What Is a Real Estate Mastermind Group?

A real estate mastermind group is peer-to-peer mentoring among agents and investors looking to share knowledge, strategies, and support. These mastermind agent groups of realtors and investors meet in person or online at specific periods to review trends, fix problems, or simply set goals. The synergy of the group, through their composite expertise and experience, maximizes both individual and group potential.

Mastermind groups are resourceful and different from the usual networking groups where members only exchange business cards and socialize. In a mastermind group, members commit to each other’s success by offering constructive feedback and sharing resources. Such synergy created in these groups can provide a breakthrough, which one would not get by working alone.

Be it increasing the knowledge base, solving specific problems, or seeking motivational fuel, real estate mastermind groups are game-changers for real estate careers.

How to Join Real Estate Mastermind Groups

A mastermind real estate group could be a giant step toward developing your professionalism and network. You can find real estate investing mastermind groups by doing a simple search on Google (or continue reading this article, which will give you a bunch of excellent mastermind group choices!) Find those of interest and research them the same way you would any other critical decision. 

The steps to joining a real estate mastermind include the following: 

• Research: Identify groups that align with your professional goals and interests. Look for groups with people who have similar levels of experience and expertise. 
• Apply: Most groups have an application process to ensure a good fit between the group’s objectives and your goals. This application process may be done by filling out a form, participating in an interview, or attending a trial meeting. Most online Facebook groups are free to join but may need group administrator approval before having access. 
• Attend: If accepted, regularly attend meetings or real estate conferences. The more active you are with the group, the more you gain from it. Some groups may have attendance policies.
• Contribute: Offer your knowledge and experience to others within the group to derive value from. The more you contribute, the more you will benefit from the members’ collective wisdom.

How Much Do Real Estate Masterminds Cost?

All the mastermind groups I have shortlisted are free and online via Facebook. Such groups will help agents get important resources and provide the ability to connect with others to share information from expert practitioners at no cost. 

Some other paid mastermind groups can grant advanced features, such as personal coaching and special member-only resources. However, free online groups will still deliver some of the value and support that help agents move their careers forward. The minimum cost for these free groups is your time and involvement, which are returned to you through knowledge networking and professional growth.

Benefits of Joining a Real Estate Mastermind Group

Joining a real estate masterminds group will enhance your career with a bundle of different benefits best suited for your professional growth and success. You’ll share a collaborative environment and have the opportunity to leverage the collective intelligence of participants in the groups. The key benefits of a real estate mastermind group are as follows: 

• Networking opportunities: Connect with like-minded professionals and expand your business network.
• Knowledge sharing: Gain insights and learn from the experiences of others in the industry.
• Accountability: Stay focused on your goals with the support and encouragement of group members.
• Motivation: Be inspired by the successes and strategies of your peers.
• Problem-solving: Find solutions to challenges through collective brainstorming and advice.
• Personal and professional growth: Continuously improve your skills and knowledge.
• Market insights: Stay updated on the latest industry trends and developments.
• Supportive community: Benefit from the encouragement and camaraderie from professionals who understand your challenges

The Close’s Favorite Mastermind Groups

The right mastermind realtor group is key to real estate professionals seeking valuable insight, support, and good networking. With so many options available, finding one that aligns with your goals and professional level is imperative. Therefore, we’ve pulled out a list of the top 10 masterminds real estate groups for you to start with. No two groups are alike, each having varying benefits and focus, so no matter what an agent is looking for to move their career forward, there will be at least one.

1. Real Estate Rockstar Agents

Year Founded: 2014
Group Membership: 47,246
Monthly Posts: Around 200
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

Real Estate Rockstar Agents is a dynamic community built for high-performance agents wanting to move their careers to the next level. The group shares advanced strategies, industry secrets, and innovative techniques on how to be the best within a particular market. Its culture of excellence and ambition makes it a perfect fit for those looking to learn from the best and constantly challenging themselves to improve their skill base.

2. Real Estate Memes & Videos

Year Founded: 2016
Group Membership: 52,077
Monthly Posts: Around 150
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

A unique mastermind group with an extremely unique blend of humor and education that refreshes your professional network is Real Estate Memes & Videos. The content provided is the most entertaining way to draw on industry trends, common challenges, and real estate tips. This group is an excellent place to keep yourself light-hearted while still learning from fellow agents.

3. LabCoat Agents

Year Founded: 2014
Group Membership: 165,704
Monthly Posts: Around 2,000
Private or Public: Private
Self-promotion Allowed? On approval of admins
Real Estate Agents Only? No

As one of the largest and most active real estate communities, LabCoat Agents offers a wealth of resources for agents at all levels. It’s known for highly detailed content regarding real estate matters, from marketing and technology to lead generation and personal development. With regular webinars, expert interviews, and collaborative discussions, LabCoat Agents is a must-join for those serious about excelling in real estate.

4. Empowering Women in Real Estate

Year Founded: 2014
Group Membership: 38,235
Monthly Posts: Around 170
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, lenders, title companies, and real estate support teams, too!

Founded by agent Karen W. Cooper, the mission of Empowering Women in Real Estate is to help and encourage women in real estate. This mastermind real estate group provides a safe space where women can empower each other through sharing experiences, struggles, and triumphs. By focusing on mentorship, networking, and personal development, the idea is to allow women to reach their potential within the real estate industry.

5. New Real Estate Agents Facebook Group

Year Founded: 2017
Group Membership: 76,655
Monthly Posts: Around 200
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, mortgage brokers, too!

The New Real Estate Agents Facebook Group is a great forum and support group for those entering the business. You can ask questions, ask for advice, or share personal experiences regarding entering the real estate business. This group would be a good fit for any new agent looking for mentorship, real-life practice tips, and motivation from people who recently walked a similar path.

6. Real Estate Mastermind

Year Founded: 2016
Group Membership: 304,243
Monthly Posts: Around 3,500
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

Join Real Estate Mastermind if you are seeking a high-level, peer-to-peer group. It’s the perfect group if you’re an experienced agent or industry leader ready to dive into advanced strategies and insights. This mastermind group consists of people who like to get things done, keep their members responsible, collaborate, and help set real estate goals. It is excellent for learning subtle skills and keeping updated on market trends.

7. Real Estate Happy Hour

Year Founded: 2015
Group Membership: 15,578Monthly Posts: Around 50
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, lenders can join, too.

The Real Estate Happy Hour mastermind group brings professional development into a social setting, allowing agents to network and discuss ideas in a relaxed atmosphere. Though it’s not the most active group on our list, it provides an opportunity for its membership base to discuss industry topics and best practices and offers relevant networking. It’s great for those looking to mix business with a sprinkle of humor while growing a professional network.

8. Facebook Ad Support Group for New Real Estate Agents

Year Founded: 2018
Group Membership: 30,419Monthly Posts: Around 10
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

While not a group you might actively participate in, The New Real Estate Agent Facebook Support Group is a place to become proficient in online ads. The group shares real and practical tips and advice on troubleshooting and success stories related to running Facebook ads. These resources are invaluable for agents leveraging social media marketing to generate leads and grow their businesses.

9. Real Estate Agents Referral Group

Year Founded: 2000
Group Membership: 11,062
Monthly Posts: Around 10Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

The Real Estate Agents Referral Group is a forum for exchanging referrals among agents nationwide. Members can grow their businesses through this group by networking with fellow agents around various other demographic areas. This forum is suitable for finding someone to partner with, sharing leads, and giving your clients superior service with a network of trusted professionals who can help take your business to the next level.

10. The Close Real Estate Community

Year Founded: 2019
Group Membership: 8,979Monthly Posts: 15
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, it is open to other industry professionals, too.

The Close Real Estate Community is our specially curated group with top-level access to real estate industry insights, practical advice, and highly attainable community members. We bring forward collaboration in this environment that empowers members to share their experiences or ask for guidance from our team. Be it a seasoned agent or a new entry into the business, The Close Real Estate Community is equipped with the tools and support needed for agents to be successful in their chosen careers.

Frequently Asked Questions (FAQs)

Why join a real estate mastermind group?

How can I identify the right mastermind group that fits all my needs in real estate?

What do I get from participating in the mastermind group within Real Estate?

Bringing It All Together

The real estate mastermind groups are valuable because they provide a robust platform where agents can establish a faster and more tangible pace of personal and professional growth. Agents will access a helpful and friendly network of similar-minded career professionals who can offer valuable industry insights and actionable strategies to apply directly to their businesses. These groups present opportunities for continual learning, accountability, and motivation.

Do you belong to a mastermind group? Tell us which one and how it has helped you!

The post 10 Real Estate Mastermind Groups Every Agent Should Join Today appeared first on The Close.

• Kiavi: Best for rapid financing for quick property flips
• RCN Capital: Best for investors requiring large loan amounts 
• Lima One Capital: Best for loan products for every type of investment strategy 
• Groundfloor: Best for new investors with crowdsourced loan opportunities
• The Investor’s Edge: Best for personalized investment strategies through one-on-one consultations
• New Silver: Best for tech-savvy investors seeking fast, data-driven loan approvals

Type of Software	Best for	Available markets	Learn More
	Obtaining quick financing for your projects	32 states plus Washington, D.C.	Kiavi ↓
	Investors needing large loan amounts	All states except AK, NV, ND, SD, and VT	RCN Capital ↓
	Loan products for every type of investment strategy	46 states plus Washington, D.C.	Lima One Capital ↓
	New investors with crowdsourced loan opportunities	Nationwide	Groundfloor ↓
	Investors that need 1-on-1 assistance with their projects	39 states	The Investor’s Edge ↓
	Investors needing instant loan approvals	39 states	New Silver ↓

Type of Software	Best for	Available markets	Learn More
	Obtaining quick financing for your projects	32 states plus Washington, D.C.	Kiavi ↓
	Investors needing large loan amounts	All states except AK, NV, ND, SD, and VT	RCN Capital ↓
	Loan products for every type of investment strategy	46 states plus Washington, D.C.	Lima One Capital ↓
	New investors with crowdsourced loan opportunities	Nationwide	Groundfloor ↓
	Investors that need 1-on-1 assistance with their projects	39 states	The Investor’s Edge ↓
	Investors needing instant loan approvals	39 states	New Silver ↓

Kiavi: Best for Rapid Financing for Quick Property Flips

Pros Has no application fees Can close in as little as 7 days Offers experienced customer support Lends to business entities	Kiavi Rates & Terms Interest rate: 9.25% to 12% interest only Loan-to-value ratio (LTV): 95% LTC (loan-to-cost), up to 100% of rehab costs, 80% ARV (after-repair value) Upfront fees: No upfront fees; 2% to 3% origination fee Term: 12 to 24 months Credit requirement: 650 FICO score, no hard credit pull Min and max loan amount: $75,000 to $3 million Prepayment penalty: Yes Property types: Single-family homes, attached and detached planned unit developments (PUDs), and 2-4 unit rentals
Cons Is not available in all states Requires appraisal for rental loans Cannot get long-term financing as a prepayment penalty

Why I Chose Kiavi 

I chose Kiavi as one of the best hard money lenders for rapid financing for quick property flips because of their efficient loan processing. They specifically offer fix and flip loans with rates as low as 9.25%. Because of their swift financing process, inventors can compete with all-cash buyers on new purchases. Their application process bypasses tedious paperwork like pay stubs and W-2s, as their technology can cut through the clutter and get you approved quickly.

Additional Features

• Prequalification: With just a soft credit pull, real estate investors can prepare to make quick offers on any opportunities that arise. 
• Flexible loan amounts: With loans up to $3 million, Kiavi can accommodate small renovations and large-scale projects.

