How To Get Into Creative Real Estate & Wholesaling In 2024
How To Get Into Creative Real Estate & Wholesaling In 2024
If you're looking to get into the creative real estate game in 2024, there are a few tips for you to get started:
Getting a real estate license
This isn't necessary but realtors have an "In" when it comes to properties.
Working with a real estate broker
This is a good work around to getting a license yourself. Get in good with a broker or an agent.
Joining the National Association of Realtors (NAR)
If you've got your license already, it might be a good move to join the NAR and become a Realtor
Evaluating your income and budget
Make sure you have proper funds to get started. Most businesses that fail do so because they run out of money.
Creating a real estate business plan
It's always smart to map out what you're planning to do before you do it. That way you have a guide you can follow so you know where you are and where you need to be.
Developing a marketing strategy
No business is a business without marketing. If you aren't reaching your target market, you aren't in business.
Building a social network
Social media rules the world. Nothing more needs to be said about this.
Learning from a real estate mentor
If I could give any advice, it'd be get a mentor or a coach.
Get Your Real Estate License
The best way to start a career in real estate is by getting a license. But getting licensed is not easy and should not be taken lightly. The first step is meeting your state's requirements. Every state has different requirements, so be sure to do your research.
After that, you will need to take a relicensing course and pass any tests associated with the curriculum. This will require a lot of time and commitment. If you fail the class or test, you will have to wait before you can retake it. The class and exam will also come at a cost.
In short, real estate licenses are not simply given to anyone who wants one.
Work With A Real Estate Broker
After passing the exam and paying the fees to activate your real estate license, you'll need to find a brokerage to work with. Brokerages are businesses licensed by the state to oversee real estate transactions and ensure that their licensed agents abide by the appropriate laws, rules, and ethics. Working with a brokerage will typically coincide with several fees, including desk fees, technology fees, and the traditional costs associated with doing business. In return, newly licensed agents will be entitled to a percentage of the commissions the brokerage collects from their closed deals.
Brokerages can easily cost thousands of dollars a year, but working with a good broker is an investment. With the right brokerage on your side, you'll benefit from increased exposure, efficiency, volume, and name recognition. Brokerages give licensed agents everything they need to practice legally in their respective areas.
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Join The National Association of Realtors (NAR)
As someone looking to get into the real estate industry in 2022, you need to make a key decision: whether or not to become a Realtor. While those on the outside often view "real estate agent" and "Realtor" as interchangeable terms, there are distinct differences between the two. Real Estate Agents are licensed to help people buy and sell property, while Realtors have taken the extra step of joining the National Association of Realtors.
With over 1.5 million members, the National Association of Realtors is one of the largest trade organizations in the United States. The membership includes not just agents, but also appraisers, brokers, property managers, and other real estate professionals.
Joining the NAR is not required, and does come with a yearly fee. However, much like being affiliated with a brokerage, becoming a member of the NAR should be considered an investment. There are numerous benefits that come with being part of the NAR, such as:
An array of useful business tools
Access to a nationwide network of members
Unrivaled research and data
Development opportunities
A public records database that includes information on foreclosures, zoning laws, and more
The Multiple Listings Service (MLS)
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Evaluate Your Income & Budget
If you want to get into real estate in 2022 but aren't sure how, the first step is to evaluate your budget and income. Becoming a licensed agent, joining the National Association of Realtors, or starting a real estate business all require capital. And before you can even begin that journey, aspiring real estate professionals need a way to fund their expenses and pay the necessary fees.
Once licensed and practicing, it's also important to understand your income. Real estate agents don't earn a salary. Instead, they're paid a commission on each transaction. This means income is less consistent than with a traditional nine-to-five job. Commissions will vary from one transaction to the next, so budgets should reflect some flexibility.
Outline a Real Estate Business Plan
For those looking to get into real estate in 2022, creating a business plan is essential. Without a plan, it will be difficult to find success in the industry. However, with a well-devised plan, you will have a roadmap to follow which will make tough times easier.
On the surface, a real estate business plan is a blueprint that leads business owners down the most efficient path toward success. Beneath the surface, however, a real estate business plan is a living, breathing document designed to help real estate professionals realize their true potential. If for nothing else, referencing a truly great business plan will simultaneously remind real estate professionals why they are in the business and which steps to follow to remain on track to become successful. In other words, having a solid plan is one of the most important steps of getting into real estate.
