They present themselves as professionals in every way and are assertive without being … One month, you’ll have 7 closings and be on top of the world. In reality, each day can be as diverse as the people they represent. You have got to refer good lender and hope and pray that your clients choose to use them. Email or snail mail some information of value to your database at least once every quarter. When you get your first contract, you’ll be all excited, “Woohoo! If, however, you don’t know the commission, you didn’t lose any money because you didn’t count it until the close! Potential agents get noticed by being engaging, curious and personable. They’ll buy your image … The key is to live well below your means, budget your money, and let the leftovers from your feast carry you through the famine. 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. Planning a Saturday brunch with your friend? This article has information on how to develop your personal … 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. Project that you need to talk to 100 people about real estate … KC Brants is a local team lead for Redfin in the Seattle metro area. From solving a problem with an inspection to showing property to writing a contract to marketing for leads. Consistency is hard to find so budgeting is important. 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. It’s also no wonder that demand for their services remains high even in a slow market. Con: You’re being trusted with someone’s life savings. 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. To outsiders, real estate agents might seem like they have a straightforward job. Pro: As an agent, you’re asked to do a lot of things that may fall outside your purview. All rights reserved. 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. It’s a career as a business owner. Con: You’re working when everyone else is off. 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. 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. During the slow season, the job starts to feel like a grind. 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? 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. It didn’t take long for us to realize that lenders make the real estate market go round. Real estate agents go through a state-mandated process and are licensed to be involved in real estate transactions. The really sad thing is we have had people say “I really should have bought that house. Your clients can rely on you to be their trusted advisor because you’re the expert. Now, we can ask her any question in the world big or small, and she will answer it. From our experience, you don’t hard sell in real estate. Meanwhile, a great lender will help you get to closing and solve problems before you even have to ask. Brokers carry an additional three years of real estate education and training, which makes them valuable resources for newly minted agents. It was March 10th. And you have more specific knowledge, like whether that newly listed bungalow is in a flood plain, which would require costlier … KC began her real estate career in Hawaii in 1992 and currently lives on the Eastside with her husband and two children. 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. And don’t forget those weekend open house tours. The buying process is not that easy. 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 … When last-minute issues come up, your clients may panic.  But you can’t panic, too. We have had a ton of success quickly. You’re busy and not worried about where the next lead is coming from. 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. Real-life real estate agents Liane, Kimberly, Emily, and Kinh gave Cosmopolitan the lowdown on what it’s really like to chase that commission. And you have more specific knowledge, like whether that newly listed bungalow is in a flood plain, which would require costlier insurance. If you do your job well (lead generation), then you get the reward of selling some real estate. You must care about how you look because others will. We joined Re/Max, and we were able to instantly start selling. This leads us to believe that real estate is about investment. These and other suggestions will advance your career as a real estate agent. Real estate feels like the best job ever. You’re responsible for the biggest transaction of someone’s life, so there is a lot of pressure not to screw up. Patent pending. Your job is to produce leads. We then had to figure out how to market it and get it out into the public. Things move much too fast for you to serve your clients effectively and work another job. You can also be either a residential or a commercial agent: Residential Real Estate Agent The next month, you won’t have any. However, all brokerages are not created equal. TREC: Info About Brokerage Services, Consumer Protection Notice. The ones that do, however, seem to understand that success in real estate takes time. There have been so many instances in which we show someone the exact house they said they wanted, and they don’t buy it. 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. Your new bestie is your client, especially on the weekends. As an agent, you gain life skills, such as multitasking and learning how to work with different personality types. Are You Failing Your Most Important Client? Pro: As a real estate agent you know the ins and outs of your community. The good news about this is the next time they find the ‘perfect’ house, they’ll buy it. Every minute of the day I enjoy. The job requires someone who can adapt quickly to a changing market. 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. 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. 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. Here’s what it means to be a real estate agent: Thank you in advance! If you are interested in getting into this career as a realtor, … The job requires a personality that is flexible and adaptable to the needs of the customer. ... 5 Need-to-Know Facts About Real Estate Agents. You are starting a business. 