Things You Didn’t Learn in Real Estate School
You may think that after spending close to 100 hours in a real estate course, studying for and passing a state exam that you have all the knowledge needed for your career in real estate. You probably are going into real estate for many different reasons, but once starting you will see that things aren’t as they seem from the outside looking in. Being prepared for the unexpected before it happens will help you to survive a real estate career.
Your Schedule is not Your Own
People believe that in real estate you can create your own schedule. In a way that is true, but being a good agent means being available to your clients. Your money is made from providing customer service to your clients. You will experience all types of interruptions when you are “off the clock”. Making your business work is being flexible enough to meet those demands.
Whether you choose a brokerage with a lower commission rate and low office fees or opt for the firm that offers a bigger split of the commission but bigger office costs, it’s going to be expensive. If you are getting a lower commission that means you are paying the brokerage a lot of money each time you sell a house. You may be working really hard, and not making the money from all that hard work. It’s a good idea when you are starting out in real estate to have a year’s worth of living expenses saved up.
The real estate industry is a tough business. About 20% of new licensees will quit real estate after their initial two-year license period is up. This could be because of the work involved that they didn’t understand before starting or the low income when first starting out. It takes lots of time and effort before seeing any real money in real estate. This is enough to discourage even the best salesperson.
To be Successful, it will Consume Your Life
Getting through the first two years is rough. But if you hang in there, and have good customer relations more opportunities will present themselves. And with these opportunities comes more of your time. Nights and weekends are the times you will make your living. This can be difficult on your family life if they are not prepared for the hours you will put in to be successful at this job.
Real estate can be a very rewarding career. You are helping people realize their dream. A lot of people are not cut out for it, but if you are committed to being successful, you too will have a rewarding career.