6 Things to Know Before Becoming a Real Estate Agent

Are you considering a career in real estate? It’s no wonder! Real estate is an excellent industry for those with an entrepreneurial spirit and desire to work in a flexible, lucrative field. However, before you jump into a new career, there are six things to know before becoming a real estate agent in Nevada.

Key Takeaways

• A solid grasp of market trends, local housing demands, and industry-specific knowledge is essential for success. Courses and ongoing education are crucial to building expertise.
• Starting in real estate can be slow, so having a financial cushion is important. Additionally, agents must manage quarterly taxes and carefully evaluate brokerage commission splits for long-term benefits.
• While the profession offers schedule flexibility, success requires dedication and time, particularly in the early stages. Income often correlates with the number of hours worked.
• Building a strong network and seeking mentorship is critical. Mentors help new agents avoid common pitfalls, while networking expands opportunities and fosters connections with potential clients and industry professionals.

Understanding the Nevada Real Estate Industry

There are some things you need to understand about the Nevada real estate industry – and the role of an agent – before switching careers. Of course, you’ll learn about real estate laws, regulations, and processes from your Nevada real estate license courses. But here are some tidbits that could be described as “things I wish I knew before becoming a real estate agent.”

1. Real estate agents must have a deep understanding of local housing market trends.

Market trends and property values vary from city to city – and neighborhood to neighborhood. Becoming a real estate agent requires understanding hyper-local trends and your targeted client’s unique demands.

For example, did you know that Winchester, NV, had the fastest-growing sales price out of all Nevada metro areas in 2024? According to Redfin data, home prices in Winchester increased by 35% year-over-year. Los Angeles homebuyers searched to move to Winchester, NV, more than any other metro area of the country, followed by Seattle and San Francisco.

How do you stay informed about local market trends? Here are some popular ways real estate agents keep up to date:

• Watching the local Multiple Listing Service (MLS)
• Reviewing market reports
• Networking with fellow agents
• Attending local real estate meetings
• Leveraging brokerage resources and support
• Using online real estate platforms
• Engaging in community activities
• Pursuing continuing education
• Following local news and publications
• Gathering customer feedback
• Participating in social media and online forums
• Attending real estate conferences and expos

2. Real estate agents must understand the income potential and financial considerations of being an agent.

Many people enter the real estate industry because they are drawn to the idea of unlimited salary and income.

However, keep in mind these key points about earning a living in real estate:

• Starting a career in real estate often involves a slow ramp-up. Before transitioning to full-time real estate work, it’s wise to have a financial cushion of at least three to six months’ worth of expenses.
• Real estate agents are responsible for paying quarterly taxes from their earnings. Be sure to set aside enough from your commission checks to cover your tax obligations.
• You’ll agree to a specific commission split when you join a brokerage. Evaluate each offer carefully. Getting a larger percentage isn’t always the best option, as some brokerages provide valuable resources and support in exchange for a higher share of your commissions.
• Spring and summer are peak moving seasons, while other times of the year can be slower. Budgeting is essential to ensure your income lasts through the off-peak months.

Some agents find success by specializing in a niche market, such as commercial real estate or condominiums. Others diversify their income by working for brokerages that offer property management services.

While a real estate agent career offers significant income potential, it’s important to recognize that success takes time. Real estate is a long-term endeavor, not a quick path to wealth. Stay persistent—your efforts will pay off!

3. Real estate agents enjoy a flexible schedule but must dedicate time to the profession to succeed.

Most real estate agents report that they love having a flexible schedule, enabling them to attend children’s and grandchildren’s events and attend to the needs of their families. However, you may be working long hours – especially when trying to get your business off the ground. Also, there’s a direct correlation between how much agents earn and how many hours they work per week.

4. Besides learning about the industry, you need to develop skills and qualities to succeed as an agent.

To thrive as a real estate agent in Nevada, develop skills and qualities contributing to long-term success. While technical knowledge and licensing are vital, soft skills and personal traits often set top agents apart.

• Strong communication skills: Effective communication is key to building client relationships, negotiating deals, and collaborating with other professionals. Clear, timely, and professional communication can make or break your reputation.
• Organizational and time management skills: With a flexible but demanding schedule, it’s crucial to manage your time wisely. Balancing client meetings, showings, paperwork, and marketing requires discipline and strong organizational skills.
• Adaptability and problem-solving: The real estate market is dynamic, and challenges can arise unexpectedly. Being adaptable and able to find creative solutions will help you navigate complex situations and keep deals moving forward.
• Tech-savvy: The modern real estate industry relies heavily on technology. But don’t worry—your brokerage can teach you the best tools for online marketing, customer relationship management, and digital listing platforms.
• Empathy and patience: Buying or selling a home is an emotional process for most clients. Having empathy and patience to guide your clients through the journey builds trust and fosters long-term relationships.

5. Real estate agents who work to build their networks tend to be more successful.

You may have heard the adage, “It’s not what you know; it’s who you know.” While that’s not entirely true, networking is critical as a real estate agent.

The best way to start networking is to inform your sphere of contacts and associates that you are a licensed real estate agent. To get to know others in the industry, attend industry events, which allow you to network with recruiting brokers, learn about your local market, and get tips on how to start your new career.

6. Successful agents often have a strong support system and dedicated mentors.

Having a support system and a mentor is essential for new real estate agents navigating the industry’s complexities. Your support system may include friends and family who provide emotional encouragement during tough times. While their support is invaluable, having a mentor who truly understands the challenges of being a new real estate agent is equally important. A mentor can help you avoid common pitfalls and develop the skills necessary for long-term success.

When exploring real estate brokerages, inquire about their mentorship programs. A strong mentor can be pivotal to your success as a new agent.

We want you to enter the real estate industry with your eyes wide open to the possibilities and struggles you may encounter as an agent. Ready to get started in your real estate career in Nevada? Learn how to get a Nevada real estate license and enroll in your pre-licensing courses with Key Realty School. Key Realty School has helped more than 60,000 real estate professionals get started in the industry, and we can help you succeed, too!