RCN Capital: Best for Investors Requiring Large Loan Amounts

Pros Can close in as little as 10 days Has in-house loan approvals Has dedicated customer service Has funding for new construction projects	RCN Capital Rates & Terms Interest rate: 9.99%% to 12%, interest only; varying based on investing experience Loan-to-value ratio: Up to 90% of the purchase price, 100% of renovation cost (not to exceed 75% of ARV) Term: 12 to 18 months Upfront fees: No upfront fees. 1% to 5% origination fee Credit requirement: 660 minimum credit score Maximum loan amount: $2 million generally, up to $2.5 million for properties with 5+ units Prepayment penalty: None Property types: Condo, townhouse, single-family, duplex, multiunit, mixed-use; not for owner-occupied properties
Cons Has no nationwide coverage Requires appraisal for all loans Has a minimum loan amount that may be high for new investors Has no funding for owner-occupied residential properties

Why I Chose RCN Capital

I selected RCN Capital because it’s one of the hard money lenders for real estate that offers loans up to $2.5 million. This amount is significantly higher than many other hard money loan lenders, making it ideal for investors handling large-scale developments or multiple rental properties. RCN determines the maximum loan value based on the loan program and the value of the real estate asset as collateral. Unlike more tech-forward lenders, RCN requires a typical application process to include credit reports, background checks, bank statements, property appraisals, etc.

Additional Features

• Rehab budget builder: This tool is available to help investors analyze their investments to understand cost, risk, ROI, etc.
• Video Library: It includes up-to-date videos that offer market updates, investment tips, and motivational content.

Lima One Capital: Best for Loan Products for Every Type of Investment Strategy

Pros Has clearly outlined loan terms Approves loan in under ten days Has a simple renewal process once approved Has an established investor referral program	Lima One Capital Rates & Terms Interest rate: 9.6% to 12% interest only Loan-to-value ratio: 92.5% of LTC, 75% ARV Term: 13 to 24 months Upfront fees: 1% to 2.25% of the loan amount Credit requirement: 620 minimum credit score, 660 for inexperienced borrowers, options for nonrecourse and soft credit pulls available Maximum loan amount: $3 million Prepayment penalty: None Property types: Townhouse, single-family, multiunit up to 4; not for owner-occupied properties
Cons Has limited coverage in certain states Might require personal guarantees Requires high credit scores for some programs May not be a good option for new investors

Why I Chose Lima One Capital

Lima One Capital’s extensive range of loan products makes it the best hard money lender for supporting every type of investment strategy. Even within each loan product, like fix and flip loans, there are multiple financing options for flipping, fix-to-rent, and bridge loans. They also provide loans for rentals, new construction, multifamily properties, and short-term rentals. In addition, they offer investors a variety of loan terms and structure options like loans from 13-24 months, nonrecourse, single loans, and portfolios. Best of all, investors only have to pay interest on what they draw and not on unused funds.

Additional Features

• Case studies: Detailed case studies on their website illustrate the strategies, financial figures, challenges, and outcomes of real-world property investments.
• Podcast: A podcast covers various topics relevant to real estate investing and provides ongoing education and industry insights in an easily accessible audio format.

Groundfloor: Best for New Investors With Crowdsourced Loan Opportunities

Pros Has no hard credit pulls Has deferred payments available Has minimum loan amount of $50,000 Has no minimum transaction experience	Groundfloor Rates & Terms Interest rate: Starting at 7.5% Loan-to-value ratio: 80% to 100% of LTC, 70% of ARV Upfront fees: $495 evaluation fee, 2.75% to 4% origination fee (can be financed), $1,200 doc prep fee Credit requirement: 650 minimum credit score Maximum loan amount: $75,000 to $750,000 Prepayment penalty: None after three months Property types: New construction, condo, townhome, single-family, multiunits up to four
Cons Requires a higher minimum credit score Has a minimum interest requirement for prepayment Has a longer application closing timeline Has high closing fees

Why I Chose Groundfloor

Groundfloor is ideal for new investors because of the lack of transaction experience required. They are one of the national hard money lenders that allows investors to start with smaller amounts and gain experience in real estate financing. The trade-off for a lack of investor experience is that Groundfloor will require a higher credit score. They provide a comprehensive education hub for investors to access videos on growing wealth and budgeting their finances. I also found that their crowdfunding investment options offer a great opportunity for new investors to invest in real estate without taking on the purchasing burden.

Additional Features

• Blog: A regularly updated blog provides insights, updates, and educational content related to real estate investing and personal finance.
• Debt service coverage ratio (DSCR) loans: Long-term loans are available based on cash flow generated by the property instead of loan approvals based on the investor’s income. 

The Investor’s Edge: Best for Personalized Investment Strategies through 1:1 Consultations

Pros Has 100% funding options available Is ideal for new investors Offers free lending consultation Has available funding for multiple properties	The Investor’s Edge Rates & Terms Interest rate: 12% to 18% interest only, with the option to roll monthly interest payments into the final payoff statement. Loan-to-value ratio: 80 to 100% of LTC, 75% of ARV Upfront fees: $495 evaluation fee, 3% to 5% origination fee (can be financed), $1,200 doc prep fee Credit requirement: No minimum credit score Maximum loan amount: $250,000 for 100% loans, $1 million for all others Prepayment penalty: None Property types: New construction, condo, townhome, single-family, multiunits up to 4
Cons Has higher interest rates compared with competitors’ Can take up to 12 days to approve loans Has website information that can be overwhelming to new investors Does not clearly list loan details

Why I Chose The Investor’s Edge

I am a fan of The Investor’s Edge as the best for personalized investment strategies due to their focus on partnering with investors and their projects. They offer free one-on-one consultations to help investors identify which investment strategies will help them reach their financial goals. Beyond the consultations, the team at The Investor’s Edge team will help investors identify, fund, and sell their properties. I also appreciate the availability of informative courses tailored to home and land flipping for new investors.

Additional Features

• Gap financing: It is a type of short-term loan available to investors that covers the difference between the total funding needed for a project and the principal amount already secured. 
• The Investor’s Edge Software: It is a comprehensive tool designed for investors to efficiently perform real estate market analysis, property valuation, and investment strategy planning. 

New Silver: Best for Tech-savvy Investors Seeking Fast, Data-driven Loan Approvals

Pros Provides instant proof of funds documents Has no hard credit pulls Offers repeat borrower discounts Offers immediate online approval	New Silver Rates & Terms Interest rate: 10% to 12.75% interest only Loan-to-value ratio: 90% of LTC, 80% of ARV Term: Up to 24 months Upfront fees: 1.875% to 3% origination fee ($3,500 minimum, can be financed), $759 underwriting fee, $1,250 legal fee, $350 doc prep fee Credit requirement: 650 minimum credit score; no hard credit pull Maximum loan amount: $100,000 to $5 million Prepayment penalty: None Property types: Residential 1 to 12 units, including single-family, condo, and townhomes; multifamily up to 50 units
Cons Has fees for appraisals Has no closing cost credits Limits the maximum size to 5 acres for fix and flip loans Only offers loans for residential properties with 1 to 50 units

Why I Chose New Silver

New Silver is one of the hard money loan lenders ideal for tech-savvy investors because of its efficient, AI-driven loan approval processes. Investors can get instant online approval in just five minutes and close in as little as five days. Loans secured through real estate collateral only require a soft credit pull in addition to the property’s value. They do not need income verification for loan approval. I appreciate the platform’s focus on streamlining the lending process, which minimizes paperwork and accelerates the timeline from application to funding.

Additional Features

• Advantage program: It has enhanced loan terms and rates to repeat borrowers who have successfully completed previous projects with New Silver. 
• Fintech scholarship: It has an initiative to support students pursuing studies in financial technology-related fields. 

What Is a Hard Money Lender? 

Hard money lending companies provide specialized financing where real estate property is pledged as collateral. They are much different from a traditional lender, such as a bank, which first and foremost bases its decisions on a borrower’s credit history and income when deciding whether to approve a loan. 

Hard money lenders focus primarily on the property’s value and potential. This focus on asset value, not creditworthiness, makes hard money loan lenders quite applicable in real estate ventures where time is of the essence to maximize new investment opportunities. 

Pros & Cons of Hard Money Loans 

Hard money loans are one of the most popular financing options for real estate investors because they provide quick turnaround on projects where traditional funding may not be possible. The table below identifies all the pros and cons related to hard money loans that investors should be aware of when considering this financing option:

How to Know if You Need a Hard Money Lender

Knowing whether a hard money lender is the proper fit for your real estate financing involves many considerations. Most hard money loans are designed for unique situations or circumstances that traditional funding just can’t handle. The following is a closer look at situations where you should consider a hard money lender:

• Quick funds are needed: You require quick financing to secure a real estate deal before potential competitors.
• Credit issues: Traditional financing isn’t an option due to credit issues or unconventional income that doesn’t satisfy typical bank requirements.
• Short-term financing: For projects like fix-and-flips or bridge loans, you need short-term financing.
• Investment opportunities: You encounter a real estate investment opportunity that requires immediate action that conventional funding sources cannot meet.
• Renovation projects: You need financing for purchasing properties that require significant repairs that traditional banks may not finance because of their condition.

How to Choose the Best Hard Money Lenders

The right lender can make or break your investment. Keeping these factors in mind will put you in a better position to know when you really need a hard money lender and how to be sure you are selecting an appropriate one for your specific financial and project goals. This evaluation allows you to work with the best lender possible for the most optimal terms possible for your investment strategy. Here is how to choose the right hard money lender:

1. Evaluate lender reputation: Research the lender’s track record, customer reviews, and industry reputation to ensure they are reliable and fair.
2. Understand the terms: Fully comprehend all loan terms, including interest rates, fees, loan-to-value ratio, and repayment schedule.
3. Assess the speed of funding: Since time is often critical, assess how quickly the lender can process and fund the loan.
4. Professional advice: Consider consulting with a financial advisor or real estate professional to help navigate the process and select the best lender for your specific needs.
5. Compare multiple offers: Don’t settle for the first lender you meet. Compare different offers to find the best terms and rates.
6. Check for transparency: Ensure the lender is transparent about all costs, fees, and any penalties associated with the loans. 

Methodology: How I Chose the Best Hard Money Lenders 

To find the best hard money lenders of 2024, I devised a rigorous methodology focused on the most critical factors to create an unbiased review. I reviewed various lenders against multiple key factors to ensure I viewed them through the lens of what would be most important to a real estate investor. The detailed analysis then isolated lenders that support good, solid financial solutions and blend well with various investment strategies and goals. 

Here are the key factors considered:

• Interest rates and loan terms: Assessed the competitiveness and flexibility of each lender’s offerings.
• Speed of loan processing and funding: Evaluated how quickly each lender processes and disburses funds, a crucial factor for time-sensitive investments.
• Lender reputation: Examined customer reviews and industry feedback to gauge each lender’s reliability and overall customer satisfaction
• Transparency: Focused on how openly each lender communicates fee structures and loan conditions, ensuring no hidden costs exist.
• Geographical coverage: Considered the availability of services across different regions to accommodate investors in various locations
• Target audience suitability: Analyzed which types of real estate investors (e.g., fix-and-flippers, buy-and-hold investors, and commercial developers) each lender best caters to based on their product offerings and specialty areas

Frequently Asked Questions (FAQs)

What are the typical interest rates for hard money loans?

How quickly can I receive funding from a hard money loan?

What are the typical financing terms of a hard money loan?

Your Take

Investors should look for the best hard money loans that fit the needs of your project and financial goals. Consider a lender that offers flexible terms of the deal, transparent structures of the fees charged to the investor, and competitive rates of interest. Additionally, the lender should have an impressive, reputable status in the industry, characterized by positive testimonials from clients, with reliable transactions that give value to the money. The right hard money lender will do more than just finance an investment. They will also support the investor’s overall strategy and want to contribute to their success.

The post The Best Hard Money Lenders of 2024 (Interest Rates, Fees & More) appeared first on The Close.

1. Real Estate Agent

• Average salary: $90,506 per year
• Required skills: Communication, negotiation, persuasion, and market knowledge

Whenever you ask, “What can you do with a real estate license?” the most common career path is to become a real estate agent. You can do this full-time or as a part-time real estate agent. In this role, you’ll represent buyers and sellers as they navigate the real estate transaction process. 

• Buyer’s Agent: Accompany buyers on showings and provide counsel and advice through the property search, selection, negotiation, and contract process. You’ll also connect homebuyers with the necessary area professionals (like mortgage brokers, inspectors, appraisers, and more) to help them reach the finish line.
• Seller’s Agent: Offer counsel to sellers regarding the estimated value of their homes. You’ll also provide a listing strategy, including price, marketing, open houses, etc., and you’ll help them negotiate in the offer process—ultimately getting them at the closing table.

