I was out trolling job boards recently (checking our competition), and found some alarming info. One job posting stated that your new real estate career will consist of compensation of $150,000. $150,000!? I want to address this right here and now. If someone tells you that you’ll be making $150,000 in your first year, you may want to evaluate your options after they don’t deliver.
Don’t get me wrong, there are some motivated people out there, and real estate takes a lot of it. Here’s my take on starting in real estate, FWIW.
Real estate is an activity based profession. The more people you communicate with, the higher probability of success you’ll encounter. Your first few months will consist of:
- Open Houses (other agents will offer their listing so you can get leads)
- making phone calls
- attending sales meetings and office training
- practice dialogue
- learn contracts
- interact on social media
- mentor program, and much more.
- Self-starter – as a 1099 independent contractor, your efforts will determine your success. Real estate sales are purely commission based; therefore you have the opportunity to earn as much as you want. You’ll hear self-starter a lot in your interviews. YOU ultimately determine your success.
- Self-discipline and entrepreneurial spirit. Time and Choice management are imperative.
- Willing and able to obtain a real estate license (if not licensed yet) – the license process is described in more detail when you meet with a broker for the first time. But don’t worry, once you start the process, we’ll be with you every step of the way.
- Great customer service skills – real estate is a people oriented profession. If you are energized by being around people or your work experience is dealing with people: real estate is a great career path for you.
- Professional with a personable demeanor – in addition to liking people, you should also be able to empathize with them. You need to understand their needs and desires.
- You must be a good listener – to be successful, you must be an excellent communicator, both speaking and listening. Have you ever talked yourself out of a sale? To our point, have you ever listened yourself out of a sale?
- Attend weekly Sales Meetings to find out current events, market changes, new listings, and bond with teammates. Be a life long learner and contributor. We’re independent contractors in an interdependent environment.
- Attend Training Sessions as recommended by your broker.
- Financial Stability – you are starting your own business; therefore, it may take anywhere from 6-12 months to have your business generating income. I really want to stress this. You are starting a business, and that takes time. $150,000 in year one is simply ridiculous. If you happen to prove me wrong, PLEASE come on here and share some thoughts. Better yet, contact me, and we’ll run productive business TOGETHER.
For more information, check out our posting on CareerBuilder here: Make Me a Real Estate Kingpin
If you are interested in discussing a real estate career, contact us. We’ll even put together a free business plan for you.