So… you want to be a realtor? (Cue dramatic “Who Wants to Be A Millionaire” music – Did I just age myself? So be it.) Let’s go!!!
Maybe you're drawn to the flexibility, the idea of being your own boss, or the excitement of helping people find their forever homes. (I was right there with you when the dream of being a Realtor first crossed my mind!)
While this industry can be incredibly rewarding, there are some things I wish I knew before diving headfirst into the real estate world.
Here is my realistic take on 5 things I wish I knew before becoming a realtor:
1. It can be a rollercoaster ride.
Forget the "get rich quick" schemes you might have heard on infomercials or seen on HGTV. Real estate income is infamously unpredictable. Some months you'll be closing multiple deals and feeling like a million bucks. Others, you'll be staring at your phone, anxiously awaiting that next call and reconsidering every single life choice you’ve ever made.
Real estate is very often feast or famine, especially for the first couple of years. Commissions fluctuate wildly. Factors outside of your control like market conditions and competition can play a huge role in how much money you bring in at the end of the day; not to mention there’s a whole lot riding on your own negotiation, communication, time-management skills.
My advice: Build an emergency fund prior to getting your license and any amount you can stash away during the busy months will be your lifeline during those slow periods. Explore other income streams to supplement your real estate earnings, and prepare yourself for the need to be a bit frugal from time to time – just in case.
2. It’s all about who you know.
And if you don’t know anyone… it’s all about who you can meet! I actually tend to hate the phrase, “It’s all about who you know” – but in real estate, it actually does hold weight. While your real estate license gives you the technical know-how, ultimately your success hinges on your ability to build relationships.
Your clients have to be able to trust you with one of their largest financial transactions to date. You’ll need to be able to connect with them on a personal level, listen to and resolve their concerns, be transparent, maintain a high level of integrity, and show them (with your actions) an incredible amount of hustle on their behalf.
The reality: If you’re a die-hard introvert, this might be challenging for you. You’re going to have to get out there and network, even if it sometimes feels out of your comfort zone. Finding your people isn’t always easy – but that doesn’t mean it’s impossible! It just takes a little extra courage.
My advice: Be a genuine friend, and the clients and referrals will come.Be genuinely interested in people and their needs. Any potential client will see right through an agent who is trying to make a quick buck without putting their needs first. Attend local groups to meet new people, join local networking groups, be active on social media, know your neighbors, and participate in your community.
One thing that I’ve loved, especially after working from home for 2 years, was seeing my friend group explode! If you know me, you know that I LOVE meeting new people and fostering genuine friend groups; I am a social butterfly at heart! I have a hard time referring to my clients as “clients” when in reality, they are my friends and family, or referrals from my sphere.
3. The cost of success can be high.
Becoming a successful realtor requires a significant investment, both financially and personally. You can expect upfront costs for licensing, continuing education, marketing materials, and gas.
On top of monetary spending, the time commitment involved in becoming a successful Realtor is immense. You'll be working evenings, weekends, and holidays regularly and putting in super long days (and nights) often – even when you’re first starting out.
My advice: Create a realistic budget and track your expenses meticulously. Set boundaries wherever, and whenever you can to maintain a healthy work-life balance.
4. The learning never stops.
Real estate is a dynamic field with constantly changing laws, regulations, and market trends, and no transaction is the same. If keeping up to date with the news, financial industry, and stock market (ew, I know) isn’t your thing, you at the very least need to join groups that will dissect and share relevant information with you!
The reality: Continuous education is non-negotiable. You'll need to stay updated on market shifts, new technologies, and best practices.
The advice: Invest in continuing education courses, attend conferences, and stay connected with relevant and credible publications and industry experts.
5. The rewards are worth it all.
Despite the challenges, the rewards of a successful real estate career are incredible. The feeling of helping someone find their dream home makes me teary-eyed often, and I love that I have been able to build lasting relationships with clients and become an integral part of their lives.
My advice: Go above and beyond for your clients, and let your passion for helping others shine through. Remember the rewarding moments when times get rough (because they inevitably will get rough) and remember the slower months when you are working 14-hour days for the unforeseeable future. You got this!
Too long; didn’t read (TL;DR):
A career in real estate is not for the faint of heart. 75% of realtors fail and give up within their first year - it demands dedication, resilience, and a strong entrepreneurial spirit. However, for those who are willing to put in the work, the rewards can be truly life-changing.
I hope this gives you a more realistic perspective on what it's like to be a realtor. If you're still considering this path, do your research, talk to experienced agents (Hi! I’m Jessica - let’s chat!), and make sure it's the right fit for you.
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