Do you remember your first days as a real estate agent? Were you nervous? Excited? Looking back after years of experience, we often smile to recall those early days of our careers when we still had so much to learn.
If you’ve ever wondered how to pass on the wisdom you’ve learned throughout your career, consider launching a real estate school. Offering a training program through your company is a great way to grow your business while fostering a new generation of real estate professionals.
The real estate sector continues to enjoy healthy growth: The Bureau of Labor Statistics, which tracks employment data, estimates that job growth for brokers and sales agents is expected to increase 4 percent in the next 10 years. More than 47,000 jobs become available each year, so there’s nearly always demand for new talent. And with Americans increasingly hungry for jobs that provide flexibility and independence, careers in the real estate sector have never looked more appealing.
As experts in the field, we have a unique opportunity to share our wisdom with a new generation of real estate professionals. Opening a real estate school is a great way to foster new talent and cement your legacy in the industry.
Launching your own school of real estate doesn’t mean you have to build a brick-and-mortar school from scratch, either. Real estate education companies like Dearborn offer turn-key programming partnerships for online or in-person real estate schools. They provide textbooks and instructors, state-specific exam prep and licensing, and host the online courses. Becoming a real estate instructor allows you to expand your business into education so you can pass on your expertise to your students.
The profit-sharing model of real estate schools like Dearborn’s means your business can generate passive income from the program. Meanwhile, you have the option to work directly with students, providing instruction and mentorship to new professionals. And team members already working with you have a convenient, in-house resource to further their education, becoming brokers or even instructors themselves.
Curious about launching your own real estate school? Here are some benefits a real estate training program can offer your business, and some considerations to keep in mind before you begin.
Your next-generation talent is already in-house
By training new brokers and sales assistants in-house, you already have great talent at your fingertips. This hands-on approach to their education means you have insight into potential candidates that you wouldn’t get from a traditional interview process.
You’re observing how your students solve problems, navigate interpersonal relationships and adapt to new information. These insights are invaluable when inviting new team members to join your brokerage, especially for new professionals who will be honing their skills in real time.
Plus, as the director of your own real estate school, you’re shaping students’ education to reflect the best practices you’ve gained over years of experience. Much like a fine arts training program molds young artists in the model of their experienced faculty, your real estate school will reflect your values as a professional, and those values will shape the careers of your students.
The same holds true for agents and sales assistants already on your team. These professionals have the opportunity to gain new skills and licenses, so you can create new brokers thanks to the education programming your business provides.
While anyone who joins your brokerage will learn the style and values of your business, having a hand in the education of your future team members presents an amazing opportunity to instill your hard-earned wisdom from the very beginning.
Teaching the latest insights in real estate industry knowledge keeps you informed, too
Medical schools have a shorthand saying to describe the training model for surgery: watch one, do one, teach one. When you know a skill well enough to teach it to others, you can feel confident of your mastery.
In an ever-changing industry like real estate, staying on top of the latest research, data and best practices is critical to the success of your business. As an instructor, you’ll take refresher courses on the latest innovations in the field, keeping you at the leading edge of industry change.
As you hone your education skills to train new real estate professionals, you may find you gain new insights into the business yourself. You’ll be better able to clarify the process to agents and brokers on your team and crystalize your methods and values into sturdy principles of the industry.
Adding a real estate school to your business is a unique branding opportunity
As we all know, developing brand awareness in your community is key to the growth of your business. Your real estate school, therefore, can gain influence in the community as a place where local aspiring agents and brokers can acquire high-quality training and all necessary licensing to launch their careers.
By positioning your business as the source of reliable real estate services and an engine for education that provides career opportunities for the community, you’ve gone one step further in cementing your brand’s legacy and position in your region. Plus, as an educator in the community, you’ll be widening your professional network and generating new leads.
Before you launch a real estate school, consider whether the investment is right for you
There are many great benefits to adding a real estate school to your business — but that doesn’t mean it’s the right choice for everyone. Be sure to research any educational partnership before you dive in, to make sure it’s the right investment for your business.
As the director of a real estate school, you’ll be responsible for compliance with all state regulations and licensing requirements and must ensure that your students’ education is preparing them to sit for exams and licensing.
Dearborn’s partnership program provides state-specific exam prep and course materials, but you’ll still be responsible for getting your school registered and approved in your jurisdiction and submitting your course materials for approval by state regulators.
And while a real estate school can generate passive income for your business, you shouldn’t expect that revenue to appear overnight. Evaluate your business finances to ensure you’ll be able to afford the startup costs and account for any unexpected expenses.
Another consideration: Do you enjoy teaching? If educating a new generation of real estate professionals sounds like an inspiring and fulfilling project, then it’s worth exploring how to launch your own school. But not every expert needs to be a teacher, so be sure to reflect on your personal and business goals.
If you love the idea of passing on your knowledge and wisdom to aspiring real estate professionals, then opening a real estate school can be a fulfilling and fruitful opportunity for your business. By paying your knowledge forward, you’re providing new agents, brokers and sales assistants with critical insights about the industry and helping to cultivate the careers of a new generation.
Nicholas Acosta is a real estate broker and instructor. He launched Downtown Expert Realty LLC in Orlando, Florida, in July 2020.