5 Things to Do Before Starting a Career in Real Estate
You may be thinking about starting a career in real estate. Whether you are changing jobs, or starting work for the first time, real estate can be a fun and exciting business. There are a few actions to take and things to consider before you dive head first into a real estate career.
Be Honest With Yourself
Ask yourself: “what is my motivation?” Selling real estate is not easy money. If you are thinking you’ll be successful right away, this might not be the career for you. It takes a lot of hard work, connecting with people, and providing the utmost customer service to be successful in this line of work. Real estate involves marketing, sales, entrepreneurship, and customer service. You want your clients to refer you and keep coming back. Are you up to the task of networking and building a business?
Interview Current Real Estate Professionals
When considering a new profession, it is always a good idea to talk to the pros: people who have been in the business awhile who can be very candid with you about the pros and cons of real estate. Don’t just talk to the very successful agents, but also to the ones who are at different points in their career. It’s important to know what it takes to get a real estate business off the ground.
Real estate is a commission business, and for a beginner it could take some months before you see a steady income. It’s important before you dedicate your time to real estate, that you have money saved that will carry you through the lean times. It might also be wise to consider a second source of income until your business is providing you with a paycheck that covers your expenses.
Build a Database of Clients
It’s never too early to think of who you would contact for their buying or selling needs. Make a list of people that you would contact about your new business. You can begin sending emails, or generate a newsletter of your journey into the business and share how you can help these potential clients with their real estate needs.
Treat This as a Business
At the beginning, you will need to take a course and exam to get your real estate license, and also interview potential agents and firms. You should keep track of your mileage and other expenses. Talk to a tax preparer and find out expenses that you can deduct and begin keeping track of them. You should also write a business plan. Sticking to plan will most likely help you to reach your goals and become successful in your career.
Remember, there are a lot of things to consider before you take that real estate course and exam. You will already have invested a lot of money before you’ve made your first transaction. You want to do your research to make sure that real estate is the right career for you.