Real estate feels like the best job ever. The real estate career path certainly isn’t for everybody, so it’s worth thinking long and hard about what you value most in a career and what you hope to ultimately get out of it. Doing this will help more Medium readers discover my article. Copyright: © 2019 Redfin. What is the best way for a new agent to get the attention of a big real estate brokerage/firm in order to get interviewed and potentially hired? That is your first mistake. There is no such thing as typical hours in real estate and you need to be prepared to work all hours of the day, seven days a week. For that, a modest real estate commission is paid (provided, of course, that the deal is closed). It can feel very liberating. When last-minute issues come up, your clients may panic.  But you can’t panic, too. Becoming a part-time real estate agent might not have been your original plan, but you have to be able to pay your bills while you're getting started in the business. From $9,000 in closing costs on a $180,000 loan to 3 days of delays between replies, bad lenders can and will drive you insane. A key thing we’ve had to figure out is what sets us apart from the crowd. We came in expecting to spend $1,000/month on marketing and lead generation, and that strategy has worked. As a real estate agent, not only are you selling real estate, but you’re also selling yourself - and I mean that in the nicest way possible. It’s a career as a business owner. To outsiders, real estate agents might seem like they have a straightforward job. Your job is to produce leads. We’ve seen many agents come in and fail because they weren’t committed to real estate full time. You’ve got to show up at the office everyday, you’ve got to be marketing everyday, you've got to be showing property everyday, and overall, you’ve got to be working everyday. Now, we can ask her any question in the world big or small, and she will answer it. Buyers are definitely liars. For example, if you put an offer on a home and then miss a deadline for an inspection contingency, your client could be contractually obliged to buy the house or lose their earnest money if they decide to walk away. I tend to work from home, which gives me more time to spend with my family. You’re busy and not worried about where the next lead is coming from. We have had a ton of success quickly. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. Too often, newbie real estate agents start on the job and think they’ll be able to ‘switch off’ in the evenings and/or weekends. Agents are all scrambling for the same clients and the competition is cutthroat. Most real estate agents are reputable and hard-working, but some don't always have a client's best interests at heart. From somebody in the business, here’s what it takes to become a real estate agent — and what you should consider before starting down the … Meanwhile, a great lender will help you get to closing and solve problems before you even have to ask. Real-life real estate agents Liane, Kimberly, Emily, and Kinh gave Cosmopolitan the lowdown on what it’s really like to chase that commission. Don’t become a real estate agent and expect for your business to come to you. There are still SO many areas that the deal can fall through. You know what areas have the highest-ranking schools. Here are the ten things I personally wished I had known that day. If you have a deal with a bad lender, you’ll be screaming the entire way. A house is the biggest purchase many people will make in their ENTIRE lives. It was perfect.” The reason they didn’t is they were afraid to make a decision. And you have more specific knowledge, like whether that newly listed bungalow is in a flood plain, which would require costlier insurance. You’re becoming an entrepreneur. Real estate has been a daily source of fun and enjoyment since we started. 7. There is one thing that has been invaluable to us from the beginning — a good mentor. A good agent knows that a property is more than just bricks and mortar, it’s about people. This is something many people don’t understand when getting into the business. You can also be either a residential or a commercial agent: Residential Real Estate Agent Is it both? If you enjoyed this article, please click the ♥ icon below. Get some great lenders and form relationships with them. Brokers carry an additional three years of real estate education and training, which makes them valuable resources for newly minted agents. If, however, you don’t know the commission, you didn’t lose any money because you didn’t count it until the close! Problems come up at the last minute, and you have to think and act quickly. You know what areas have the highest-ranking schools. Project that you need to talk to 100 people about real estate … This leads us to believe that real estate is about investment. 2) Real Estate Agent . A career in real estate is one that can provide significant rewards, but there can also be numerous challenges that you will need to solve. There truly hasn’t been a minute of the entire process I haven’t enjoyed, and because of that, I know it’s exactly what I need to be doing. However, all brokerages are not created equal. A new crowdfunding mechanism for tech startups. From our experience, you don’t hard sell in real estate. Pro: As a real estate agent you know the ins and outs of your community. Here are 13 secrets real estate agents don't want you to know. The really sad thing is we have had people say “I really should have bought that house. The reason for this is we knew it was pay-to-play. It didn’t take long for us to realize that lenders make the real estate market go round. In reality, each day can be as diverse as the people they represent. 