New Year, New Career
As a former coach to the newest real estate agents for many years, I have seen all types of people start a new career in real estate and for various reasons.
Those who succeed have three things in common: they start with the end in mind, are committed to their goal, and they find consistency in their daily rhythm and activities.
Those Who Succeed in Real Estate
The common traits are motivation, vision, patience, and perseverance. Successful real estate agents are coachable and show up consistently, especially on the most boring days. Being busy or overwhelmed is not what they fear. Instead, it’s coming to work day after day with no business at all.
Whichever broker you choose to work for, be sure they have more than real-estate related training. You want to find sales training. For most people, this pushes them outside their comfort zone and feels completely unrelated to the everyday business of selling houses.
Here are the personality types that we tend to find in the industry:
Any and all real estate agents are able to take on financial risk for a period of time. These individuals know they will reap greater rewards in the long run. If you find yourself a bit entrepreneurial but don’t have a lot of capital to start a new business, real estate is a great opportunity. There are limited start-up costs and no requirement for inventory or even office space in the beginning. It is possible to keep marketing costs low and build an entire business on networking and prospecting.
Most importantly, understand the sales cycle can take up to three months. Having a minimum of six months of savings in reserve to cover personal and business expenses (such as training and monthly broker fees) is imperative.
If you are not the entrepreneurial type, joining a team is always an option. Roles like administrative assistant, contract to close coordinator, marketing director, operations director, or inside sales agents are always available. Find a brokerage that encourages teams. Let them know you are interested in a role that will help one of their agents grow. A team leader will always appreciate finding someone who already has a real estate license and the benefit to you is the opportunity to earn 10-25% of the sales agent’s gross commission for setting appointments or sending a referral, even in support or non-sales roles.
Former paralegals thrive in this business with lots of paperwork and moving parts, especially in support roles. Besides that, there is an opportunity for former accountants, teachers, and even engineers.
The Interior Designer
Let’s be clear. Loving HGTV and design is NOT a prerequisite for being a good real estate agent. In fact, in many cases, the worse your decorating skills, the better. That said, the industry always needs good stagers. Staging is actually less about interior design and more about de-personalizing a home. Real estate agents need people with an eye for design who can focus the flow of a property. They help agents make sense of empty space and sellers let go of the idea that they are selling their home rather than a piece of real estate. The buyer wants to see the house in their own eyes and be able to visualize their own belongings, not the seller’s.
Whether you choose to sell real estate or focus solely on growing a staging or design business, having a real estate license still has its benefits. License holders can earn 25% of a 3% commission just for referring a client to another salesperson.
The Stay-at-Home Parent
Don’t be disillusioned, it takes a lot of focused time and energy to grow a worthwhile real estate business. That said, some people are well suited to play the long game. Stay at home parents often are very good at building and nurturing networks, and a network is a great benefit to the real estate agent.
It is never too early for a stay-at-home to get their license. If you find yourself overwhelmed, partner with another agent and send them referrals. You can earn 25% of a 3% commission for doing nothing more than passing along a name if you have a real estate license. Make sure to choose an agent who knows how to nurture relationships and convert leads.
Even better, pick an agent or team who you might like to work with in the future. Knowing someone who values your contribution to their sales pipeline and takes great care of all your clients is your number one priority.
The Social Butterfly
A successful real estate business requires focused time and energy. That can be difficult for those who prefer not to be confined to an office. However, many agents have a real estate business that satisfies their personal financial goals just by doing what they love to do every day. These individuals go about their lives and meet people along the way. With time, their contacts turn into relationships. Life changes create leads. Leads turn into signed agreements and closed business. Sometimes just being helpful, trustworthy, and interested in others in the right market is enough. The key here is to be confident and remain professional. When it is time for business, meet at the office. Have them sign the proper agreements as you would any client.
That being said, to build and grow a scalable sustainable business, you’ll want to join a brokerage on the leading edge of technology. The right tech tools will help you schedule and manage your communications and marketing as your business grows. Also, don’t be afraid to hire support. Bring structure to your business and align it with your natural talent.
Regardless of your past experience, personality type, or current situation, opportunity and income are available in real estate. The first step is to take a course and get your real estate license. Find a school in your area or contact us with your questions.