5 Things You MUST Do Before Becoming a Realtor

These are all the things I wish I had done before becoming a realtor. Why do I wish I had done these things?

Not doing them cost me tens of thousands of dollars, hundreds of hours, and enough heartburn to consider getting a TUMS tattoo. And you know I’m serious about the tattoo, you’ve seen my ink. It might seem like too much before starting, but I promise you it is not. These are the foundations of a great real estate career.

Are these the only 5 things? No, probably not, but it’s a start!

These are the 5 things you MUST do before becoming a realtor. Yes, you heard me. Before you start. Or as quickly as possible after starting.

1 - Set up a PLLC — I took all my income in my name for the first three years. If you know anything about taxes and the advantages of being a business owner then you know how incredibly dumb this was. It’s too easy. Spend the $85 and one hour of your life to do this. Please. I’m begging you.

2 - Hire a Bookkeeper — If you’ve read other posts, you’ll notice this is a theme. You have to know where the money comes and goes. The greatest CPA is only as good as the info provided. Real estate professionals have many advantages to pay less taxes and build wealth. Also, so many realtors do not know their numbers. Don’t be that realtor. Don’t be old me.

3 - Hire a Coach — Join a mastermind. Get into a room where people are doing what you want to be doing. I don’t say this because I provide coaching. I say this because I consume coaching. I’ve paid top dollar for coaches for the last five years, and it was one of my best investments. That is why I believe in offering coaching today.

Yes, the real estate industry has many false promises and suspect coaches. Yes, coaching has a bad rap. Yes, a great number of coaches are absolute clowns. So find the right coach for you and invest in it. The right coach has huge dividends.

4 - Money Rules — Develop rules for your money, and follow them diligently. For example, here are some of my simple favorites:

• Save 10% of all earnings for an emergency fund

• Save 20% for tax payments

• Save 20% to re-invest in marketing

These ratios will shift throughout your career, but having a plan is critical. As your income levels grow you can increase investment into your business by maintaining reasonable life expenses. Beware the lifestyle creep… but that’s a conversation for another time. If you can’t wait, give The Richest Man in Babylon a read as a primer on personal finances.

5 - Consistency — Be consistent.

Be consistent.

Then be consistent again.

Be so consistent that people couldn’t imagine you doing anything else. Most people grossly overestimate what they can accomplish in one year and wildly underestimate what they can accomplish in 5 to 10 years. I know this deeply. I have never come close to hitting annual goals, but I am so far beyond my wildest dreams from 5 years ago.

You can have a wildly successful real estate career if you put in the time every day. Make a couple of hours of calls, and run a few good open houses every week. Use a CRM. Ask for the business. Follow up. Rinse. Repeat.

— Temp