Category Archives: Real Estate

Why Real Estate Is The Perfect Career

When making a career choice, there are several factors that an individual considers. These factors help in arriving at the best decision and ultimately selecting a career that will satisfy the individual. 

These factors range from the qualification requirements, ease of entry, future prospect, potential earnings, career advancement, and working environment among others.  A career in real estate can be one of the best choices that you make in your life. Here are some of the reasons why it is the perfect choice.

Low Barrier To Get In

If you have a passion for sales, like interacting with people from a diverse background, have patience and are committed to seeing other people satisfied, this is a career for you.

Unlike other careers, the entry requirements to get into this line of business are minimal.

In terms of the education requirements, with basic education and a certificate course in real estate, you are good to go.

When it comes to capital requirements, this is a career that you can enter without incurring debts. In fact, at times you do not even need to spend anything at all if you do not want to. If you have the information about a property and know somebody willing to take it, you will have earned yourself a commission without the need of a business office, office equipment, and things of that nature. You will have made your money just by using the already existing infrastructure.

Out of the money that you make from such a deal, you will have enough to set the system. I cannot think of any other business which one can start this way, beginning a venture to get some capital to do the same business.

This can only happen in a real estate business. Although it is easy to enter into this career, it does not mean it is for everyone. It belongs to those who are passionate about sales, so do not be afraid that there are a lot of people who try out this career.

Many are called, but a few are chosen. Some of those who join with a mindset of getting rich quickly will get disappointed within the first few months, especially when they find that things are entirely the opposite of what they thought.

High Income Potential

For other types of careers, employees have to wait for years before they finally get a pay raise or a promotion. You may work extra hard for a particular employer only to be recognized with a small amount in terms of a bonus. You may earn them million dollars but won’t get a cent of the business that you have brought to them.

When it comes to real estate business, things are different. Depending on the effort that you put into your work, you can be earning a pay raise every month.

How does this happen? Every month, set a goal of closing one deal a month. Then, when you accomplish that goal, aim for a bigger one than prior month. With this strategy, you will be earning more than you did last month.

If you keep aiming at closing more deals than you did in the previous months, you have an opportunity of making a significant amount of more money.

Income is not constant. It can increase every month. However, on the flipside, you can earn less than you did last month. There may be times where you may even take home nothing.

This can be avoided by having a strategy, aim at making a deal every month and ensuring each time you have more than what you did last month.

It takes hard work, so you have to be prepared to get your hands dirty and burn the midnight oil.

Use strategies that are working advertise widely, target the right market and you will never go wrong on this, you are assured of earning more every month, something that you may not get anywhere else.

Working Environment

If you have ever dreamt of working in an environment where you enjoy total freedom, flexibility and are in control of things, real estate career is what you had in mind.

Working as a real estate agent gives you the freedom to determine when, where and how to work. You will be your own boss, you do not wait to take orders from your supervisors, and you are everything.

You make decisions on which clients to approach, when to do it and how you will get them. If you do it right, you will succeed in this. If you are not a person who likes being caged in an office from nine to five, waiting for instructions from your boss and are restricted on the types of decisions that can make, then a career in real estate will provide you what you need.

It will keep you challenged every day.  It is a profession that will make you go out of the way to find real estate deals, close them, and keep doing this day in and day out. 

However, there is a disclaimer: do not get into this thinking that it will be all easy, sometimes you will be required to work for long and odd hours. You should understand right from the beginning that it can be more demanding than most of the other careers. For those who are patient, remain focused and resilient, hefty commissions await.

Why Real Estate May Not Be For You

career path

We are often told that while many are called, only a few will be chosen.

 

Many will come calling for a career in real estate, but only a few will make it. Not everyone fits into this career. It’s that simple. 

 

You must possess specific characteristics to succeed. Otherwise, you should look for something else to do if you do not have these characteristics or you will be wasting your time here. You will wind up spending all your time endlessly chasing after customers who will not be coming your way.

 

However, this is not to discourage those who may have already started this career but have not had their first client yet. If you feel you have what it takes and are committed to this business, all that you need to do is use the right strategies, keep pushing and ultimately, you will get what you want.

 

For others, especially those who have these characteristics, this might not be the thing for you.

 

You think this career will be a walk in the park.

You may have seen others make a fortune, read somewhere that some of the people doing well are from the real estate business.

 

You may be right, but if you are coming in just because you have seen other people make money and have not done your homework and learned the pain they have gone through to get to where they are, you will be in for a big surprise.

 

Most of the times when we are reading success stories, we only read the part that talks about the smooth times that these people had. If you talk to any of these people in person, you will be surprised to hear how they went through some serious challenges to get there.

 

Some of them will tell you that they almost gave up, but since they were prepared, they ultimately made it. Real estate may seem like an easy way to make money: you talk to people who are already willing to buy or sell, and then get your commission out of it.

