First things first... congratulations are in order! You showed interest in a new field (namely real estate service), researched what it takes to become a licensed agent in the state, studied and frankly… went for it! You’ve already demonstrated your commitment well beyond most talkers and you’re well on your way to a solid career. Take a moment to relax with those that have had your back on this!
Getting the results of your real estate exams
If you took your exam online, then you will receive your electronic exam results immediately after having taken the test itself. If, however, you take the exam offline, then the results can take upward of 5 business days to come back. As mentioned in previous articles on the topic, you’ll typically need a 70% or higher grade in order to pass. Note, however, that some state portions of the test may require a higher score, such as 75%.
Retaking the exam
One thing to keep in mind, before even signing up to take the test, is that you have the option to retake it as many times as you’d like. It’s also important to note that this option isn’t just of interest to those that fear they may not have done well, but for an existing agent that would like to brush up on their understanding of real estate law and best practices. Just speak to your testing instructor to see what your options are.
As always, depending on the school or testing facility (or depending upon the state in which you’re testing), there may be limitations on the combinations of first/second part pass or fails. In short, if you do not pass all parts of the exam within a certain amount of time (1 year, for example), then you may have to reapply for your license and begin the process over again.
Passing the Exam
Having said all that, passing is going to require you to study and practice what you learn along the way. There are a lot of great study guides and practice exams online. If you miss a class, you’ll be fine. Just try and make it up as soon as possible so that you don’t fall out of sync with the program’s pace (or your own momentum for that matter).
Day one of being a real estate agent
So, now we’re back to your first day. Assuming that everything has gone to plan and you’re now officially licensed to provide RE services in your state, you’ve actually got quite a bit of homework on your desk. Best way to push through to your first commission checks? Start pushing. Here’s a short list of the sorts of what to expect the first day after you pass your real estate test:
- Post-license courses - Yup! You’re not quite finished with schooling yet! You may still have about 50 or so hours of post-license courses to close up on in order to solidify your agent’s license. Be sure to check with your licensing facility to see what additional requirements you may still be responsible for (even after you’ve become an agent).
- Locating a broker - While you can do this alone, you’re going to want some big guns behind you and your budding brand. A broker will help you learn the ropes and provide you with some leads to work (obviously, offrs.com is both the fast and long-term solution when it comes to leads).
- Continuing education - Again, you’re never completely finished with real estate training and as an industry professional, you’ll be expected to continue studying up on RE. Your community and your business will rely on you truly owning these concepts (even as they evolve over time). Our recommendation: own it.
- Brand-building - Okay, so this one is a fun task for many RE entrepreneurs out there--your brand. What’s your angle? This is your moment to shine, but make sure that your brand both leverages your expertise, fills a services gap in your region and that your brand matches who you are (your core).
- Budgeting - Hugs and high-fives won’t pay your phone bill. So you’re going to want to get really close and familiar with your operations budget. This will be for things like marketing materials (which are usually more expensive the first go around) but also your time. Budgeting your time efficiently is an often-overlooked mistake new agents make. Under-commit, over-deliver… but work, work, work…
- Work it - As mentioned in the last item, you now have no excuses to get out there and work it. However, work it smart. Just because you’re encouraged to put some sweat into your new farm doesn’t mean you can’t use tools like a tractor. Be smart, employ smart tools and work it.
How important are leads for new real estate agents?
Very. One of the first, hard truths that you’ll learn as you enter into your new career field is that leads (in the case of listing agents: “seller leads or listing leads”) are a highly-coveted resource. Your broker will work to give you older leads, perhaps from an agent that has recently left the area (or the industry entirely), but these are often dried-out over time.
That is, if the leads haven’t been properly nurtured, connected with, and communicated with over time, they will drift off into the loving hands of other agents in the area (aka your competition)! This is where offrs.com comes in. offrs provides seller leads (homeowner contact information) that would otherwise cost you tens of thousands every month to license yourself.
In addition, the leads that offrs provide are yours exclusively! That is, once you license your territory/farm (this could be your neighborhood or areas of about 500-2000 homes), this information is provided to you and you only! That’s powerful stuff in an industry that keeps leads so close to their chest. So, when you find your broker, instead of being handed the phone book and a high-five, you now have a spreadsheet of those hard-to-find contacts…exclusively.
Market stats for new real estate agents
Here are some stats to keep in mind… 80%s of homeowners will say that they will list with their agent (the agent they used last time, for example), but only 20% will. Another interesting statistic that should keep you awake at night… 75% of homeowners will list with the first agent that knocks on their door.
So, working with these numbers above, let’s take 5 random houses in your neighborhood and let’s say that all 5 say that they’re going to use their established agent the next time they go to list their home... but only 1 home will. Now let’s look at the other stat… if there are 50 agents working in your area (your competition), the first agent at the door for each of the homes has a 75% chance of being that homeowner’s new agent when it comes time to list.
New real estate agents need to hustle (but there’s a smart way)
This is why we always push for you to be the first agent in the door. Most seasoned vets know this, which is why they spend so much money pushing mega-dollars to be the brand that most homeowners see. The hope is, that when the homeowner themselves decide to list, they’ll recall that agent’s brand (the one that spent all that money to be in the front of the line). There’s another way, a smarter way. And that is with Smart Data.
Smart Data is the offrs-highlighted, licensed data that you gain exclusive access to. Of the 2,000 homes in your area (your farm), which are the ones you should spend the most money and attention on? We can tell you with a 70% or higher accuracy on average. That is, for the last several years, we’ve been able to predict which homes are the most likely to sell, up to 12 months in advance and with a 70% or higher national average.
Time for the big guns
First, congratulations on your life accomplishment! Truly, you’ve earned this. Don’t be frightened off by those in the industry that have had their lead sources dry up (those that have worked their social sphere, friends and family, etc.) only to realize that real estate without sales leads is a hard business to make a consistent living in! But… there are solutions out there and we’re proud to be the industry leader in real estate technology innovation.
Connect with one of our business strategists today to learn more about what we provide new agents like yourself - tools that generations of agents did not have access to, but that make all the difference in the world when it comes to practical, hard-hitting results for your business and day-to-day operations. Let’s get you started...
You’ve got this!
Getting Your Real Estate License:
- Requirements for a Real Estate License
- Real Estate License Test Prep
- How to Pass Your Real Estate License Exam with Flying Colors
- What to Do after taking the real estate license exam
- You passed the real estate license exam, now what
Tags: what to do after taking the real estate license exam, real estate, license, certificate, diploma, testing, schooling, exam, test, passed, passing, pass, first day, new agent, what now, what's next