A real estate career is a very viable option now a days. One that has become increasingly popular with millennials and as a first career option.
A real estate career can be different in that there is a lot to learn about the job that can’t be taught in a classroom.
Rather then focusing on the things you should be doing when embarking on a real estate career, we are going to talk a little bit about what you shouldn’t be doing.
When You’re Playing With Fire in Your Real Estate Career!
- You Think You Have a License to print Money
One of the first things we hear from someone who is considering a career in real estate is, “Real estate agents make boat loads of money!” While this can be true, it sure isn’t as easy as it looks. Successful (when using the term successful in this particular instance, we are referring to income. Although we do not believe that success is built solely on that) real estate agents don’t become this way over night. Or by just getting their real estate license. There is a lot of time, effort and blood, sweat and tears that goes in to this. Sacrifice being a major component to this as well. Vigilant daily prospecting, lead generation and a heck of a lot of uncomfortable stuff is a necessity to earn a high income in real estate. A portion of a successful real estate career comes down to who you know. A very small portion. Even with a large network of people you must always be actively looking and working on your business. The real estate world is a fast paced one. To be successful in it, you’ve got to keep up.
2. You’ll Have So Much Freedom
Oh boy. Thinking this is like putting your hand on hot coals for fun. Of course, this could be very true. A real estate agent is a self employed individual that can pretty much name their own schedule. However, just as mentioned in number 1 a successful real estate career is filled with daily time consuming work to build your business. Then you must work “in” the business servicing clients. Then you must work “on” your business with professional development, paperwork and marketing to name a few things (not even scratching the surface here). If freedom is considered as not sitting in a cubicle or in a factory assembly line then yes.. a real estate career will set you free. Just not free to travel the world, nap all day or play golf 7 times a week.
3. EGO. The Death of a Real Estate Career
Being a successful professional is pretty exciting. Being the master of the deal, negotiating like a shark, wearing a flashy suit. All cool things. Modesty is even cooler though. Sales professionals get a bad rep already. Falling in to the trap and letting your ego get out of control will only hurt any career in the long run. Real estate is a people driven service industry. The key components are PEOPLE and SERVICE. Enjoy your fancy car, your big dreams and life for sure. As long as you remain humble and grateful then you will enjoy continued success also
4. Mismanaged Finances
A real estate career is fairly inexpensive to start. You don’t need inventory or products necessarily. However a big mistake professionals make when starting out is not having funds available to carry them through finding, and closing their first deal. Secondly, earning commission can be daunting as well. When it comes to budgeting, saving and paying income tax especially. There is also a large amount of self control needed when getting a commission cheque not to blow it all on a fancy night out celebrating your success! Proper financial planning, preparation and education is vital in a real estate career. Mismanaged finances can put the flame out on even the hottest real estate career really really fast.
This post is not intended to be negative in any way. More to shed some light on some very common issues faced with new real estate agents just starting out. We’ve been around the block a few times and have seen all of the above and then some happen.
We love real estate and feel that our decision to make it a career was one of the best we ever made. We also know that it could be for you too. Just keep these things in mind as you decide to or move forward in your real estate career.
Want to learn more about becoming a real estate agent in London Ontario? Reach out!
career in real estate