The requirements to become a real estate agent vary per state. Some states only require 40 hours of prelicensing education, while some need more than a hundred hours. Still unsure whether you want to help clients close deals? Read our article on the pros and cons of being a real estate agent.

2. Real Estate Managing Broker

• Average salary: $104,418 per year
• Required skills: Leadership, management, mentoring, knowledge of real estate laws and regulations

Real estate managing brokers wear many hats, but generally, they’re responsible for managing real estate agents. In this role, managing brokers advise agents and provide them with mentorship and professional development. Depending on the structure of a brokerage, they’re also responsible for various elements of office management.

To become a real estate broker, you must complete additional education requirements set by your state in addition to your prelicensing education. You’ll also need some experience and pass the broker’s licensing exam. Do you have what it takes to be a real estate managing broker? Do you want a leadership role at a brokerage? Read our article on the difference between an agent and a broker.

3. Real Estate Instructor

• Average salary: $63,144 per year
• Required skills: Communication, passion for teaching, in-depth knowledge of real estate principles and practices

Besides being an agent or broker, one of the jobs with a real estate license is as an instructor. Real estate instructors teach aspiring and seasoned agents prelicensing and continuing education courses. They cover real estate laws, transaction processes, and ethics to help students obtain and maintain their licenses. If you’re passionate about teaching and want to impart knowledge to aspiring real estate professionals, this job is for you.

Instructors use various teaching methods, including classroom lectures and interactive online discussions. Additionally, instructors must stay updated on real estate laws and market trends and quickly adapt to new real estate developments.

4. Real Estate Analyst

• Average salary: $86,818 per year
• Required skills: Market research, analytical, and data analysis

One technical job with a real estate license is as an analyst. Real estate analysts examine trends and interpret data to provide insights and recommendations for property investments, developments, and other transactions. In addition to observing market trends, they analyze property values and evaluate potential risks. They use all their findings to help clients make informed decisions about leasing, buying, selling, or developing properties.

If you love finance and economics and want to work as a real estate analyst, you must gain relevant experience in real estate firms or financial institutions. Staying informed about market trends and the economic climate would be best. 

5. Real Estate Writer

• Average salary: $81,001 per year
• Required skills: Excellent research, writing, search engine optimization (SEO) and keywords, and creativity

What can you do with a realtor license, you ask? Writing might be the right path if you want to create informative real estate pieces. Real estate writers produce many types of content, such as articles, market reports, strategy guides, copy, and property listing descriptions. If you want to be a real estate writer, prepare to write for various audiences, including home buyers, sellers, and other industry professionals. Some real estate writers can work freelance for brokerages, media organizations, or online real estate publications (like The Close!).

To succeed in this role, you must understand real estate terms and market trends to provide accurate information. Writers must also be adept at SEO techniques to boost their content’s readership and reach a broader audience.

6. Property Manager

• Average salary: $59,796 per year
• Required skills: Communication, financial management, problem-solving, and knowledge of landlord-tenant laws

Property managers handle the daily operations of various properties for owners. You can work for landlords, investors, or building owners by screening tenants, preparing lease agreements, showing properties, and collecting rent. As a property manager, you’ll ensure properties are well-maintained, meet safety standards, and address tenant concerns.

Property managers are also in charge of the financial aspects of these properties. They create budgets, set rental fees, monitor expenses, and report finances to owners. To become a property manager, you must have relevant experience in property management assistance or tenant relations. Some states require certifications like Certified Property Manager, Certified Apartment Leasing Professional, and Master Property Manager will boost your credentials.

For property managers seeking an efficient tool to help manage properties’ finances seamlessly, try TenantCloud. It provides features like online rent collection, tenant screening, and maintenance tracking.

7. Real Estate Coach

• Average salary: $40,970 per year
• Required skills: Leadership, communication, coaching, mentoring, motivational, and industry knowledge

Some other jobs that require a real estate license are as coaches and trainers. Real estate coaches mentor industry professionals to enhance their skills and grow their businesses. Coaches empower agents, brokers, and other real estate professionals by boosting their confidence and promoting career growth. They pinpoint areas where their clients need to improve, conduct one-on-one sessions and workshops, and give continuous feedback. 

Want to coach your fellow industry members? Start by developing your communication skills, managing clients, and producing training materials. Then, work towards marketing yourself, coaching a few clients, and staying updated on training techniques.

Once you work as a real estate coach, you can also be one of the best motivational speakers at industry events. Sharing your insights and success stories can inspire others and establish you as a thought leader in the industry. You may also write a book and create courses to reach a bigger audience and expand your network.

8. Real Estate Attorney

• Average salary: $140,845 per year
• Required skills: Real estate law expertise, legal research, analytical, attention to detail, logical reasoning, and problem-solving

A real estate lawyer manages the legal aspects of property transactions, helping clients navigate the complexities of leasing, buying, and selling. They prepare papers like leasing agreements, eviction notices, title documents, and mortgage contracts and perform title searches to confirm property ownership. Real estate attorneys address all legal concerns while representing tenants, buyers, and sellers.

If you want to be a real estate attorney, you’ll need a bachelor’s degree in pre-law, complete law school and earn a Juris Doctor degree, then pass your state’s bar exam. Lawyers can skip prelicensing education in some states to earn a real estate license. 

9. Home Inspector

• Average salary: $60,383 per year
• Required skills: Knowledge of building codes and attention to detail

Home inspectors assess properties to ensure they meet safety standards before the home sells. They thoroughly inspect a home’s structural elements, electrical systems, plumbing, and roofing, as well as heating, ventilation, and air conditioning (HVAC) systems. Home inspectors are detail-oriented as they identify faulty wiring, water leaks, or structural damages.

To become a home inspector, search for your state’s specific requirements. Typically, these include completing certain training hours and passing a certification exam. Additionally, joining organizations like the International Association of Certified Home Inspectors can offer more networking opportunities and continuing education.

10. Real Estate Investor

• Average salary: $86,796 per year
• Required skills: Market research and risk assessment

Real estate investors buy and sell properties to generate income. The process typically involves buying properties to rent out or renovating homes to sell at a higher price (aka flipping houses). Some investors also purchase land for future development. It takes so much courage to be a real estate investor. While the risk is very high, the potential rewards can be as significant. Always be prepared for market fluctuations, unexpected expenses, and property vacancies.

You may think you don’t need a real estate license to be an investor. While that may technically be true, you should still get a license to make real money doing it. When you’re an investor with a real estate license, you can represent yourself in the sale of your properties, saving you upward of 6% (the typical commission for residential real estate sales). In addition, you can also represent yourself in the purchase of real estate, allowing you to either pocket the commission or negotiate it off the top of the sales price.

Want to start learning about real estate investing? Read Kiavi’s insightful eBook on Flipping Houses 101:

11. Real Estate Appraiser

• Average salary: $61,060 per year
• Required skills: Market research, analytical, and knowledge of appraisal techniques

Real estate appraisers evaluate properties and assess their values before they are insured, mortgaged, or sold. They look into all variables that may impact a property’s value, such as past homeownership, renovations, and developments. If you’re considering working as an appraiser, you must know about local market trends and conditions to succeed. In addition to appraising properties, appraisers also update public records. They note any changes that may impact properties’ values.

To become an appraiser, you must complete real estate appraiser courses, work as a trainee, find a mentor to supervise you, and then pass your state’s appraiser licensing exam.

12. Real Estate Assistant

• Average salary: $45,545 per year
• Required skills: Administrative, communication, and organizational

Another answer to your “What can you do with a real estate license” question is to assist agents and brokers. Real estate assistants help manage the day-to-day operations of brokerages. They receive visitors at a brokerage, respond to emails, answer the phone, schedule appointments, and organize paperwork. If you want to work as an assistant for an agent or broker, your responsibilities will include coordinating property showings, handling client inquiries, and creating property listings. You’ll nail this role if you’re good at juggling multiple responsibilities.

13. Real Estate Content Creator

• Average salary: $47,000-$90,000 per year
• Required skills: Creativity, storytelling, social media, and video editing

Working as a content creator can be fun if you love creating various types of content and actively engaging with your audience. As a real estate content creator, you’ll produce high-quality social media content to attract new clients and retain existing ones. You’ll share your real estate insights, property listings, virtual house tours, and other relevant topics on your Instagram, Facebook, TikTok, and YouTube.

You can start by gathering social media post ideas for your platforms. Learn about the latest digital marketing strategies and analytics tools to know which types of content work best for your target audience. You can also partner with other real estate brands, software, or platforms and promote them on your page to earn extra income.

FAQs: What Can You Do With a Real Estate License

What skills are necessary to succeed in the real estate industry?

Is it possible to have side hustles in real estate?

What are the challenges of a career in real estate?

Which states do real estate agents make the most money in?

Bringing It All Together

You’re still probably asking, “What can I do with my real estate license?” Choosing the right real estate career takes many considerations. Assessing your skills, interests, and long-term goals is essential in finding a path that suits you best. I’m sure there are more jobs you can get with a real estate license besides the ones listed above. What did I miss? Please share them in the comments below!

The post 13 Jobs You Can Get With a Real Estate License appeared first on The Close.

Best Books for New Real Estate Agents

As real estate agents, you’ll want to kick-start your careers on the right foot and set the most ambitious goals. Building a solid network and lasting relationships with clients might be one of the things you should be proficient in, but there’s more to it than that. Here are some books that can lay the groundwork for a successful real estate career:

Best Real Estate Sales & Marketing Books for Agents

No matter how successful you think you are at selling properties, there’s always room for growth. These real estate marketing books will teach you lead generation strategies, continuously refine your skills, and help you stand out from the competition.

Best Professional Development Books for Realtors

Never-ending learning for personal and professional growth is essential to be successful in the industry. In this section, I’ll outline the best books for real estate agents on improving your time management, communication and negotiation skills, maintaining focus, and more. Even if you decide to switch careers in the future, these books will still apply to you.

Best Books for Realtors About Growing Your Business

Growing your business ten years ago isn’t the same as growing it now. You probably have more competitors today compared to five or ten years ago. Building and expanding your business requires strategic planning, innovation, and focus. And with that, here are some of the top real estate books offering actionable advice, proven strategies, and inspiration for scaling your business.

Best Real Estate Investing Books

Diving into investing is a powerful way to build long-term wealth and diversify your income. You can use your industry knowledge and network to identify profitable investment opportunities. If you want to be on the other side of real estate, here are some of the best investing books that offer expert advice and proven techniques to help you succeed.

FAQs: Best Books for Real Estate Agents

Can you suggest books for realtors looking to specialize in a particular niche?

Which books can keep agents informed about the latest real estate market trends?

Which books focus on communication skills for agents?

Bringing It All Together

From books on how to be a real estate agent to books about investing, there’s no limit to the amount of information and skills you can gain from reading. Have you read any books from our list? What are your top books for real estate agents? Recommend your favorites to us in the comments!

The post The 25 Best Books for Real Estate Agents in 2024 appeared first on The Close.

The Close’s Top Picks for Best Real Estate Company to Work For

1. Redfin: Best Real Estate Company for Relocating to a New Market

Pros	Cons
Salary-based creates a stable income stream	Low salary and minimal transaction bonuses compared to independent agents
Access to medical/dental benefits package	Insufficient training for a new agent
Company-generated lead source	Less flexibility than traditional agents
All expenses covered, unlike independent agents	No opportunities to learn the many aspects of running a real estate business
Marketing done for you

Why I Chose Redfin

I can hear you gasp! How could I choose Redfin over other brokerages as the best real estate company to work for? But hear me out: Redfin’s model may not be right for you, but if you’ve ever weighed the pros and cons of being a real estate agent, then you know there are a lot of factors to consider that may make this business model a good fit for some agents, particularly a real estate agent who has to pick up and move to another market (I’m looking at you, military spouses—I know your pain!). Redfin might be the perfect transition solution for relocating agents.

