Is starting a career in real estate a good idea in 2017? Well, both yes and no, actually. You see, in this same industry, you have people who own yachts, huge mansions and spend their holidays in Aspen, while you also have those who are barely making the ends meet. So, where are you going to end up? Probably somewhere in the middle, but where in the middle is what makes all the difference. Here are five things you need to know in order to avoid getting the shorter end of the stick as a newcomer in the real estate business.
1. Working on a commission isn’t as lucrative as you may think
A lot of people believe that working on a commission is all milk and honey, but it usually isn’t so in the first few months. First of all, it means that you don’t have a reliable source of income, seeing how the money you’ll earn depends on whether you’ll close that sale deal or not. This is why it might be a good idea to have some savings before you decide to pursue this career path. It might take you some time to become profitable and it is better to be safe than sorry.
2. It’s a lot of work hours
Another thing you need to know is that it entails working long hours. Sure, you may not be forced to sit in an office cubicle from 9 to 5, but some of your responsibilities will carry on even while you are not at work. Imagine a scenario where you are specializing in the sales of commercial real estate in Sydney and are in touch with a company from China. Given that there is a 2-hour difference between these two locations, it wouldn’t be surprising for a potential customer to ring you up at 11 pm, while you are getting ready to go to bed. Sure, it may seem a bit odd, but you are not going to put your most important client on hold simply because you are getting a bit sleepy.
3. Different types of property
When we talk about real estate, most of us have think of people in suits showing off suburban houses to freshly married couples (blame Hollywood for this stereotype). This, however, isn’t the way things usually work. You see, different types of companies specialize in different property types. On the one hand, you have a residential real estate that includes resale homes and new constructions. Then, you have an industrial real estate which specializes in sales of warehouses and manufacturing buildings. Finally, you have those specializing in commercial property, like shopping malls, hotels, and offices. If you want to become successful in your business, you need to choose the type of property that suits you the most and specialize in it.
4. Be ready to change
The thing you should always keep in mind is that real estate marketing is an ever-changing environment. In order to keep your head above the water, you will need to adapt to the market innovations. This means changing your game plan, updating your technological arsenal or simply downloading all the latest industry-specific apps and platforms. In the nearest future, we can use VR to make a huge breakthrough into this market and completely revolutionize it.
While all four above-mentioned issues do seem quite obvious, you would be surprised to see how many people are completely oblivious to these aspects of the job when they first decide to become realtors. In the 21st century, knowledge is power, which is why you need to get as informed as possible if you are to increase your chances of success. Sure, there is no such thing as a 100 percent guarantee that you will make it, but just slightly increasing your chances might be more than enough to raise above your closest competitors. The more you know, the higher your value will be.