Starting a Real Estate Career
The average compensation for a realtor in Utah is less than $40,000 per year, so it's important to understand the realities of the industry. To succeed, you need proper documentation and agreements in place before showing houses to clients. Obtaining a real estate license typically involves 120 hours of online education and passing an exam. This can be done relatively quickly, in as little as 3 weeks. However, being a successful agent requires more than just a license. Building a network, finding a supportive brokerage, and generating leads are crucial.
Choosing a Brokerage:
When selecting a brokerage, focus on the support and resources they provide, not just the commission split
Look for brokerages that offer training, marketing assistance, and reliable lead generation, even if they take a larger percentage of your commissions
Interview multiple brokers and agents to find the right fit in terms of culture, experience, and approach to representing buyers and sellers
Transitioning from New Construction to Resale:
Working for a home builder can provide a steady pipeline of leads, but compensation is typically lower than independent agents
Transitioning to the resale market allows for more control and flexibility, but requires building your own sphere of influence and lead sources
Obtaining a broker's license can open up more opportunities, but requires significant real estate transaction experience
Navigating the highly competitive residential real estate market requires strategic thinking. New agents need to find ways to stand out, such as joining a supportive team. Understanding the current inventory and availability of homes is crucial, as it impacts when agents will get paid.
Additionally, staying up-to-date on industry changes, such as the NAR lawsuit, is important to provide the best service to clients. By keeping these factors in mind, aspiring real estate professionals can set themselves up for success in this dynamic industry.
Watch the FULL EPISODE where Drew shares more tips and advice!!
Drew Detrick - Real Estate & Home Builder Expert