10 Things to Know About Being Your Own Real Estate Agent Before you decide to go the "For Sale by Owner" route, it's a good idea to figure out what you're getting yourself into. Consistency is hard to find so budgeting is important. Would you like a career with a stable and steady income, guaranteed days off and a five-day workweek? But now that you know some of the top pros and cons, you will hopefully be able to make an informed decision. You can recite neighborhood comps in your sleep. Is it our skills in online and video marketing? You can realistically expect to go many months without an income unless you have some family members or friends who are eager and ready to buy … If you do your job well (lead generation), then you get the reward of selling some real estate. The key is to live well below your means, budget your money, and let the leftovers from your feast carry you through the famine. You may be so flush with cash that you’re finding $100 bills in old jacket pockets. Getting a job in real estate as an agent is one of the best and most common real estate careers. Your clients can rely on you to be their trusted advisor because you’re the expert. Many people think you can be a Realtor part time, and while you may be able to in some markets, in most, you can’t. Email or snail mail some information of value to your database at least once every quarter. You have to go out and market yourself to get the business and make the leads come to you. Real estate agents play a huge role in one of the most important financial decisions of our lives. 1. This article has information on how to develop your personal … Being an agent isn’t just a job, it’s a lifestyle! They’ll buy your image … Here are a few ways of being better at prospecting, contacts management, and marketing. Why Startups Make Major Pivots Before They Succeed, Pitch Deck Layout for Early-Stage Startups, Why Solving “I want X but Y” is the Only way to Become a Billionaire, 3 Early Signs a Startup Is Going to Be Successful, How to Create Your Own Luck When Fundraising for Your Startup. Here’s what it means to be a real estate agent: According to the infographic, 78 percent of agents were on the job for six months or more before being able to financially support themselves. Real estate agents help people sell or buy properties. It is a job that requires hard work and ongoing sacrifices, promising a lucrative return if you get a little lucky and are good at what you do. Your job is not to sell real estate. Let everyone you meet know you are in real estate and ask them if they have a trusted real estate advisor, or if they would they consider working with you. *Listing fee varies by market, minimums apply, buyer agent commission not included. We had just passed our licensing test, and we sat down in the Re/Max office ready to get our new venture as real estate agents started. Every minute of the day I enjoy. Real estate is a stressful business, so if you can’t solve problems — without having a meltdown of your own — then it’s probably not the right job for you. Being a real estate agent isn’t just a job. If you need real estate services anywhere in East Tennessee, contact us on FasslerKing.com! Con: The employment outlook, the stock market and the time of year all impact the housing market. The best thing about having another agent to talk with is you can get a different perspective. After all, you’re selling someone a home — likely the biggest purchase of their life. The job requires someone who can adapt quickly to a changing market. This is VERY different than having a job or going into a line of work where salaries, benefits, and 9/5 exists. Buying or selling a home is an emotional experience, so it’s your job to counsel your clients and guide them in the right direction. The best real estate agents realize the need for a marketing plan, which extends beyond your team, and stretches into the use of your technology. Then being a real estate agent is NOT the job for you. If you are interested in getting into this career as a realtor, … We joined Re/Max, and we were able to instantly start selling. The day before a closing, my colleague took his customers for a final walkthrough on their new home only to find water gushing down the hardwood stairs. You’re responsible for the biggest transaction of someone’s life, so there is a lot of pressure not to screw up. Before you get started as a real estate agent, you should ideally have 6 months to 1 year’s worth of living expenses in the bank, which provides a cushion while you build your business. A payday is coming!” Because of this excitement, you’ll want to figure out exactly how much you’re going to make from this deal. You’re an educator, a counselor, a babysitter, a financial advisor and a life coach.  Real estate purchases and sales are often prompted by life changes, such as marriage or divorce. We found an experienced agent in our office that we loved talking to and communicating with, and we got to know her. Are You Failing Your Most Important Client? These and other suggestions will advance your career as a real estate agent. (Apparently a plumber had left the water running.) Becoming a real estate agent requires that you know your present and future expenses, both personal and business. As an agent, you gain life skills, such as multitasking and learning how to work with different personality types. It’s also no wonder that demand for their services remains high even in a slow market. Most of your customers have 9-to-5 jobs, so they’ll likely sign a contract or do a walkthrough in the evening. One month, you’ll have 7 closings and be on top of the world. Because of this, they want to think about it and really consider they’re options. Pros: Real estate agents receive genuine satisfaction from helping clients find the perfect home or sell their property at a great price. Real estate is akin to customer service in how much you’ll interact with clients. Most jurisdictions require real estate agents to be affiliated with a brokerage for consumer protection purposes. They are constantly looking for marketing tactics that will resonate with their sphere of influence and appeal to a new group of potential clients. Real estate schools do not prepare you for what it takes to become a successful REALTOR, so your first month as a real estate agent is often overwhelming. On the flip side, there’s nothing more rewarding than helping someone find their dream home, especially in a competitive housing market.  If you’re thinking about becoming a real estate agent, consider the following: Pro: You have control over your own hours and the freedom of time and movement. Real estate is a tough gig, and it's even harder when you're just dipping your toe in the water as a part-timer. You can recite neighborhood comps in your sleep. They present themselves as professionals in every way and are assertive without being … Con: You put out a lot of fires. Real estate is an unpredictable industry where the stakes are high. And there’s nothing more rewarding than helping someone finally find the home they’ve always wanted. During the slow season, the job starts to feel like a grind. A real estate agent needs to demonstrate certain traits for them to succeed in this line of work. Top producing real estate agents work every day to maintain and grow their business. All rights reserved. Con: You’re working when everyone else is off. 