Are You Considering a Career as a Real Estate Agent?

The number one question people ask me, and it happens all the time, is why am I a real estate agent. It comes up as soon as they find out I am an attorney…they look at me with this confused expression and say “why are you doing this?” as if what I do is shocking. Obviously I enjoy what I do, and while there are many other reasons why I continue to work as an agent (I love my clients, I think I make a difference with my legal background, I feel the industry needs more people with advanced skills, etc.), I think this is not a career choice to be taken lightly.

Back in the housing boom days (circa early 2000s) everyone was applying for real estate licenses. It was the place to be, the thing to do…wow, so much money to be made (so everyone thought). There were many new agents who were selling real estate as a secondary career, who actually went to work all day at another job and then thought they could keep the real estate job evenings and weekends. As soon as the market started slowing, and eventually crashing, there was a mass exodus and the agent pool diminished exponentially (which obviously distinguishes the keepers from those who only focused on the money…but I digress).

Last year there was a jobs report released that claimed real estate agents were the number one happiest group of workers in America. In 2013 and 2014 there have been increases in agent pools yet again, according to reports. But it seems many new agents are younger tech-savvy types career types who want to succeed and revolutionize the business, as opposed to the slightly older crowds from the early 2000s who chased the money.

Following are some important points you should consider if you are contemplating a career as a real estate agent or broker:

1. Focus on the career. Unlike a job where you go into an office every day and have specific tasks to accomplish, real estate agents are only as successful as the work they put into their careers, especially during the slow times. There are many days with no appointments scheduled, and these are the days you have to plan – if you do not have a business plan you will not make any money. To be a career agent you need to work at least full-time. You need to have a marketing budget and plan, you need to keep in touch with all your clients (and you need to learn how to accumulate a client database if you are new, which takes many years and a willingness to go without making money while you are establishing your connections), you need to attend training seminars and meet as many industry people as you can (mortgage professionals, title people, and other service providers who can possibly refer business your way).

There is so much you can do to build your career, but you have to put in the sweat and the time; it won’t happen overnight. The idea is to be in a position to know where your next sale might come from, and to have many possibilities. You have to fill your pipeline with possibilities, and only you can do this. The old adage “you get out of it what you put into it” is true in real estate.

2. Full time job. Many people have the idea that real estate is a part time job, and that they can make their own hours and work on their own schedule. This couldn’t be further from the truth. While it may be easier to attend your child’s recital during a work day if you are an agent vs. an office employee, you are not going to be successful in this industry unless you put in the time. When you are not showing or marketing houses, you need to be marketing, studying the new inventory, meeting with clients, and planning your next steps. Your career will flourish depending on the work you put into it.

3. Ongoing education. Like with any field, a real estate agent needs to keep learning. At the start it is important to receive a strong education on how to proceed with real estate sales and listings. An agent should read through ALL the paperwork s/he will be using, and should understand all legal ramifications. Continuing education and keeping up with new rules and procedures will make better agents and lead to fewer legal problems.

4. Keep up with technology. Real estate has changed immensely because of technology. Buyers and sellers have access to much of the information that used to be held exclusively by real estate brokers and agents. In order to succeed in the real estate industry you have to be willing to continually learn new technologies and be on top of things. You don’t have to use them all, but need to be aware of those that can make your clients’ experience better and help you find new clients who appreciate your skills.

5.  Reliable Inconsistency. (I love oxymorons) A career in real estate can guarantee inconsistency. Like any job where one is paid on commissions only, a real estate agent can have a month or months of consistent paychecks, and then a month/months (even longer for some) with no paycheck at all. It is never something you will get used to, if you are a planner or like consistency, and it is the number one reason why people leave the business. After 11 years in  real estate I have learned to be smart with my money and to put it away for rainy days, and how to budget marketing to make the most of it. If you are good with sticking to a plan and follow all of the above, you should be able to fill up your pipeline so that you keep busy. Make inconsistency your motivator.

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The real estate industry is exciting and has changed drastically over the years, and it will continue to do so as we head toward the future. Real estate agents can bring great value to home and commercial sales, but only if they are stay focused on their careers, stay educated, keep up with technology, and learn how to use inconsistency to their advantage. Being a well-rounded agent will not only benefit you, but also your clients.