What makes a real estate agent job attractive is how most people say you’ll get to be your boss, become financially stable, and make ridiculously huge earnings. However, what they don’t often tell you is the challenges you need to go through before you see a glimmer of that success.
While being reminded of sunshine and rainbows is a great way to be optimistic, it also pays to know what you’re signing up for before jumping into a career in real estate.
Don’t get me wrong, working as an agent can be highly rewarding, but like other jobs, don’t make the mistake of expecting too much, especially when you’re just starting.
In this article, we will reveal the truth about being a real estate agent most people won’t tell you.
Don’t worry, though, because this list is not meant to discourage you. It is to get you ready for what lies ahead.
Plus, we’ll give you tips on how you can make the most of your real estate career.
So shall we?
5 Truths About Being a Real Estate Agent
No pain, no gain
When people say you’ll have a high-earning potential as a real estate agent, they’re not kidding.
You can easily earn $100,000 gross commission income in a year selling properties. However, that’s not going to happen if you don’t work for it.
As a real estate agent, your earnings will be 100% commission-based. The more hours you put in, the higher chances you have of closing deals, the more money you make.
The first few months may get off on a slow start. Because of that, make sure you have enough savings before you fully invest yourself in selling properties.
Similarly, when people say you get to enjoy flexible working hours, that’s also true.
But that will depend on the brokerage firm you’re working under. There are some who are lenient with their working hours, while others are set on a strict schedule.
Also, that means you’ll need to work during weekends and at night when your potential clients have the luxury of time to visit properties.
What about, “you get to be your own boss”?
Again, you can choose a broker to work under that allows you to work under your own schedule. And if you don’t want to work under any broker, you can take the steps to upgrade your real estate agent license to a real estate broker license.
Like I said, no pain no gain.
It’s a people person’s job
Being a real estate agent is about building and maintaining relationships.
If you have a big network of connections, it’s only a matter of time before you close your first deal. And that is to say, you have a lot of socializing to do in this business.
You should never run out of meetings, lunches, or even dinners to attend, and you should always find an opportunity to talk a potential client into doing business with you. You will need good communication skills, because yes, it pays to be a smooth talker in real estate.
Don’t worry if you’re not the sociable type. You can still form lasting relationships with prospects and clients even though talking isn’t your thing. All it takes is practice - find something you’re comfortable talking about, and you’ll see that you’ll get better at communicating.
The competition is cutthroat
As the years go by, the demand for real estate agents continues to increase, which means the competition is getting tougher and tougher.
You can respond to this challenge in two ways - by reducing your competition or setting yourself apart from other real estate professionals.
You can reduce your competition by choosing a niche, which pertains to a specific type of client, location, or property you can focus on.
Depending on different factors such as client appetite, you can choose a field that works to your advantage. Examples of real estate niches are downsizing homeowners, real estate investors, vacation rentals, and up-and-coming neighborhoods.
To set yourself apart from the rest, you need to have an advantage, which leads us to the next point - education.
Education is your weapon
If you think a real estate pre-licensing course will teach you all you need to know about the industry, you’re wrong.
To be a real estate agent is to learn continuously because there is no standard way to do your job. You will have no two same deals because each transaction will be unique. You will learn something new from every deal you close, and each one will be both a challenge and a reward.
To make sure you gain the skills you need to succeed in the business and to keep up with the industry trends, we recommend McKissock.
With this online real estate school, you not only get the required CE courses, but a whole lot of learning resources, such as webinars, training, boot camps, and so much more.
I mean, McKisock is not the number one online real estate school in the country for nothing.
Fall seven times, stand up eight
A career in real estate is not for the faint of heart. No matter how good you are, you will face rejections in this career path.
Of course, that doesn’t mean you should quit. As the saying goes, fall seven times, but stand up eight.
Being a real estate agent can be lucrative and incredibly rewarding, but only if you work hard for it. In this business, you will need plenty of courage and patience. You must also commit to the job, and don’t let failure discourage you.
If you need inspiration, talk to friends who are successful real estate agents. Read books about success stories. Listen to podcasts.
Find ways to keep encouraging yourself.
The real estate industry’s promises of wealth and financial stability are perhaps the primary reason why a lot of people want to become real estate agents.
However, the truth is, like every other job, it isn’t all highs - there are plenty of challenging obstacles, too.
In the end, it’s not the job but your hard work and perseverance that will bring you success.
So we are wishing you all the luck to push through and succeed!