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. You’re not chained to a desk all day and there’s no time card to punch. You can learn things a broker might tell you about fees, commissions, etc. Your new bestie is your client, especially on the weekends. And don’t forget those weekend open house tours. From solving a problem with an inspection to showing property to writing a contract to marketing for leads. As you meet other Realtors, you’ll most likely hear them say this, and the reason they all say it is because it’s true. Planning a Saturday brunch with your friend? Pro: As a real estate agent you know the ins and outs of your community. You’ll need to know how to communicate, listen, provide suggestions and decipher the information people provide. This person is separate from our broker — who we can also ask any question to. This is something we had to figure out very quickly. You have got to refer good lender and hope and pray that your clients choose to use them. Thank you in advance! Potential agents get noticed by being engaging, curious and personable. ... 5 Need-to-Know Facts About Real Estate Agents. Below you will find tips to help you put a plan in place, so you have all the tools, knowledge and confidence needed to get launch a successful new … The ones that do, however, seem to understand that success in real estate takes time. As a top producing Redfin agent, she specializes in representing Eastside homebuyers and sellers. We then had to figure out how to market it and get it out into the public. What about your income? You are starting a business. Things move much too fast for you to serve your clients effectively and work another job. The good news about this is the next time they find the ‘perfect’ house, they’ll buy it. Agent There are some agents that do, but the reputation soon makes them irrelevant. Meaning, you can either be a buyers’ agent or a sellers’ agent. When you get your first contract, you’ll be all excited, “Woohoo! It’s no wonder, then, that so many agents cycle in and out of the industry. And you have more specific knowledge, like whether that newly listed bungalow is in a flood plain, which would require costlier … You have to be the stable presence that allays their fears and solves problems. KC Brants is a local team lead for Redfin in the Seattle metro area. Be aware of what home sellers are expecting from you as their real … The stakes are high and even a small error can cost your client thousands of dollars. You must care about how you look because others will. Well-run websites and social media streams are a primary source of leads and referrals. There are some agents that do, but the reputation soon makes them irrelevant. There have been so many instances in which we show someone the exact house they said they wanted, and they don’t buy it. Sure, it's sales, and who knows how well you'll do at first, or how many deals you can get done in your first couple of years? That is hard to do when you’ve got another job to go to. The deal could fall through in many different areas, and if you count your commission as soon as the offer is accepted, you’ll be out of luck and left feeling disheartened because you ‘lost this much money’. As an agent, you will be an independent contractor for a real estate broker. If you try to push them, they will run from you. It’s important to find a friend in the office who has experience and can help you along the way. KC began her real estate career in Hawaii in 1992 and currently lives on the Eastside with her husband and two children. A real estate agent can list homes for sale, help buyers navigate the process, show homes to prospective buyers, and handle the various paperwork of a real estate transaction. Pro: As an agent, you’re asked to do a lot of things that may fall outside your purview. Forget it. Here are four things to consider before jumping into real estate part time. Patent pending. Basically, a real estate agent does a little of everything. Con: You’re being trusted with someone’s life savings. Once you’ve done that effectively, business starts coming to you. Real estate is about finding the right house for the buyer, letting them in to look around, and then, letting them make the decision. TREC: Info About Brokerage Services, Consumer Protection Notice. Hopefully, it’ll be the same for. As a real estate agent you don’t have the luxury to rest on your laurels. The first thing people have to understand about real estate it this: Being an agent is not a career. Here’s a list of 10 things a real estate agent should never do: #1 — A real estate agent should never forget that it’s all about doing the basics. You need to develop a brand that sets you apart from the rest of the market and gives potential clients a reason to choose you over someone they know on a personal level. It was March 10th. The next month, you won’t have any. Because of that, there is a lot of competition for business on both the buyer and seller sides. Real estate agents go through a state-mandated process and are licensed to be involved in real estate transactions. From inspections, to the loan, to the appraisal, to the seller actually having clear title. They don’t want to be hard sold or pushed into it. The buying process is not that easy. The most successful real estate agents know the value of differentiation. Is it work ethic? While this didn’t surprise myself or my business partner, it seems to surprise all of the new agents we’ve talked to, so I wanted to mention it. However, that's just half the puzzle. Selling real estate is more work that you might imagine and, although there are some very successful real estate agents, there are many who struggle just to make ends meet. This is an exciting time for both buyers and sellers, and they look to the real estate agent as the expert to help them manage their way through the process with excellent client … There are currently 400 agents in our local Board of Realtors. Updated January 2019: By searching, you agree to the Terms of Use, and Privacy Policy. Pro: When the market is booming, all is great in the world. While it can be stressful, this has been the most fun I’ve ever had running a business. The job requires a personality that is flexible and adaptable to the needs of the customer. 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