What’s The Hardest Part Of Being A Real Estate Agent?
If you have been thinking about a career in real estate or just got your licence and are ready to start, you are probably wondering how it actually is in the real real estate world and what the challenges are most agents face in the profession. Take a peek below into the hardships inherent to the industry and how to overcome them to pave your way to success.
You Are The Boss
Being your own boss sounds very fun. It gives you the liberty to make your own decisions and schedule your work hours as you wish, but it also brings a whole new set of responsibilities. While you may have entered real estate to sell houses, you will also have to take care of a series of other things to keep your business smooth: administration, marketing, brokerage fees, taxes, etc.
What can you do: Make sure to learn all there is to know about running a business: how to find clients, how to retain clients, how the real estate laws work and how to run your finances. Use reliable sources, attend business skills training and connect with experienced real estate agents who can share valuable tips and tricks with you.
It Is No Nine-To-Five Job
Not having to spend all day in the office is what other people envy real estate agents for the most, but that freedom takes its toll in a completely different form. Real estate agents usually have to be available long after regular working hours as their clients are usually then free to inquire about homes, visit properties and deal with the sale/purchase in general. For the agent, this usually means taking calls during dinner time, answering emails in the evenings or on the weekend and meeting with clients and showing homes when the client finds the time (often late afternoon hours and weekends). Such a schedule can get challenging especially for agents who have a family.
What can you do: Rely on technology to cut hours. Make sure you have your tablet/laptop with you at all times. Have all important data and documents stored in it so you have everything in one place not losing valuable time. Thanks to technology, key handover time can also be cut short. The latest trend is the real estate lock box that allows agents to unlock homes with a password if the seller is not home.
You Make What You Earn
Starting out is never easy, and it may take some time until you land your first deal and start making money. Real estate deals may be lucrative, but the fact that there is no guarantee when you will close your next one is the challenging part.
What can you do: Handle your finances wisely. Don’t get carried away by a profitable transaction as you never know how much time will pass until you land another one. You will need to distribute your earnings with a lot of care until you have accumulated a decent sum in your account. Also, make sure to reinvest part of your earnings to grow your business.. Many real estate agents invest in their professional development; they attend different seminars and webinars to improve their negotiation, organization and business skills.
Different People, Different Personalities
Working with people is an exciting part of the real estate business, but it can get challenging to deal with different personality types at times, even more so because people get emotionally invested when selling or buying a home and they will deal with the stress differently; some will get excited or hyperactive, others frustrated, too worried, anxious, etc.
What can you do: Be understanding and patient with your clients and make sure to adapt to their personality so you can easier connect with them on a personal level.
Just like any other industry, real estate comes with its ups and downs, but as challenging as it might be at times, it is also very rewarding, especially when clients show their appreciation after a successful transaction.
A video about how the life of an agent is?
One of our clients Gemma Leggett made a video about the life of a real estate agent, here it is.