Your potential is unlimited
The first question most people ask about a job is: "What does it pay?" In real
estate, the answer most often is: "Whatever you want to earn." But don't be fooled;
you won't dictate employment terms. Instead, you'll be worth what you do.
Real estate can be an extremely lucrative field for those who are willing to
take the time to learn how to succeed. According to the NAR Members Profile,
sales agents who have been in the field for six to ten years average about $48,000
annually. Obviously, many agents make far more and the top producers can earn
as much as a million dollars a year. To earn more money, you must gain more knowledge,
acquire new skills, work smarter, be more creative, or manage your time better
to achieve greater results. Yes, it takes some effort (what terrific career doesn't?),
but the financial rewards can be substantial.
What you should know about a career in Real Estate
You may already be familiar with the major benefits that real estate career can
offer you: income not limited by hourly wages, and creative freedom to mention
a few. What you probably don't know, however, is
- exactly what a real estate professional does each day
- what makes a successful real estate agent
- the advantages and disadvantages of the real estate business
- how to determine if you are likely to succeed in real estate
- and how to prepare for a real estate career if you decide that is the right
choice for you. This report will help you learn all this and more about the exciting
world of real estate sales.
Many people mistakenly believe that the real estate industry consists only of
purchases and sales of homes and condominiums. Although most industry activity
does take place in the residential field, real estate professionals are also
involved in selling agricultural, industrial and commercial properties; leasing
and managing office buildings, shopping centers, and apartment buildings; appraising
and evaluating properties for individuals, banks, and insurance companies; developing
land; planning real estate investments and many other related activities, according
to Mariwym Evans, author of the VGM Career Planner for Real Estate.
Despite this wide range of possible career paths within the real estate field,
most real estate professionals spend the majority of their career in residential
sales. In fact, more than 86 percent of all real estate agents work in the residential
field, according to Evans.
What types of people succeed in Real Estate?
According to Thomas E. Battle, III, education director of the Center for Real
Estate Education and Research (CREER), all types of people can succeed in a real
estate career. "We have people from every walk of life, factory workers to housewives
to retired executives, who go through our pre-licensing courses and start successful
real estate careers."
Often, real estate salespeople enter the field from other professions. According
to a National Association of Realtors (NAR) Members Profile, nearly 70 percent
of sales agents came to real estate from a non-related field. Well-represented
fields include retailing, teaching, communications, government, and the armed
forces. About one in four agents had previously worked in a management or sales
position.
Education can be important to the success of an agent. Most states require a
high school diploma or equivalency certificate, but a college degree is not critical.
In fact, just three of every ten sales agents have college degrees, according
to the NAR Members Profile, and only about half have taken any college courses
at all.
What characteristics do successful agents have?
Although many personality types have succeeded in real estate sales, a few major
characteristics make the chances of success far higher. In her Career Planner,
Evans lists people-orientation as the first characteristic that improves the
agent's probability of success. "Especially in the case of residential sales,
there is a great deal of emotional involvement...the best salespeople are those
who recognize this...it really should matter whether the couple who buys the
home will live happily there, not just whether they will sign the sales contract."
Evans also says that a detail-orientation will improve the agent's chances for
success. "Every real estate transaction involves contracts that must be completed
correctly if the sale is going to be legal. The successful real estate agent...must
also be careful and conscientious enough to be sure that all the details are
correct."
The last and perhaps most important characteristic of many successful agents
is enthusiasm, according to Evans. "The agent must believe in the importance
of the job and in his or her ability to do it well." Sooner or later lack of
enthusiasm will make it hard for the agent to give his or her best to the job
and will result in decreased sales and lower earnings.
What are the advantages of a Real Estate career?
Research has shown that real estate careers offer many advantages not found in
most other career paths. Foremost is the ability to earn an income, which is
not limited by hourly wages or other factors. Real estate agents are paid for
each sale they make. Since transactions occur daily in all areas of real estate,
an agent's earnings are limited only by the amount of time and effort he or she
is willing to put into his career.
Most sales agents work as independent contractors for the broker who holds their
license. Appointments can be scheduled during times convenient to both the agent
and his or her clients. This makes it easy to arrange a schedule to accommodate
personal business and emergencies.
Since agents are independent contractors they also enjoy high levels of creative
freedom. If they have a creative idea that they think will help them increase
their sales, they are generally free to pursue it fully, without a boss stepping
in to tell them that the idea won't work before it's even been tried.
Another advantage of a real estate career is that it is relatively easy to get
started. Prospective agents must pass a pre-licensing course and state-licensing
exam before entering the field. Pre-licensing courses can cost in the region
of $400.00 and state exam fees are in the ballpark of $100. Joining the local
MLS service and the National Association of Realtors will cost $400 to $600.00
. Most agents spend around $1700.00 to $2000. in start up expenses. This means
that a prospective agent can enter the exciting real estate field for far less
than the cost of the college courses necessary to enter other professions. |
