Real estate is an attractive career choice that many have switched to. It pays well and comes with highly appreciated benefits. It provides a chance to grow personally and professionally by giving an opportunity to work in a dynamic, growing industry. But truth be told, a career in real estate is challenging. It takes dedication, passion, and hard work. It takes clear thinking and great determination. And it takes the right training—the kind of training that only comes from experienced, knowledgeable people. As offered at Good Institute, with seasoned industry experts to guide you in the development of your new career. So continue on to firm your decision on joining the property market.
- You Are Your Own Boss
If you are used to the typical company structure with a boss telling you what you are responsible for, this can be somewhat of a culture shock to you. Most real estate agents are independent contractors. Which means you can set your own work schedules, develop your own client base, decide on your own marketing methods, and grow your business as your own. On the other hand, for negotiators, the agent you work for will likely keep an eye on how you are performing. But for the most part, it is up to you. You need to be disciplined enough to take control of your career and make the most of your time. Nobody will be as invested in your success as you are.
- No Cap On The Earnings
Most real estate negotiators and agents do not get paid a basic salary. Their income is not dependent on their seniority or years of service. Some fresh newbies can even earn more than senior real estate negotiators or agents simply because they are hard-working, committed, innovative and creative in the way they run their business.
One of the ways that a Real estate agent earns is in the form of commissions from selling a property/renting out a property, which is typically about 2-3% of the transacted property value and 1.25 to 1.75 month’s rental/lease (based on duration of tenure) respectively. For negotiators on the other hand, a small portion goes to the estate agency at which they are attached to. For example, selling a bungalow worth RM 2 million, will entitle a real estate negotiator RM 40,000 in commission (assuming 2% commission).
- Foolproof Your Plan
Setting goals, as well as developing a business plan and marketing plan is only the first base. Inclusively, that plan should also include metrics and daily activities all driven toward helping you meet your goals. What newly licensed real estate agents and negotiators fail to take into consideration is about the period between passing their exam and cashing their first commission check. It is not immediately that you would be cashing in your earnings as although it is a relatively easy industry to get into, it is also a very unpredictable industry. Hold yourself accountable to the goals you established and the tasks you identified to help you get there.
- Ensure A Safety Net
For agents, the period of time between earning a license and getting a commission check is not a set amount of time. Having a plan will certainly help you keep that time period to a minimum, but you are going to need to be able to cover the costs of your day-to-day life, as well as business startup costs. If you are thinking of earning a real estate license within the next year, start saving whatever you can now. Put a little away at a time to ensure you can cover your costs for a couple of months while you wait for that first pay day as a real estate agent.
- Set Yourself Apart
The good news is your friends and family will likely be eager to work with you as a newly licensed real estate agent. The bad news is nearly everyone knows someone who sells real estate. So what are you going to do to set yourself apart from someone’s neighbor, brother, or best friend from college? The most successful real estate agents know the value of differentiation.
You need to develop a brand that sets you apart from the rest of the market and gives potential clients a reason to choose you over someone they know on a personal level. One of the things that you can work on is being knowledgeable of the area and property you are selling, as customers appreciates an agent who knows wholly of what they are selling and not just to get money from them. Make them feel appreciated with your suggestions according to their preferences as it shows your dedication and passion of doing your job. Eventually it could lead them to recommending you to their family and friends as an agent who really truly cares of their customers’ well-being.
Real estate is a brilliant career path. Those that work hard, follow up with clients, acquire the right knowledge, and develop a good career plan will succeed in the industry. But all this takes training—good training, which you can catch a glimpse of at Good Institute’s free preview class. Contact us HERE to find out more what Good Institute has to offer as without proper training, success is short-lived.
Written by Adeela Abu Bakar.
Article information extracted from AARP.
Article image is credited to https://www.mamtra.com.br