If you have received or are working toward obtaining your real estate agent license, you may have set goals for the future you hope to build. If one of your goals is to own your own real estate business, you will likely be wanting to get your broker’s license. Getting a broker’s license is not something you can rush into right after earning your agent license. In fact, you will want to take your time and learn as much as you can about the industry before taking the next step.

Laws in most states require real estate agents to work for a broker. In other words, you cannot work on your own as an agent without the oversight of a licensed broker. Many agents are comfortable with this and have successful careers working for a broker. You may have different goals in mind.

Taking the first step

After getting your real estate license, you will work for a brokerage for a certain number of years, depending on the state where you work, before you can become a broker. You should learn as much as you can during this time and gain valuable experience whenever possible. You may also be fortunate to work for a broker who is willing to tutor and guide you toward your goals. Your next steps will include the following:

• Each state requires agents to take approved courses to learn more about the real estate industry, brokerage laws, investments and other important topics if they wish to become brokers.
• You will have to pass your broker licensing examination.
• Some states require you to pass a criminal background check before getting your broker’s license.
• You may decide to continue working where you are now as an associate broker or to form a business plan to start your own brokerage.
• If you start your own business, you will need to begin building a list of new clients, much like you did as a beginning agent.

When you own a brokerage, the clients are essentially yours. You may have other agents who work for you who will handle certain aspects of the process, from listing properties, showing homes and assisting with financing. You earn the commission, which you share with your agents. Ultimately, however, the responsibility for the legal transactions and the satisfaction of the clients will fall on your shoulders. For some, this may sound intimidating. However, you may be someone who is ready for that challenge.

Real estate agents often get calls from people looking for rental units, and many feel these clients are a waste of time. For example, not every landlord will pay a commission, and few renters offer to pay for a real estate agent’s services. However, before you dismiss a potential renter who is looking for guidance, consider the long-term possibilities of such a client.

Not everyone who is looking for a rental wants to rent forever. In fact, there may be good reasons to believe such clients are in the market to buy a home in the near future. Working with renters and staying in touch with them may help you build a viable pool of homebuyer leads.

Who are renters?

Chances are that the client you help with finding a residential rental home is already thinking about moving again soon. In fact, according to one study, almost half of renters already know when they sign the lease that they want to move when the lease expires. One third of them are determined to buy a home within the next year, and many more have considered the possibility.

Your guidance may help dispel the uncertainty for some of those renters. In fact, renters are more likely to think about buying a home under the following circumstances:

• They have just moved into the state and want to get to know the best areas to live.
• They have just combined their households with a partner and are planning a future together.
• They have children under the age of 18 or are planning to have children, and they want space for their family to grow.
• They own pets, particularly dogs, and are finding that too many rentals place restrictions on pet ownership.

Even if the clients you assist are not looking to own a home, they may be living near other renters who are in the market. Real estate agents get much of their business through referrals, and your excellent service may help build your reputation among tenants who are on the move.

The next step

Once you have helped a client find a rental, you can check back about six months later to see how things are going. Is the tenant happy renting? Have they given more thought to the idea of owning their own place? Would they like to get together and discuss their goals?

Often, those who rent do so because they have some misconceptions about what it takes to own a home. Perhaps they are concerned about their credit scores or the complex process of getting to closing. Your patience and enthusiasm may be just what it takes to turn a renter into a happy homeowner.

As a real estate agent, you are likely drawn to “For Sale” signs, so you probably see many lonely looking houses with signs in the front yard and no evidence of life from within. If you pass such a house routinely, you may start to notice changes, such as a drooping shutter, a broken window or graffiti on the siding. Over time, a vacant house becomes more difficult to sell or to obtain a competitive price for.

If you have clients with vacant property on the market, you may worry about its vulnerability to vandals, thieves and deterioration. You certainly can’t stay on guard to protect the house from these things, but you can encourage your clients to take steps to reduce the chances that their vacant property will fall victim to criminal activity.

The lights are on, but no one’s home

Perhaps your clients moved out of state or into their new home before they could sell their previous home. Possibly, the vacant house belonged to their loved one who passed away. No matter why the property is unoccupied, the longer it sits vacant, the more attractive it may become to vandals, drug users, thieves and curious kids. The following steps may help your client protect the value of their property to improve the chances of selling quickly for a good price:

• Curb appeal: Your clients may want to hire someone to cut the grass, water the lawn, weed the flowerbeds and generally keep the exterior looking attractive.
• Deliveries: Neighbors may be willing to collect mail, newspapers or deliveries to prevent them from piling up.
• Lights: Setting a timer to turn on lights upstairs, downstairs and outside can simulate the presence of someone in the home.
• Security: An older home may benefit from updated locks on the doors and windows, and even simple precautions like wooden sticks in the tracks of sliding doors may deter troublemakers.
• More security: You may have to convince your client it is worth the money to install a security system with 24-hour monitoring, which may also be an additional selling point for the home.
• Even more security: Local law enforcement is often happy to make more frequent patrols past a home when the owners alert them it is vacant.

