Many people are seeking a career shift, especially since the start of the COVID-19 pandemic, when so many workers were compelled to accept new jobs due to the loss of their old one. Now that both the job and housing markets have stabilized somewhat, employees in both long-term and recent jobs are thinking about making a career switch.
One of the professional fields that appeals to many is real estate. Whether you’re thinking of becoming a real estate agent in California or in middle-of-nowhere North Dakota, there are undeniable ways in which you can become successful.
The catch, obviously, is that you have to be willing to put in the work. There are many factors people do not recognize when they look into getting a real estate license.
Before diving into your brand-new career, here are a few things you ought to know before you commit to being a real estate agent.
You Have to Do Your Own Marketing
Regardless of whether you sign on with a realty company or make a go of your own real estate business as a solo entrepreneur, you’re going to have to do your own marketing. This means investing time into starting and building an online presence as a Realtor in your licensed area.
You will want to think about posting more than just available listings or the recent closings you’ve signed. The essence of a web presence is to share your expertise and educate others.
This could take the form of sharing blog articles about the various types of mortgages, updating your Instagram story about recent housing market changes, or posting on other social media platforms with relevant, entertaining content. It’s also the perfect opportunity to share with the public what sets you apart from your competitors.
Use your website and social media platforms to showcase your “special sauce” that would persuade people to want to work with you instead of anyone else. Maybe you have an underutilized skill for making creative videos. Consider starting your own YouTube channel.
Or perhaps you have a personality that deserves to be spotlighted. If so, then maybe you should start doing livestream webinars to teach others how they can invest in real estate.
You Do Not Have to Oversell
The death of a Realtor is overselling. Your main job as an agent is to match each unique client to their perfect home.
Whether they decide to make the purchase or not is entirely on them. In many cases, you’ll find they may not choose to buy right away.
This is something you will have to learn to accept. Pushing someone to make a major financial decision like purchasing a house is more likely to leave you with a growing pile of bad reviews.
Being a successful Realtor requires patience, listening skills, and empathy. Since this is going to be one of the biggest purchases a person will make in his or her entire lifetime (in many cases, it will be the biggest), the last thing your prospect will want is to feel pressured to make that decision.
The housing market will do a lot of the work for them. Don’t add to their already stressful condition by overselling your clients.
Do Not Count Your Pennies Before Closing
When your first sale as a newly licensed real estate agent comes together, you may be poised to celebrate with an elaborate vacation or invest in a major renovation on your own house. This may be a mistake.
One of the biggest mistakes new Realtors commit, unfortunately, is failing to wait until the full and official closing to start counting their commission. Because a substantial array of variables come into play during the purchase and sale of a house, that means there’s also a lot of room for fallout.
Inspections or loan denial, for example, could very well make the deal fall through. Before adding up your potential earnings, you’d be wiser to take a breath.
Wait until the money actually comes in. Because otherwise, you may find yourself discouraged by how much it feels like you’ve lost instead. Always wait until after closing before making any final celebratory investments on your end.