Steps to Success as a Real Estate Agent: Backup Plan

Real Estate Success Tips > Having a Good Business Plan

In our last post, we talked about the realistic things that new real estate agents should consider when breaking into the market. In such a competitive space, it’s often a huge challenge for agents to get enough clients to be financially stable for their first few years. However, if you’re determined to make this your new career, you’ll need to strategize your business plan and have something on the backburner to pay your bills, just in case. As we explore these options, secure yourself and your operation with a NM Real Estate Professional Liability insurance policy.

Take advantage of your resources.

Penetrating the market is no easy task, so take advantage of the resources your agency offers. For example, a free website, free marketing, and promotional materials are probably provided to all agents. Talk with veteran realtors and see what they recommend you do to begin your career on the right foot.

Hold a steady job.

In 2014, the median real estate agent salary for those with only three to five years of experience was $30,100. That means many real estate professionals require a well laid-out savings plan and maybe even second (or third) jobs to support themselves while they’re launching their careers and paying various fees, such as licenses, permits, MLS listing fees, and realtor association dues. Successful agents will juggle various jobs to pay the bills and promote their real estate business.

Save as much as you can.

Whether it’s money from your other jobs or your commission from selling a home, be sure to put away money to account for quarterly taxes and staying afloat the rest of the year. The first few years are always challenging, but saving and putting some money back into marketing yourself can get your business off the ground.

About Daniels Insurance Agency

At Daniels Insurance, Inc., we specialize in protecting professionals like you. Our policies are specially crafted to protect against the various exposures you may face. For more information about our products, contact our experts today at (800) 530-9885.