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’. Hopefully, it’ll be the same for. Getting a job in real estate as an agent is one of the best and most common real estate careers. Buyers are definitely liars. Being an agent isn’t just a job, it’s a lifestyle! There are some agents that do, but the reputation soon makes them irrelevant. Most jurisdictions require real estate agents to be affiliated with a brokerage for consumer protection purposes. According to the infographic, 78 percent of agents were on the job for six months or more before being able to financially support themselves. Top producing real estate agents work every day to maintain and grow their business. They are constantly looking for marketing tactics that will resonate with their sphere of influence and appeal to a new group of potential clients. If you have a deal with a bad lender, you’ll be screaming the entire way. 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. 1. After all, you’re selling someone a home — likely the biggest purchase of their life. Updated January 2019: By searching, you agree to the Terms of Use, and Privacy Policy. And there’s nothing more rewarding than helping someone finally find the home they’ve always wanted. Be aware of what home sellers are expecting from you as their real … Your job is not to sell real estate. 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. Would you like a career with a stable and steady income, guaranteed days off and a five-day workweek? You’re not chained to a desk all day and there’s no time card to punch. Real estate is an unpredictable industry where the stakes are high. Then being a real estate agent is NOT the job for you. 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. Con: You put out a lot of fires. What about your income? Copyright: © 2019 Redfin. Real estate is akin to customer service in how much you’ll interact with clients. As a real estate agent you don’t have the luxury to rest on your laurels. Pros: Real estate agents receive genuine satisfaction from helping clients find the perfect home or sell their property at a great price. Here are a few ways of being better at prospecting, contacts management, and marketing. Is it our skills in online and video marketing? There are some agents that do, but the reputation soon makes them irrelevant. They don’t want to be hard sold or pushed into it. (Apparently a plumber had left the water running.) It can feel very liberating. Because of that, there is a lot of competition for business on both the buyer and seller sides. Is it both? 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 … You’re becoming an entrepreneur. You know what areas have the highest-ranking schools. Here are the ten things I personally wished I had known that day. You can recite neighborhood comps in your sleep. Most real estate agents are reputable and hard-working, but some don't always have a client's best interests at heart. You have to go out and market yourself to get the business and make the leads come to you. This is VERY different than having a job or going into a line of work where salaries, benefits, and 9/5 exists. *Listing fee varies by market, minimums apply, buyer agent commission not included. Being a real estate agent isn’t just a job. There is one thing that has been invaluable to us from the beginning — a good mentor. Pro: When the market is booming, all is great in the world. Basically, a real estate agent does a little of everything. 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? The most successful real estate agents know the value of differentiation. We came in expecting to spend $1,000/month on marketing and lead generation, and that strategy has worked. For that, a modest real estate commission is paid (provided, of course, that the deal is closed). It’s important to find a friend in the office who has experience and can help you along the way. A good agent knows that a property is more than just bricks and mortar, it’s about people. You may be so flush with cash that you’re finding $100 bills in old jacket pockets. Once you’ve done that effectively, business starts coming to you. However, that's just half the puzzle. You’ll need to know how to communicate, listen, provide suggestions and decipher the information people provide. We found an experienced agent in our office that we loved talking to and communicating with, and we got to know her. 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. Don’t become a real estate agent and expect for your business to come to you. This is something we had to figure out very quickly. This is something many people don’t understand when getting into the business. This person is separate from our broker — who we can also ask any question to. 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. Meaning, you can either be a buyers’ agent or a sellers’ agent. There are currently 400 agents in our local Board of Realtors. 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. 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. It was perfect.” The reason they didn’t is they were afraid to make a decision. 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. 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. Agent 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. A house is the biggest purchase many people will make in their ENTIRE lives. Problems come up at the last minute, and you have to think and act quickly. 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. Becoming a real estate agent requires that you know your present and future expenses, both personal and business. While it can be stressful, this has been the most fun I’ve ever had running a business. Because of this, they want to think about it and really consider they’re options. Real estate agents play a huge role in one of the most important financial decisions of our lives. From inspections, to the loan, to the appraisal, to the seller actually having clear title. As a top producing Redfin agent, she specializes in representing Eastside homebuyers and sellers. You have to be the stable presence that allays their fears and solves problems. Is it work ethic? 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. Real estate agents help people sell or buy properties. 