If you're unsure of how to write a business plan, here's a template to follow:
Start with an executive summary which broadly explains the business.
Follow up with a section that details individual goals and how they will be accomplished.
Conduct a market analysis to demonstrate awareness and acumen.
Outline the individual positions in the company and who will fill them.
Give a brief summary of the company’s products and services.
Outline the intended marketing strategy for each aspect of the business.
This list is not comprehensive, but it is definitely a good place to start. New real estate professionals who take the time to write down these points will be grateful they did so in the future.
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Create A Marketing Strategy
Getting into real estate requires wearing many hats. Marketing is one of the most important skills needed to get into real estate and remain successful. To have a successful marketing career in real estate, you must identify your target audience and craft a message that Will resonate with them. Furthermore, you need to review what the competition is doing, set milestones, create a timeline, and track metrics. Always be open to changing your strategy as needed.
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Build A Social Network
If you're looking to get into real estate, you'll need a strong marketing strategy. One of the best ways to achieve success is to keep a constant stream of opportunities coming in. However, it's important to note that not all marketing strategies are created equal. Some are more effective and efficient than others.
One of the best ways to market in the real estate industry is by building a social network. This allows you to reach thousands (or even millions) of potential viewers with just a few clicks of a button. And it also speaks directly to today's largest generation of buyers: millennials. As they enter their prime homebuying years, millennials make up the largest population of buyers in the United States. And most of them are already using social media. So building a professional social media presence is one of the most effective ways to reach the widest audience possible.
When creating your social media strategy, focus on today's most popular platforms:
Facebook
TikTok
While there are other social media platforms out there, these represent the vast majority of daily active users. If you want to be successful in real estate, you need to have a following on each one of these platforms.
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Learn From A Real Estate Mentor
A real estate mentor is not essential, but it is extremely beneficial to learn from someone who has already accomplished what you hope to achieve. Rather than going through the difficulties and problems that are commonly associated with starting a career in the real estate industry, newcomers can reduce risk and increase success with the help of a mentor.
Mentors in their simplest form are teachers who are willing to share their experiences with someone who wants to learn. However, the best mentors provide new real estate professionals with the skills they need to get ahead and stay ahead. Learning from a successful professional, who knows how to take their experience and turn it into useful advice, is more helpful than reading a book or watching a video. While all forms of education have value, there is more to gain from someone you can talk to on a daily basis.
It is important to note that mentors are only as good as the students they teach. New real estate professionals must be willing to learn from a mentor for the process to be successful. Those who want to know how to get into the real estate industry from somebody who is already a professional will have an advantage over others.
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Maintain Your Real Estate Network
People are at the heart of real estate--now and always. Therefore, a top-notch network is one of the best tools an industry professional can have. You could say that nothing affects business more than networking; after all, it's often more about who you know than what you know. With the right network on your side, there's no limit to what you can achieve in real estate.
Some advantages of developing a strong real estate network are:
Building solid relationships that could lead to anything from increased learning opportunities to more career options.
Collaboration which could produce new concepts and practices.
Gaining a strong reputation that could rapidly improve your status in the industry and open up new doors later on.
A real estate investment network has the potential to present new business opportunities, further your career and encourage personal development.
A good network can provide the support newcomers need to be successful.
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Further Develop Your Skills
One of the first things anyone who wants to get into real estate must understand is that ambition is an advantage. If you're new to the industry, you need to be driven to continuously improve your skills if you want to have a long career in housing. The sector is always evolving, with new laws and best practices constantly emerging. So it's not enough to just learn something and move on--you need to keep honing your skills whenever you can. Doing so will help you stay up-to-date with the best in the business and give you a leg up on the competition.
Real estate professionals should always remember how they saw the industry when they were first getting started. The need to learn must always remain present. Regardless of experience, real estate professionals must always strive to further their education like their career depends on it--because it does. Complacency will destroy a successful real estate career quicker than anyone is willing to admit. Instead of resting on your laurels, you should strive to increase your industry knowledge if you hope to reach your full potential.
Summary
Real estate may seem like a daunting industry to get into, but it can be manageable when taking it step by step. Although there is always more to learn, this list of ten steps will give beginners a good starting foundation.
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