 

There is a lot that goes behind the scene; there are many others who are looking for customers, so do not think you are alone in the market. The competition will be very stiff, and for you to win customers and close deals, you have to be sharp and convince them you are the best choice for them.

 

If you come in with a mentality that things are always easy here, you will lose hope even before you get started. You can come in with a lot of expectations only to be disappointed when you find that the grass is not green on this side.

 

real estate courses

You are just looking to make a quick buck.

Some people may have told you that they earned all their proceeds from their real estate business, and that’s why they can support the luxurious lives that they lead today.

 

That might be just half of the story, do not buy it. Don’t get into real estate to make money quickly, but to build a long-term foundation of genuinely earning it. A real estate career can be a lot of things, but it is nowhere near one of those “get rich quick” schemes.

 

It is a career that you will toil and sweat, cry and spend sleepless nights and yet you will be nowhere near rich. That is the reality. You need to realize that you will most likely not start in this career and join the list of the richest men and women in the country.

 

That is the biggest lie that you can tell yourself. However, it does not mean you cannot make a fortune out of working as a real estate agent. You can do it, but it will take more than mere words.

 

You need passion, hard work, and dedication. Ask people around you and those who have genuinely made it in this career. They will share with you their success stories.

 

Most, if not all, never thought of hitting the jackpot in this business, things just turned around, and it was not mere luck. It took a toll on them. Steer clear of real estate career if you are thinking of hitting the jackpot at least a few months in this business, this will only happen in dreams or movies.

 

You're not fully committed.

This is not a career to get into as you wait for something better. You should come in with genuine passion and dedication. If you start this with divided attention or in the hope that you will get something good in return, I would advise trying something else as you will be disappointed that it will not work. And at the end of it, your spirit will be broken down such that what you expected to get will not come.

 

Real estate career needs somebody who is set on what they want to do with their lives. If you come into this thinking of it as a stepping stone, you will sink and will not be able to get to where you wanted. I would advise that one gets into it when they feel that they have what it takes, try it when you know that you are here to stay. And with that, you will give it your all.

 

Top Myths About Real Estate Agents

The luxurious lifestyles of highly successful realtors around the country have spun a web of aura around the profession of real estate. Ordinary people remain in awe hearing stories about the kind of incomes earned by the top most real estate agents.

It is true that the career of a real estate agent is a highly rewarding one, but it also involves long struggle and constant hard work on the part of agents. There are many other misconceptions about real estate agents that become known to individuals only after taking a plunge in this profession. Here are top myths about real estate agents that keep circulating among aspiring agents.

All agents are the same

This is the biggest myth in the minds of ordinary people when they are about to hire an agent for their real estate transaction. This misconception forces people to make a mistake when choosing a realtor for their transaction. All agents are different in regards to their knowledge, expertise, area of operation, and experience.

You need to find a real estate agent based upon your requirement after going through their portfolio to know if they are fully equipped to do justice to your deal. You need a buyer’s agent to represent you when you are planning to buy a house not a seller’s agent who specializes in selling homes for his clients. Similarly, you need an agent who has the knowledge and experience of selling luxury homes if you are trying to sell your luxury property.

You save money by not hiring an agent

Many buyers believe they can save on the commission of their agent by directly approaching the owner of the property or his agent. You should remember that the commission of your agent is paid out of the proceeds of the sale of the property and it is divided among agents of both sides equally.

If the seller’s agent has been promised a commission of 5%, he is entitled to keep the entire amount if he is asked to represent both the seller as well as the buyer. You cannot hope to save money by not hiring the services of a real estate agent.

You are stuck with the agent you hired

This is a myth that makes many buyers and sellers fearful about their prospects of a real estate transaction. If you have hired the services of a listing agent to sell your property, you sign an agreement with them that mentions the duration of the contract. This contract is usually six months to 1 year long.

This means you are free to switch to another realtor of your choice if your agent is not able to close the deal successfully in the period of the contract. However, you cannot do a thing to get rid of your agent if you do not like his style of working or attitude after signing the contract with him. Therefore, it is so essential to select the right realtor with whom you are comfortable working with.

When you are buying property, on the other hand, you do not have to stick to a realtor as buyer’s agents usually do not sign a contract with their clients. You are free to see properties suggested by another real estate agent.

Agents who are the most busy and popular are the best

This is a myth that works in favor of top real estate agents working in a housing market. They keep getting approached by clients for their transactions even though they already have loads of work on their hands. If the agent is so busy that he hardly has the time to pay attention to your requirements and suggestions, it is not prudent to work with such an agent.  He will assign some of his responsibilities to his juniors or staff members to accommodate your case.

On the other hand, someone who is not as busy but has enough experience under his belt will prove to be more helpful and beneficial in your case. It is always a good idea to personally meet and talk to the realtor to know about his availability and flexibility before signing the contract with him.