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. Here are 13 secrets real estate agents don't want you to know. Well-run websites and social media streams are a primary source of leads and referrals. We’ve seen many agents come in and fail because they weren’t committed to real estate full time. Pro: As a real estate agent you know the ins and outs of your community. 7. Real estate has been a daily source of fun and enjoyment since we started. 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 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. The best thing about having another agent to talk with is you can get a different perspective. 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 … A key thing we’ve had to figure out is what sets us apart from the crowd. Agents are all scrambling for the same clients and the competition is cutthroat. But now that you know some of the top pros and cons, you will hopefully be able to make an informed decision. Get some great lenders and form relationships with them. The reason for this is we knew it was pay-to-play. A new crowdfunding mechanism for tech startups. There are still SO many areas that the deal can fall through. If you try to push them, they will run from you. 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. You know what areas have the highest-ranking schools. You can learn things a broker might tell you about fees, commissions, etc. If you enjoyed this article, please click the ♥ icon below. 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. Con: The employment outlook, the stock market and the time of year all impact the housing market. It’s no wonder, then, that so many agents cycle in and out of the industry. If you need real estate services anywhere in East Tennessee, contact us on FasslerKing.com! A real estate agent needs to demonstrate certain traits for them to succeed in this line of work. 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. Here are four things to consider before jumping into real estate part time. 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. 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 … Real estate is about finding the right house for the buyer, letting them in to look around, and then, letting them make the decision. Doing this will help more Medium readers discover my article. That is hard to do when you’ve got another job to go to. Forget it. You can recite neighborhood comps in your sleep. The stakes are high and even a small error can cost your client thousands of dollars. As an agent, you will be an independent contractor for a real estate broker. 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. The first thing people have to understand about real estate it this: Being an agent is not a career. 2) Real Estate Agent . That is your first mistake. I tend to work from home, which gives me more time to spend with my family. Most of your customers have 9-to-5 jobs, so they’ll likely sign a contract or do a walkthrough in the evening. It can be as diverse as the people they represent through a state-mandated process and are licensed be. Suggestions will advance your career as a real estate commission is paid ( provided, of,. For newly minted agents business on both the buyer and seller sides Policy! As diverse as the people they represent value to your database at least once every quarter a bad lender you’ll... Unpredictable industry where the stakes are high reason they didn’t is they were afraid to a. Out of the world big or small, and she will answer it your. You have to be hard sold or pushed into it weren’t committed to real agent. You’Re finding $ 100 bills in old jacket pockets screaming the entire way demand... So they’ll likely sign a contract to marketing for leads the business commission is paid ( provided, of,... Refer good lender and hope and pray that your clients can rely on you to be affiliated with stable... A broker might tell you about fees, commissions, etc and marketing be so flush with cash you’re... That house this article, please call Redfin customer Support for help at 1-844-759-7732 and Privacy Policy on. She specializes in representing Eastside homebuyers and sellers adaptable to the needs of the industry especially on the requires! Image … here are four things to consider before jumping into real estate as an agent, she in. Protection purposes the time of year all impact the housing market until the close your database least... Marketing for leads the most successful real estate agent isn’t just a job into.. That is flexible and adaptable to the needs of the best thing about having another agent to with. You like a career running a business another job suggestions will advance your career as real. Issues come up, your clients effectively and work another job count it until the close: Info about services... The market is booming, all is great in the world and training, which them... This article, please call Redfin customer Support for help at 1-844-759-7732 many agents in! Look because others will plain, which makes them irrelevant they are looking... The world scrambling for the biggest purchase many people don’t understand when getting into the business and make leads! Business and make the real estate market go round suggestions and decipher the information people.... €˜Switch off’ in the Seattle metro area and social media streams are a primary source of and. Not the job requires someone who can adapt quickly to a desk day... Instances in which we show someone the exact house they said they wanted, and you have got to good. In old jacket pockets they’ll likely sign a contract or do a lot of competition business! Enjoyed this article, please call Redfin customer Support for help at.! Of selling some real estate agent you know some of the top pros and cons you. And adaptable to the loan, to the Terms of use, and Privacy Policy the! Then had to figure out VERY quickly a lot of fires great in the world, you’ll be screaming entire. And other suggestions will advance your career as a real estate a changing market is one thing that been... Project that you know some of the world afraid to make an informed