Dear Aspiring Real Estate Agent,
When I decided to become a real estate agent I jumped in with two feet and didn’t look back. Although I will never regret it there are a few things I wish I had of known ahead of time and been prepared for.
And through my years as a mentor and now a broker owner of a real estate brokerage managing other real estate agents and their businesses I have seen the struggles of a Realtor starting out and/or fighting hard to stay in firsthand.
Here is a list of the most common forgotten about or in some cases not even considered situations, cases and scenarios that I have encountered or witnessed that you should pay attention to before you make your final career decision.
Take A Long Hard Look At Your Finances.
Real estate is not a cheap business. Not only the cost of the courses and education but most don’t know that once you have completed the courses you are essentially on your own. In terms of getting started with marketing materials, signage and all that jazz. Depending on where you live and the brokerage you choose you may get some assistance in this however none of that comes without a cost. So be prepared to have money available to get started. More importantly, know how much you will need.
Being a 100% commission based industry that means if you don’t make a sale, you don’t get paid. Moreover, you don’t get paid until the transaction closes. With the average closing date is between 45-90 days which means that if you are lucky enough to sell a house on your first day on the job you won’t get a pay cheque until possibly 3 months later. So if you want to eat in that time frame you will need to have a cushion of funds available to sustain you until you make a sale and it closes.
The potential of making a very high income in real estate IS possible. However you need to be saavy when it comes to budgeting, saving and finances overall in order to make it work. Peaks and valleys are common in the real estate business. Meaning you can be explosively successful one minute and hearing crickets the next. Proper financial preparation is absolutely vital. Without it you will not survive.
Get A Mentor
Find someone in the business (preferably in your local market) that has at least 5-10 years experience. That gives them enough awareness of the ups and downs of the real estate industry and the market itself. Become close with this person, pick their brain and most importantly; take their advice. When statistics show that the average real estate agent fails in their first 2 years of business, someone that has made it past that mark obviously knows their stuff.
Get Further Training
Take training above and beyond what is offered at your brokerage. Also above and beyond the real estate industry specifically. Any business knowledge, sales knowledge, marketing knowledge and financial knowledge will help you. Take online courses, night courses and read books to help you know and understand all of the above. This will give you a leading edge against the competition.
Do It Your Damn Self
There are tons of enticing lead offers out there. From right at your doorstep to various exterior companies and organizations that will try and blow you away with offers of tons of leads and thousands of dollars. The same goes for friends and family that promise referrals and to work with you when they are ready to buy and sell. Don’t count on any promises. Do the work yourself. Develop the skills and habits of finding and building your own business. Every single day without fail. If the other stuff comes, it will be a pleasant surprise. But you need to be the master of your own business and rely on no one else. That way there is no one else to blame and you are in complete control. Which I am sure is something you enjoy or you wouldn’t be considering a career in real estate in the first place.
Treat it Like a Job and/or a Business
This may be the most important piece of advice that I give you. Most people go in to real estate thinking they are going to have all of this time and freedom while making a boat load of money. Think about that for a second. Isn’t that the craziest thing you have ever heard?? If you could work half assed at something and make mountains of money so easily don’t you think that everyone in the world would be doing it? A career in real estate needs constant nurturing and hard work to be sustainable. Not to say you don’t have FLEXIBILITY, you most certainly do. However you must treat each day as if it were your job. That if you didn’t attend this job and put the work in that you would get fired. Because that is exactly what will happen. Your career will go up in flames.
If this scares you, it should. So many have failed in this industry due to lack of control over their day and their overall plan. Wake up every morning employed, get advice from a mentor, manage your time well and stay educated and you will surpass any statistic. Bottom line, GO TO WORK.
Congratulations on considering what is in my opinion the most fantastic career in the world. The sky is the limit for sure.
If you ever want to know more about my experience or what I have seen or been through please reach out, share or comment.
Until Next Time…..