Of course, you will not want to leave the home looking cold and empty. Keeping the rooms at a comfortable temperature and strategically staging a few essential pieces of furniture may give the illusion that the home is occupied. Additionally, listing the property with pictures of an empty house publicizes the fact that no one lives there, which may entice criminally minded people.

For many people, their homes hold fond memories. They can look at various rooms and corners and remember special events, like a child’s first step, a big announcement or a tender moment. They may also remember bad things, such as the spot where someone suffered an injury, the room where they had that big fight or right where they were standing when they got some bad news.

Memories are part of homes, and that’s what makes your job as a real estate agent such an important one. However, certain homes carry more than good or bad memories. Certain properties have histories that are so negative, they may actually affect the value of the home and your ability to sell it.

What are stigmas?

A house that has such an undesirable history that it may lower its value is known as a stigmatized property. A property can obtain a stigma for many different reasons, but the bottom line is that prospective buyers may have psychological or emotional reactions to living in such a home. Common stigmas include the following:

• Someone committed suicide on the property
• A child died of neglect or abuse on the property
• The previous occupants used the home to conduct criminal activity, such as selling drugs, or a crime occurred in the home, such as a kidnapping
• There was domestic violence in the home
• The property was rumored to be a place of cultic activity
• Previous occupants claim to have witnessed paranormal activity in the home
• The home was the scene of a violent death

Sensitive buyers may want to steer clear of stigmatized properties, but how much are you obligated to reveal to them?

Know the laws for your state

Every state has different rules for what you must disclose. For some, you must reveal if someone died in the home, no matter the cause. When it comes to stigmas that do not materially affect the property, you are within the bounds of integrity to obey the laws of your state and not volunteer information about the stigma. Best practices also say it is wise to give an honest answer if a client asks, especially if you sense the buyer may be seriously interested in the stigmatized property. 

Additionally, some stigmas can be a burden to new homeowners. For example, if previous occupants once sold drugs, the new owners may have drug seekers knocking on their door. The scene of a widely publicized crime may draw sightseers and gawkers. These may be material stigmas an owner should know, and you would be wise to know the law and to carefully consider what information it is better to disclose.

You have a client who is ready to make a real estate deal. However, you still have a major hurdle to cross before you get to closing. That hurdle is negotiating a sales contract with the other side. For some, the art of negotiating comes naturally, but for others, it is something they must study and practice.

The key to a successful negotiation is positivity. Good negotiators have positive attitudes, are good listeners and approach the negotiating table from a position of strength. They are not on the defensive, but they also do not put the other side on the defensive. Many who do well at negotiating know a few secrets to striking a deal in which both sides are winners.

Reaching the goal

The goal of negotiation is to arrive at a place where both sides walk away satisfied and no one feels like they have lost on the deal. Surprisingly, a successful negotiation may hinge on factors as simple as your body language, your attitude, and the way you phrase your questions and comments. Some strategies to try next time you are working out a real estate sales contract include the following:

• Meet face to face, or at least virtually, where you can watch each other’s facial expressions, see body language and hear each other’s tone of voice. The tone of phone calls, texts and emails can easily be misinterpreted.
• Let go of your fear of losing the sale and missing out on the commission. You may unintentionally project this preoccupation during negotiations.
• Smile, make eye contact and really listen to what they are saying. Your facial expressions can be the first demonstration of a positive attitude.
• Relax and sit naturally, with your body turned toward the person speaking and your arms and hands open. Crossed arms and legs projects an attitude of stubbornness and unwillingness to compromise.
• Don’t be afraid to use your sense of humor without suggesting that you don’t take the matter seriously. Real estate negotiations can be heavy and tense, and laughter may put both sides at ease.
• Begin by noting those things both sides agree on, and be prepared with options for those items the other side may dispute. Have available evidence to support your alternatives.

Even if negotiations don’t go well, never let the meeting end with bad feelings. This may mean reminding both sides of the progress you made and the common ground you found. It is always a good idea to thank both sides for their honest participation and to get them to look forward to the next step in the transaction.

