10 Things You Must Know on Being a Real Estate Agent

Are you seeking to work on your own hours and being your own boss?

Being a Real Estate agent has those qualities, attracting many people to start a career in Real Estate. New realtors are eager to earn highly rewarding salaries and work on their own time. What they do not focus on is the amount of work and time it takes to become a successful real estate agent.

Working in real estate can be challenging. You must be able to handle the inconsistent cycle of the housing market. 

In 2019, realtors are experiencing a slower selling market for existing homes.  Despite the volatile results and a slow start in 2019, there is potential for demand with the upcoming new homebuyers.  Millennials are swaying away from renting and are becoming the largest generation consumer in home buying in 2019 and 2020. With the upcoming influx of first home homebuyers, assistance in buying and selling a home is increasing in demand.

Before you jumpstart a career in real estate, here are 10 things you must know to before becoming a real estate agent.

Before enrolling for courses, you must be honest with yourself and reflect if you have the personality and characteristics to work in the real estate Industry. A successful realtor possesses characteristics such as self-starter, sociability, resiliency, and adaptability. Research and reach out to local real estate agents and brokers for assistance. Ask them what is expected day-to-day or volunteer to help with open houses. Investing a short period of time will help you save money and time in the future to see if this right career path for you.

Passion is one thing you cannot fake. Being a passionate real estate agent will help you overcome the challenges the industry possesses. Embracing the lifestyle of inconsistency and uncertainty will determine if you can have a career in real estate. Successful realtors embrace this unpredictable journey because helping homeowners and home buyers are their passion.

Anywhere you go, people are always watching.  You are a walking billboard and constantly showcasing your brand with your personality. Clients want an approachable and emotional connection with their realtors. When a client feels disconnected or loss of trust they can choose to look elsewhere. You must be accountable for your actions to protect your brand.

Income for a real estate agent has the potential to be lucrative. Realtors face economic downturns or have difficulty closing a sale. These challenges will make it difficult to determine your income. It is essential to have the skill to build and follow a budget. Because of the inconsistency of the housing market, having a budget is important for your success. Make sure you have enough funds to cover living costs will help you stay focus on your job.

As a realtor, you are your own boss and get to decide when and how long you work for. However, do not expect to work "9 to 5" a job when in real estate. Successful real estate agents possess time management skills because of the inconsistent times they may work. Most of your potential clients you will be working with may only be available during the evenings and weekends.  Realtors understand their days can vary depending on meetings with clients, hosting open houses, or lead generating. Building a structure for yourself is crucial for your success in real estate. 

The first year of real estate will take a lot of patience. Because of the inconsistency of the housing market and the uncertainty of closing a sale can make a career in real estate frustrating. You must be patient to handle this hardship when starting your career. Building leads and getting sales do not happen instantly. To be successful, patience is needed to build a strong and lasting business. There will be situations where expecting buyers will flake on you last minute or unlocking lockboxes can be difficult.  Just remember to be patient and the hard work will pay off.

Source: National Association of Realtors

Buyers are constantly seeking for guidance. The NAR found 50% of buyers found their home through the internet, 28% from real estate agents, and 7% from open house signs. That is 85% of potential home buyers that a realtor can target with correct marketing actions. Proper marketing actions are necessary if you are trying to generate leads. Realtors who are not practicing their marketing skills are inhibiting the chance to get a potential home buyer.

Licensing fees and brokage fees are the essential costs to be a realtor. However, it's important to invest in yourself and in your brand. As the old saying goes, "you must spend money to make money". Invest your time by attending learning conferences, a great place to network and learn from other successful realtors. Invest in your brand by using marketing tools like Google, Instagram, and Facebook ads. As well, invest in promotional items like pens and calendars to help promote your brand. Real estate is a long journey filled with lessons to be learned along the way. Investing in yourself and your brand will help you be prepared for any uncertainty that comes your way.

A realtor can choose to start their day late and put minimal effort and earn an average salary of $39,800.  If the average salary is not the income you are seeking you must hard work attitude. Find ways to keep yourself motivated like creating targets to achieve when finding leads. Be willing to take open house showings and be willing to work during off hours when potential buyers are shopping for homes. Real estate is highly rewarding, especially when you work hard for the results.

When starting your real estate career, it is very important to align yourself with a strong broker. It is a lot easier to build a business if you have the proper mentor who has insights on the situations you are soon to experience. Many agents career fails due to the lack of support when they need it. Remember when selecting a broker if the price is non-existent, you get what you pay for. 

We found these 10 things to be important when starting out a career in real estate.