How well you succeed in the Fort Lauderdale real estate business will be determined by your ability and aptitude to do the right thing at the right time almost all the time. Whether you are about to get a real estate license or you have already begun your career as a Realtor in Fort Lauderdale, you still need an action plan.
You will need a realistic budget and a strong work ethic, especially in the short term. At the same time, you will need a contact management system and a computer, as well as a vehicle you can rely on to ferry clients around town.
Real estate is not a fast, easy-money career as most people think. However, it can be a profitable venture with an exciting lifestyle and a potential for high income. Nevertheless, it is essential to note that you are an independent contractor and that you are the person who determines whether your business fails or grows.
Understand FL Licensing Requirements
If you do not have a real estate license, then know that you will not be doing any business. While you might already be licensed, it is still advisable that you follow up on what your state requires if you do not have one. Prior knowledge will help avoid issues down the line.
Do not assume that the rules that apply to one state will apply to another. For instance, if you are licensed in the state of Florida but are moving, and planning to work in California, follow up on Californian real estate rules and requirements. The requirements of the two states will vary considerably. As such, it is essential that you get in touch with Florida real estate commission to get an idea of where you stand and what you need to do.
Also, remember that some real estate agencies have their requirements that are beyond state requirements. There is also a chance that you will be required to pass through a criminal background check.
The great thing is that most rules are universal. For instance, to become a registered Fort Lauderdale Realtor, you will have to take a couple of classes and pass the licensing exam. Also, you must be a U.S. resident.
Get a Grip on Your Business and Personal Expenses
If you are venturing into Fort Lauderdale real estate, it is essential that you go in thinking of it as a business and not a job. Any successful business budgets and has a handle on its expenses and projected revenues.
You will probably need a minimum of about $2,500 to get started. You will also have to pay for the licensing course and the associated exam fees before you can buy and start to distribute your business cards.
Now add the cost you need put to your personal budget for the next couple of months plus how much you will need to inject into ongoing expenses and needs during the time to the estimated total start-up cost. Before making any moves, it is essential to ensure that you have the money or can lay your hands on the amount when it is needed since chances are you will not be collecting any commissions for some time.
Have a Realistic Income Expectations Plan
For this, consider using a funnel approach. You can estimate what to expect out of the funnel’s bottom be considering the number and type of expected prospects that fall into the top of your funnel. This can also help as it’ll ensure that you avoid failure due to a lack of income – which is the number one reason why most newbie agents fail within the first two years.
Come Up with a Marketing Plan
Having an idea of the types of results each marketing type will most likely reel in will make it easier for you to allocate funds to your marketing expenses more wisely. Doing these calculations is the only way to make informed decisions about where you are going to spend your marketing money.
Do not overlook the relatively inexpensive influence of a great website. Do everything you can to ensure that you have the best created for your business, even if the brokerage already offers you one. While you might need to get brokerage approval, chances are you will get it if your site is a quality one.
Build a Sphere of Influence
The more people there are in your circle of influence, the more referrals and business you will see. Hand out your business cards to everyone you know – friends, family, close associates, neighbors, etc. As someone venturing into real estate, it is also advisable that you join social clubs, forums or anywhere you can meet new people and hand out your cards.
Take Your Time When Choosing a Sponsoring Broker
Weigh your support needs with your potential broker’s ability to provide it, then consider the commission split. When starting, the split should be the last thing you think about.
Another thing to think about is the size of the brokerage. It is advisable that you also inquire about its goals. Contemplate the brokerage’s average number of listings and do not forget to look into the quality of the listings. Is their marketing budget in line with yours? Do they offer top-notch technology and quality training?
You will also want to determine whether the company is affiliated with NAR (the National Association of Realtors.) This is essential if you are thinking of joining the Association and add the ‘realtor’ title to your name.
And do not forget about their location. How far is the agency from your home? If they are a distance away from where you live, you will be wasting precious hours every day commuting.
Find a Mentor
It is a dog eat dog world out there, and you should expect as much. It can be beneficial to know that there is someone by your side, giving you advice earned from years of experience, comfortingly nodding as you vent, or to suggest options. As someone venturing into the real estate world, you will need a mentor. And this, to some extent, goes hand in hand with picking a brokerage. When it comes to it, your best option is finding an in-house mentor.
Remember that not every experienced Fort Lauderdale real estate agent is willing to take up this role. While it does not have to be more like an official title, it often is. When looking for a mentor, it can be useful to be persistent. However, always approach potential mentors bearing gifts as it could help you win some favor with the person you are considering.
Kill Time-Wasting Habits
Do not let procrastination and bad habits keep you from behaviors that you need to follow through with your plans. Set a system in place that will help accomplish your tasks in order of priority and importance. Set aside time every day to check your email and other important messages.
Find a Good Contact System and Make Use of It Immediately
Setting up MS Outlook on your computer is one of the best ways to start managing your contacts. Alternatively, you could use Gmail and a variety of other Google tools. The great thing about this option is that Gmail is free. Settlement Room is another reliable management system; however, you might have to pinch a few pennies when starting, and it can be a bit costly.
Never stray away from your plan; well, unless it is not working despite implementing it well. In such an instance, consider changing the plan and stick to the new one.
Personality is key. However, it is worth noting that the real estate business is all about numbers. If you are continually working on building your prospects and contact, your business will grow.
Do not spend a lot of time searching for the ‘magic bullet.’ It is all about having a plan, sticking to it, and working very hard.
In most instances, your money will be better spent on promoting yourself than buying leads from a third-party leads seller.
While some people think that their name is their business, consider giving your business a name that is separate from yours. Well, unless you never want to sell or retire it. When you start building a career in Fort Lauderdale real estate, try and do it separate from the brokerage you started with.
It Is Possible
There is not a limit to how big a business you can establish. You could start your own brokerage or joining a team and growing before venturing out on your own. All in all, the real estate business can be a very lucrative venture. However, it is worth noting that a lot of new agents never make it past the initial stage.