Things You Should Know Before Starting a Career in Real Estate
17 May 2021
Being your own boss, working flexible hours, and having unlimited earning potential – earning a real estate license definitely pays off. While a career in real estate certainly offers some great perks, being a realtor does come with its own challenges. Knowing what to expect can definitely help you prepare better when you’re just starting out. What’s more, it can help increase your chances for long-term success.
Whether you’re looking to enter the world of real estate or make an exciting career change, here are five things you should know before starting a career in real estate.
Strive to set yourself apart
First and foremost, you need to understand that the real estate industry is a highly competitive one. Because of this, it’s crucial that you start working on developing your personal brand as soon as you become licensed. Consider the things that make you unique and that can help set you apart from other realtors in the market. Ideally, you’ll make your clients choose you over an experienced realtor or the one they know on a personal level.
By examining the local real estate market and building a brand that’s unique, you’ll be able to attract new clients. This will help kick-start your career in real estate and ensure long-term success.
Team up with successful real estate agents
Another thing you should know before starting a career in real estate is that you don’t have to work alone. Instead of worrying about navigating the initial transactions by yourself, consider teaming up with experienced agents to make things easier.
One of the biggest benefits of working with top real estate agents is that it prevents your newbie status from hampering your progress and holding you back in your real estate career. This is because clients are more comfortable working with agents who have someone with years of experience looking over them. They are, after all, trusting you with their largest investment. Convincing them to work with someone who’s just learning the ropes is much easier with experienced agents on your side.
Build a financial cushion before starting out
Having a team of experts to lean on can certainly give your career a boost when you’re just starting out. That said, you will still need a financial cushion to fall back on while waiting for your first commission check. Costs can start to add up pretty quickly, and you’ll need a solid plan in place for handling those expenses.
If you’re planning on getting your real estate license soon, make sure to start putting some money away in advance. Ideally, you will build a six-months-reserve that will help carry you through periods when there are no closings.
Be prepared for schedule inconsistencies
Income inconsistencies aren’t the only thing you’ll need to get used to when starting a career in real estate. There are also irregular schedules you’ll need to grow accustomed to. Having no typical hours or days can be a good thing depending on how you look at it. Working on a flexible schedule leaves more room for you to plan and prioritize other, non-work activities and events.
That said, you’ll also need to be available seven days a week and during the all hours of the day. Sometimes, this will mean showing houses early in the morning, and other times, this will mean writing contracts around midnight. Again, this is something you can discuss with other, more experienced real estate agents and perhaps ask them for advice.
You determine your own success
Last but not least, it’s important that you know that real estate requires hard work, effort, and commitment. You’re the one who determines your success, and what you put into your real estate career will determine the outcome.
What this means is that you can not expect full-time rewards if you put in part-time effort. On the other hand, if you work hard and show up every single day, you can reap some incredible rewards. A career in real estate offers unlimited income potential, and it’s up to you to determine how successful you’ll be.
Starting a career in real estate comes with its own set of obstacles that you’ll need to overcome to succeed. That said, real estate is incredibly rewarding and fulfilling (and fun!) when you know exactly what you should be doing. Follow these tips, and you can rest assured you’ll be starting your real estate career off on the right foot.