Real estate is a very profitable career for people who are ready to work hard with patience and perseverance. The lure of becoming a real estate agent is also because of the earning potential it provides along with the ease with which you can obtain a license. Apart from this as a real estate agent, you are your boss and can work when you want so you have flexible working hours.
There are more reasons for being a real estate agent listed below are a few.
You are the boss: Real estate agents mostly work independently and hence need not report to anyone, but of course answerable to your clients. They can plan their schedule and work when they want to, decide on techniques for marketing and building clients to build their business. You do not have to report to anyone other than the clients.
Grow business the way you want: You are not bound by any set rules or deadlines as you own the business. Hence the growth of it is all up to you. The main prerequisite for achieving success is professional attitude coupled with excellent networking and communication skills. The technique you use to market is all your ideas and hence a satisfying job. You may have to choose a broker who will provide office space, training and the needed support till you learn the trade, post that it’s your business and you can grow it at the pace you want.
Rewards proportional to customer satisfaction: There are surveys which prove that chances of satisfied client returning to the same real estate agent are very high and hence an agent should make sure to provide excellent customer service for the betterment of the business. Moreover, a satisfied client is more likely to produce references and recommendations which will further help your business. Excellent customer service can be a handy marketing tool done without any extra cost.
Work when you want: When you are a real estate agent your time is not in the hands of the company boss, but yourself. You can decide when you want to take time off and go out for a vacation. The key here is to develop and maintain a great rapport with other agents in your broker’s office. You can work in tandem with the other agents and set up off time so that the clients are not troubled in any way.
Though getting into the business is pretty simple and the training and qualification needed are not very stringent, it’s not easy as it seems. Though there is good money in this business, it is not fast or easy to make those bucks. Many new real estate agents come with the attitude that they can make a quick buck, but it’s not so. Many agents leave this business in the first few years as big money does not come quickly despite hard work. Also, part timers face a lot of challenges when it comes to meetings with clients and marketing their work. But in the end, stinking around for some time with patience pays dividends as that one big break is only a few steps away.
If you are a real estate agent, the reason you would have got into this field of work is due to flexible working hours and wanting to be your boss. Most real estate agents seem to have an entrepreneurial streak in them and they would want to start their own business and becoming an agent is only the start. Starting a business needs a lot of research, planning and thorough follow up.
Successful real estate owners suggest these tips which helped them to branch out and start their own business.
Start early and file ideas: Starting soon will help you achieve your goals of owning your business. Once you have decided on that, you should network with other business owner’s real estate and otherwise and talk to them about how their experience. You can ask them about the hurdles they faced and how they resolved it, were there any surprises along the way? What recommendations would they give to people who are starting out their own business?
It is a bright idea to file these ideas shared by owners, and as a result, you will have a whole lot of experiences you can refer when you finally take the plunge on starting out your business. Also maintaining a checklist of things from clients to transactions means that you do not slip up on anything.
Research on the sustainability of your ideas: Once you have collected ideas, you should go down on one idea which can turn into a successful business in the market you have chosen. Thorough research on whether your business will succeed and if needed restructure your plan. Research and planning need to be done before you invest money into the company else can turn out to be a loss-making proposition.
There are a few queries that you should answer before you set out to put your hard-earned money.
Is your business idea a good venture?
Is there any competition for this business, if yes who is it?
Who are the customers who will use the product?
Is there a trump card due to which there is an advantage to the business over other competitors?
How to fund the business venture?
Design a plan based on the research: After answering the queries above and based on the analysis you should decide on the idea that works best. Now that you have an idea of what business you want to start, next you need to design a plan. That is the most critical aspect of starting a business as it decides the overall cost and the feasibility of starting this business. Consider the below things in your plan
Structure: Taking advice from an accountant you should decide whether you want to go solo or start a business in partnership.
Budget: Set a realistic budget based on your income and expenses. Starting a business has a lot of overhead which includes marketing and advertising costs along with other utility services like support staff for tech and phone.
Recruitment: Come up with a strategy for hiring, do you want to hire contract or permanent employee? What are the incentive and salary structure? How are you going to hire the best people? Etc.