Ways to climb out of a stagnant wage rate can be few and far between, but owning your own business is one that can provide a lifetime of benefits. Unfortunately, starting a new business can be expensive.
The good news is that becoming a real estate agent can get you started on the path to your own business at a very low relative cost. The cost of a license exam course and the test is all you need.
It's also really quite easy to recruit new real estate agents. When a broker who loves the business talks with a potential agent candidate, you can feel the excitement building. From being your own boss to growing a lifelong business, there are so many reasons to choose a real estate career.
Be Your Own Boss
Most real estate agents are independent contractors. It means they can set their work schedules, develop their client bases, decide on their marketing methods, and grow their business as their own.
Have Control of Your Business Growth
There are no limits to the growth of your real estate business, and you can realize fantastic rewards if you couple a good attitude with a superior work ethic. You'll have to incorporate good business skills and develop effective marketing methods as well, but it's all in your hands.
One overlooked facet of the real estate profession is that your status as an independent contractor means you're in business for yourself. The broker you choose to work with will often supply you with office space, support, training, and prospects, you should always think of it as your own business to grow and move as you see fit.
Reap Future Rewards From Excellent Client Service
Studies have shown that the majority of homebuyers say they would use their real estate agent again or recommend the agent to others. It's a huge benefit of this business to be able to reap future business rewards from the goodwill of past clients.
Pay as much attention to the nuts and bolts of the job and customer service as you do to marketing. You'll see great results later.
Your time is yours, so take that vacation! Develop relationships with other agents in your office. When you find someone with a similar style and work ethic, you can work with each other to set up time off knowing that your clients will be handled the way that you want. You're in charge of your business and your time off.
You Can Be As Big As You Like
Your business can be as large as you want it to be. The real estate business offers huge potential for expansion from your one-person-show beginnings.
As an agent, your income is controlled in large part by the time you invest, but you can grow your business by adding an assistant or several assistants. Or get your broker license and build a brokerage, sponsoring agents to leverage your potential.
How to Start: Develop a Plan
Develop a plan to provide yourself with the "good life" later. If you decide to develop a brokerage business, it's possible to structure it for sale at some point in the future. The value of your brokerage business will grow and be a marketable retirement asset if you use good business practices.
Keep in Mind: It's Not Easy Money!
Now a word of warning: No, it isn't expensive to get into this business and if you couple that with the low barriers to entry education and training, you can see why it lures people in who shouldn't be in the business. There's a prevailing attitude that real estate is fast, easy, and big money, and that's not true.
A large percentage of new agents get out of the business within a year or two when they realize that the easy big money isn't there. They struggled and worked long and hard, and they took home very few commissions. Their costs to ferry buyers around in their cars was more than they anticipated, and they learned to hate working with buyers.
Starting part-time might be a little more challenging in terms of marketing, getting business, and meeting client schedules, but it helps some agents to stay in the business until commissions start flowing in. It's not fun when you're working hard and not bringing in the bucks, but it's worth sticking around if you can.