Why A Real Estate Career?
Is a Real Estate sales career really for me?
No matter your stage of life, deciding on a career is one of your most important decisions. You need the most objective information about real estate brokerage available before embracing or rejecting this professional sales career.
From years of research and experience, we recognize the following as answers to key questions asked to begin the process of looking into a Real Estate sales career:
What is the nature of the job?
Converse to what most would assume, the job is really not to sell real estate, but to offer a service; services to help buyers and sellers . A real estate agent has to contact large numbers of people, to network and market themselves so the agent is aware who has a need of these services. Constantly seeking new clients is the core of the job. It is a true sales career.
Along with the sales activities, comes counseling with clients, marketing, showing properties, mortgage finance, scheduling, training, meetings, presentations, closings, negotiating, and more.
What are advantages and rewards of a career in Real Estate?
A career in Real Estate provides flexibility and freedom to set your own pace and to create your own destiny. As an independent contractor, it’s a way to be your own boss without having to invest a fortune and without having to spend years and years working your way up the ladder.
Most of our agents were experienced people in other fields. Often they come into real estate because they are tired of the more structured, and some even say, repressive, corporate world.
The rewards of a real estate career are a potential for high earnings, status in the community, autonomy, time freedom, helping people, the intellectual challenge and the satisfaction from those accomplishments.
What personality profile and educational background provide the best chance for success?
While sales experience and people skills give you a jump on the competition; we still find that people from most vocational and educational background can become very successful in real estate.
Some basic identifiable skills and personality traits are:
- social compatibility (you’ll do lots of networking, it is helpful to have a large sphere in your community)
- communication and presentation (meeting with clients, sharing ideas)
- energy and drive (time and motion to establish clientel)
- empathy (understanding, patience, doing unto others as you would have them do unto you)
Still, by far, the most significant attitude of successful real estate sales agents is their drive and motivation. Top producers tend to be goal orientated, persevering, self motivated, ambitions.
Best question for yourself, “What is the most important thing in your life?” Does the answer to this question transmit to becoming successful in real estate? Important in you life may be family, or security, or self esteem, or recognition, on and on. Any and all of these things can propel you to learn and then to do the things that will make you successful, providing you are in an advantageous environment. (the firm you associate with)
We offer you a remarkable, no cost, means of helping you assess you compatibility to real estate sales with The Real Estate Simulator. By Clicking on the Simulator for this experience, with our compliments, will be invaluable to you at this point. We will send you the results of your assessment, and, if you wish, meet with you for real estate career counseling.
Why is Real Estate not for everyone?
Real Estate sales, is sales. Sales, is making numerous contacts everyday. Contacts some of which with members of the public, strangers, perhaps even knocking on doors and cold calling to find people that will need to buy or sell real estate. This contacting activity can be very uncomfortable for some personalities. Those personalities find ways of overcoming their reluctances, or, they stay away from any sales career.
Being a real estate agent means you are your own boss. Some people find they need someone other than themselves directing them. They need someone to tell them what to do, who to see, where to go. They need a time clock to punch, which forces them into time restraints. These types are not self starters, they need a push and a shove.
Look into your past, and look into your heart. In the past have you set goals and then accomplished something? How did it feel? Did it propel you on to the next challenge?,,,, or were you just tired and ready to take a week off?
As you wake up in the morning, looking forward to a challenge and an excellent reward, did it energize and stimulate you? …. or did it seem insurmountable and immobilize you?
We have something for you that might also give you some insight into yourself. The Real Estate Simulator , just click on it and invest about 45 minutes getting to know yourself better.
How much will I earn?
Real estate is one of the purest careers in terms of being paid directly for what you produce; usually structured as commission sales, which pays you quite well for each listing sold. Income directly reflects your efforts, with no limits on what astute hardworking men and women can earn. Agents are independent. Not relying on less motivated members of a production team.
Your tempted to ask, how much does the average real estate agent earn? Well, average is not good in real estate. If you decide you are suited for real estate sales, you need to have the confidence that you will build a clientele that will put you in the upper tier of earners. Beyond describing average, earning can range from beginning at zero to well into the mid six figures. We can tell you, our Coldwell Banker agents earn over double the amount of the typical agent’s incomes from other companies, indicated by production in MLS.