Working in real estate can be very satisfying. You have the potential for a lucrative career, you have options for doing something new every day and you are providing a necessary service to people at a major turning point in their lives. Nevertheless, as with any job, real estate has its stressors. In fact, the job of a real estate agent often ranks among the most stressful careers to have.

It is no mystery why. You have the pressure of handling some of the largest investments your clients will make and dealing with the laws and deadlines of financial institutions. You work long hours, engage with demanding clients and balance precarious finances while you strive toward the next closing or try to land a new client. Being a real estate agent is a tough job, but if you love it, you will want to learn how to manage those stressful moments.

Taking stress by the horns

Allowing disappointments, deals falling through or difficult clients to overwhelm you, or stressing out over every challenging step of a real estate transaction can quickly burn you out. When you neglect to weigh and balance the stress of your job, even the little things may begin to break you down. This is why it is important that, even in your busy schedule, you take time to do the following:

• Rest, including getting enough sleep each night, taking a day off during the week and carving out time regularly to devote to your family and friends.
• Eat well, which means planning ahead so your busy days do not include fast food, sugary pick-me-ups or skipping meals.
• Exercise, whether you find relaxation in a calm stretching session or a vigorous cardio workout.
• Don’t skip important checkups with your doctor, dentist and optometrist.
• Release your stress by sharing your frustrations with trusted friends, your partner or a veteran real estate agent who can offer encouragement and advice.
• Keep problems in perspective, such as resisting the impulse to allow small frustrations to build into major anxiety.
• Remember that most of the time, stressing out is counterproductive and easily overcome with calm, rational problem solving.

Your physical health and mental well-being can quickly suffer if you allow the stress of your job to get to you. Self-care is critical, so if you feel that even these steps do not relieve your anxiety, you may wish to reach out to a counselor who can provide professional advice for keeping your life and your real estate career in balance.

If you hope for success as the manager of a residential property or aspire to become a property manager, your resolutions for the new year may include steps you can take to reach those goals. This may involve continuing your education and training in real estate topics or finding a new and challenging place to work.

Just as the recent global health crisis has affected so many industries, the world of property management has not escaped unscathed. With this career in your future, you will certainly want to think about some of these changes and how you can adapt to reach your goals and provide excellent service to your tenants.

Maintenance and other priorities

Tenant retention is critical for rental property, and the challenges of the past year have made this difficult. Tenuous employment situations may have made it difficult for some tenants to pay their rent. Like many, you may be hoping the economy will improve in upcoming months, but you should be prepared for this uncertainty and do what you can to retain those qualified tenants. This means offering excellent service, including:

• Incorporating more alternatives for face-to-face communication, such as apps, text alerts, email options and others
• Responding to tenant communications quickly and politely
• Finding new and creative ways to sustain social connections among your tenants, such as virtual events, digital happy hours, food trucks or drive-by festivals
• Remaining alert to the changing needs of your residents, potentially including updating the speed of your internet services, offering work areas with social distancing options and providing space for wellness, such as gardens or walking trails
• Creating a web portal where residents can submit requests, pay rent and participate in discussion boards

Because more people continue working and schooling from home, your ability to respond quickly to their needs will be essential. Therefore, developing a system for prioritizing tenant requests and handling maintenance needs as efficiently as possible should be a top goal. To that end, you may plan to build a highly skilled and motivated maintenance staff by hiring talented, trained and educated laborers. The nationwide shortage of such skilled workers means you should be prepared to offer a competitive salary with exceptional benefits to those who qualify.

It is likely that property management in 2021 will be less about appearance and more about experience. If you are willing to adjust to the rapidly changing landscape of this industry, you can significantly improve your chances of success.

Without question, the world is a different place going into the new year. The unprecedented global events in recent months have changed the culture in ways many could not have imagined. Very few industries were left unscathed by the widespread closures and lockdowns, and the real estate industry is no exception. You may be among the many real estate agents who are scrambling to remain viable and still stay safe.

In your business, it is not enough to be on top of things. You must be forward-thinking, always ahead of the curve. Therefore, when it comes to real estate marketing, you are likely trying to find ways to address the new fears and cautions your clients may have. For this reason, you may be interested in knowing some of the marketing trends that analysts foresee for the coming year.