You don’t have to have an established sphere of influence; you get leads fed to you, and you get a real estate agent salary (paltry, but not zero) to help you get established in your new market before you make a move to one of the other top real estate firms to work for on this list.

• Salaried positions with benefits: Agents can get their feet wet without having to sacrifice paying their bills or going without medical insurance.
• Strong online presence and lead generation: Redfin is a recognized name and excels at generating leads for its agents.

What I Think Would Improve Redfin

One of the things agents are expected to give up is flexibility. If agents had more control over their days, it might be better suited to more agents. According to reviews of the company, agents make a lot less than working the traditional route as independent contractors, even after covering their business expenses. Some agents might find another job they can do with their real estate license over working at Redfin.

2. Fathom Realty: Best Real Estate Company for Part-time Agents

Pros	Cons
Low monthly fees and low transaction fee	Limited in-person support and resources
Cap at 15 transactions, not a dollar amount	Less brand recognition compared with larger brokerages
Stock options offered as part of compensation	Agents responsible for generating their own leads
Training provided for agents
Cloud-based brokerage offering flexibility

Why I Chose Fathom Realty

Fathom Realty is smaller than many brokerages on this list, but it’s growing quickly. It focuses on innovation and leading-edge technology to help seasoned agents who thrive independently, which is especially helpful for agents who want to work part-time. It’s a cloud-based brokerage, tapping into the latest trends in real estate companies. Its agent focus pushes it into “The Best Real Estate Agency to Work for” category this year.

• 100% commission model with low fees: Instead of the traditional commission split, Fathom offers 100% commission with a transaction fee, leaving more money in the agent’s pocket.
• Stock options for agents: Earn stock in the company as bonuses for sales and referrals.

What I Think Would Improve Fathom Realty

The one area that could help Fathom Realty is adding lead generation support for its agents. When you sign up with Fathom, you get business cards and some real estate marketing materials, but most of the marketing and branding falls squarely on the shoulders of its agents. Fathom can invest in its own branding to help increase brand recognition and recruiting efforts, making it easier for agents to build their own teams.

3. eXp Realty: Best Real Estate Company for New Agents

Pros	Cons
Agent-centric, cloud-based model with low overhead	No brick-and-mortar office locations
Massive library of on-demand training materials + virtual live training	Limited in-person support and mentoring
Transparent commission structure that’s advantageous to all agents	Focus on recruiting may have tarnished its reputation
Revenue sharing and stock options for agents	Relies heavily on technology, which may have a learning curve
Equity sharing incentives	Some agents may find virtual environment less engaging

Why I Chose eXp Realty

Over the past few years, eXp has stood out as the first large-scale cloud-based brokerage, and it’s continued to innovate and stay competitive as one of the best real estate firms to work for. One area that really pops is eXp World, which is a virtual platform that includes classrooms, boardrooms, meeting spaces, and conference rooms.

• Cloud-based virtual brokerage: Agent-focus with virtual environments puts agents in the driver’s seat, giving them access to tools and resources on demand.
• Emphasis on agent support and training: There is a ton of available training, networking, and more in the virtual world, as well as in-person training.

What I Think Would Improve eXp Realty

With such a huge focus on leading-edge technology, one way eXp could improve is by spending more time educating agents in its onboarding process. For many agents, the tech alone is quite intimidating. By providing more localized support and resources, agents might have an easier time adjusting to the virtual environment.

4. Compass: Best Real Estate Company for Luxury Agents

Pros	Cons
High-end, unified branding and marketing; much of it done for you	Relatively exclusive; application process to become a Compass agent is difficult
Marketing and support tools offered to agents	No standard split or cap structure
Excellent reputation among high-net-worth homeowners	Rapid growth may lead to a lack of support, volatility, and instability
Technology is prioritized, especially with tools like its Likely to Sell lead program	Higher desk fees and other costs compared with some brokerages
Attractive commission splits and financial incentives	Some markets may be more competitive due to high concentrations of Compass agents

Why I Chose Compass

Compass has made a name for itself in the luxury real estate market, providing agents with the tools, support, and brand recognition needed to succeed in this competitive niche. By leveraging Compass’s cutting-edge technology, sophisticated branding and marketing strategies, and extensive network, agents can effectively navigate the unique challenges of luxury real estate.

• Excellent high-end branding: Agents will step into a fully recognized luxury name with stunning branding. 
• Fully integrated marketing platform: Technology drives the Compass company with tools for agents, including Likely to Sell, to generate and nurture leads as well as build a solid personal brand.

What I Think Would Improve Compass

One way for Compass to become more friendly for agents is to reduce its desk fees and other costs for joining its ranks. I’m not going to lie, Compass is not inexpensive, which gives it an air of exclusivity. However, it also raises the barrier to entry.

5. REAL Broker: Best Real Estate Company for AI-powered Technology

Pros	Cons
Agent-centric, cloud-based model	No brick-and-mortar office locations
Tech-forward and innovative tools for agents	Limited in-person support and mentoring
Transparent commission structure that’s advantageous for all agents	Less brand recognition than other brokerages
Five-tier revenue share plan attractive for recruiting
Generous equity share opportunities
Plenty of room for growth

Why I Chose REAL Broker

Previously, REAL was listed as an industry disruptor. And REAL is still disrupting the industry, but now it’s more of a serious player and begging other brokerages to follow its lead. It is known for being a huge AI-tech innovator in the real estate space. 

• Agent-centered 100% commission model: REAL is a cloud-based, 100% commission model that focuses on agents instead of the traditional brokerage model.
• Access to a wide range of technology tools: If you love all the latest tech in the real estate space, you’ll love the innovative feel of REAL Broker.

What I Think Would Improve REAL Broker

As cool as all the real estate tech is, it’s intimidating to a lot of agents. REAL could spend more time on comprehensive training and mentorship programs to help agents get started in their real estate business. For its more seasoned agents, offering additional incentives for high performance would help with retention in the long run.

6. lpt Realty: Best Real Estate Company for Building a Team

Pros	Cons
Flexibility in how you split commissions	No brick-and-mortar office locations
Custom marketing materials included with every listing	Limited in-person support and mentoring
Technology included free of charge, including website and CRM	Lot less brand recognition than other brokerages
Individual office branding encouraged	Not available in as many markets yet
Seven-level revenue share	Reliance on tech can be intimidating for many agents

Why I Chose lpt Realty

If you want to talk about disruptors, this year’s newest company in this category is LPT Realty, with its sleek custom marketing for every listing and the mortgage lender part of the company, making a lot of the agents’ lives smoother. It’s a tech-forward company, changing how agents think about real estate brokerages. This is one to keep your eye on, as it could beat out several others as the best real estate company to work for over the next year.

• Mortgage process automation: The owner of LPT Realty also owns a mortgage company and a title company, keeping things simple for agents and streamlining processes.
• AI-driven property insights: LPT Realty uses proprietary mobile-first technology to create data points to help agents target their marketing.

What I Think Would Improve lpt Realty

The biggest struggle for LPT Realty right now is name recognition and national-level branding. But considering it started only in February 2022, it’s on track to expand quickly. In the two and a half years since its inception, it has already expanded to 20 states with nearly 10,000 agents.

7. RE/MAX: Best Real Estate Company for Experienced Agents

Pros	Cons
Strong brand recognition and global presence	Higher franchise fees and desk fees compared with some brokerages
Various training and support resources offered to agents	Inconsistent support and resources across different offices
Flexible fee structures and commission splits available	Some markets are highly competitive and saturated with RE/MAX agents

Why I Chose RE/MAX

When it comes to the gigantor, a globally recognized brokerage, RE/MAX stands out as one of the longest-running and best real estate companies to work for. Seasoned agents can keep more of their commissions in their pockets and run their businesses however they want. 

• Comprehensive training programs: Agents can choose from an extensive selection of video or in-person training.
• Variety of franchise models and fee structures: RE/MAX follows the traditional franchise model, so each location offers its own fee and commission structure.

What I Think Would Improve RE/MAX

With a traditional franchise model like RE/MAX, you never know what you’re going to get when you meet the brokers. More standardization might help attract agents to the brokerage. Also, more innovation, tech tools, and resources to help its agents stay competitive could improve its retention.

Let’s Talk Boutique Brokerages 

I’ve talked about some big names in real estate and discussed their commitments to training, mentoring, branding, and financial incentives. But the truth is, a big, national brokerage may not be the best real estate brokerage for new agents—in fact, it often isn’t. Most well-known national brokerages are built on a franchise model, meaning every independent office differs. 

For example, while Keller Williams, as a company, values educating agents, your individual franchise office might not. How do you evaluate whether it’s one of the best real estate companies to work for when they’re all different?

I encourage every agent (whether looking for their first brokerage or wanting to switch companies) to consider a boutique brokerage in their local area. I happen to be a big fan of smaller shops, and here’s why:

1. Generally, your broker is personally invested in your success.
2. There’s potential for a lot more face time with the boss.
3. Smaller brokerages often feel like a team or even a family.
4. You generally have more control over your individual branding.
5. There is often an opportunity for better, or at least more individualized, support.
6. Often, local brokerages are heavily engaged in and striving to make a lasting impact on their communities. 
7. Boutique brokerages may have better reputations than their big-name competitors in their local communities.

In fact, I personally made the switch from a big-box brokerage to a boutique one and never looked back.

For me, switching to Spence Properties, an independent brokerage in Crestview, Florida, is the most impactful decision I have ever made for my real estate career, and my brokers are the best real estate brokers to work for. In my smaller brokerage, I have directly tapped into the vast knowledge, skills, and experience of my broker and broker associates. They provided the mentorship I sought, and my fabulous brokers made my meteoric rise to real estate success possible. I love my small brokerage and wouldn’t trade it for anything.

When I was considering making the switch, I considered these the most important qualities for finding the best fit for me and my budding real estate career:

• Culture
• Training and Mentorship
• Technology 
• Resources and Support

In the end, I chose a brokerage where I felt inspired, supported, and welcomed. Find a brokerage that fits your personality, your goals, and your needs.

FAQs

What is the best real estate brokerage for beginners?

What are the most important questions to ask in a broker interview?

What percentage do most brokers take from new agents?

What should I expect as a new real estate agent?

How important is technology, marketing, and lead generation?

Methodology: How I Chose the Best Real Estate Companies to Work For

When evaluating the best real estate companies, I used a comprehensive rubric to assess key elements essential for agent success and satisfaction. The rubric includes factors such as commission splits, fees, profit and revenue sharing opportunities, technology tools, marketing support, lead generation resources, training and mentorship programs, and overall company culture.

My goal is to highlight real estate companies that offer the most advantageous commission structures, minimal fees, and opportunities for additional income through profit and revenue sharing. I also emphasized the quality and scale of technology tools, marketing support, and lead generation resources—tools critical for agents to succeed in today’s competitive market.

I also recognize the importance of professional development and growth opportunities, assessing each company’s training and mentorship programs. A supportive company culture that provides collaboration, innovation, and work-life balance is essential for agent satisfaction, retention, and long-term success.

Throughout this comprehensive evaluation process, I identified standout real estate companies in several categories providing the best overall package for agents, offering multiple financial benefits, cutting-edge tech tools, robust support systems, and a nurturing work environment. My goal is to provide a valuable resource for real estate professionals seeking a company that aligns with their goals and empowers them to thrive in their careers.

Your Take

Deciding which brokerage to hang your license with can be overwhelming. Believe me, I get it. So, take your time and do your research. As I’ve pointed out, many of your local brokerages have their own culture, commission splits, tech stacks, and marketing to give their agents the tools they need to find their own path to success. Interview many of them. Learn what fits best for your goals and needs. And maybe even more importantly, you need to fit the culture of the brokerage you choose. But don’t worry if you don’t like your initial choice, you can make the switch when you need to. 

Have you made a brokerage change in your career? How was it? What was most important to you when choosing your new brokerage? Let me know in the comments.

The post Best Real Estate Company to Work For in 2024 appeared first on The Close.

