Over the course of the last year, the real estate industry generated about $200 billion in revenue. Even though this was earned by over 210,000 companies and although not everyone got an equally big piece of the cake, this still makes it into one of the most lucrative lines of work out there. With this in mind, those who are still considering their career options might decide to opt for this niche in the end. Here are five tips on how to get started.
One of the first things people notice about real estate is that it isn’t a typical 9 to 5 job. This, however, doesn’t mean you are necessarily working any less. Furthermore, you most likely won’t be paid by the hour but are rather receiving a commission, which means that working longer hours doesn’t mean getting a heftier paycheck.
Next, regardless of your time zone, you might get a call from an important international client in the middle of the night and be expected to accommodate them the best you can. One more thing, even going on vacation doesn’t mean taking a break from work. Your clients might still need your assistance while you are away and as we already mentioned, you are on a performance pay.
Amongst the first choices you will have to make when you decide to get involved in this industry is the type of real estate you will specialize in. Overall, you have two types of real estate: residential and commercial. For the former, you will have to learn about the strongest selling points in a residential building, like the kitchen, bathroom, master bedroom and landscaping. As for the latter one, you will have to become an expert in property management. This means things like accounting, procurement, risk management, security and many other issues in question.
The key to closing the deal lies in your skill to adequately communicate with a client. A lot of people make a mistake believing that communication is a single skill, but it can be divided into several sub-categories. For example, you need to find a way to use body language to your advantage, change nuances of your voice tone and exercise empathy at the moment when it is most expected of you. Another thing that you need to learn how to do is become an active listener. Sometimes, your clients will be open about what they expect in order to be convinced, but you won’t learn what that is unless you listen.
Earlier on, we talked about communication skills being essential to your success, but there are other fields in which you could improve as well. In 2017, the whole business world is migrating online and some speculate that it won’t be long until VR starts playing a huge role in the world of real estate. In order to benefit from all these latest trends, you need to gain at least basic proficiency in some of these IT skills. This is why you need to constantly improve in order to grow professionally.
In the end, a lot of real estate agents make a mistake of competing with their industry peers and seeing this as a measure of success. Unfortunately, this seldom turns out to be accurate or revealing. You see, other agents may simply have better properties, richer/more gullible clients or simply more (or less) luck than you do. The only way you can truly see your progress is by competing with yourself and keeping the track record of your own accomplishments. This way, you will know what you have achieved since your humble beginnings.
Although incredibly lucrative, a career in real estate is a highly volatile one. Your success depends on your own skills, dedication and sometimes even luck. For this reason, this profession is reserved only for the most ambitious and the bravest workaholics out there. Nonetheless, even they could benefit from some free advice.