After Getting Your Michigan Real Estate License: What’s Next?Feb 11, 2020
So you’re officially a real estate agent in the state of Michigan! Congratulations! The hard part is over - you’ve successfully passed all of your testing and exams. You’re probably what comes next. The hours and studying is behind you and now comes the fun part! This articles cover what happens next and gives you a better idea of the next steps you should take to crush it in the real estate industry.
Let’s get started so you can start your career off on the right foot.
What Happens After You Get Your Michigan Real Estate License?
We hope that you’re relaxing a bit and getting your ducks in a row now that you are officially a Michigan Real Estate Agent. What comes next is fun and exciting - but can also be challenging. Now is the time to start building your sphere of influence and actually start selling properties! Keep reading for some helpful insight that might get you on the road to start making money in real estate.
Don’t Settle For Just Any Broker
State law requires that you have a sponsoring broker before you even get your Michigan real estate license. We think that having one on your side at the beginning is a great idea! Their years of knowledge and their ready-made network can help you navigate your first few tricky transactions. Under their guidance, you can learn amazing tips and stay afloat those first few months when you haven’t made any money yet.
We know that some agents can be a little hesitant working underneath a broker, even though state law requires you to have them as a buffer. Because the beauty of being a real estate agent in the state of Michigan is to own your own business and set your own schedule, it can seem like working under a broker is counterintuitive. However, we strongly recommend finding a mentor because they really will help you build a great career.
When you’re looking for a great brokerage to team up with, we suggest starting with a group that already has a good reputation. Another thing you should look for is whether or not they care about continuing education for their agents. The best brokerages always invest in their agents because they know that successful agents add to their reputation of being a successful business. It’s worth it for you to do your research and build a good relationship with your sponsoring broker.
One more quick tip to help you find the right brokerage in Michigan is to consider what they specialize in. Are they known for selling residential or commercial? What do you want to be known for? Align yourself with a team that has knowledge in the area you want to specialize in and has similar goals as you.
Make Sure You Plan A Marketing Budget
A lot of agents don’t consider what being in business for yourself really means. All of the marketing and expenses that come with that fall on you. Your sponsoring brokerage might be able to hook you up with referrals and help you get off your feet with marketing materials, but ultimately it’s your responsibility. It’s now your job to get your name out there!
The main advice we offer to new Michigan real estate agents is to make sure you are always marketing, or prepared to talk about what you do. Your website, your social media, your business cards, even the way you dress can feed into your marketing and personal brand. The most important thing to remember is that it all comes down to connections. Strive to make connections not only with potential clients but also with other professionals in your industry.
We know that it can take up to 3-6 months before you even earn your first real commission. Your sponsoring brokerage might be willing to work with you on a retainer for those first few months so that you aren’t completely without paycheck. However, an easy way to get started and start earning a little more income is to earn commissions by leasing rental properties. The turnaround time is much faster, and it requires a lot less experience.
Start by talking to your real estate mentor or sponsoring broker. They’ll help you figure out the best marketing tools that work in your region and also give you helpful tips to make sure you get the exposure you need.
Link Up With Organizations That Will Help You Grow
Joining some professional real estate organizations is paramount for growing your business. If you want to connect with other agents, work on network and also grow your sphere, then these types of groups is the way to go. Plus you’ll probably even be able to grow your real estate knowledge and gain some great friends.
Probably one of the most important organizations for any real estate agent in Michigan is the NAR or the National Association of REALTORS®. Agents who are apart of this association are considered to be more educated and ethical real estate agent. This membership elevates agents and they are considered to hold themselves to a higher code of conduct.
Besides this one, there are dozens of organizations that you can join to help you expand your knowledge, give your more opportunities to network, and boost your reputation.
Network, Network, Network!
Again, we can’t say enough that the main reason to join real estate organizations and associations is to widen your network and your sphere of influence. You should start with the people you already know, but the goal is to build lasting relationships with as many people as possible. From real estate attorneys to general contractors, title companies and more, all of these industries can help you get more referrals to grow your business.
An easy way to build your network is to host and attend open houses. You can also invite your team and others in your industry or surrounding industries out for coffee and lunch. Attending local and regional meetings and conferences is another great way to help you get the leg up you need and help you build your contacts in a more organic way. Keep your business cards and contact info hand at all times and try to keep up on your social profiles. The real estate business is all about staying on top of your mind.
The last, and maybe the most important piece of advice that we can give to new agents in Michigan is to build your database and stay organized. Every person you meet could be a potential client and go into that database. Take notes on where you met, what they do for a living, and what they might be looking for in terms of real estate. Anything you deem noteworthy should go into your organized database. When you take extra special care of your clients and potential clients, you set yourself apart and make a lasting impression.
The biggest piece of advice that we can give new agents who have just acquired their Georgia real estate license is to build your database and stay organized. Every person you meet that could be a potential client should go into that database. Where did you meet them? What information did you learn about them? Take note of anniversaries and special dates. What are their kids’ names? This type of organization and note-taking can set you apart and help you make a great impression when you reach out to them again.
Real estate is a journey, and each agent has to pave their own road. When you have a strong mentor to help you at the beginning, it can set you up for a successful career. Build and maintain your sphere of potential clients and you’ll continue to have consistent business throughout the years.
Hopefully we’ve been able to give you a couple tips that will help you go forward in the real estate industry. You’ve already done the hard part! You completed your exam and hopefully have been equipped with everything you need going forward. We suggest leaning into your brokerage now and learn as much as you can. Don’t be afraid to learn and ask questions - and definitely don’t be afraid to make mistakes. The journey is just beginning and you’re ready!