1. Leverage Your CRM to Keep Your Sphere Warm

Your sphere of influence is your secret weapon in real estate—and your customer relationship manager (CRM) is the key to unlocking its full potential. By setting up automated campaigns that keep you in touch with your contacts through emails and text messages, you’ll stay top of mind when they’re ready to make a move.

Here are a few ideas:

• Create a targeted email campaign to educate buyers on the benefits of home ownership.
• Write an email campaign that keeps your seller leads current on the latest market trends.
• Send holiday emails, including client birthdays, home purchase anniversaries, National Donut Day, etc., to keep you top of mind with your sphere of influence.
• Send automated quarterly emails to your sphere asking for referrals.
• Create videos to embed in your text messages and emails (try a platform like BombBomb) sharing interesting facts about your town.
• Send text messages to your past clients asking for 5-star reviews.
• Share local events with your database via text and email.
• Create an email newsletter for your database.
• Set up listing alerts for your buyer leads to go out automatically when a new home that matches their criteria hits the market.

With so many great CRM options tailored specifically for real estate agents, you’re sure to find one that fits your needs and budget. Still trying to figure out where to start? Check out our article on the best real estate CRMs to find the perfect fit for your business. Trust me, investing in a solid CRM and putting it to work for you can make all the difference in keeping your pipeline full and your commissions flowing, no matter what the market’s doing.

2. Fill Your Pipeline With Paid Leads

When the market slows down, keeping your pipeline full is crucial—and paid real estate leads can be a game-changer. Whether you’re an individual agent, a team leader, or a broker, there are plenty of ways to keep those leads coming in. 

Check out some of my favorite paid lead generation companies:

• Buyer leads: Zillow
• Homesellers: SmartZip
• Digital leads: Zurple
• Affordable leads: zBuyer
• Probate leads: Catalyze AI

These experts know how to target the right people with the right message at the right time, serving up hot leads ready to convert. However, not all paid leads are created equal. To make the most of your investment, be sure to:

• Do your homework and choose a well-reviewed lead generation company.
• Select a company that delivers quality leads that fit your target market.
• Experiment with different lead generation strategies to find what works best for you.

With the right approach and a little bit of hustle, investing in paid leads can be a smart way to keep your business thriving, even when the market’s not cooperating. So, don’t be afraid to explore your options and find the perfect match for your business.

Looking for a powerful CRM that can also generate exclusive leads? Get a predictable number of exclusive and affordable social media leads monthly with Market Leader.

3. Control Your Destiny by Hitting the Phones

In a slow market, it’s easy to feel like success is out of your hands. But one tried-and-true strategy puts you back in the driver’s seat—hitting the phones and cold calling. This tactic is a powerful way to learn how to make money as a real estate agent and land some listings, even when the market is challenging.

Now, I know what you’re thinking—cold calling isn’t exactly the most popular strategy these days. And it’s true—it’s not for everyone. But hear me out! You’re taking control of your productivity and pipeline by reaching out to FSBOs, expireds, your farm, and other potential leads. And with some great cold-calling scripts in hand, your confidence will grow with each new call.

Here’s the thing: When you’re the one making the calls, you’re not waiting for leads to come to you. You’re actively seeking opportunities and starting conversations that can lead to real business. And while it may take some time to learn how to convert leads over the phone effectively, the payoff can be huge.

Of course, cold calling isn’t the easiest way to learn how to make money with a real estate license. It takes persistence, patience, and a willingness to step outside your comfort zone. But if you’re ready to put in the work and learn the skills, cold calling can be a compelling choice to keep your pipeline full and your business thriving, no matter what the market’s doing.

Get started with the right tools. If you’re ready to tackle this cold-calling strategy, REDX delivers fresh leads directly to your fingertips. You can choose which type of leads you want to work with and only pay for what you need. Plus, their built-in dialer saves your finger muscles from all the number-punching.

4. Find Future Buyers by Nurturing Renters

When the market slows down and real estate buyer leads seem scarce, it’s time to get creative. One often-overlooked source of potential buyers? Renters! Targeting renters is a smart strategy when learning how to make money as a real estate salesperson, even when the market is challenging. The people signing leases could be your next big sale. By marketing directly to renters and nurturing their relationships, you can groom them to become your future buyer clients.

Think about it: Renters may not be ready to buy right now, but by staying in touch and providing valuable information about the homebuying process, you’ll be the one they think of when they are ready to take that next step.

So how do you tap into this potential gold mine of leads? Here are a few ideas:

• Offer free resources, like a “Renter’s Guide to Buying a Home” or a “How Much Home Can I Afford?” calculator.
• Host informational seminars or webinars specifically geared toward renters (partner with a lender to get those questions answered).
• Partner with local apartment complexes to provide referral incentives.
• Use targeted social media ads to reach potential renters in your area.

5. Build Relationships With Developers 

When the market starts to cool and traditional sources of business start to dry up, building relationships with real estate developers and investors can be a lifeline. Here’s the thing: While the average buyer may be tightening their purse strings in a slow market, investors tend to do the opposite. They know that the secret to building real estate wealth is to buy when everyone else is sitting on the sidelines—and they typically have the means or know some hard money lenders to do it.

As Warren Buffett famously said, “Be fearful when others are greedy, and greedy when others are fearful.” When the market is retreating, and everyone else is watching their pennies, that’s when savvy investors are ready to pounce.

So, how can you find real estate investors and tap into this revenue source? It all starts with building relationships. Here are a few ideas:

• Attend local real estate investor meetups and networking events.
• Join online forums and social media groups geared toward developers and investors.
• Offer specialized services, like property management or renovation consulting.
• Provide valuable market insights and data to help investors make informed decisions.
• Focus on real estate investing niches like fix-and-flip or cashflow investors.

Of course, working with investors isn’t always easy. They can be demanding and may have different priorities than traditional buyers. But if you’re willing to do the work and build those relationships over time, you may just find that investors are the key to keeping your pipeline full and your business growing—and a dynamic way to learn how to make money as a real estate agent. 

Need to learn the inside scoop on hard money lenders to share with your investor clients? Check out Kiavi. From bridge loans to fix-and-flip funding, Kiavi uses state-of-the-art tech to streamline the process and make funding easier for investors.

6. Choose a Lucrative Niche

When learning how to make money in real estate, there are plenty of opportunities across all types of properties and markets. But if you’re looking to maximize your earning potential, a few specific areas tend to be more lucrative than others.

Commercial Real Estate

One of the most profitable areas of real estate is commercial property. This niche includes everything from office buildings and retail spaces to warehouses and industrial properties. Commercial real estate deals are larger and more complex than residential transactions, often with higher commissions and fees. Commercial properties often have longer lease terms and more stable tenants, which can provide a steady income stream over time.

However, breaking into the commercial real estate market can be challenging, especially for agents who are used to working with residential clients. In most cases, you’ll need to obtain additional designations, such as the Certified Commercial Investment Member (CCIM) designation, to show your expertise and credibility in the commercial space.

Luxury Real Estate

If commercial real estate isn’t your cup of tea, luxury real estate is another highly profitable area to consider. This market focuses on high-end properties and affluent clients, which can translate to significant commissions and fees. Unlike commercial real estate, you don’t necessarily need additional licenses or designations to break into the luxury market—although pursuing certifications like the Luxury Homes Certification can help establish your credibility and expertise.

One of the biggest advantages of working in the luxury real estate market is that the skills and strategies you’ve developed in residential real estate are highly transferable. You’ll still need to focus on building relationships, providing exceptional client service, and staying up to date on market trends and best practices, but you won’t need to start from scratch regarding your knowledge and experience.

If you’re interested in making the transition from residential to luxury real estate, there are a few key steps you can take to set yourself up for success:

• Educate yourself on the luxury market and the unique needs and preferences of high-end clients.
• Build a strong personal brand and online presence that showcases your expertise and value proposition.
• Network with other luxury agents, brokers, and industry professionals to expand your reach and referral opportunities.
• Develop a targeted marketing strategy that speaks directly to the needs and desires of luxury buyers and sellers.
• Provide exceptional, white-glove service that goes above and beyond what clients expect.

For more detailed guidance on becoming a luxury real estate agent, check out our guide that walks you through the process step-by-step.

And if you’re really ready to level up your real estate business, explore the gorg website designs of Luxury Presence. If you’re competing with other luxury real estate pros, you’ll need a site that can keep up. Your image is important in the luxury game, and you’ll need high-end branding. Luxury Presence is an all-in-one platform that manages your online presence with stunning websites that generate leads to help you get your sophisticated brand out in front of all the right eyeballs.

Ultimately, the type of real estate that makes the most money will depend on your unique skills, interests, and market opportunities. Whether you specialize in commercial, luxury, or another niche market, the key is continuously educating yourself, building your network, and providing exceptional value to your clients. With the right strategy and mindset, you can build a highly profitable and rewarding career in any area of real estate.

7. Identify an Underserved Niche

When the competition is fierce and the market is slow, it’s time to get specific. One of the smartest strategies for standing out and generating leads is identifying an underserved real estate niche in your market and becoming the go-to expert in that area. If you want to know how to make money in real estate agent niches, this is how to do it.

Now, you might be thinking—won’t narrowing my focus limit my potential business? But the truth is, the smaller your niche, the more targeted (and effective) your marketing efforts can be. By honing in on a specific group of buyers or sellers, you can tailor your messaging, build deeper relationships, and establish yourself as the authority in that space.

So, what are some potential real estate niches to explore? Here are just a few examples:

• Probate
• REO (Real estate owned)
• Military relocation specialist
• Vacant land
• Agricultural
• Divorce and probate
• Senior living
• Investors

Keep in mind that not every niche will be a fit for every market. While military housing might be an ample opportunity in some areas, it may not be relevant in others. And beachfront condos might be a hot commodity in coastal towns, but they’re probably not a factor in inland cities.

The key is to identify a niche that aligns with your market and expertise and then go all-in on becoming the best in that space. Focus all your marketing efforts around that niche, from your website and social media presence to your networking and referral strategies. By doing so, you’ll be well on your way to answering questions about how to make money as a realtor.

And don’t be afraid to get ultra-specific. For example, instead of focusing on “farmhouses,” you might specialize in “horse farms or equestrian facilities from 5 to 25 acres.” The more targeted your niche, the easier it will be to establish yourself as the go-to resource for that group.

8. Become the Expert Other Agents Turn To

One real estate side hustle that offers multiple benefits is becoming the agent other agents turn to for advice and expertise. By positioning yourself as a leader and educator in your industry, you’ll attract more buyers and sellers and create opportunities to monetize your knowledge.

Here’s how:

• Start by centering your marketing efforts on teaching other agents how to build their businesses.
• Share your insights, strategies, and best practices through blog posts, social media content, and online courses.
• Create digital tools and resources that other agents find valuable, like checklists, templates, and downloadable guides.
• Capture the email addresses of agents who download your tools so you can continue to market to them.
• If you have design skills, consider creating digital products to sell online (think Etsy).
• Look into becoming a faculty member with your state association to teach real estate agents CE courses to maintain their licenses.
• Share your knowledge on a larger platform by becoming a freelance writer for real estate publications like TheClose.com or realtor.com.

By monetizing your expertise in this way, you can create a lucrative side hustle that complements your core real estate business.

Becoming a real estate expert other agents turn to takes time, effort, and consistency to build your reputation and establish yourself as a thought leader. But the payoff can be huge—not just in generating leads and closing deals but also in creating additional revenue streams that can help you ride out any market.

9. Manage Properties That Don’t Sell

As a real estate agent, you’ve probably encountered this scenario before: You’ve listed a property for a client, but due to circumstances beyond their control (like a military relocation), they must move before the home sells. While this can be frustrating for everyone involved, it also presents a unique opportunity for you to expand your services and generate additional revenue.

One smart strategy is to offer to manage the property for your client as a rental. By taking on the role of property manager, you can help your client avoid the stress and hassle of dealing with tenants and maintenance issues from afar—all while creating a new income stream for your business.

Of course, before you start offering property management services, there are a few key things to remember. Check with your broker to ensure that your brokerage is set up to manage properties and that you follow all in-house rules and regulations. In some states (like Florida), you may need a broker’s license to manage rental properties for others legally, so be sure to do your due diligence and comply with all relevant laws and regulations.

