Are you excited to become a real estate agent in Florida? We asked experienced agents in Florida to list critical things to know before becoming a real estate agent. Here’s what they had to say about financial considerations, skills needed for success, and Florida market trends.
Key Takeaways
- Understanding local market trends and having in-depth knowledge of specific regions and properties in Florida is essential for success. Familiarity with local zoning laws, community amenities, and neighborhood development plans provides a competitive edge.
- Income potential for real estate agents in Florida can be significant, but agents must be prepared for a slow start. Most work on commission, so having a financial cushion to cover initial expenses and understanding commission structures are crucial.
- Being a real estate agent requires a significant time commitment and flexibility. Although agents can choose their hours, working evenings and weekends is often necessary. Success may require working long hours, especially in the early stages of the career.
- Building a strong network and client base is vital. Engaging in community events, joining local real estate associations, and leveraging social media can help grow a client base. Maintaining positive relationships with past clients is important for referrals and future business.
Things I Wish I Knew Before Becoming a Real Estate Agent
According to the National Association of REALTORS®, there were 216,413 registered members located in Florida in 2023. How do you stand out from the crowd as a new agent? Here’s what experienced real estate salespeople have to say.
1. Market trends and local knowledge
A crucial factor in achieving success is having a comprehensive understanding of the Florida real estate industry. Awareness of market trends is vital for residential agents and those working in the commercial sector. Moreover, possessing local knowledge enables you to serve your clients better and broaden the scope of your business.
Here’s how staying informed about the overall real estate market and local statistics has contributed to the success of these agents.
Staying updated on local market trends is vital. Florida’s market can vary significantly from one region to another. For instance, coastal areas might experience different trends compared to inland regions. Knowledge of local zoning laws, community amenities, and neighborhood development plans can give you an edge in serving your clients better. – Mehdi Khachani, JMK Property Management
Are you willing to study the inventory? I always ask in an interview what they think of Aquarius. They usually say, “the sign”? No, it’s a building on Singer Island. And if you don’t know it, people aren’t going to work with you. You have to be willing to learn and study the inventory like you are studying for a history exam. Learn the inventory by driving your area in quadrants. Then go to our website and study it. -Jeff Lichtenstein, Echo Fine Properties and Gold Coast Schools alumni
2. Income potential and financial considerations
As reported in the 2023-2024 Florida Real Estate Salary Guide by Gold Coast Schools, the average salary for real estate agents in Florida is $150,496. However, it’s important to recognize that most real estate agents work solely on commission. If you’re new to this income structure, you might be worried about managing your finances without a regular paycheck. Here’s some advice from those currently working in the field.
The income potential in Florida real estate can be significant, but it’s important to have realistic expectations. New agents should be prepared for the possibility of a slow start. It’s wise to have a financial cushion to cover expenses during the initial months. Understanding the commission structures and the costs associated with marketing and licensing is essential. -Mehdi Khachani, JMK Property Management
Financial backup is critical. Do you have six months of backup income? If you are going to panic after three months of no income and start to consider employment, then pass. You need some backup, and you must be all in. -Jeff Lichtenstein, Echo Fine Properties
3. Time commitment and flexibility
A flexible schedule is one of the perks of working as a real estate agent. However, even though you may get to choose your own hours as an agent, you may be working more to achieve the income level you desire.
For example, according to Gold Coast School’s Income Report, agents working 21-39 hours per week earned an average of $68,534. However, Florida agents working over 60 hours per week yielded an average of $170,917 in commissions.
I was in our office at 5:30-6:00 am for years. I got my paperwork done when it was quiet and set up my day to network and farm. Are you willing to come into the office? People need to be amongst others to learn. -Jeff Lichtenstein, Echo Fine Properties
Real estate in Florida demands a considerable time commitment and flexibility. Clients often expect availability during evenings and weekends. Balancing personal life and professional responsibilities can be challenging, but the flexibility also allows for a rewarding work-life balance if managed effectively. -Mehdi Khachani, JMK Property Management
4. Networking and building a client base
Whether networking comes naturally to you or not, it’s an essential skill to develop.
Building a robust network is imperative. Join local real estate associations, attend community events, and leverage social media to connect with potential clients and industry professionals. A solid client base often grows from referrals, so maintaining positive relationships with past clients can lead to future business. -Mehdi Khachani, JMK Property Management
I wish I would have saved all my contacts from my old sales job because your database is your lifeline in this business. The more people you know, the better your chances of success. Also, I wish I would have started using social media much sooner. My business took off after I started a YouTube channel. I now have over 22,000 subscribers and get calls and leads weekly from my videos. -Paul G. Lykins, True Floridian Realty
Related article: Networking Like a Pro: Top Tips for Real Estate Networking
5. Support systems and mentorship
Selecting the right brokerage is one of the most crucial decisions you’ll make as a new real estate agent. The support of experienced agents is essential, and some brokerages offer excellent mentorship programs to assist newcomers to the industry.
Learn more by reading Finding the Right Real Estate Brokerage.
I look for agents willing to take on rental leads in the beginning. It gets them experience and a little immediate income. Getting those at-bats is key because they learn about different situations. If you only want to hold out for a million-dollar sale off the bat, it’s a mistake. Pivot quickly, but you have to get experience, and rentals are great training grounds. -Jeff Lichtenstein, Echo Fine Properties
6. Skills and qualities for success
You might be surprised by the skills and qualities experienced agents say lead to their success. They include strong interpersonal skills, resilience, positive energy, and the ability to communicate.
Optimal success also requires a specific human quality—the ability to communicate effectively with others in a way that makes them comfortable. This is particularly challenging for natural introverts like me. It’s easy to hide behind a phone and send texts, but securing great deals often comes from picking up the phone, building rapport with other agents, and demonstrating my client’s seriousness. –Marcia Socas, Florida REALTOR®.
Successful real estate agents in Florida possess strong interpersonal skills, resilience, and a proactive attitude. The ability to communicate effectively with clients from diverse backgrounds and the persistence to follow up on leads and close deals are crucial for long-term success. -Mehdi Khachani, JMK Property Management
Our summary of “things I wish I knew before becoming a real estate agent” would not be complete without discussing real estate education. Quality education and training are critical for new and experienced agents. Gold Coast Schools has been a trusted education provider in Florida since 1970. We offer pre-license courses, continuing education courses, and broker courses. Take the first step in your real estate journey today by contacting a Gold Coast Schools enrollment specialist.