So you want to sling square footage, pawn off property…you even have the badly tailored blazer ready to go, but are you really ready to succeed in Real Estate? Sure land is a great investment but convincing people to put down hundreds of thousands of dollars on a quaint mid-century colonial can be a tall order. Here are some important steps to launching a successful real estate career.
Just like your potential imaginary (at this point) customers you will have to be choosy off the bat. This means carefully selecting a market that fits you, your personality and that is not completely and utterly saturated. When choosing the type of real estate you want to deal in, you need to keep in mind the potential type of people it will attract, how demanding they are and how knowledgeable you are in that specific type of property. Another consideration should be turn over, obviously commercial real estate will have higher turnover and commission than residential but residential isn’t as cut-throat and competitive…well depending on your market and region.
The real estate market is a murky one; I mean people like Fred Trump (Donald Trump’s father) made his fortune while denying housing to minority groups. There are various out an out illegal real estate scams and a few more legal ones, like lying about the property. After all real estate agents are salespeople and sometimes salespeople have been known to bend the truth a little if it means they’ll close the deal. They will pad their experience and knowledge pertaining to specific types of properties and even exaggerate how many listings they have. Ultimately, you need to decide what kind of organization you’d like to work for; one that is immoral and ethically grey or a company that would be a boy scout if personified.
3. Put In The Time
Real estate is not an industry that you can fall into half-mast (although some have inherited their real estate prowess *cough* Trump *cough*). You will need to as the movie Glengarry Glen Ross says: A.B.C.: Always Be Closing, which means putting in the hours, doing the necessary foot work to get clients and listings. As most real estate agents get paid from commissions, if you don’t sell, you don’t take home any money, if you don’t see results it’s hard to stay motivated. So you need for lack of a better term, be in it to win it.
4. Brand? What Brand
In the real estate business you are your own brand, if you don’t believe me take a look at the benches with real estate agent’s faces plastered all over them. If you stick with it long enough though your reputation will precede you making your personal choices, ethics and professionalism an indivisible part of your persona A.K.A your brand. Thus you also need to be careful with what type of people you strike professional deals with, who you collaborate with and which corporate identities you associate with from the beginning.
Do you have any other advice for people that are interested in going into the real estate market? Let us know in the comment section below.