Assuming you’re able to move forward with property management, there are a few best practices to keep in mind:

• Communicate clearly with your client about your fees, services, and expectations.
• Screen tenants carefully to ensure a good fit and minimize turnover.
• Stay on top of maintenance and repair issues to keep the property in top condition.
• Keep detailed records of all income and expenses for tax purposes.

By offering property management services, you can provide a valuable solution for clients whose homes don’t sell right away—and create a lucrative new revenue stream for your business in the process. And who knows? You may even discover a passion for property management, leading to a new career path.

10. Create a Solid Business Plan

One of the biggest mistakes new agents make is assuming that simply having an active real estate license is enough to start raking in the dough. In reality, success in real estate requires a clear plan and a strategic approach. That’s where a clearly defined business plan and marketing plan come in.

Your real estate business plan should outline your goals, target market, unique value proposition, and financial projections. It should also include a detailed budget for marketing, technology, and continuing education expenses. By treating your real estate career like a business from day one, you’ll be better equipped to make smart decisions and invest in the right tools and resources to help you grow.

Your real estate marketing plan, on the other hand, should focus on how you’ll attract and retain clients. This plan might include tactics like:

• Building a strong online presence through a professional website and social media profiles.
• Networking with other local businesses and community organizations.
• Developing a niche or specialty to differentiate yourself from competitors.
• Creating valuable content (like blog posts or videos) to establish yourself as a thought leader.
• Leveraging email marketing and other outreach strategies to stay top-of-mind with past and potential clients.

By creating a comprehensive marketing plan and executing it consistently, you’ll be able to generate a steady stream of leads and build a reputation as a go-to agent in your market.

So, how do you make money as a real estate agent? It certainly takes effort and strategic planning. But for those willing to treat their real estate career like a business and work to build a strong foundation, the rewards can be life-changing.

11. Manage Expectations Based on Your Specific Market

Many agents set a goal of making six figures, but the path to achieving it can look different for everyone. There’s no one-size-fits-all formula on how to make money as a real estate agent—instead, it’s about understanding your market, setting clear goals, and consistently taking action to move the needle forward. 

One of the first things to consider when aiming for a six-figure income is your market and niche. Real estate agent salaries vary from one market to another. In some areas, selling a single multi-million-dollar property could be enough to generate a six-figure commission. In others, you may need to sell a dozen or more homes at a lower price to achieve the same goal. Understanding your market and the types of properties and clients you want to work with is key to creating a realistic and achievable plan for success.

Set Concrete Goals

Once you clearly understand your market and niche, it’s time to set some concrete goals. This phase is where reverse engineering comes in. Start with your ultimate goal (e.g., making six figures in a year) and work backward to determine what you need to do each month, week, and day to get there. For example, if you know you need to sell 12 homes at an average price of $300,000 to make six figures, you can break that down into monthly, weekly, and daily targets for real estate prospecting, setting appointments, and closings.

Learn to Convert Leads

But setting goals is only part of the equation—you also need the skills and strategies to achieve them. One of the most important skills for any real estate agent is the ability to convert leads into clients. This ability means mastering the art of asking leading questions, handling objections, and turning “no’s” into “yeses.” Any time you invest in learning and practicing these skills is time well-spent, as it can directly impact your ability to generate more business and close more deals.

In addition to lead conversion skills, there are a few other real estate agent tips that can help you achieve a six-figure income as a real estate agent:

• Build a strong personal brand and online presence to attract more leads and referrals.
• Focus on providing exceptional client service to generate repeat and referral business.
• Continually invest in your education and professional development to stay ahead of market trends and best practices.
• Leverage technology and automation to streamline your business and free up more time for revenue-generating activities.
• Surround yourself with a supportive network of colleagues, mentors, and industry experts who can provide guidance and accountability.

Ultimately, making a six-figure gross commission income (GCI) as a real estate agent is about setting clear goals, developing the skills and strategies to achieve them, and consistently taking action toward your vision. It’s not easy—but with hard work, persistence, and a willingness to continuously learn and adapt, it’s an achievable goal for any agent committed to success in the industry.

FAQs

Is it hard to make money as a real estate agent?

Is being a real estate agent a good side hustle?

Your Take

How to make money as a real estate agent is a big question. Many roads lead to a lucrative real estate business. This list is just the tip of the iceberg. The trick is there is no trick—you can achieve as much success as you’re willing to work for. The beautiful thing about real estate is you can make it into anything you want. Whether you want to become a coach, a real estate investor, a template designer, or the most successful luxury agent in your market, the world is your oyster. But first, be sure to set clear goals so you’ll have a roadmap to get where you want to go.

Do you have a cool real estate money-making secret? How are you designing your real estate empire? I’d love to hear about it in the comments!

The post How to Make Money as a Real Estate Agent: 11 Strategies to Earn More appeared first on The Close.

Inspired by Barbie’s call to dream big and break barriers, I’ll share some of my favorite takeaways from a handful of influential ladies in the real estate space today who are not just selling homes—they’re redefining the industry’s landscape. Hopefully, it will inspire you to carve your path to success the way they did.

The Power of Representation for Female Real Estate Agents

According to the National Association of Realtors (NAR), 62% of all Realtors in the United States are women. That’s a significant number, and it has increased over the past few decades. You might think representation would be a priority with so many women in real estate. But the truth is, female real estate agents face a male-dominated landscape, and women’s leadership is still not as prevalent as it could or should be.

During the conference, I sat down for a proper interview with Sarah Friar, CEO of NextDoor. It was my first time meeting her, but she was warm and welcoming, chatting with me like an old high school friend. When I asked her about her company, she was passionate and had a wealth of information to share, mostly about how NextDoor is all about community and how real estate agents contribute.

But when I asked her about her role in portraying women in leadership, she lit up like a firefly at dusk. She first said, “You can’t be what you can’t see, and so my goal in life is to show women everywhere that women can lead.” That’s a powerful message. Seeing women in leadership is vital for those aspiring to step into leadership roles. As women, the more we carve our paths to success and redefine what success is, the more responsibility we have to those following us to share the possibilities.

“You can’t be what you can’t see, and so my goal in life is to show women everywhere that women can lead.”

Sarah Friar, CEO, NextDoor

With its diverse portrayal of Barbie’s capabilities and adventures, the “Barbie” movie serves as a metaphor for the real estate industry’s evolving landscape, where women are increasingly taking center stage, breaking barriers, and shaping the future.

Barbie Changed the Perspective

The Barbie doll came from a place of women’s independence. Created by businesswoman Ruth Handler in 1959, Barbie was one of the first dolls produced for girls that represented the adult woman. It was the first time young girls could look at a doll and imagine being something other than a mother. It opened a whole world of possibilities for generations.

The movie “Barbie” put that ideology on display and pointed a finger at the patriarchal systems that have hindered women’s progress, including in the real estate industry. It ingeniously flipped the script and introduced us to Barbieland, a mythological matriarchal society where Barbies run the world. That opening scene showed what life could be to women of all ages—a world full of possibilities.

Demonstrating the numerous possibilities for women is what Sue Yannaccone, president and CEO at Anywhere Brands, emphasized at Inman Connect when she said, “Diverse voices in our industry need to be heard in a way that’s never existed before.” Like the “Barbie” movie, these women celebrate diversity and representation of all women, regardless of their ethnicity, religion, background, age, or orientation. Today, women can aspire to be anything they want. It’s a more colorful world than ever.

“Diverse voices in our industry need to be heard in a way that’s never existed before.”

Sue Yannaccone, President and CEO at Anywhere Brands

But it’s not all rainbows and butterflies. I overheard a conversation between a female real estate agent and several men. She talked about how women in real estate have been gaslit throughout generations, made to feel inferior, and stifled in their personal and professional growth. I overheard her say, “I would just like men to acknowledge they’ve been gaslighting us,” and I felt that statement to my core. I don’t think that will come to pass, but the important thing is that women have now learned to recognize that this struggle is real.

Takeaway From the ‘Barbie’ Movie

In the scene where Barbie and Ken enter the real world, Barbie is suddenly exposed to life as a woman with catcalling, rude behavior, and objectivity. She wavers, and her confidence visibly shaken. This scene solidifies that women have learned that this behavior is not OK. Female real estate agents have seen a lot, working long hours and meeting strangers at all hours of the day, and many have had to deal with some negative behavior. Today, a woman realtor recognizes when a man treats them inappropriately.

Overcome Challenges With Courage 

I love the way Tami Bonnell of EXIT Realty views challenges. She acknowledged that we still live in a male-dominated world but said, “Challenges are opportunities. Fear is a feeling, not a fact.” That’s a sentiment mirrored in Barbie’s adventures. Both narratives champion the idea that you can be afraid, but don’t let the fear keep you from moving forward. We felt defeated when we saw Barbie in the Mattel CEO’s office, about to be strapped into a box. But when her eyes lit up and she realized the men were about to imprison her, she found the strength to break free and escape. And everyone cheered.

“Fear is a feeling, not a fact.”

Tami Bonnell, EXIT Realty

According to the National Association of Realtors’ 2023 Profile of Home Buyers and Sellers, 19% of recent homebuyers were single females. We’ve come a long way since women first earned the ability to open their own checking account (without a man’s signature) in 1974. It’s definitely a different world from the one my grandmother grew up in. Women stand up, make decisions, and take over the driver’s seat. It’s refreshing to see so many women in powerful positions acting as beacons for the younger generation (Taylor Swift comes to mind in the current cultural environment).

Fear is a powerful emotion, and you will encounter it frequently. But you can harness that power and use it to step into action. Don’t let doubt or anxiety keep you from reaching your full potential personally or professionally. In other words, take the sage words Vanessa Bergmark of Red Oak Realty spoke at Inman Connect. “I’m not fearless,” she said. “I’m courageous because I did it in spite of the fear.”

Barbie vs Real Life: The Journey to Leadership

Liz Gehringer, president and CEO of Anywhere Franchise Brands, shared her story of transitioning from a corporate lawyer with Anywhere to a leadership role in the company. Her story hit several relatable nerves—she had been a corporate lawyer for several years, but she got to a point where she had a hard time finding the energy to keep doing the job. She felt burnt out. 

When she sat down with Ryan Schneider, CEO of Anywhere Real Estate, he said to her, “Let’s explore!” Her story and the support she found within her company leadership is a triumphant journey of self-discovery similar to Barbie’s. I can’t help but think of the final scene of “Barbie” where she finally goes to the gynecologist alone. It’s an inherently female rite of passage. 

Bergmark went on to share her secret weapon for success—discipline. “We actually have more time than we think,” she explained. “There’s freedom in the discipline.” She also pointed out that a solid support system is essential. “I never went at it alone. I always had a lot of supportive women who were a phone call, a coffee date, or a dinner away.” Kevelyn Guzman of Coldwell Banker Warburg stated it best when she said, “Surround yourself with people who believe in you and want to see you grow.”

“I never went at it alone. I always had a lot of supportive women who were a phone call, a coffee date, or a dinner away.”

Vanessa Bergmark, Red Oak Realty

In “Barbie,” all of the Barbies banded together to take back Barbieland from the Kens, who had turned it into a patriarchal realm. When the Barbies worked together, they defeated the Kens and reclaimed their home. That’s a powerful message to all women everywhere. For too long, women have torn down other women, like stray cats fighting in the street. When we stand together and uplift each other, there’s no glass ceiling we can’t smash through.

But more importantly, you have to take advantage of every opportunity that comes your way. Sherry Chris of Anywhere Brands echoed Bergmark’s and Guzman’s sentiments. “You have to seize the moment” when it presents itself. If you hesitate, you’ll miss out on the opportunity. Tami Bonnell also believes that your environment is essential to your success. “People grow in an environment they trust.” 

When Barbie enters the real world, she has a take-charge attitude until she meets with the patriarchal Mattel board of directors and its CEO. She quickly realizes that this world isn’t like her own and has to think fast and make adjustments before she’s literally put back into a box. She finds allies in Gloria and her daughter to find her way home.