You get a better deal when you pay less commission

If you force a realtor to accept a low commission, you might think that you are saving money. However, you are jeopardizing your real estate transaction as the agent might provide a lower quality of service because of low pay. This myth creates problems for many individuals.

All real estate agents make a lot of money

This is a myth that attracts many men and women to take up the profession of a realtor as their career. It is true that the top producers in any housing market do earn hundreds of thousands of dollars in the form of commission form their clients. But the numbers of such real estate agents is very small. A vast majority of real estate agents working across the country are earning a median annual income of less than $50,000. In fact, more than 80% of all individuals who join this profession every year fail miserably and leave the industry as they cannot earn enough money to survive.

When people think about the income of real estate agents, they imagine a 6% commission from the sale of a property. If the property is sold for $300,000, they think that their realtor would get $18,000 as commission. First, the commission of a real estate agent is negotiable, and many agents agree to work for a lower commission just to get work. Also, the commission, whether it is 6% or 5% is equally divided between agents of both sides and not taken by one realtor. There are also listing and selling brokers who take their cut from this commission.

Finally, one needs to think about all the expenses incurred by real estate agents before focusing on what they are getting for their hard work after a deal. Agents must spend money on their marketing, transportation, phone, and furniture and office to manage their work. Then there are utility and internet bills that must be paid by these agents.

The Truth About Working In Real Estate

Being a realtor appears to be very glamorous. The lifestyle of some of the top-earning real estate agents is so lavish and attractive that thousands of people plan to jump on to the bandwagon to live like them one day. There is no doubt about the fact that one can earn lots of money and enjoy a calm and relaxed life as a realtor, but for that, he must be prepared to work hard for a long time. For those who only see the shiny side of this profession, here is the truth about working in real estate.

It is a fact that a vast majority of people taking up real estate as a career are those who are impressed by the success stories of other agents. They join the real estate industry without a clear understanding of what it takes to be successful as a realtor. It is not a surprise then that nearly 90% of these aspiring realtors become disenchanted and leave the profession after a year or two. The success rate is abysmally low in this profession, but there is no decrease in the numbers and enthusiasm of thousands who are ready to take up real estate as a career.

There is a lot to understand and analyze about real estate industry before one should take a plunge into it. It is wrong to decide to get into real estate just because you are frustrated with your current job and believe you will be happy and satisfied by becoming a real estate agent. There are pros and cons of every profession, and without going through them, it is not a prudent idea to switch careers.

The good thing about real estate is that you can learn about it even while doing your current job. This learning phase may prove difficult because you are not spending as much time shaping your craft, but you can get a clear idea of things to come when you switch to real estate as your career. For those who want to know the truth about real estate, here are some essential things to know about this industry before you join.

You will not start to earn money right away

It is very tempting to think about the large commission you’ll get by helping a client buy or sell a house, but it is not easy as it appears. Finding your first client is a tough task as you have to prospect for your leads. It can take many months before you will be able to close your first deal. It is only after this that you get your first check from the client. 

Until then, you must manage your household expenses with the savings in your bank account. You will come across clients who develop cold feet and do not want to move forward to close the deal. You have to remain patient and not lose hope about your income earning capabilities if you’re going to succeed in this career.

You have to spend money to make money

Many people are under the impression that they do not have to invest money on their own to work as a real estate agent. Even before you start working as a real estate agent, you have to pay out of your own pocket to do the required education. You have to pay the fee for the state and national board exam and then for securing the license from your state. After starting as a realtor, you will also be required to pay the fee of the MLS for listing your properties. You will need money if you wish to maintain an office to meet your clients. You may also want to hire a professional real estate photographer to help you market your properties better.

Don't depend on your friends or relatives

Many people having a large social circle believe their network will help them in getting clients when they start working as a real estate agent. They are in for a rude awakening when they find that they get verbal assurances but no work and very few referrals from their friends and distant relatives. 

Buying or selling real estate is a big financial decision, and your friends may not be willing to take a risk by giving responsibility to you. They may wish to rope in a more accessible and experienced realtor for their transaction. The best option for you when you learn about a friend buying or selling the property is to refer a trusted realtor to them. You will get your slice of the commission he gets when he closes the deal without doing any work.

There is no office, but you will be working at odd hours

Many people take up real estate as a career because they hate going to their office every day. It is true that you will not be required to go to an office every day, but you should be ready to work according to the schedule of your clients and vendors. You will be surprised to see yourself visiting clients’ homes and showing homes in the evening and at odd hours of the day. Of course, you can decide to take a break whenever you want to, but you will also find yourself working long hours at a stretch.

Be ready to see your time getting wasted

If you are a very punctual individual at doing every task on time, you will feel frustrated when you are kept waiting by a client or when a client cancels the meeting altogether. Similarly, rehab projects may test your patience through cost overruns and delays, and you should have the patience to complete them if you want to become a successful realtor. 

