As a real estate broker/owner of Welcome Home Realty Group I am constantly seeing new candidates for real estate agents in our office. Since Covid, I have seen an increase in new licensees.
Do You Have The Right Stuff
Dated: November 6 2020
As a real estate broker/owner of Welcome Home Realty Group I am constantly seeing new candidates for real estate agents in our office. Since Covid, I have seen an increase in new licensees. It seems many decided to spend their time productively during the lockdown to get their real estate license. I must say I admire the productivity and anyone who wants to reach their goals.
But how do you know you are going to succeed as a real estate agent? How do you know you "have the right stuff"? Here are some questions I ask and would help anyone thinking of a career in real estate decide if they will succeed.
1.Do you plan on working full time?
I put this first because real estate is always a full time job. Often a successful Realtor will be full time for many years and work part time in their retirement years. However, the reverse plan is a recipe for disaster. The learning curve is very steep in real estate. The penalty for not knowing what you are doing could cost you your license and thousands of dollars of fines, not to mention your reputation. The only way to be good at real estate is full time. By full time, I mean 60 hours at least per week to be a top producer.
2.Do you like people?
The primary purpose for becoming a real estate agent should be to help people. If you don't like people and just want the money, you will fail. Great Realtors love their clients and their clients love them! That relationship and respect develops loyalty and long term relationships which eventually build a thriving business. If you don't love listening to your clients or don't love seeing them reach their goals and dreams, please do not go into a career that requires constant attention to their needs and goals.
3. Are you comfortable with a crazy schedule and stress?
The rewards definitely outweigh the sacrifices in real estate. What I love most about being a Realtor is that every day I'm thrilled to help someone solve a crisis or see a dream come true! However, this is not a career for someone who prefers to avoid stress or that thrives on predictability. The only thing you can predict in this career is that you'll be constantly solving problems and have to be available for many hours each day. An experienced Realtor will eventually develop healthy boundaries between work and lifestyle. However, that comes with time and does not happen when you are getting started in this career. One of the benefits of becoming successful in real estate is that you can afford to hire assistants who will assist you in enjoying work/life balance. But you have to be earning enough to pay for your assistant and that will take at least 5 years of experience.
4. Do you love networking with people more than accomplishing tasks like developing your website and creating spreadsheets?
Becoming a successful Realtor will require building websites and handling finances. A successful Realtor will have a business plan and constantly revisit their accounting. However, your primary source of business is people. You must absolutely love talking to strangers and spending time with people. If you hate building websites, doing social media and handling your business plan; you can hire services to handle these for you. Some brokerages ever provide support services. But your website will not make you successful if you don't love networking.
5. Do you love to learn?
Fear of new technologies is the enemy of every new real estate agent. You must love to learn new platforms, experiment on social media, and enjoy learning. This learning mindset is key to being a great Realtor.
6. Lastly, can you survive for 6 months financially while getting started. It is a fallacy that real estate agents make big bucks. The expenses to be a licensed agent are high. It takes at least 5 years to develop a thriving real estate referral business. You will need enough savings or support from a partner to help financially for at least 6 months as you learn the basics.
7. Are you involve in your local community?
This really comes back to enjoying people. A successful Realtor is a person who cares about the community where they live. They are actively involved in local associations, churches, and organizations that make the lives of people living in the community better. They care and they are volunteers that want to make a difference in the lives of those around them.
What is your why? Why do you want to be a Realtor? I hope you consider the questions above. If you are thinking of a career in real estate, I'd love to chat further. We are always looking for the next great star in our company!
Terry La Scola is a lifelong resident of Frederick County Maryland and has been involved in the business community of Frederick since 1979. As an entrepreneur, Terry has an extensive knowledge of sal....