I believe the REALTOR® profession is one of the most rewarding careers one could ever have. Not only do you get the chance to make a difference in your community and the lives of your clients, but how many other professions could you enter into, with no degree, where the financial rewards can surpass that of a doctor, architect, or even some high level executives?
However there's usually a big problem that stares most agents in the face when they make the jump into the business. Money tends to be all they see and unfortunately they have no clue about what it takes to EARN that sort of success. So, let's discuss that, and hopefully after we're done, and assuming you still feel the same way, then by all means jump in!
Put In The Work
First, let's talk about the fact that most real estate agents make less than $25,000 a year. Yep, that's correct! Many of these agents assume they can get into the business, just do it part time, only sell homes to their close friends and relatives, because of course their friends and family would always use them to buy or sell their home, right? WRONG!!
In fact, it's quite the opposite, in many cases friends and family often go with someone else unless they feel the agent is competent enough to handle the work. Could you blame them? Wouldn't you want someone who's competent and know what they're doing when it comes to buying or selling one of the largest transactions you'll ever make in your life? Here's the truth, competency only comes with practice. The more homes you sell the more competent you become. If you're only making $25,000 or less, trust me, you're not competent. Not even close.
You then have the people who enter the business believing they don't have to work hard in order to become a successful REALTOR®. They think their broker will send them clients to work with and that somehow, someway, all they have to do is tell people "Hey Guys! I got my real estate license. Let me know if you want to buy a house," and that would do it.
It's not until after several months have gone by where they start to realize their broker won't be sending them leads any time soon, and that prospecting and marketing is the lifeline of the business which happens to require time, commitment, and consistency. Much of what most people seem to never have enough of.
These types of agents quickly become frustrated and start to blame the brokerage company for not helping them get their business off the ground. They blame their colleagues for not being honest about how to get clients. They blame everything and everyone when in reality they're just not putting in the work. Period.
Work in the real estate business doesn't consist of an eight hour day (most agents don't even do that), are you kidding me, it's more like 18 hour days, everyday of the week for at least two years before you can even think about taking off on weekends. I still work between 16-18 hour days and I DON'T HAVE TOO!! What makes you think 9:00-4:00 Monday-Friday is good enough when YOU'RE JUST STARTING OUT!
Let's also talk about the agents who think you don't have to spend a lot of money to be in this business. Now this one is funny! Money is all this business knows. First, you pay to take a real estate class, then you pay to take the state exam, then you pay to get into the business, after that (if your state is a REALTOR® state) you pay to become one, next you pay the state for a business license so you can practice, then you pay monthly dues to your brokerage company, and of course you need clients which means you need business cards, marketing material, and a host of other tools in order to have any ability to engage the market in a professional and effective way. We haven't even talked about commission splits, deals where you lose money, cost of doing business, vehicle maintenance, technology fees, and so many other expenses. Money makes this business go around! If you're thinking of getting into real estate and just "winging it" your ass is in for a rude and expensive awakening. You heard the phrase, it takes money to make money. Now granted, the start up cost and overhead in the real estate business is much less than many other industries, but the cost are indeed there.
What is your passion?
Now that we have some of that other stuff out of the way I would be remiss to close without talking about passion. Most agents who are new to the business say that they have a passion for looking at homes, they just love to look at homes and "help people."
There's nothing wrong with that type of passion but that's not the sort of passion that really matters. The market only cares about two things. Money and Results. Did you make or save your client money and did you deliver on what you promised? And so, the real passion, I think, that matters is:
Do you have a passion for deal making?
Do you have a passion for solving big problems?
Do you have a passion for exceeding people's expectations?
Do you have a passion for finding business?
This is what clients want:
A Deal Maker
A Problem Solver
Someone Who Over Delivers
A Professional who can Bring in the Business and do good Business
So, you still think you want to be a REALTOR®? I think that's awesome because we need some good ones. But just know, that if you're going to jump in be prepared to swim because sinking is very easy to do.
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