If you’re considering getting into the real estate business, you’ve already made a decision to go into one of the toughest but most rewarding industries. A successful career as a buyer’s or seller’s agent can be very gratifying and often, very lucrative.
If you want to be a broker, odds are you’re entrepreneurial, a self-starter, and want to have the ability to make your own schedule and build your own business … but it’s not as easy as it sounds.
Starting off in a career in real estate right out of college, or when you still have major school loans or financial responsibilities that necessitate a consistent salary and source of business, can be tough. Early on, when you’re just beginning to secure clients or customers by establishing a network, commissions can be spotty. It’s a risky job for some because of that. If you have a support system or a secondary source of income from another family member, you might be able to make it work. It’s not a career you can really do well if you only do it part-time, so it’s important to jump in with both feet.
One way to get established is to learn with a real estate firm that does rentals. If you’re young and hungry, it’s a great way to move more inventory more often and have a more consistent paycheck. Renters also eventually become buyers, so it’s a great way to start building a pipeline and create a pathway to being a residential real estate broker. Younger agents are also more connected socially to their friends, colleagues and peers. If you are tuned into the needs of your inner circle, you can easily create an expansive network that will surely yield referrals, tips and more useful connections than you thought possible. Another option is to become an assistant or associate in a firm; learn the business, make contacts, get to know the area you would be working to service.
Always On The Clock
If you’re more established, and this is a second career of sorts, you may have some added advantages you probably hadn’t even thought about. Your network has been long established, and likely in other industries altogether, which can be quite useful when working to make new associations that could help build your book of business. If you’re looking to start small and dip your toe in, you’ll have to consider working with an established support team, or collaborating with someone to form a sales partnership. This would enable you the flexibility you might need to work around your growing kids or aging parents, and it’s the way to go if you can’t be on call 24/7. Real estate is an around-the-clock-job, and buyers and sellers won’t wait when a transaction like a home sale is at stake. When the market is tight, this is especially true.
If you’re considering making the move into real estate, the first thing you need to do is to get organized – put together a database of friends, business or professional contacts, and community contacts. In the early days, your network will be your lifeline. Most young brokers don’t realize how many people they know and how well-connected they really are – no matter their age. Get to know the movers and shakers in the neighborhoods you’ll be selling in. So much of what brokers do is based on word-of-mouth recommendations and referrals – and knowing your city or town and what and who makes it tick will be very valuable. Be willing to really step out there and put it all on the line, and you’ll find success.
The bottom line, most of us are always selling, whether at our children’s soccer games, at the charity functions we support, and in our casual dinner parties with friends. We all have spheres of influence that are ripe with opportunity for making lasting relationships that will yield dividends for your business.
Sheryl Simon is principal of Benoit, Mizner, Simon & Co.