Showing properties to clients is your duty and you will have to learn to control your emotions when a client says no to all the homes shown to him by you. However, you are also rewarded for your marketing efforts and hard work when you get referrals from previous clients.

A Day In The Life Of A Commercial Real Estate Agent

Choosing commercial real estate as a career path is one thing, and being a successful agent is another thing. A lot of hard work and consistency is required to achieve your dreams. Working long hours is one way to do it, along with acquiring the skills necessary to pursue a successful career.

Continuous learning would be your torch of light that will guide you throughout the process, and you need to learn from your peers. We would like to go through the routine of successful agents in the market and help you out in structuring your schedule accordingly because this routine has helped out several commercial real estate agents immensely.

Starting the Day Off

After getting up early in the morning and getting your workout and breakfast in, you should be in the office by 7:30 am. Check your voicemails, so that you can get back to the clients who have called you in your absence.

Afterward, check your contact database to schedule your cold calling routine for the day. Try reading the local papers and international papers, especially the business section to analyze whether someone in the industry could be your next client or a prospect. You need to know what’s happening in your area and around the globe because it can help you create a better proposal for your clients. Listen to podcasts related to real estate and try to motivate yourself to close a deal today.

Meeting with Your Colleagues

After getting your schedule done, you should meet with your colleagues and discuss what needs to be done today. You can consider different clients you need to talk to, or you can discuss your next strategy to close some deals. Create a list of tasks that need to be performed and divvy them up amongst your team members so that every task becomes more comfortable and no one in the team is burdened.

Make sure that you schedule another meeting at the end of the day so you can review whether the tasks you decided to complete today have been completed or not. Ask your colleagues about the deals in the pipeline and whether they are facing any problems which can be solved with your help. Try to send your teammates into the field, and collect data on trade leases and other opportunities available in the market to work on in the next few days.

Generating New Business

After meeting with your colleagues, get back into your office and start cold calling according to the schedule you had set earlier. Make sure that you get a meeting with one of the clients you have called and find out what they need so you can provide them with the right kind of deal. Find out who is the decision maker in the company you have called and make sure you can get connected to that person. Send your marketing material to that person so that you don’t lose the opportunity. The attention span of a client is quite short, so you need to hit the iron when it’s hot.

Lunch

Try your best that you are not eating your lunch alone. Invite a client over for lunch or a prospect or your teammates. If you have got an opportunity or a client for lunch, that would be best because you can discuss the market situation with them and collect information. This will help you formulate a deal that will be acceptable to both the parties. Even if you are eating lunch with your team, you can easily catch up on activities that have taken place in the office since the morning. You can ask your teammates whether you can help them with something or not.

Afternoon Activities

Right after being done with your lunch, you should go to your office and recheck your voice mails. Turn on your computer and check if any emails need your immediate attention. Call your clients or their legal representatives on the deals in the pipeline. If you’ve got any developments going for a project, stay up-to-date and inform the clients if anything comes up. You can also visit different properties in the area during this time and check if they can be of any interest to your clients.

Evening Schedule

In the evening, you should be focused on creating different marketing strategies and marketing material for your upcoming campaigns. You need to reach out to your prospects in the best way possible. Check with the finance or contracts department and make sure everything is moving according to plan. You don’t want any last minute surprises blowing up your deal.

After all of the accounting and financial arrangements are checked out, ring the sales department and get the details about deals being closed as well as deals in the pipeline. Check to see whether you are on target with the estimated revenue you calculated from the beginning of the year. Get as much information as you can from the sales manager.

Try to set up a meeting with your colleague once more at around 6 pm in the evening. Go through all the activities that are going on in the firm and update them regarding reports from the accounting and sales department.

Revisit the targets you set up in the morning and the progress being made to achieve those targets. Get a list of clients being contacted today and make follow up calls so that you stay updated with the situation. You can also set up a team meeting with the clients or his/her legal representative for the next day to discuss important issues.

End of the Day

At around 7 pm, you should start wrapping up the activities in your office for the day. Check your emails and voice mails once again. Meet with the whole team and motivate them to come prepared for the next day with more energy and enthusiasm. Wish them goodbye and call it a day.

5 Tips To Succeed In Your First Year As A Realtor

Starting off as a real estate agent can be pretty hard in the beginning days of your career, but it is all about staying in the game, and over time, you will succeed. The first year is always the hardest in any job, and it is no different in the business of real estate.  

You need to keep your head held high and keep on learning the tricks of the trade. It is quite impossible that two real estate agents would have the same kind of experience during their first year, but we can definitely note a few points which are similar in the career path of every real estate agent.

1. Establish your network quickly

In the first year of your career, it is essential to build your network and get your feet firmly planted in the game. The more people you know, the more leads and potential business clients you will be able to get.

