I find I’m talking with a lot of people lately who are interested in possibly pursuing Real Estate as a career.
As I’m sure you know by now, I absolutely love my job. And when we love something we just can’t stop talking about it. (I mean, this is basically the foundation / purpose of blogs in general, right? 😀 )2018 seems to be quickly becoming a year of chance-taking, self discovery, and serious hustling. Click To Tweet
It’s been so inspiring to watch friends and family, as well as those in online communities, as they recognize their passions and begin the process of converting them into careers. This period of time is usually crazy, confusing, and fraught with uncertainties, unexpected revelations, and – ultimately – a risk of regret.
I want to help anyone interested in a career in Real Estate start their journey off with the information they need.
If what I say makes sense, and you feel that Real Estate might be the right career for you, I’d love to speak with you!
You Need A Financial Cushion
Getting started in the Real Estate business isn’t cheap. You know what they say – You have to spend money to make money. It’s true.
Bare minimum, you are going to have certain start-up fees:
- Pre Licensing Course Fee
- State and Federal Licensing Exam Fees
- MLS Fees
- Office Fees (Which can vary with offices)
- Insurance Fees (Errors & Omissions)
- Technology Fees (Which can also vary)
Unless you have a large network of people who are going to immediately buy and sell property exclusively through you, you are going to have some marketing and prospecting fees as well:
- Mailing Fees
- Marketing Material Fees
- Lead Generation Platform Fees (I use REDX.)
- Entrance Fees (For networking events.)
And if you feel you need some guidance, you might choose to start off by hiring a real estate coach, like I did, so you could potentially expect coaching fees:
- Real Estate Coaching Fees
If you are serious about entering the real estate business right out of college or perhaps dropping the 9-5 to work as a real estate agent full time, I strongly suggest either having savings or a support system for at least your first year (and being honest, here, possibly a little into your second). It takes time to establish a pipeline of business where you can expect consistent income.In order to be patient, you MUST be prepared! Click To Tweet
Choose The Right Office
Real Estate is a business of constant learning Click To Tweet – even if you’ve been facilitating the purchases and sales of homes for years. In the beginning, though, having in-depth training is vital to your success in the industry. If you understand the work – and I mean all of it; what to say, what not to say, how to fill out forms, legalities, processes, office procedures, market analysis, etc. There’s a lot to learn. Once you do, all of the ease and confidence you see in Realtors interacting with clients on HGTV will shine through.
Be sure the brokerage you choose to work with has an established training program, senior agents who welcome questions, maybe a mentorship program, and potentially weekly office workshops.
I know, I know. They don’t sound like you. It doesn’t feel natural.
A career in the Real Estate business is 50% communication day-to-day. When you’re new, how do you keep a conversation going in the right direction with a potential client when you don’t know what to say? What do you do when someone asks a question about Real Estate that stumps you?
You fall back on scripts.
I got my first listing appointment from picking up the phone, calling a random Expired Listing, and just purely reading off a script. Now I have my own dialogue that I am comfortable with, but it’s really heavily influenced by the Mike Ferry scripts that I used in the very early stages of my real estate career. To this day, I find myself using a line or two of scripts or Objection Handling from Mike Ferry.
His words work. USE THEM as a base to build your dialogue on. Visit his website linked above. There are so many free resources available to you on there – like the expired script you see above.
Be Comfortable With BOTH Cold Prospecting & Sphere Work
If you ever have the chance to attend a conference or seminar with top agents who complete around 50+ Real Estate transactions per year – be sure to go! Listening to the best describe exactly how they became the best is getting the inside scoop right from the source. Every single top producer I’ve seen and listened to says the same thing: They prospect for at least 1-2 hours every single day.
This means they wake up each morning and look up the recent Expired Listings, Just Solds, Just Listeds, and For Sale By Owners. Then they either pick up the phone to call or throw on their coat to go out and door knock all of the potential contacts. Being a successful Realtor means being outgoing and unafraid to reach out to people you don’t know.
Yes – you will get yelled at, hung up on, and discouraged. But you will also have some fantastic conversations, make new potential business contacts, practice talking to people about Real Estate, and, most importantly, you’ll find people who need help buying and selling property.
In the same vein, you must be comfortable positioning yourself within your sphere as the to-go person for all things Real Estate. What is your sphere? Well, your sphere is everyone you know – from family and friends, to past colleagues, to even your dentist and electrician. Keeping in touch, staying top of mind, and becoming the key to fulfilling to all of their Real Estate needs is so important. These are the people who will (hopefully) be the first ones bringing you referrals.
Be Hungry & Ready To Hustle
When you become a Realtor, the days of your 9-5 grind and reporting to the boss are gone. You make your schedule and you hold yourself accountable. Even though no one is watching and waiting for you to punch in at 9 and punch out at 5, you must be hungry enough to want to work at all hours prospecting – and hustle at any hour when a client needs your assistance. This means weekend open houses and showings, late night offer negotiations, and consultations when your clients are off from work, etc. We work when the average person doesn’t. If you’re okay with that, and willing to put in the effort in the beginning, you will build a fantastic book of business that will be profitable for years! Once you’re an absolute experienced rockstar, then you can choose to be a bit more picky about your schedule and your work / life balance.
I firmly believe that this business is 50% hard work and 50% luck. You can call and call and call, but it doesn’t guarantee that someone’s going to pick up the phone on the other end and ask you to sell their house. You can show your clients dozens of apartments, but it doesn’t mean they are going to pick one. And sometimes you can see a deal through all the way until the near-end and have it fall apart for some reason that has nothing to do with you and the brilliant job you’ve done. But success will come in this business if you have the patience to take the good with the bad. Even when it seems as though you are trying your hardest and not getting any traction – stick it out. It’s a known fact that the first few years are the hardest, but almost every experienced agent will tell you that the future success is worth the wait!