Making 70k-100k in first year as real estate agent

[Edgar Gonzalez]

Is it possible for a real estate agent to make 70k-100k in their first year in North Carolina?

If so, how can they achieve this goal?

[Robert Carmody]

Yes, it is very possible. It will take more effort or hard work than what most are willing to put into it, but $70-100k is more than what most agent earn, including those that aren't brand new. Start building your database, or Sphere of Influence (SOI) list with contact info for each person on the list-- include former coworkers, neighbors, extended family, friends, other business owners you know, etc. Study your database and your local market. Know your numbers. Are your contacts existing homeowners or younger people who are primarily renting? What's the average price in your area? This will give you an idea of how many homes you'll need to sell during your first year. If you live in an area, or have a database of existing homeowners, where the average home price is $200,000, for example, you'll need to sell more homes than if you live in an area where the average home is $500,000. If the brokerage you work for has a business coach available, hire one, and if not, you may want to consider hiring one independently. They will help you formulate a business plan based on your goal, how many houses you'll need to sell to achieve it, the sources of business that you'll target, and different tasks you'll need to do to reach those prospective customers.

Look for underserved sectors of the market, such as a neighborhood that isn't farmed by other agents. But, make sure it's a market that exists. Some neighborhoods have very little turnover, so putting a lot of energy or money into farming it isn't likely to produce much return. Unless you love doing open houses, don't wear yourself out of the business by doing multiple open houses each weekend, and hold those open that align with your business plan, such as in a neighborhood you want to grow your business within. When I started selling real estate, I was 22, and my broker, among others, told me I should work with 1st time buyers because I was young, and to do open houses in the university area. That ended up being terrible advice, as most first time buyers want an agent that can hold their hand and guide them through the process, and who has years of experience to look after their best interest. I also found that I preferred sellers to buyers. I looked to FSBOs as a good source of business. With their hands raised that they wanted to sell, I saved myself the time of trying to find the warm lead. I was persistent and consistent with my marketing material, something that they said the other agents contacting them were not. Those listings gave me the leverage to gain other listings through marketing, sign exposure, phone calls and so on. 

It's easy to lose focus as a new agent because there are so many directions you can take your business and there is a tendency to want to take on any and all new business. Plus, you have people calling to "place you on the first page of google" or sell you on something to revolutionize your business. It's easy to end up scattered, but if you stay focused on a business plan and have a good mentor or coach, you'll reach your goal, or beyond.