Attending networking events, meeting with new people, contacting experienced real estate agents, and cold calling needs to be your priorities in the first year of your career. It is all about putting yourself in the market and letting people know that there is a new rookie in town who is striving hard to own the market.

2. Learn as much as you can

It is imperative to acquire knowledge of the game at the very early start of your career. Although you will be learning a lot theoretically in the pre-license courses, the market requires practical, real-life experience. Try to find a seasoned agent in a brokerage and ask him or her to become your mentor. Try to learn from the best in your area as an experienced agent will introduce you to opportunities that can shape your future. There are professional development classes available online as well as in different institutions. Learn the art of talking and selling because half the part of closing the deal is about communication.

Different brokerages give the rookies a chance to take sales training, and you need to cash in on such opportunities. Get yourself out in the market and try to handle real clients. It may not be possible if you are acting on your own, but a mentor can arrange it for you.

You can also observe your mentor in shaping a deal, and learn from him or her on how to act in a similar situation. You have got a lot of time in your hands if it’s your first year in this business, so make the best use of this time and take as much practical knowledge as you can from the people around you in the market.

3. Budget now, Not Later

Handling finances are difficult for experienced agents, let alone for new agents in the first year of their career. You need to properly plan and manage your finances if you don’t want to be in big trouble once you have your own office setup.

Tax deductions will come earlier than you expected, so you should have a plan in place to handle these tax items. As you will be starting small like most the new agents, you will need to set aside a particular amount of money before you apply to become a real estate agent. Make a backup plan to handle the risk of hitting rock bottom. Having sufficient savings will help you a lot by allowing you to cater to any situation. You have the rest of your life to relax, enjoy concerts, or take a vacation. At this moment, in the beginning stages of your career, all of your energy should be dedicated to surviving in the market.

4. Acknowledge your weaknesses

Nobody is born a great real estate agent. All agents were once in your position. There is no shame in asking for help, and if you have already chosen a mentor, it will be much easier for you. The first year of your career will definitely be exciting, but you need to stay on course and acquire guidance from experienced professionals in your field. Contact professionals, coaches, teachers, friends in the market, or any person who could give you useful advice.

5. Understand your employment status

One of the biggest confusions new agents face is regarding their employment status. Most agents aren’t employees but independent contractors. Being an independent contractor means that you are not linked with a brokerage as an employee, and you are definitely not a partner. If you are not an employee, your payment is connected with your sales, which is an added pressure. There is no monthly wage being promised to you, and you have to withhold your own taxes.

On the other hand, an employee has most of his/her taxes automatically withheld by an employer, like health and retirement benefits, Medicare and federal Social Security taxes. Keep 35% of your income put aside to tackle these taxes if you are not ready to become an employee.

It would probably be better in the first year of your career if you try to work for a successful brokerage than venturing out on your own as an independent agent. You may not make a single sale in your first year.

So stay on the safer side at the beginning instead of taking many risks, because it would be quite challenging to handle failure and financial difficulties when you first start out.

Final words of advice

As a new real estate agent, you should concentrate more on learning than earning money. There is a long road ahead of you, and you need to obtain the knowledge necessary to kick-start a successful career. Observe what successful real estate agents do, and try to get in the company of such professionals as they can help you to uplift your career in a short period. Try to learn from the best, and implement the knowledge in the field as much as you can. Slowly but surely, you will get the know-how of how the business is done and all you need to do in your first year is to remain determined and consistent.

Best of luck on your future endeavors, and if you have any questions, you can post them in the comments section, and we will get back to you as soon as possible.

A Day In The Life Of Residential Real Estate Agent

Residential real estate agents may have to go through a process of renting out houses and land or buying and selling the property. It is indispensable for agents to be aware of the changing trends in the market, and have a set routine in place to help them perform consistently.

Every day is different in the real estate market, and as a residential real estate agent, you will have to meet with different kinds of people daily. Each day brings new challenges to the table, and an excellent real estate agent who is passionate about their career will conquer these challenges swiftly.

Today, we will go through the daily routines and activities of a typical real estate agent so you will know what to expect if you are considering this as a new career.

Planning the Day

When you first begin your day as a residential real estate agent, you will have to take a look at your calendar and see what is planned for the day. You want to review what will require your immediate attention, or go through real estate documents, such as lease agreements or financial records, to finalize last minute details to try to close some deals. 

The client contact database is the heart of the real estate business, and the agent must update it regularly. You may have to make some cold calls to generate more leads.

Last but not least, responding to emails and calls from your clients should be a priority. If you do not contact them promptly, that will send the wrong message, and you will be hurting your business in the long run.

If you are just starting out, you will have to perform these tasks yourself. As you get more experienced, you may consider hiring an assistant to help you with this.