The first year’s earnings are lower; a year of learning the profession and beginning to establish a clientele. For some, first year earnings may only be, say, $30,000 or $40,000. Successful agents usually find their income increases upward of 50% in each of the next two years, resulting in second year incomes in the neighborhoods of $50,000 or $60,000 and on to $75,000 to $100,000 the third year. Keep in mind, exceptional earners may double these figures and more average agents will be less.
There are a number of factors in the market, but, by far the most significant determinant of your earnings will be reflected in your desire and motivation. The clear majority of the earnings go to the top 20% producers in any market.
How am I paid?
You’ll be paid, by most companies, commission only, for each listing sold, a portion of the total fee received by the company for that transaction. You’re paid right after the Closing of the transaction, with nothing withheld. How long before I get paid? You are allowed to begin practicing, under supervision, right away after receiving your license. Generally you should expect to have a transaction in the first 30 to 60 days; commissions are paid at closing which is 30 to 45 days after the time of the sale. You’ll need some “seed money” to carry you the first couple of months until commissions start to come in. Back To Top
What are the commission splits?
You will rely on your company to provide a framework of business services which will allow you to be most productive. Some of the business services you will need may be at your expense. There is a great variance in the programs and services provided to agents by their companies, examine these even more closely than simply the percentage of the fee you are to receive. At Coldwell Banker, we are confident that our “effective” splits are superior to other programs in the market.
Can I keep my current job during training? Can I be part time?
Yes, there is a pre license period. Each branch manager will provide a tailored program for entrance into the profession depending on your current career situation. There are situations of accelerated and extended training periods that may be customized for the individual.
Training is provided by our company. After a training period, we do not encourage anyone to practice real estate part time, although some involvement in other business endeavors may be compatible.
When will I know if this is the right career choice for me?
There is no hard and fast rule to determine success. We assist agents in setting their own goals, in building their own personal business plan. Most people will know within the first 6 months if they have chosen the correct career path.
There is no way to really allow a trial period to see if you like the career. One cannot practice real estate until legally licensed. This is why it is imperative to gather all the information you can, not only about the career, but about your own desires and traits. Our managers serve as real estate career counselors daily; they consider it gratifying to talk with anyone with questions about our industry. Click here to email us: firstname.lastname@example.org. We will have someone back in touch with you to provide more information.
How much time will it require during the first year to be a success?
Successful agents find the profession requires strong work habits and put in long work weeks to succeed. Extra time must be devoted to learning and networking to start a clientele. Newly licensed agents typically spend 50 to 60 hours a week in the first year of real estate. The flip side is that you are your own boss and can set a schedule that suits you and take time off for your family and vacations when you choose.
How much will it cost to get started?
Completing your license schooling and obtaining your license is the bulk of start up costs to you. You’ll find the costs minuscule, comparing to starting most business. The schooling required can be compacted to just a few weeks for most. See the section on License and Training for more detail, not only on requirements and costs but on easy, fast, and affordable sources.
There are some ongoing expenses that are paid by the agent. These expenses vary from company to company. Our company is a full service company to our agents, while some companies require the agents to pay directly for the operations overhead. For a better understanding of what our company provides, see the section, Why with Us?
Where do I get a job in Real Estate sales?
Selecting the right people is imperative also for the real estate company and all its associates. There is an implied partnership with the company you select; if you have sustained success, the company succeeds and the reverse is true.
Our company is one that hires and trains brand new Real Estate licensees. We offer structured, organized training which has proven itself for hundreds of successful Realtors. For information on how we support our agents and more of what our company provides, see the section, Why with Us?
If you plan to live and work in a place outside our market areas, we’ll refer you to a company in your town.
For an informal interview or just for more information, click here for more information.
How may I learn more?
Your invited to attend one of our Career Hours. Because you are not alone in considering a real estate career, we offer relaxed, informal, public meetings to present more information, to answer questions from the attendees. An experienced sales manager will offer some show and tell and facilitate the meeting. You’ll be invited and given the option to set an appointment for one on one Real Estate Career counseling for another day. Questions will be solicited from the group and there will be printed information packets to take home. Sometimes we invite new and experienced sales agents to relate their own experience.
Career Hours are held once each month from 5:30 to 6:30, call our nearest office to reserve a seat and stop in on your way home from work. We promise to answer all your basic career questions before you leave the meeting.
If you would like a one on one conversation, about your possible Real Estate career, click here for more information