“It is literally impossible to be a woman. You are so beautiful and so smart, and it kills me that you don’t think you’re good enough. Like, we have to always be extraordinary, but somehow we’re always doing it wrong.”

America Ferrera as Gloria in the Barbie Movie

In reality, women can’t escape to a fantasy world where women rule. (Wouldn’t that be something?) But the women blazing trails and redefining the game are creating their own version of reality. 

Building Confidence & Embodying Empowerment

One thing women do with a certain ease is show empathy. And that ability makes building relationships central to success. I loved Kevelyn Guzman of Coldwell Banker Warburg’s story of how she found her voice at an early age but still had to learn to use it when she first started professionally. “It’s about confidence. Even agents with big personalities don’t always have confidence,” she explained. “Finding my voice in a big family taught me a lot.” Finding your voice and learning to elevate it is essential in finding your path.

Gloria had trouble finding her voice in “Barbie.” She lamented being a solo voice in a male-dominated company culture that kept her stifled in her career and her personal life. When she teamed up with the Barbies, she discovered a strength she didn’t even realize was in her. Building confidence isn’t easy, but when you find your tribe of supporters, they can help you reach your potential.

Emily Paquette, CEO of Inman, discussed the importance of confidence and let everyone know she doesn’t have it all figured out. “I still have imposter syndrome,” she said. “As women, we question ourselves a lot more than our male counterparts do. But nobody has it all figured out.” I’m sure that sentiment was reassuring for many women in the room. Most of us feel the pain of doubt often. It’s in our genetic makeup.

“As women, we question ourselves a lot more than our male counterparts do. But nobody has it all figured out.”

Emily Paquette, CEO of Inman

But that doesn’t stop these pioneering women from forging ahead and pushing past their doubts. “If we’re not taking those risks and putting ourselves out there, we’re really missing out,” Paquette said. We don’t have to build our empires alone, though. “I built my whole career on relationships,” Paquette pointed out. 

As I heard these women share their stories and the lessons they learned along the way, I couldn’t help but think that “Barbie” shined a spotlight on this whole narrative where community and support networks are crucial to overcoming imposter syndrome and achieving success. If we stand together and continue to support each other, we can all rise together.

The Role of Allies: Incorporating Ken

Incorporating Ken brings me to another critical element of women’s success in a male-dominated society: allies. I have seen both sides of men—the side that tries to keep women subservient and the side that supports and lifts the women in their lives. Other men, like Ryan Schneider, want to encourage strong, intelligent women to find their path forward. He’s not, contrary to beliefs, an anomaly. Many others are on our side. It’s essential to seek out these allies and enlist them in getting us a seat at the table. The strong ones are more than happy to offer their hand in support.

Taking Risks & Embracing Your Strengths

“Barbie” taught us to take risks and focus on our strengths. Ginger Wilcox of BH&G Real Estate touched on that theme as well. “I have taken a lot of risks. Fear of failure keeps people from reaching their full potential. The biggest failure is not taking risks and not moving forward.” And I wholeheartedly agree with that. Sometimes, you just have to leap without knowing where you’ll land. “You’ve got to jump off cliffs all the time and build your wings on the way down,” as the writer Ray Bradbury told us.

“Fear of failure keeps people from reaching their full potential. The biggest failure is not taking risks and not moving forward.”

Ginger Wilcox, BH&G Real Estate

It was what Guzman shared at the end of the session that left the most significant impact on me. She emphasized the importance of moving forward despite the fear of failure, a lesson Barbie often imparts through her myriad adventures. “I focus on my strengths, and I let others focus on their strengths because I’ll never be him (Fred Warburg),” she said. “And that’s OK.” 

The Barbie Movement in Real Estate

The parallels between the “Barbie” movie and the narratives shared at Inman Connect NY are compelling. The movie began a shift that has penetrated our culture and opened our collective eyes and minds. The movie and the stories these incredible real estate women shared are about empowerment, challenging the status quo, the importance of representation, and support networks. With its diverse portrayal of Barbie’s capabilities and adventures, the “Barbie” movie serves as a metaphor for the real estate industry’s evolving landscape, where the ladies in real estate are increasingly taking center stage, breaking barriers, and shaping the future.

The “What Moves Her” session and Sarah Friar’s insights remind us that the journey to empowerment and leadership is both a personal and collective endeavor. Like Barbie, women in real estate are redefining what it means to be leaders, mentors, and innovators, proving that with courage, community, and a willingness to challenge the norms, anything is possible.

Reflecting on the stories and insights shared at Inman Connect NY, it’s clear that the Barbie movement is more than just a cultural phenomenon—it reflects the ongoing journey toward empowerment and equality in the real estate industry and beyond. By embracing the lessons of courage, resilience, and community, we can all contribute to breaking barriers and creating a more inclusive and empowering future for everyone.

In the words of Sue Yannaccone, “Use your voice! Even when the issues are bigger than you.” It’s a call to action for all of us to speak up, listen, and lead with courage. The Barbie movement is in full swing, and it’s up to us to keep the momentum going.

Your Take

How are you showing up to those women in real estate looking up to you? What barriers have you broken in your real estate career? How has a real estate agent woman mentor impacted your journey? I’d love to hear your inspiring stories—how you’ve overcome challenges, chased big dreams, and supported others with your community spirit. Share your stories in the comments.

The post Women in Real Estate Breaking Barriers: The Barbie Movement in Action at Inman NYC appeared first on The Close.

Real Estate Agent Salary Defined

While we do use the term salaries, agents are typically independent contractors. So, a real estate salary is really your gross commission income (GCI), or how much you take home through your real estate transaction commissions.  Remember, these are averages (and before taxes because, with effort and time, there is no limit to your take-home pay).

And the top six states might just surprise you! Check it out while we pack our bags and move to Kansas.

How Much Do Real Estate Agents Make in My State?

A note on the methodology behind The Close’s proprietary real estate agent salary information: Our salary database is supported by data from numerous sources, including Indeed, ZipRecruiter, Salary.com, Glassdoor, and the National Association of Realtors (NAR). 

Keep in mind that these are general averages that regularly change and depend on local markets, individual effort, broker splits, and agent experience. Despite their dynamism, these numbers offer a good idea of an average real estate agent’s salary, state by state.

Why Real Estate Salaries Vary

The average real estate salary may have surprised you—after all, Alabama and New York are neck and neck. When looking at the earnings of a real estate agent, there are plenty of reasons why they might be higher (Maine?) … or lower than you’d expect: 

• Disparate housing markets: Since real estate agents’ total compensation is based on commissions, states with higher average sale prices will see higher average incomes.  
• Competition: Agents in a small community with only a handful of real estate pros will have a better chance of winning clients than in a large city like Dallas, with roughly 750 agents. 
• Brokerage splits: Every brokerage handles splits differently, and in a world where brokerages are moving online, those splits can be even more beneficial to agents. These varying models skew the numbers even further, as agents at one brokerage could make a lot more from the same number of transactions than agents from a different brokerage. 
• Old-fashioned hard work: No surprise, commission-based salaries often reflect work ethic and hustle. It’s generally safe to say that agents who work their tails off will bring home more than agents who don’t. The same thing goes for experience. Agents with more years under their belts generally take home higher compensation. Remember, some part-time agents might not be at the top of the average but are still making their side hustle worth it.

How to Increase Your Real Estate Agent Salary

While you can’t control how many years you’ve been in the business or the amount of competition in your area, you can always level up and increase your salary, even if you’re a brand-new agent. You’re not locked into a salary determined by corporate role banding. You have unlimited potential. The Close has the tools and strategy guides you need to plan, start, and scale your business. 

• Select a real estate niche: It might be military families, seniors, first-time buyers, or luxury listings. Focus on that specific market and become the “go-to” for everything in your niche. 
• Focus on your skills: Focus on skills that will benefit you and your commission. Start with sharpening your negotiation and communication strategies.  
• Make strategic decisions: If you’re a new agent, start with our checklist, made specifically for you. It will help you make a strategic plan for success and a healthy salary. 
• Put that well-earned license to work: We have a whole list of jobs that require a real estate license and might just be the perfect side hustle for you.

Real Estate Agent Salary FAQs

What is the difference between a real estate agent & a broker?

What’s an average Realtor salary?

What makes up a real estate agent’s salary?

Bringing It All Together

We might not have nailed the Jell-O to the wall, but we offer a pretty good idea of each state’s average real estate agent salary. While these numbers are constantly twisting and changing in the winds of our stormy real estate market, at the end of the day, real estate agents have a big influence over their take-home pay. Put in that hard work, lean on us for strategy and advice, and you’ll outperform your state’s average salary in no time. How do these numbers reflect your experience? Have comments or questions? Leave us a comment below!

The post Real Estate Agent Salary: How Much Do Agents Really Make? appeared first on The Close.

Establishing a solid foundation for your brokerage is not just a recommendation—it’s the key to ensuring long-term sustainability. By understanding these nine potential mistakes on the brokerage management side, you can position yourself as a trusted broker and ensure the growth and viability of your new business. 

1. Lack of Proper Market Research  

Do you understand your target market and how are you going to reach them? What is the demand for your services? Who is your competition? 

If you open a brokerage, these are all questions you need to answer in order to reach your target demographic and succeed. A great reputation as a Realtor doesn’t necessarily translate to a successful brokerage, especially in the beginning. I quickly learned that most people won’t hang their hat on a maybe!  

How to Avoid This Mistake 

Understanding your target market is the first step to success. Dive into thorough market research to identify your audience, assess demand, and comprehend your competition. Being a top producer in your area is an asset, but translating that into a successful brokerage requires a clear strategy tailored to your target demographic.  

When I opened my brokerage, I drove through town and did a thorough evaluation of my competition. At the time, there was nowhere that aligned with the way I wanted to do business. In essence, I created my own solution, and that allowed me to be different and stand out.

2. Poor Business Planning & Financial Management                                   

I don’t doubt that you understand that starting a brokerage takes a significant financial investment. But many new broker-owners still manage to underestimate how long it will take to start bringing in consistent income. It is crucial to have a contingency plan for slower-than-expected startup or even a market shift that could prolong your projected trajectory.  

How to Avoid This Mistake 

Secure your future. Never let yourself forget that launching a brokerage requires a significant financial investment, and success might not happen overnight. Develop a comprehensive business plan that not only factors in financial investments but also considers the time it takes to start generating consistent income. After you create your ideal business plan, create a secondary contingency plan that takes into account slow starts or market shifts.

3. Inadequate Legal Compliance 

No one needs a lawyer until they need a lawyer! Legal issues may seem distant, but having a legal partner who understands them on your side is crucial. Also, as a broker-owner, you’re taking on a lot more liability than you ever did as an agent.

A lawyer is your best business friend—mine literally is my best friend! My lawyer is also a real estate broker, and as both a lawyer and practitioner of real estate, we together were able to successfully navigate many difficult scenarios.

How to Avoid This Mistake 

Not all lawyers are created equal, so do your research and find a good partner in a real estate attorney to help you navigate legal issues as they arise—and they will. I suggest finding a lawyer who is also a practitioner of real estate and someone who understands your market along with your local boards and how they operate.

4. Failing to Expand Your Leadership & Management Skills   

Most broker-owners are the highest selling agents in their areas. But being a top producer is often a whole different skill set than running a real estate brokerage. If you are looking to truly grow the brokerage, you will likely need to step out of the top producer role and into a full-time broker management role. Be watching for when that shift starts to come. 

How to Avoid This Mistake 

Recognize the point at which you need to step into a full-time management role to truly grow your brokerage. For me, that point was about 3.5 years in, where I didn’t need my sales to support the brokerage functions. It is often a hard shift to make for yourself financially, so make sure you are ready to make that leap.

But before you make the leap, ensure you have what it takes. Transitioning with grace from being a top-producing agent to a broker-owner requires a shift in skills. Learning to balance leadership and management is key to fostering a thriving, collaborative environment.

The Close Recommends

When you’re ready to start hiring at your brokerage, check out ZipRecruiter. It’s the number one rated job search app on both Apple and Android devices, which means you’ll cast the widest net possible for new talent.