Finding New Leads

Another essential task in the daily routine of a residential real estate agent is to generate new leads because the business always needs buyers and sellers for sustainability. It is vital to create leads through your referral network, and the more people you know, the more leads you can generate. People usually trust someone who they know, and a smart real estate agent benefits from their connections every day.

Every person, at some point in their life, is interested in buying, selling, or renting a property. Real estate agents need to be aware and present deals to these people when the moment is right. The best way to do that is to be in frequent contact with the people in and out of your circle regularly. This way, you will be current on their needs and when they may be able to use your service. Once you find out precisely what they are looking for, you will be able to find a property for them quickly and close the deal.

Make your presence felt by sending messages and emails to your network regularly. This will help you build your pipeline of future buyers and sellers within your network. 

Meeting with Clients

One of the most important tasks of a residential real estate agent is to meet the clients and work with them in person. The real estate agent is in constant communication with families since this is a significant investment for them and they will have a lot of questions. You will need to give them adequate attention to ease their anxieties and make them feel comfortable throughout the closing process.

In addition to this, you need to stay in contact with your other clients and may have to spend time preparing listings from the data you have collected from the various platforms. You have to take real-time photos of the properties and send the details to potential buyers. Once some of them have expressed interest in buying a property, you will also have to arrange a tour of the property.

An agent also has to take part in giving property tours to their clients. If the property is empty, you may want to stage it or hire a staging company to make it more presentable.

Building and Growing Your Network

A residential real estate agent has to expand his own network, which should include other real estate agents in the area. Any real estate deal will involve multiple real estate agents, so the more real estate agents you know, the more “I scratch your back, you scratch mine” opportunities you can make.

This will especially come in handy when you end up working on a deal with them. Because you already know them, it makes the negotiation process less stressful. You can also work together as a team, and perhaps, eventually, work under the same broker. This will give you more leverage over the competition.

It is also essential to show up to networking events and attend open houses to find new prospective clients.

Continuing Education

As we all know, a real estate license is required to work as an agent. There will also be continuing education requirements that must be satisfied as well. These requirements vary by state, but they are typically easy courses, and won’t cost a lot in terms of time or money.

It’s also a good idea to take additional courses for your professional development. This will separate you from the competition. You can attend seminars or webinars and earn certifications. The more credible credentials you have, the more marketable your reputation becomes. It’s a good practice to find a way to incorporate these types of advanced learning courses into your daily routine.

Some Final Thoughts

Residential real estate agents have to manage their time between administrative duties and work that will help them generate revenue every day. The agent needs to spend time at their office, returning calls and answering emails, as well as with their clients giving property tours and updating them regarding various listings daily. As a residential real estate agent, every day will be different and exciting.

5 Secrets To Succeed In Real Estate

Many men and women are attracted to the profession as a realtor. 

They see it as a wonderful income opportunity. There are also individuals who are lured by the freedom and flexibility it provides in comparison to a 9 to 5 office job. There is no doubt that this profession can be very profitable for those who are dedicated and prepared to work hard.

But it is equally true that more than 90% of new realtors fail miserably and leave this profession within the first year. If you are also planning to jump on to the bandwagon and make a career as a realtor, here are top 5 secret tips to succeed in real estate.

1. Don't lose heart if you're not getting results early on

Only 5-10% of the large number of people who join the profession of a realtor can survive while the rest give up after 1-2 years. Knowing this fact, you should be well prepared to take failure in stride. Do not give up and quit the fight as only those who can stand in the ring for a long time will get a chance to taste success.

If possible, learn from the mistakes of others and avoid these mistakes to increase your chances of success. Remember, even the most successful of realtors today have gone through a phase of failure and struggle. If you are determined to succeed in this career, chances are high that you will taste success sooner than later.

Remember, the profession of a realtor is for brave hearts, not the ones who are scared and ready to leave the ship when they see a storm brewing nearby.

2. Find a role model or a mentor

Just like a lawyer who learns the tricks of the game by serving as an assistant to a popular and experienced lawyer, you need to spend time with a realtor who is successful and highly experienced. Observe his style of working and pick his brains to learn how he deals with his clients, develops his network, and converts leads into clients. You will be able to learn about many of his habits that make him successful as a realtor. You will also realize the mistakes you have been making to get rid of them and improve your chances of success as a real estate agent. You will gain many valuable tips from your mentor as he shares his knowledge and experience with you.

Seek out a role model for yourself if you want to make real estate your career. Gather as much information about him as you can and try to follow his style of working without sacrificing your originality.

These are small things, but they have been used by many aspiring realtors to become highly successful in future.

3. Become the expert in your housing market

This is easier said than done but you will find that people take you more seriously when they see you as an expert in your chosen niche. In today’s market, customers look for realtors with deep knowledge and expertise than someone who is jack of all trades.

