Is a Real Estate Career Right For You?
There are several career options if you're interested in real estate. The most obvious real estate career is that of an agent or broker. The income from these positions is usually based upon sales commissions and may vary widely.
Realtors and brokers are licensed by the state, and have to meet certain educational requirements for initial licensing, as well as ongoing continuing education requirements. There are two basic sources of real estate commissions: listings and sales.
When a property is sold, both the listing agent and selling agent receive a size-able commission, based upon the dollar amount of the sale. While this makes for one impressive paycheck, it may take weeks or months to close a single sale, so income may be unpredictable.
Some successful agents within a company may be permitted a "draw" against future commissions, but most are subject to the uncertainty of commissions.
Every real estate office has various support personnel who enjoy a more regular income. These include administrative and clerical support staff, personal assistants, and may include property managers or support staff for associated financing, appraisal, or inspection departments within the company.
Some offices may offer promising new agents sales training in addition to subsidizing licensing training. In return, they maybe expected to keep regular office hours to greet walk-in customers.
Most real estate offices also hold weekly sales meetings and tours of new listings which are required for agents to attend. Some offices may hold periodic contests for listings or sales, and offer recognition for outstanding achievements.
You need excellent people skills to be a real estate agent. You may have to deal with difficult situations. One Realtor had a walk-in client who wanted to buy a new house-with his "guaranteed winnings" from a direct-mail sweepstakes. Still other potential buyers may have severe credit problems, or impossible demands.
Inspections and legally-required disclosures can sour a promising deal, or there may be a sudden change of heart.
Different real estate companies have a different "culture". Some may be more "business-like" while others are more "fun". It's important to find a good match for your personal style. While a mentor can help show you the ropes, a mentor whose natural style is similar to your will help you develop your unique talent to its greater potential.
Realtors may be required to adapt to a certain image. While there is some leeway in dress, you will probably be expected to have a clean, well-maintained car appropriate for driving clients to showings.
A real-estate career can be both profitable and fun.
