I think the biggest pitfall is realizing that real estate is a small business. Thus, having an entreprenuarial/ leadership quality is important. So often successful employees do not make business owners because they are very good at receiving/ taking orders. At the first day of work, there are assignments/ agendas ready to greet you. While a small business owner like a real estate sales professional, you could read all day, sleep all day or be busy doing nothing all day. If you can only take one advice from this blog, here it is: The things you do TODAY affects you 30, 45 and 90 days from now. Decide what they should be.

Second most important thing is to have a solid financial stability before starting. Most people when I ask the question usually replies with this answer: "I have it taken care of...."

The statement above doesnt mean a thing if you do not have 6-12 months of monthly expenses saved. On top of that, set aside start-up business costs. Probably $2000 for initial real estate education, exam fees and professional dues to start. If you intend to start this business as it should, then have another $3-4K set aside for your business (simple marketing, lunch money to network with peers/ co-industry fellows). In this market conditions, I'd say closer to 12-months rather than 6-months.

Niche or not, you will eventually have more gravitation towards some versus others. Do all and be all first.

Preview, preview, preview. Get to know your "product"/ inventory. Then learn about things that affect your product: schools, amenities, communities, transportation, shopping conveniences etc. The best way is to try to put yourself in a buyer's, seller's shoe to see what you may want in your situation. Think about yourself as someone who just relocated to the area: See what you think you may want info on.

Good luck. Remember only the fittest survive. Decide which group you want to be a part of.

Related Topics:

• Real Estate Core Fundamentals (Do you think Tiger Woods or Michael Jordan stop practising their core fundamentals when they are the best at their game? Read more about what you must do as a real estate professional to stay on top of your game....)
• Realtor Success Tips (Self-explanatory.....Do I need to say more?)