn better by reading books or listening to podcasts, we have you covered. Here is a list of useful books and podcasts related to real estate.
Real Estate Books:
- Your First 365 Days in Real Estate by Shelley Zavitz
- Sell 100+ Homes A Year: How We Use Engagement Marketing, Technology and Lead Gen to Sell 100+ Homes A Year, Every Year! by Krista Lynn Mashore
- Every Day Agent: Straight Talk & Proven Methods to Grow Your Real Estate Business by Whitney Ellis
- The Real Real Estate Agent: Generate More Leads, Clients, and Referrals by Being Yourself, Having More Fun, and Making a Difference by Aarin Chung
Real Estate Podcasts:
- Hustle Humbly: Baton Rouge REALTORS Alissa Jenkins & Katy Caldwell discuss fostering community over competition through light-hearted conversations.
- Real Estate Rookie: Hosts Ashley Kehr and Tony J. Robinson discuss real estate investing tips for newbies.
- Real Estate Bestie: Former teacher Rosemary Lewis details her real estate career journey and what you can learn from her experience.
- Bigger Pockets’ The Real Estate Podcast: Host Dave Meyer presents the latest real estate investing news and insights.
Grow Your Career with Rockwell Institute
No matter where you are in your real estate career, Rockwell Institute can help you take it to the next step. From pre-licensing to continuing education to professional development, Rockwell Institute has the real estate education you need to advance your career. Discover what you can achieve with Rockwell Institute today!