Today, much of the information available with a real estate agent is easily available on internet. What customers want is someone who can connect the dots for them. They want a realtor who can iron out wrinkles from their path when conducting a real estate transaction.

Read as much as you can about real estate trends, your housing market, and the regulations put in place by the authorities. It is your knowledge that gives confidence to your clients and they repose their trust in your abilities.

You should not only be able to educate your clients but also guide them by making sense of all the data you have on your fingertips.

4. Have a strong online presence

It is a crime these days to not have a solid presence online as a realtor. Most clients look at the social media accounts and websites of real estate agents before deciding to hire them for their real estate transactions. If they see you as a responsible and mature individual who is knowledgeable and popular, they are likely to do business with you.

Try to build a positive image for yourself by establishing yourself as an expert. Help your readers by giving them useful information and tips that make their lives easier and allow them to take better decisions. Use your website to disseminate useful information about real estate in general and your housing market. Encourage your readers to make comments and give their opinions on your blogs and respond to their queries like a friend and guide.

People are more likely to approach a realtor for their real estate transaction when they are impressed by what they see and learn about him online.

5. Use technology to become more productive

There is cutthroat competition among realtors to get their share of the pie. They must wear many hats at the same time to have an edge over other realtors. You must be prepared to go through the grind if you want to become successful in this career.

Thankfully, technology has made the life of realtors more organized, efficient, and streamlined. You can manage your leads, clients, and the network of realtors and other professionals much more easily by adopting technological tools and programs. There are hundreds of apps for smartphones and laptops available to make multitasking fast and easy. You can now keep an eye on your projects, clients, leads and important tasks by simply downloading and using the suitable apps in your smartphone.

Remember, technology is there to help you become a successful realtor. By not adopting it, you are losing out to your competitors and giving them an edge over you. Use innovative marketing tools to remain in the mind s of your potential customers. They will remember to call you whenever they need a realtor for their needs.

5 Pros And Cons Of Being A Real Estate Agent

Working as a real estate agent is both rewarding and challenging. You will get lucrative deals but have to spend extended times looking for customers and convincing them to buy your property. It will require sacrifice and hard work for you to get the results that you want. If somebody is telling you that this is a walk in the park, a place where you can make a killing easily, or a career where you will get rich quickly, they are not telling you the truth. 

Here, we want to give you the full story and tell you the sweet parts as well as the bitter parts, so that when delving in, you are prepared for anything and will have the capacity to handle all that comes your way. We will discuss five advantages and disadvantages in comprehensive detail that come with being a real estate agent.

Pro: You are the boss

The majority of people like being in control of their careers; they do not like being chained to a desk, where they are given orders by supervisors. Instead, they prefer making their own schedules and decisions on what they intend to do.

Being a real estate agent accords this opportunity; you will decide where to work from, how you want to work, the clients that you will approach, among other aspects. You will enjoy the freedom and flexibility that comes with self-employment, all that you have to do is learn the ropes, and you will be smiling as you make successful deals.

Con: Freedom comes at a price

Did the person who introduced you to the real estate industry tell you about the long hours that you will be putting in for this type of career? If he or she did not do that, a great disservice was done.

Like most self-employment jobs, you will be working 24 hours a day, seven days a week. This means you will be working throughout each day. If you are thinking of leaving your current employment so that you can cut the number of working hours, this will not happen. You will be forced to work for more hours, even sometimes late at night and on weekends.

Pro: Flexibility to make your own schedule

With freedom comes flexibility. You can choose when and where to work. This is a decision only you can make. It’s different from working for someone where a schedule is predetermined.

Con: Flexibility will require compromise

Being a real estate agent gives you freedom and flexibility but may cause problems, especially when you do not have somebody to guide you through. Delving into the real estate business without first acquiring the required skills and knowledge all in the name of enjoying the flexibility and freedom characterized by this sector will harm you. You are more likely to fail, leading to stress and depression.

Pro: Potential to increase your earnings every month

As a real estate agent, your earning can be increased every month. Here you have a chance to earn more; this will depend on the number of sales that you make. If you close more deals, your earnings will be higher. This is unlike other professionals, where earnings are fixed, and you can only earn more if you get bonuses, which shouldn’t be relied on as income. 

Con: Unpredictable monthly income

When leaving employment to work on your own business, one thing that you should be prepared for is dry periods. This is a period when you do not have any deals closing or money coming in from your real estate business. If you have not saved for this period, you will be in a bad financial situation.

At times, a deal may take longer to close, and at other times, you may not close any deals at all. If this happens and you have no other source of income, it can really get bad. You need to save for such an eventuality. This is how many successful real estate agents have survived, by ensuring that you have some savings set aside to cover your down months. 

Pro: Meet new people every day

Working as a real estate agent means working for people who are looking to buy, rent, or sell properties. Every day, you will get to meet people seeking your services.