It’s a virtual world

Shaking hands and passing your business card may be things of the past, and many of the cautious ways you have interacted with your clients in recent months could now be the new normal. You may also notice a surge of clients who will do much of their real estate browsing virtually instead of in person. With these things in mind, consider the following suggestions for facing the trends in the new year like a pro:

• Using more content marketing—such as increasing your blog posts, hosting YouTube videos or offering Zoom webinars—in place of direct marketing tactics
• Revising the use of emails for marketing campaigns
• Offering quality virtual tours instead of open houses
• Using an aerial drone to give virtual buyers an idea of the neighborhood where a property is located and any nearby amenities or features
• Increasing and improving your social media presence since more and more people are spending time on these various platforms
• Getting involved in your community

One constant in the real estate industry is that clients still want a personal connection with their agents even when circumstances limit their ability to have close contact. However, your interest and involvement in local affairs and your active concern for the needs of your community may help you build a strong, positive brand that clients often appreciate.

Keep moving forward

Even if you have concerns about the real estate industry in the future, there are some factors you can control. Among your resolutions for the new year, increasing your knowledge of the real estate business, growing in integrity, and embracing new technological trends may be among those that can keep your business moving forward even when times are uncertain.

Because real estate agents deal with transactions that involve hundreds of thousands or even millions of dollars, the last thing they want is to obtain a reputation for dishonesty or unethical behavior. Perhaps even worse is that certain actions can place your license, and therefore your career, in jeopardy.

One of the important elements of your education and training in the field of real estate is learning the code of ethics. These rules and regulations are so important that you will be retested on them periodically if you want to maintain your real estate license. Even if you are not a member of the National Association of Realtors, abiding by its Code of Ethics and Standards of Practice can help ensure your actions on the job will comply with the highest ideals of your industry.

Protecting your clients’ rights

You have a fiduciary duty to your clients. This means you must use honest and forthright means to seek the best interests for those you represent. Even if an honest disclosure or a conflict of interests may lose you an important commission, your obligation to your client requires you to divulge information he or she needs to make a reasonable decision. Additionally, the Code of Ethics forbids agents to act in a way that discriminates against someone because of race, religion, family status or other protected classes.

During your dealings with those hoping to buy or sell property, you will likely be privy to private and sensitive information for your clients, such their financial circumstances and family dynamics. Sharing those details, even with your co-workers or family, can be a serious breach of ethics.

Working in the industry

Your actions toward your fellow agents should reflect the code of ethics as well as common courtesy. Stealing business from an agent or slandering other agents to win their clients violates the code of ethics. In fact, it is always a wise idea to treat your competitors as you would want them to treat you. Failing to do so can quickly place your license on the line and may even result in more serious legal trouble.

Even if you have been working in real estate for years, you may benefit from a review and brush-up on the ethics that govern your industry. Since every state has its own additional regulations, it is wise to understand the unique rules where you work. Fortunately, opportunities exist for agents to refresh their memories and renew their certifications through continuing education courses offered by experienced instructors whose goal is your success.

Working as a real estate agent is an attractive job for a number of reasons. Many people enjoy the flexibility. Helping people buy and sell property is certainly not a nine-to-five job, and agents often set their own pace and make their own schedules. Also, every day offers new and interesting challenges. As an agent, you have the opportunity to meet people from all walks of life and obtain the personal satisfaction of helping them find just the right property for their homes or businesses.

One clear benefit of seeking a career in real estate is that you won’t have to spend tens of thousands of dollars for a college degree. In fact, after fulfilling the requirements to obtain your license, you may be on your way to a rewarding and profitable career. The first step is to understand those requirements and how they relate to you.

Am I qualified?

Each state sets its own standards of eligibility for real estate agents. If you are hoping to work in South Carolina or neighboring states, you would be wise to investigate the specific rules and restrictions for obtaining your license. For example, the state real estate board will likely consider the following:

• Your age
• The results of your criminal background check
• Whether you meet the minimum education level, such as graduating high school or obtaining your GED
• Your successful completion of pre-licensing courses
• Your passing score on the real estate licensing exam

While you do not need a college degree, you will have to take a series of courses to learn about real estate law, property management, and the many principles of buying and selling property.

Where do I begin?

It is important to find an accredited school that offers courses that fit your lifestyle. You may prefer learning in a classroom, evening courses or online options. These courses will prepare you for taking your real estate exam, but they should also prepare you for what to expect when you begin working as a real estate agent. Once you pass your test, you can apply for your license, and only then can you start working as an agent.

The average real estate agent earns about $50,000 a year, but many go to the next level by learning more about the business, gaining experience in many types of real estate and using creative marketing strategies. Additionally, the real estate board requires licensed agents to periodically renew their licenses by taking continuing education courses to stay current on changes in the laws and the industry. With your license, you will now have many options open to you for pursuing your dream of a career in real estate.