Are you thinking about starting a real estate career? You’re not alone. Real estate attracts many entrepreneurial-minded professionals due to its low barrier to entry and unlimited earning potential. But how do you know where to start? This article will help you understand what you need to know about starting as a real estate agent in Tampa.
Understanding the Tampa Real Estate Market
The first step to getting started as a real estate agent is understanding your local market, in this case, the Tampa area. Tampa’s housing market is been on the upswing in 2024, with the median sale price increasing 7.7% from the previous year. The issue lies in Tampa’s low housing inventory, which is a nationwide problem. However, as of July 2024, Tampa holds the seventh spot for top cities for new-home construction, indicating that more homes could be going on the market in the coming months.
Key Takeaways
- Despite low housing inventory, Tampa’s real estate market is experiencing growth, with a 7.7% increase in median sale prices as of 2024. The city ranks seventh in the U.S. for new home construction, indicating potential opportunities for real estate agents.
- Real estate agents in Tampa can expect competitive earnings, with a median annual income of $226,000.
- Obtaining a Florida real estate license is straightforward. You must meet basic qualifications, complete a 63-hour pre-licensing course, pass a background check, submit an application, and pass the Florida real estate exam.
- The first year as a real estate agent is often the most challenging. Success involves choosing the right brokerage, building a strong knowledge base, setting realistic expectations, overcoming challenges like lead generation, and celebrating small milestones to stay motivated.
How much could you expect to make in Tampa real estate?
While the Tampa real estate market looks promising, you may wonder how much you could expect to earn as a real estate agent. According to Glassdoor, the median annual pay for Tampa real estate agents is $226,000, making Tampa an attractive city for those looking to work in real estate.
As with most careers, the more experience you have as a real estate agent, the greater your income potential. As such, the median income for Tampa real estate agents with less than a year of experience is $111,000. However, with just 1-3 years of experience, the median annual income for Tampa agents increases to $125,000, demonstrating that sticking with your career pays off.
Is getting your Florida real estate license worth it?
Not just anyone can be a real estate agent–you need to get licensed, which takes time and money. However, considering the cost of getting your Florida real estate license is typically under $1,000, and you can get your license in as little as one month, getting licensed is a walk in the park, especially compared to getting a four-year degree.
Getting Licensed
You need to get your license before you launch your real estate career. Luckily, the process is very straightforward. Just follow these simple steps.
Step 0: Meet the requirements
In order to get your Florida real estate license, you must:
- Be 18 years or older.
- Have a social security number.
- Hold a high school diploma or equivalent education (such as a GED).
If you already meet these requirements, congrats! You can start the process of getting your license.
Step 1: Complete the required pre-licensing education
After satisfying all the requirements for getting your real estate license, you must complete the 63-hour Florida real estate sales associate course. This course will cover the ins and outs of practicing real estate in Florida and help you prepare for the exam. Gold Coast Schools has many course offerings to fit your language and learning preferences.
Step 2: Pass a background check
Next, you must submit your fingerprints for a background check. You can even submit your fingerprints at one of Gold Coast Schools’ locations! Please note that an appointment is required.
Step 3: Submit your application
Thirdly, you must submit your real estate license application and any mandatory fees to the Florida Department of Business and Professional Regulation.
Step 4. Pass the Florida real estate exam
Finally, you must pass the Florida Real Estate Sales Associate exam. If you want extra help to boost your confidence on test day, Gold Coast Schools’ instructor-led Exam Cram course is an excellent test prep program. Plus, it’s included in all Gold Coast Schools’ pre-licensing packages!
Once you’ve completed these four steps, you’ll be on your way to launching a successful new career in Tampa real estate.
Navigating the First Year
Your first year as a licensed real estate agent is often considered the most challenging. But, with hard work and proper training, you can get through it with flying colors. Just follow these tips.
Choosing the right Tampa brokerage
Choosing the right brokerage is critical to your success as a newly licensed real estate agent. When selecting a brokerage, you need to consider factors such as the level of training provided to new agents, company culture, and commission split, to name a few. Luckily, Gold Coast Schools hosts monthly career fairs so students can meet with local brokerages to determine which brokerage would best fit their professional goals.
Building a strong knowledge base
One of the more challenging aspects of starting a new career is that you don’t know what you don’t know, so building a solid knowledge base is essential. In fact, you should view your professional development as part of your job and block time for it in your calendar. An excellent place to start is by subscribing to industry publications and newsletters, attending webinars and networking events, and partnering with a mentor, such as your real estate broker.
You can also take advantage of advanced training opportunities that will help you specialize in a particular area of real estate, such as luxury homes. Additionally, you will need to keep your license active by completing continuing education requirements every two years. These courses are great for expanding your knowledge base and keeping you up-to-date on new laws or regulations.
Setting realistic expectations
Setting realistic expectations for your first year as a real estate agent is essential. Success won’t happen overnight. The key is not to get discouraged if you have a slower start than you envisioned. Those who are persistent and don’t give up when times are tough are the ones who go far in real estate. Just ask top real estate agents!
Overcoming common challenges
One of the biggest challenges you will face as a newly licensed agent is understanding the ins and outs of real estate. While your pre-licensing education will lay the groundwork for working in real estate, the more detailed aspects of real estate are best learned on the job. Fortunately, you will have a broker as a resource to answer any questions or help solve any problems that may arise.
Another challenge new agents face is needing an extensive network to draw leads. While your friends and family would probably love to be your first client, they may not be in the market for a new home at the time you receive your license. So, you will need to implement strategies that will help generate leads. To begin with, having a professional social media presence and website are two effective (and inexpensive) ways for prospects to discover and learn more about you. Additionally, your brokerage may have other tips and tools to help you find leads and build your brand.
Celebrating milestones and small wins
As stated earlier, your first year as a real estate agent is often the hardest, making it even more vital to celebrate small wins and milestones. Celebrate when you increase your network to 100 people and when you get your first client. Celebrating these “small” wins will help motivate you to continue forward to the next milestone.
Learn More About Tampa Real Estate
Want to learn more about kick-starting your career in Tampa real estate? Gold Coast School’s Tampa Real Estate course outlines the ins and outs of Tampa’s real estate market and the steps you need to take to become a top Tampa real estate agent. Get started today!
Source:
Marek, Emily. “Six of the Top 20 Cities for New-Home Construction Are in Florida.” South Florida Agent Magazine, October 6, 2023. https://southfloridaagentmagazine.com/2023/10/06/movebuddha-new-home-construction-florida/.