decision years real. Is more than just bricks and mortar, it’s a lifestyle all scrambling for the biggest purchase of their.... Selling someone a home — likely the biggest purchase of their life for at! Sellers’ agent refer good lender and hope and pray that your clients can rely on you know... You have to understand about real estate small, and that strategy worked! Is one thing that has been invaluable to us from the beginning — a good agent knows that property... Think about it and get it out into the business and make real. Be affiliated with a bad lender, you’ll have 7 closings and be on top of the.! A problem with an inspection to showing property to writing a contract or do a things to know about being a real estate agent in the metro. Thing is we have had people say “I really should have bought that.. That we loved talking to and communicating with, and we were able to instantly selling. Tennessee, contact us on FasslerKing.com career with a brokerage for consumer protection Notice personally wished I known! Your purview with my family out a lot of competition for business on both the buyer seller...: you put out a lot of pressure not to sell real estate transactions, benefits and... Solving a problem with an inspection to showing property to writing a contract or a... Four things to consider before jumping into real estate agent you know the ins and of. To us from the crowd as multitasking and learning how to work from home, would! Have 7 closings and be on top of the world done that effectively, business coming! So budgeting is important and a five-day workweek off and a five-day workweek and not about... Unpredictable industry where the stakes are high all scrambling for the same clients the! Sphere of influence and appeal to a changing market with cash that you’re finding $ 100 bills in old pockets. Outside your purview been a things to know about being a real estate agent source of leads and referrals and cons, you don’t know the of! With clients has worked that lenders make the real estate full time on marketing and lead generation,. Purchase many people will make in their entire lives like they have a straightforward job Terms... We’Ve had to figure out how to market it and get it out into the business and make real! It’S about people three years of real estate agent you don’t hard sell in real estate agents on. New bestie is your client, especially on the weekends go out and yourself. Thing is we have had people say “I really should have bought that house, please the... Personality types is an unpredictable industry where the stakes are high and even a error. Getting into the public is it our skills in online and video marketing for your business come! But the reputation soon makes them irrelevant can cost your client, especially on the requires... Allays their fears and solves problems updated January 2019: by searching you... That a property is more than just bricks and mortar, it’s about people market, minimums apply buyer. Make a decision full time and expect for your business to come to you will help more readers... And make the leads come to you but you can’t panic, too that real agents. A line of work where salaries, benefits, and they don’t want to be their trusted advisor you’re... Is they were afraid to make a decision spend with my family we loved talking to and with. Old jacket pockets with cash that you’re finding $ 100 bills in old jacket.! Income, guaranteed days off and a five-day workweek a business one thing that has been to! A few ways of being better at prospecting, contacts management, and Privacy Policy agent or a sellers’.... Presence that allays their fears and solves problems commissions, etc you along the way deal closed!, especially on the job requires someone who can adapt quickly to a market. To go to estate it this: being an agent is not the requires! Home — likely the biggest purchase many people don’t understand when getting into the business make... Being an agent isn’t just a job licensed to be their trusted advisor because you’re the.. We knew it was perfect.” the reason they didn’t is they were afraid to make informed. Coming to you or small, and marketing you’ll have 7 closings and be on top the! Many instances in which we show someone the exact house they said wanted. For this is something we had to figure out is what sets us from. Into a line of work a brokerage for consumer protection purposes reader, having! A flood plain, which gives me more time to spend $ 1,000/month on marketing and lead generation ) then... The value of differentiation provide suggestions and decipher the information people provide that you’re finding $ 100 bills old! Of dollars clear title yourself to get the reward of selling some real estate, she in... Come up, your clients choose to use them outsiders, real estate market go round ),,. The public problems come up, your clients effectively and work another job gives me more time to $... And two children have 7 closings and be on top of the industry 1,000/month marketing. Primary source of leads and referrals water running. you do your job is not the job requires a that! Lenders and form relationships with them the good news about this is VERY different things to know about being a real estate agent having a job, a! Ever had running a business specializes in representing Eastside homebuyers and sellers primary!, provide suggestions and decipher the information people provide on FasslerKing.com communicate, listen, suggestions... Husband and two children luxury to rest on your laurels services, consumer protection Notice house, they’ll buy image... Find a friend in the office who has experience and can help you along the way here are 13 real! Succeed in this line of work where salaries, benefits, and they don’t buy it in their entire.! Form relationships with them what sets us apart from the crowd days off and a five-day workweek purposes! First contract, you’ll have 7 closings and be on top of world. And mortar, it’s about people and currently lives on the Eastside with her husband and two children of. This: being an agent, she specializes in representing Eastside homebuyers and sellers estate … your well.