Visit ZipRecruiter

5. Not Mastering the Intricacies of Real Estate Contracts 

I know it seems like common sense, but alas, I run into brokers all the time who do not have a real understanding of the contracts underpinning their business. The majority of questions you will field from agents will be contract-related and it is important to be able to advise them correctly to avoid legal complications.

How to Avoid This Mistake 

I love contracts! As a continuing education instructor, my favorite class to teach is our three-hour contract class. I pride myself on the fact that seasoned agents walk away from my class with a new understanding of contracts that they didn’t have before. Let’s take it a step further: Get yourself certified as an instructor so you can keep your agents educated and keep yourself in front of your agents providing value. 

6. Failing to Prioritize Networking & Relationship Building   

Relationships—whether we’re talking clients, fellow brokers, or other professionals in the field—are the backbone of the real estate industry. For me, building trust with fellow brokers was something of utmost importance as I built my brokerage. It paved the way for my agents to have successful transactions. Upholding a high level of professionalism and integrity will build your reputation and foster trust with clients and colleagues.

How to Avoid This Mistake 

You will feel pulled in so many directions in the beginning. But if there’s one thing I attribute to my success, it’s jumping into anything I could to get involved in, community-wise. Follow your passions and do what you can to give back, and it will come back to your brokerage tenfold.

7. Not Devoting Enough Resources to Marketing & Branding 

Remember—branding isn’t just your brand colors and logos, but much more. It is the essence of your values and philosophies and how you do business. Your branding should tell a story about you!

How to Avoid This Mistake 

Develop a robust online presence through a professional website and social media platforms. Invest in marketing strategies to showcase your listings effectively and build that online resume for the future of your business.

The Close Recommends

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8. Neglecting Technology

Embracing technology is vital for real estate agents. They are drawn to technology that will help them do their jobs better and more efficiently and edge out their competitors. You can look at this as part of agent recruiting and retention.  

How to Avoid This Mistake 

You must be prepared with tools, brokerage software, and online platforms. And you may have to look to other teams and companies to see what you’re missing. As I transitioned out of brokerage ownership and took my team to a large brokerage, I realized that—while I had indeed invested in good tools and we were thriving—there was much we were missing. Now that my team has these new tools, I see that we have an even bigger edge today thanks to the great technology they have access to.

9. Failing to Adapt to Market Changes 

Real estate is dynamic and ever-changing. Markets fluctuate and challenges arise, but adaptability is your greatest asset. Develop resilience to navigate uncertainties and bounce back from setbacks. We are all feeling this a bit in our current market! 

How to Avoid This Mistake 

No one can predict the future. But you can be proactive about remaining relevant in your market and to your agents, ensuring your brokerage remains a dynamic force in the ever-evolving real estate landscape. Another element that can help you here is adopting the mindset of a lifelong learner. Stay updated with the latest trends, technologies, and legal changes through continuous education.

Cheers to You

Congrats on setting the stage for a successful, optimistic journey in the competitive world of real estate brokerage. Here’s to your thriving brokerage and a future filled with growth and success!

The post 9 Common Mistakes New Broker-Owners Make (+ How to Avoid Them) appeared first on The Close.

You’ll notice that I feel strongly that there are more pros than cons to being a real estate agent. That’s because I have found my calling in this career. But I also want to be open and honest that real estate isn’t for everyone. It takes hard work, grit, and passion. 

Pros of Being a Real Estate Agent

1. You Can Create Your Own Schedule

The most common pro I hear from people who are thinking about becoming a real estate agent is the flexible schedule. But if you think that creating your own schedule means less work time, I’ll be the one to burst your bubble and tell you that is not necessarily true. It does mean that you don’t have to clock in with your boss every single day from 9 to 5, Monday to Friday. You are your own boss, and this is your business, so you get to make your day what you want it to be. Unless you have a team leader or broker who is setting your schedule for you, you hold the power to create a schedule that will set you up for success. 

I have found it helpful to fill in my calendar a month in advance for the things that I can, and then fill in weekly for other things. For example, when I started a networking group, we committed that our meeting time would be the first Wednesday of each month. So I added this networking group meeting on my calendar for each first Wednesday of each month at 10 a.m. 

When I became a Realtor, I was advised to schedule at least 10 hours of lead generation activities per week. The flexible part is that you get to choose which days, what time of day, and what activities work best for you! Once you decide where you want your production numbers to be and set your weekly appointment goals, you may want to increase this amount of time. 

You will also want to block availability for appointments and showings. Of course, if you have a client whose schedule only allows for times outside of what you have on your calendar, then you may need to adjust this later. Depending on the market, you may have to rearrange your other activities in order to go show them a home right when it hits the market. If your personal or family schedule doesn’t allow for this type of flexibility, then you can consider hiring an assistant or partnering up with other agents.

2. Being a Realtor Is Rewarding

This is my personal favorite thing about this career, and it makes all of the cons not seem so bad! I have never felt so rewarded doing anything else in life (except being a mother). Helping people achieve their real estate goals is truly incredible. You get to guide them in becoming their own hero—how cool is that?!

If you are a people lover and have a naturally encouraging personality, you will find a lot of joy as a Realtor. My daily goal is to try and help at least one more person, and the money will follow. 

3. Low Financial Commitment to Begin

Compared to the money that you can potentially earn being a real estate agent, the initial investment in order to get your license is pretty low! I’m licensed in Texas, one of the more demanding states in terms of prelicensing education. Even still, you can get your license here for less than $1,000. In states with fewer prelicensing requirements, such as Florida, Massachusetts, and California, you might only spend a few hundred dollars.

I personally used The CE Shop to get my license because it was all online and self-paced. They are always running great discount deals, especially during holidays and end of year. I was able to pay around $300 for all of my prelicense courses!

If you become a part of the National Association of Realtors (NAR), you will pay a separate membership fee. This will also be under $1,000, but will depend on the time of year you join.

Keep in mind that this is an investment in your career, and the opportunities to earn a substantial income as a Realtor are endless. You can work as much or as little as you’d like, all depending on what your goal income is. I’d also like to share that I did personally make the money I spent to get my license back after my first closing. So if I did it, so can you!

4. Endless Niche Possibilities

On top of the virtually endless income possibilities, the categories of real estate niches you could focus on are plentiful! Think about your hobbies and areas of interest. You can also make your focus an area of your town or city, or even a specific ZIP code or neighborhood. How great is it to be able to focus on the community you personally live in?

And it’s not just geographic niches either. You could just work with sellers if you wanted to, and have a teammate or partner who handles buyers. Or you could focus on working with just investors, or just on commercial buildings, or just leases. Here are some other niche examples:

• Condos
• Townhomes
• Historic homes
• Modern homes
• New construction
• Fix and flips
• Retail centers
• Industrial
• High-rise buildings
• Rural areas
• The inner city
• Suburbs
• Specific school districts
• Vacation homes
• Rentals

When I became a Realtor I was in a position where I needed to start making an income pretty quickly. So I felt like I needed to work with anyone and everyone, and drive anywhere to do so. But if I had put all of my focus and energy into a specific niche or area, I could have saved myself time and money.

5. Giving Back to Your Community

I believe we should do more than just live in our cities and towns—we should help them thrive! Being a real estate agent gives you the perfect platform to do just that. 

I recently joined a program called Homes for Heroes that will allow me the opportunity to give back to the heroes of my community: active military members, veterans, law enforcement, teachers, health professionals, emergency workers, and firefighters. 

This is a nationwide program, so if this interests you, then you should look into it. But the possibilities are truly endless here with what you could do for your community. If you have children in school, or you’re a member of a club or church, you can partner with these organizations to make some great things happen!

Cons of Being a Real Estate Agent

6. Lead Generation Can Be Challenging 

There are many elements to lead generation, and not all of them will be cons. But at first, it may feel daunting and challenging! For example, the fun part of beginning my lead gen journey was reaching out to everyone I knew and making the announcement that I had passed my exam and I was officially a Realtor! But then what? Not everyone I knew was going to be selling or buying a house! So then the challenge became reaching out to people I didn’t know and telling them that I wanted to help them buy or sell a home. Would they trust me? And what’s the best way to reach out to people you don’t know?

This will also depend on the brokerage with which you associate your license. Some brokerages will provide training on lead generation—or even provide you prospects to pursue—and others will not. There are so many lead generation programs out there. The team I joined when I started already belonged to a few lead generation programs that we used to call leads. But I just personally have never felt comfortable with cold calling. I know it works—that’s why so many real estate agents find success from it. But over the last couple of years, I focused on other avenues of lead generation that feel more natural to my personality. 

Because I have a background in event management, doing event-based lead generation is fun for me! If you are a golfer, start talking to more people at the course. Or if you are a parent, join the PTA and meet new people who might need your services. Being a real estate agent is so much fun—I love people and pouring into others. Building relationships will build a business in the long term!

After you find some different activities that are working for you, be consistent! Don’t stop doing something if you don’t see immediate results, particularly with mailers or social media. These things take time, consistency, and a lot of patience to grow!

7. Cost of Running Your Business Could Be High

Earlier I mentioned that the cost to get your license was fairly low. On the other hand, there are other costs that come with keeping your license and running your business. When interviewing with different brokerages, it is important to ask about what they will charge you, like desk fees and signage fees. If you are on a team, these fees will most likely be included in the percentage of commissions they keep from each of your checks. 

Regardless of whether you’re an individual agent or on a team, you’ll end up spending quite a large amount on marketing. This includes photos, videos, templates, mailers, flyers, consultation presentations, door knocking items, client gifts, events, and more. 

The biggest downside to this is that you spend all of this time and money without the guarantee that you will make this money back. Of course, if you are putting in the work along with the marketing, then I’m 99% sure that you will make the money back plus some, but there is just no guarantee. 

In addition to marketing, you may spend a fair amount of time and money working with buyers who may never actually purchase a house. If they don’t buy a house, we don’t get paid. I’d honestly say this is the biggest con in my experience. The majority of my clients do buy a home, but this year I have personally experienced a few deals go wrong. So the time and money I had invested in those clients was not returned, unfortunately.

8. No Guaranteed Paycheck 

Not having a definite paycheck coming in month to month can be a huge stress factor in this career field. Yes, you can help eliminate some of this fear by having a plan of how much you need to make per month and backing it up with the actions you take to make sure you hit these numbers. But regardless of how much you plan, honestly, there will be deals that go wrong for reasons completely out of your control. You don’t want this to put you in a terrible financial situation. Always have savings and some cushion in your account for these times. 

There will be ups and downs—slow markets and lucrative markets. I’ve experienced months with no closings, and some months with seven closings. The key is to not feel financially stressed through these ebbs and flows.

I went quite a few months before my first closing when I became a Realtor. Once I started saving a portion of each commission check and reached my expenses goal, my stress level decreased substantially. When I wasn’t stressed about the next closing anymore, I noticed my business growing even stronger. I could walk into a consultation with more confidence and less fear of rejection.

9. Dealing With Rejection Can Be Tough

Especially if you have never been in sales, hearing the nos can be quite challenging! Honestly, even after five years, it’s still not fun. Rejection is tough. You will get hung up on when making cold calls and even rude responses when texting people you don’t know. You will go on many consultation appointments, and you won’t end up working with every one of those people because they choose to work with another agent. It’s also tough when you submit an offer for your buyer in a multiple-offer situation and the seller doesn’t go with your client.

That’s why I mentioned in the beginning of this article that being a real estate agent is not for everyone. You have to have grit and thick skin. 

It is all about learning how to let the nos go and then focus on getting the next yes. In the beginning, someone told me it takes 12 nos to get to the first yes. This helped me because I was already expecting to hear the nos.

Don’t get me wrong; I still would like to only hear yeses! I don’t think this part of being a real estate agent ever gets easier. But I do know you will doubt yourself less after some time goes by. You will gain more confidence and have peace knowing you did everything you could do.

Over to You 

After reading this article, if you are feeling like being a real estate agent could be your calling too, then leave me a comment below. I would love to hear from you and answer any follow-up questions you may have.

The post 9 Pros & Cons of Being a Real Estate Agent (+ Tips for Success) appeared first on The Close.