1) What do I do after passing my exam?
If you didn’t have a Broker selected prior to passing your exam, you will need to pick a Broker and they will order your license from the state (could take a handful of days to receive it). If you did have a Broker prior to scheduling the exam and you passed your exam, you can get started almost immediately. Once your Broker has your license you will need to join a local real estate board and then the local Multiple Listing Service (MLS) – (there will be costs). We highly recommend ordering your business cards as soon as you are able. You will want to jump right in with prospecting and taking more real estate classes.
2) What do I do if I don’t pass my exam the first time?
If you don’t pass your exam the first time, don’t freak out or get embarrassed…. Get right back in the saddle, continue to study, and reschedule your exam right away!!! Approximately 70% of agents don’t pass their first time – you can continue to take it until you pass (you will be charged money each time). You may also need to re-register your Broker through your ICOLA account. See our section on EXAM TIPS if you need further help. We also recommend purchasing any exam assistance materials your real estate school offers (cd’s, books, videos, etc.).
3) Do I need to join a Traditional Brokerage to be successful?
Absolutely not! In fact, most companies have a variety of agents ranging from Top Producers to Agents just barely hanging on…. This is a business where you’re going to get what you put into it. Granted, Traditional Brokers have been around for many years and have a big name, but their Monthly Fees, Franchise Fees, Marketing Fees, Commission Splits (with $15,000 – $18,000 annual caps), E&O Insurance Fees, Copier Fees, Technology Fees, Etc…. make it very hard for a New to Industry Agent to survive! There’s rarely any meat on the bone when you get you check. (Vision Realty Centers has one of the best commission splits in the Industry).
4) Are there any costs to getting started?
Yes, you may have to pay to order your license, join the Local Board, join the MLS, and order business cards. Your Local Board and MLS will be mandatory to join and will cost you approximately $1,100 – $1,200 per year (depending on which ones you join – some will accept payments). Some Brokers will also charge a sign-up fee along with monthly fees (whether you’re selling anything or not). Vision Realty Centers (VRC) belongs to several Boards and MLS’s so you can shop and compare. There aren’t any sign-up fees or monthly fees at VRC…. You won’t actually pay anything to VRC until you sell your first home.
5) Will I need additional training after passing my exam?
Absolutely! Even though you learned a lot in your Pre-Licensing Course, it didn’t teach you real world real estate, it taught you how to pass an exam. We highly recommend plugging into any classes that your Broker, Board, and MLS offers (may be some costs).
Even though education is very important, don’t wait until you’ve taken a ton of classes before getting started… in this Industry, you don’t need to know everything, you need to be resourceful! All classes at VRC are FREE to our agents and taught by some of the most qualified professionals in their field! We even have 24/7 training and a FREE Mentorship Program for our Agents! And if you think this website is helpful, wait until you gain access to our V3 System which is exclusive to VRC Agents!
6) Do I need to join a Broker close to where I live?
Not necessarily. With technology platforms like smart phones and the internet more and more agents are becoming Home Office Agents. Vision Realty Centers offers the ability to work from your phone no matter where you go! However, we would love to see you attend classes at our Corporate Office in Livonia so we can get to know each other better! We have some agents that live over an hour away!
7) What should I look for in choosing a Broker?
Broker Costs, Training, Support, Technology, Resources, Marketing Capabilities, Know How, Availability, and Likeability! VRC is a Low Cost/High Value/Full-Service Broker for our Agents and Clients! We’re the perfect combination… Big enough to have all the bells and whistles yet small enough where you will have access to the Founder of VRC directly. In basic, we’re over 100 agents strong but still small enough to feel like family!
8) Can I do real estate Part Time?
Depends on your Broker. Many companies won’t hire New to Industry Agents or Part-Time Agents. VRC welcomes ALL Agents and highly recommends that you do have a secondary income when starting real estate or at least enough in your bank account to cover a few months bills. You will incur costs and it may take a while before the commission checks start rolling in!
9) Should I work with a Mentor or a Team to start?
If you’re not a good self-starter, it may not be a bad idea if you have the opportunity. However, most real estate teams aren’t looking to add more people and most real estate companies don’t offer a Mentorship Program and if they do, there’s usually a significant cost. At VRC YOU’RE IN LUCK! We offer a Mentorship Program that is FREE and have several Mentors in which we are happy to provide you with!
10) How do I get started in Marketing myself?
First off, make sure you’re fully setup before you start marketing yourself as a REALTOR. You will need to complete the following; have a Broker, join the Board, and join the MLS. Your Local Board normally pays your MAR and NAR dues out of the fees you paid when you joined them. Familiarize yourself with State Laws and your company’s policies for advertising. You WILL be required to have your Brokers name and contact info (phone # OR address) on all advertising (and probably their logo). We highly recommend starting off marketing yourself to your Sphere of Influence (people you know) by either; Calling, Email, Social Media, Text Messages, In Person, Snail Mail, or any other way to reach out to them. This can be done with little to no cost to you. These are people that already know you, so you will have a much better chance of them doing business with you than what you would with a complete stranger. Be sure to ask your Sphere if they know of anyone looking to buy or sell (it works). Obviously get your business cards ASAP! Once you start receiving commission checks from sales, invest some of your money back into advertising to get to the people you don’t know. Be sure to start BRANDING YOURSELF – you’re a business!!! VRC offers FREE Social Media Commercials for our agents! We also have an In-House Marketing Dept to help you get started!!!
11) What if I already joined another Broker and want to switch to VRC?
It’s easy! Call 877.787.6093 and setup an interview with our Brokerage. We encourage you to bring other friends/family looking for careers in real estate. We will show you the benefits of being one of our agents (absolutely zero pressure). We can order your new license online and your Broker will be notified by email that you have made a switch. Or you can simply notify them directly that you’re making a move. Under most circumstances it’s quick and painless and can be done within a day or so.
12) How do I get Leads?
Most Brokers recommend starting off with your Sphere of Influence (and the people they know) and then investing into advertising with commissions earned from those sales. Some offices do offer leads, but they’re most often “cold leads” and can be very frustrating and time consuming working them. VRC does offer a Leads Program, but some requirements will need to be met by the agent before receiving them.
13) How much can I expect to make my first year?
It’s completely up to you!!! A few agents make $100k+ their first year and some are out of business within just a few months (65%-70% fallout rate across the board). If you treat a real estate license like a Magical Piece of Paper and think your phone just automatically rings…. Sorry, but you will probably be one of the ones that fall out their first year. This is a business – people have to know you’re in the business! Board dues, MLS dues, Monthly Fees (some brokerages), Etc… will continuously need to be paid, and if you’re not bringing in money… you’re losing money! If you hit the ground running and are taking training classes AND Prospecting you will most likely have an awesome career!
14) Should I choose to ONLY work with buyers OR sellers?
There’s a saying in real estate… “Listers Last”!!! That means if you’re listing homes to put on the market, you’re probably going to have a very prosperous career. Many of the signs in front of your listings will create calls from buyers (along with other forms of advertising) hence, feeding your client pipeline. In a “Seller’s Market” the Listing Agent normally has it the easiest. Buyers Agents normally have to jump through hoops to get their clients a home (showing lots of homes, losing multiple-bid situations, etc.). Vision Realty Centers’ Marketing Dept takes marketing to a whole new level which will help you attract more clients! And MOST of it is FREE to our Agents!
HAVE MORE QUESTIONS? Be sure to write them down and bring them with you when you come to interview with VRC! We’ll be happy to answer any questions you may have!!