Real Estate Agent and Trainer, Robert Rico, discusses 8 things you should know before becoming a real estate agent. Do you want to see more video blogs? Subscribe here!
Real estate is an interesting business to get into – but the best one! Okay, we might be a bit biased – but how can we not be?! There’s great money, great flexibility, and the power to be your own boss… what more could you ask for? However, there are a few secrets you should know before you take the plunge.
- Getting into Real Estate is Tough!
- The Required Courses…
- More Training (or, Continuing Education)
- Have a cash reserve
- Make a Business Plan
- How Much Money Can I Make?
- Your Schedule Is Flexible
- The Real Estate Market Will NEVER Cease to Exist!
Real estate is a tough business for new hires, especially since there’s so much to learn. But, if you’re a quick learner and willing to put in the effort, it should prove an enjoyable and lucrative career!
Complete them with us – Real Estate Practice, Real Estate Principles, and an elective of your choice. You can choose from online or in-class options and then take your salesperson’s license. Visit last week’s post to review the requirements in-depth!
As a real estate professional, you have to constantly educate yourself – stay on top of your game! Between constantly checking the market, comparable sales, and checking in with your clients, your daily life will be full of education. However, you ALSO have to take Continuing Education courses to keep your license current. Make sure that you are spacing out your courses so you don’t take time away from your workload all in one stretch right before the education is due!
Real estate agents don’t get regular paychecks – so it’s very important to keep a cash reserve handy for daily living expenses if you hit a slow spot. With the big financial reward comes some risk, so it’s crucial to be prepared for any slow periods, when things aren’t selling, or buyer’s markets where your commission checks might be smaller than usual.
Since a real estate agent is a self-employed businessperson, it’s important to think of yourself as a business rather than just a person doing a job. What do you aim to accomplish in your real estate career, and by when? How much time do you plan to dedicate to certain activities? These are all very important questions that should be answered by your business plan. Even if you don’t accomplish everything by the exact deadline, it’s great to have it written down so that you can evaluate your activities and see what’s working and what needs improvement.
There’s potential to make 7 figures in Real Estate by selling residential property – and 6 figures is a very common range! With regular listings in a good market, $100,000 to $200,000 is a very doable yearly income. This income, though it comes in a few large commission checks instead of a biweekly paycheck, is definitely a good compensation and should allow you to live comfortably in most metro areas.
Although real estate agents work long hours and irregular days, they do have the flexibility to set their own hours for when they work best. For example, if you’re not good at the phone in the morning, you could make that an activity you do in the afternoon or evening. If you’re a night owl, you can spend your nights continuing your education or setting your schedule so that you can make it to social events and other non-work activities that you prioritize.
One great thing to remember is that people will always, always, always need a place to live and there will always be a need to buy and sell real estate. People can’t stay in their houses forever, and their needs change as their families change and time goes on, so there is always a supply of people looking to purchase a different home. Also, once people become homeowners, they often own a home for the rest of their life – so a seller will often be a buyer as well!