Some of the key advantages of becoming a real estate agent are already known to you. Your days as a real estate agent are never the same as they are in a 9 to 5. You can build a schedule that works for both you and your clients instead of punching a clock. Instead of being restricted to a certain income, you have the opportunity to earn as much as you want. You have the opportunity to live the American dream while also assisting others in doing so. Real estate is a fulfilling career on both a personal and business level.
However, anything valuable comes with its own set of difficulties. There are a few challenges you should expect to face as you establish your real estate firm. We’ll go over the most prevalent ones in this article.
First and first, you must sell yourself.
While you don’t have to be the best salesperson in the world to thrive in real estate, you will need to sell—and not only property but yourself as well. Selling yourself is unquestionably the more difficult of the two.
To sell yourself, figure out what your strengths are and emphasize them. No real estate agent excels in all aspects of the business. Some people excel in negotiation, while others excel at technology. What skills do you have? Make them a competitive advantage for you.
If the practice of selling yourself starts to sound sleazy to you, consider this: You have the abilities and know-how to assist your client reach their objectives.
#2 Obstacle: You’re Paid on Commission
Realizing that you will only get paid when you make a transaction is one of the most difficult aspects of becoming a real estate agent… It could take months for you to make your first sale. The sky is the limit once you get your business up and running, but in the meanwhile, say goodbye to that comfortable twice-monthly income.
But don’t be alarmed by this. Prepare yourself. When you initially start out in real estate, you will need to sustain yourself financially. While you’re growing your real estate firm, there are a few options for keeping the lights on:
You can maintain your full-time job while working part-time in real estate. Part-time real estate, on the other hand, isn’t appropriate for everyone.
Depending on your market, you may be able to work in rentals, which have a faster deal cycle and allow you to make commissions sooner.
You can begin saving before you become a real estate agent. If at all feasible, set aside several months’ worth of living expenses (rent/mortgage, utility bills, food, and gas).
When you do get your first commission, don’t spend it all at Red Lobster. Keep in mind that every dollar you make during the first year should be reinvested in your company.
You’re a complete newbie in Challenge #3.
Being a novice is a pain. When you’re ready to make million-dollar deals, you have to humble yourself and build from zero, which isn’t always easy.
You will make errors. You’re going to make a fool of yourself. You will not have all of the answers. You will, however, be in excellent company. At one point or another, all realtor was a novice. Finding a mentor is the best thing you could do as a rookie. You’ll be able to learn from your guru and perhaps avoid some of their blunders.
You can select your own mentor if your broker does not pair you up with just an experienced agent. It is not necessary to have a formal relationship. Simply make friends with an agent you admire. Invite them out for a cup of coffee. Examine their minds. Offer to assist them with whatever they require (for example, offer to host an open house).