This is a great opportunity to improve your people skills. You may start off as a shy person, but one year down the line, you will have gained confidence. All this comes with meeting different people all the time. With improved confidence, you will extend your network, even in areas where you would not have ventured before.

Con: You have to build a pipeline

In sales, they say that you have to meet with at least 20 people to make one deal; and that deal will not be closed in one day. Given that you can only talk to a limited number of people per day, it means that you will need a lot of energy, patience, and resilience in this profession.

Pro: You can work remote or from a home office

With advancements in technology, you can work as a real estate agent from anywhere. All you need is a platform where you can post details of the properties you are dealing with and a phone to talk to your clients. Real estate agents typically work in the field, either on the real estate property or meeting places such as coffee shops.

Con: Need to research and understand your market

For people to trust you, you need to be familiar with the area. Sometimes, the market in your local area may be saturated such that you have to move into another county or territory to find enough new business. This may put you at a disadvantage since you may not be familiar with this area and will require a learning curve. 

Is Real Estate The Right Career For You?

Many people are attracted to the profession of realtor because they believe it brings easy money for them. There is no doubt that successful realtors earn a lot of money, but it is equally valid that their percentage is tiny, and they can make so much cash after having worked hard for many years.

Another category of people taking up the career of real estate is those who are lured by the prospect of flexible working hours and the opportunity of becoming their own boss. They see it as an escape route to get rid of their 9-5 office job and a chance to enjoy free time with their loved ones.

No matter how you look at the profession of a realtor, it is essential to look at yourself first before joining the bandwagon. Are you the right person to become a real estate agent? Let us find out in this article.

Do you have a likable personality?

Being a realtor involves working with not just the clients but also other realtors, brokers, lenders, contractors, and vendors. People who have a likable personality and who get along well with other people are more likely to succeed in this career.

Of course, you can do well even if you are an introvert, but you must learn to be comfortable in dealing with other individuals if you want to succeed as a realtor. You can easily fit in this profession if you are an extrovert and have an outgoing personality.

Are you motivated to be your own boss?

If you are excited about the prospect of being your own boss, real estate is a profession for you. Though most realtors start by working under an experienced realtor in the beginning, they ultimately set up their own independent business. You will enjoy the freedom that comes with being your own boss such as a flexible schedule and hours of work.

However, it also brings added responsibility of managing everything on your own. You must be ready to work according to the schedules and needs of your clients. It would be best if you also made efforts for marketing of your business such as socializing and spending time with prospects, understanding their needs and advising them on real estate decisions.

You must be ready to put in time at odd hours of the day and also weekends if you really want to be successful in this career. If you think you can manage all this, real estate is undoubtedly an excellent career for you.

Earning potential can be high, but you must be patient

There is no question that you can make a lot of money as a real estate agent. Only the sky is the limit for you as far as the money you can earn is concerned, but for that to happen, you need to be patient.

Many new realtors become frustrated when they do not see any money coming their way in the first 6-8 months of working as a real estate agent. To sustain as a realtor, you must be prepared to spend money from your own savings account in the initial period of the first few months.

If you think you can be patient and willing to work hard, this is undoubtedly a right career for you.

Do you have excellent communication skills?

Excellent communication skills are a significant prerequisite for being a real estate agent. You will find yourself talking directly to not just your clients but also the contractors, investors, lenders, brokers, and lawyers.

Your ability to develop strong and meaningful relationships with others will play a crucial role in ensuring your success as a real estate agent. Having a helpful personality and an attitude of gratitude will be very helpful in making you a favorite realtor.

You will be required to build contacts and maintain relationships with all your past, and present clients as most of the business in this profession come through referrals. This is possible only when you have excellent communications skills.

If you are a good listener and pay attention to the needs and requirements of your clients, you will be able to earn their trust and confidence.

Are you prepared to work hard?

Most people think there is easy money to be had by working as a realtor. Yes, you can earn a lot of money eventually but to get to that stage, you must work hard to develop your reputation as a knowledgeable, honest, and reliable realtor.

It takes time to build a positive image for yourself, and you must be ready to work hard. However, once you establish yourself as an experienced and reliable realtor, you will find that you start to get work easily through your referrals.

Do you enjoy marketing?

An important question to ask yourself is whether you love challenges or not. Of course, your knowledge of real estate is essential, but you will find that this profession throws new challenges at you now and then.

You must use your resources and your network of realtors and other professionals to overcome these challenges. Real estate is going to be an excellent career for you if you are not bothered by new problems and willing to take them in your stride.

Do you love challenges?

An important question to ask yourself is whether you love challenges or not. Of course, your knowledge of real estate is essential, but you will find that this profession throws new challenges at you now and then.

You must use your resources and your network of realtors and other professionals to overcome these challenges. Real estate is going to be an excellent career for you if you are not bothered by new problems and willing to take them in your stride.

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