Before getting into a real estate career, it is important to know that there is much more to the industry than real estate agents. There are many career lines, from competent property law to strata management. Although they do the most work and are certainly the most famous, there is more to the real estate field than agents. Choose a category depending on personal strengths and preferences. Whatever the case, the job chosen will likely allow the professional to escape the daily hustles of a regular job, have a flexible work schedule and earn a lucrative income.
Apart from property and strata lawyers, mortgage loan officials and city or town officials, most professionals in the real estate industry are not paid hourly or weekly. Most professionals get paid by the sales they make. This means when one escapes a regular 9 to 5 job, they must be ready for an environment where there is no guaranteed paycheck at the end of the month, but for commissions after every sale. Sales might not be as regular as expected, so one must be able to budget their income.
Before getting into real estate, the same rule that applies to any sole-proprietorship should apply. Everyone must have enough funds to live on for at least six months before they go out on their own. Even with a ready stream of clients, chances are that there will be delays before the payment is received. This is when the cushion of saved funds will come in handy.
After getting into the business, the priority of every agent should be to generate leads. The most successful agents in the business are the most proactive. A real estate agent must be willing to generate leads and opportunity to work with clients and earn enough money. Treating clients well is important, but there will be no clients without leads and opportunities to land them. a real estate agent must learn to place themselves in a position where they are accessible.
A real estate agent must understand the attributes that make a successful professional. They must have a self-starter attitude, and be properly motivated and focused. They must have good communication skills, and be able to both listen to, and communicate with their clients. They must work with professionalism and integrity, and be prepared to deal with other professionals, from strata managers to competing real estate agents.
Starting and running a business in the real estate industry costs money. Just like in any other business, there are costs every month. Every real estate agent must pay the broker to whom they are affiliated. Every real estate agent must pay transportation costs, telephone and electricity bills. To generate leads, one will likely have to inject funds into their business for advertising, flyers and maintaining a web presence.
Most people only do real estate part time, and do well. However, it can be taken up as a full time career, with the right commitment, quick response and work ethic. The more one spends on their real estate business, the more the returns.