6 Things to Expect After Getting Your Real Estate License
Like all business, selling real estate can be challenging; however, if you are willing to invest time, dedication, and good old fashioned hard work, you’ll become familiar with the real estate process and start making money. It is important to understand what a real estate career entails and its expectations upon receiving your real estate license.
It’s not as easy as it seems.
A real estate career can be challenging - it requires grit, determination, and constant work! There are hours, heart, and soul involved in many transactions. In fact, it is common for emotions to be involved when you are personally invested in a deal. There are also constant relationships to be nurtured, whether it’s your title rep, a fellow agent in the office, or a competing agent - all of these relationships have to be managed appropriately for an agent to be successful.
You’ll get your feelings hurt.
At times people will reject you as an agent, or discount your opinions. When door knocking, some doors will be slammed in your face. When cold calling, people may hang up on you. Don’t despair - stay resilient! A thin-skinned agent will not survive long in this competitive field. There are just too many agents out there for every lead to be productive and for every homeowner to list with you. Focus on the positive aspects, and stay upbeat with the listings you do get. What hurts you only makes you stronger! As cliché as it sounds, every rejection is one step closer to the “yes.”
You will spend money.
Expect to spend some money when you get started. You have to drive the business to where you want it to go. Advertising and marketing efforts cost money, but they will definitely assist you with getting your name out there. If your name is not recognized in the real estate world, it may be difficult finding someone to list with you. It’s a vicious cycle but one that you can overcome by strategically spending advertising money to positively impact the greatest number of people.
You’ll be attached to your cell phone.
This is the most popular method when someone is trying to get in touch with you. You must be available in order for your clients to reach you with their real estate questions. If your phone isn’t ringing, that means no potential business for you. Just one call could mean thousands of dollars in potential commission. Plus, your smartphone will allow you to review important emails and links sent to you while on the go.
You’ll conduct many unproductive viewings.
One buyer may request to preview 50 houses! You should expect to show several houses before you officially open an escrow on one of them. Since it’s such an emotional purchase, buyers may go back to the same house(s) multiple times, which could be a bit frustrating. However, they are choosing their home for the foreseeable future, so they should be given the patience and respect when making their decision. As a reminder, once they make their decision, your commission will generously reflect your patience (and gas money).
People will think you’re wealthy.
Some people think that real estate agents are generally overpaid and rich. However, that may be far from the truth as many agents are just trying to get by. Because presenting a good first impression is crucial, it can help to drive a nice car and wear nice clothing, which is where a lot of this “wealthy” image comes from. In addition, the general public may perceive that closing a real estate transaction is “super quick and easy” which leads to the assumption that agents are overpaid. In fact, especially for the first few months, most agents are really stretching thin to make ends meet so that they can establish their business or grow their existing presence. Rather than fight this image, simply show your clients how hard you are working to earn their money and the “overpaid” mantra will cease to be associated with your name.
All in all, don’t let these expectations discourage you! As long as you’re prepared for what’s to come- you can achieve your goals and become successful as a real estate agent.
Real Estate Agent and Trainer, Robert Rico, lists 6 things to expect after getting your real estate license.Do you want to see more video blogs? Subscribe here!