Is a Career in Real Estate for You?
A common question from prospective students is, “What’s required to become a licensed agent?”.
Understanding each step to becoming licensed is of course, necessary information. Aside from questions about education requirements or the application process, the most important question to contemplate is if a career in real estate would be a good fit. It takes more than being a good student in the pre-licensing course and passing the licensing exam.
Success is more likely if the job requirements are a good fit overall with natural capabilities. There must also be a willingness to learn industry specific skills and hone them. If it’s a good fit, income and career satisfaction should go hand in hand. The amount of income earned is an important measure of success, but not the only measure. Most would agree that enjoying a career and finding it fulfilling to be most important over the long haul, not income alone.
What determines success? Here’s my perspective on the ‘anatomy’ of a successful real estate agent.
To succeed in this industry, an agent must have ambition and drive. Without ambition and drive, there’s no upward movement. Strong desire must be accompanied by self-motivation to do what it takes to succeed. A career in real estate sales will have ups and downs (as the market goes) and is not like a typical 9 to 5 job with a salary. There’s no boss requiring a monthly sales quota. A real estate salesperson is typically an independent contractor and is required to have a supervising broker who ensures compliance with laws, provides training and mentorship, but will not be the salesperson’s employer. This may be very different from the previous work experience of most. An agent must rely on his/her own ambition and drive.
Strength of character is essential. In the anatomy of a successful agent, strong character is like the ‘torso’. It must be the strong and reliable center that is the base for everything to attach. Reputation, work ethic, and trustworthiness must be impeccable because an agent’s business is largely based on referrals. A strong character is the center of a successful real estate agent.
Hussle is required and a bit of ‘grit’. That’s where resilience comes in. In the anatomy of a successful agent, resilience serves as the ‘shoulders’. The ability to ‘shoulder’ a set-back, a mistake, deals that fall apart, an impossible to please client, etcetera, etcetera. Resilience means staying in the profession long enough to go over the learning curve of being a new agent. Resilience is the ‘grit’, the ‘shoulders’ of a successful real estate agent.
Time management and flexibility are instrumental in an agent’s career. Contracts have timeframes and deadlines that have legal consequences. It is imperative to an agent’s day-to-day responsibilities to assist clients in adhering to contract deadlines. Evenings and weekends are part of an agent’s work life. Clients will want to have meetings or showings when they are not working which means after five and on weekends. Hosting open houses on Sundays is common. Agents don’t work set office hours. Flexibility is required. Time management and flexibility facilitate the flow of a transaction.
Communication skills and networking are also very important. Agents deal with many different personality types and situations that, at times, can be emotionally charged. Good communication skills require active listening, which is listening to understand rather than listening simply to respond. Being able to maintain a composed and analytical frame of mind results in effective communication. This will build rapport and trust with clients.
Networking is key to an agent’s success. Leads are generated through networking. Just as communication skills may be learned and honed, so may sales and networking skills. Networking becomes easier and more productive with better communication skills.
Takeaway
New skills may be learned, but some things must come naturally. If ambition, self-motivation, and resilience are not natural character traits, real estate sales may not be a good fit.
Success requires time, diligence, and patience. Be honest at the start and before you invest money and time. Are you willing to endure the more challenging aspects of the job to enjoy the great income potential and ability to be your own boss?
If your answer is, ‘yes’, then go for it!
It’s a good idea to evaluate, research, and ask a lot of questions prior to enrolling in a pre-licensing course. Understanding what an agent’s day-to-day responsibilities and duties are, as well as income potential for your market, will assist you in making a well-informed decision. Get your free Guide to Getting Licensed.
Learn more tips and strategies for a promising real estate career with DREI’s on-demand Career Consultation.
Sheramie Doré
Founder | Director
© Doré Real Estate Institute, 2023
