While many people are still complaining about lack of employment there are those who are creating their own jobs. This is possible in the real estate business. You can do your own thing, enjoy it and make good money too. The real estate business offers many benefits for those who dare.
A career in real estate has more freedom than a corporate job
Real estate agents have a lot of freedom, because they are their own boss and make their own schedule. They can work as much or as little as they want, which is a good thing for many people, but can be a challenge for others. You have to have a great work ethic to make yourself work hard and create business as a Realtor. Real estate agents have to work under a broker or be their own broker, but that broker is not exactly their boss. The real estate agent is usually a self-employed contractor for the real estate office. That means they set their own schedule, they take vacations when they want, they take time off during the day to watch their kids plays and recitals. A Realtor can do these things without asking for permission from anyone!
A real estate career allows you to make more money than a corporate job
Many people see the average incomes for a real estate agent in the $40,000 range and assume real estate agents don’t make much money. The thing is those statistics count part-time real estate agents and agents who treat their job as a hobby. I mentioned an agent has to motivate themselves and make themselves work hard. Not everyone can or will work hard unless they have a boss telling them they have too. I talk about how much money real estate agents make in more detail in this article and they can make a lot of money! It is not uncommon to see a Realtor make well over a hundred thousand dollars a year. In fact our office has 38 agents and I know at least four of them make well over $100,000 a year; actually two of them make over $300,000 a year consistently year after year.
For you to be able to give real estate business your all you need not know only the pros but also the cons so that you are quite certain of what you are getting into. The cons should not scare you, you simply need to adjust yourself .
- There is an investment in time, money, and effort required. Also, it comes with no guarantees. Passing the state real estate licensing exam is difficult and demands an understanding of complex topics and a varied skill set.
- You’re an independent contractor, and are on your own to learn the market and the business. You are in charge of building your lead list, maintaining your client’s needs, networking relationships, marketing your business, and managing the day-to-day office needs. It’s all in your hands. Many new agents fail to recognize how much work it takes to become a successful real estate agent.
- At first, your cash-flow direction will be out. Most new real estate agents need a nest egg to begin their careers. Getting your first sales to come in will take some time, and it will likely be a couple months or more before you cash your first check. Depending on the market you cover and existing relationships you can farm, it can be a feast or famine situation.
It is quite exciting when a realtor eventually gets their license but that is just the beginning. There are other follow up activities that must be done.
- Broker selection is critical. Your broker is the one who will help you map out your path to success.
- Although you may be anxious to share your ideas, try to listen more than you talk. Your ideas could be interesting but ultimately unrealistic. Listening to advice from your broker and other successful agents in your office about how to start your business is invaluable.
- Now that you’ve become an agent, you’ll want to get the word out. One of the best ways to start is by sending those on your list a handwritten message.
- Many experienced agents have a niche or are known as experts in a certain neighborhood. As a new agent, you don’t have the luxury of having a niche; you just need some business. To better serve your clients, you will need to know the majority of the neighborhoods in your market. What are the house styles, price points and amenities?