Real estate agents actually make less than you think. They act like they’re rolling in dough (and some of them really are) but the median salary for a real estate agent is only $46,000.
If the salary is generally so low, why do people seek real estate careers? The thing about real estate is that it’s much more than just sales. It’s a whole game.
If you’re thinking about going into the property business, there are plenty of reasons to jump right in. They just might not be the reasons you’d suspect. Here are some facts about a career in real estate.
1. You Need to Be a People Person
Unlike most freelance careers, you can’t just sit behind a computer and sell your product. You have to meet with people face to face.
If you’re not a people person, this is going to be a difficult career. Recommendations and referrals are your bread and butter as an agent. You have to convince people to trust you.
Just like most of life, your reputation comes from those you surround yourself with. If you link yourself with other trusted agents, clients will see you in a better light.
Trusted usually means someone with experience and clout in the business. They’ll have worked in a community for a long time.
You start out behind in this business. This means you need to woo your clients. Work on showing them as many houses as you possibly can and knowing everything about those houses.
2. Not Your Typical 9-5 Job
Even if you’re connected to a firm, you’re essentially running a business. Running a business is like being married except your spouse never leaves your side.
You should spend at least 20 hours a week on marketing if you want to be successful. That’s as many hours as a part-time job.
Add in hours spent leading clients around and working on their paperwork/negotiations, you’ll be pushing more than 40 hour weeks. Being an agent really does mean being a business owner.
3. Don’t Count Commission Before Closing or You’ll Be Sorry
When you get a contract you’ll be extremely excited. Your payday is coming soon and all that hard work will pay off. Just don’t start counting your money just yet.
From the time you start the process to closing, anything can happen. You could even get embroiled in a court case between buyer and seller. These things happen and they affect your final pay.
If everything goes right, you’ll collect your commission. And remember, you’re responsible for collecting your own commission, so look for tools like MyCommission to collect your money.
Real Estate Careers: The Upside
It might seem like we’re discouraging you from going into real estate. This couldn’t be farther from the truth. Real estate careers are incredibly fun.
You have to be in it for more than the money. You need to want to help people find or sell a home. This has to be your passion.
If you’re ready to jump into a career, begin studying property trends right here.