“Yeah I’m gonna get my real estate license, sling a lotta homes, make a lotta money and get rich the easy way!” - Dum Dum
- It’s not easy.
I use to think that after I got my Real Estate license I’ll be selling homes and getting rich quick. I didn’t realize how much work it involved. Don’t get me wrong, I LOVE being a REALTOR, now. But it’s not easy. You will show thousands of homes. And depending on the area you serve, you may never keep up with all the homes that sell and hit the market every day.
And in Northwest Arkansas, there are over two thousand licensed Realtors. The competition is thick. You have to set yourself apart and create value for yourself. You’re not just going to go all willy-nilly down the road to your coffee shop and sell a house every day from someone you meet in line.
Your first year you don’t know what you’re doing. Some of your friends and family are smart, believe it or not, and know not to use you yet because you’re so green. They can’t see you ‘cuz you’re camouflaged. You have to hustle!
- It’s not a get rich quick scheme.
“Oh, you’re a Realtor? Must be nice swimmin’ in all that money.”… Bahahaha! I’ve heard this before…. “Der der der, yea I’m like Scrooge McDuck!”
It can soon turn into a very lucrative way to make money, but only AFTER you make a name for yourself. And that can take a while depending on your location, your drive or ambition, and confidence level, if you choose to be on a team, which team you’re on or if you take on a mentor, the local market's health, etc.
Expect to work and build a business. You’re an entrepreneur and you don’t get paid unless you work work work.
- It costs lots of money.
There are a lot of people who get into the Real Estate business with the support of their spouse. I didn’t, but there are a lot who do. That is helpful to have someone there to pay the bills because you have to literally pay your dues just to be a Realtor. Here in Northwest Arkansas, your first year is about 1,200 bucks to get licensed. Obviously, that’s not all due at once. This does not include your gas while showing property, your office/desk fees (depending on your brokerage), materials, etc.
If you’re just a shark and can get at it fast, you’ll make your first sale in about 2 months or so… You can do it; I believe in you.
- Say goodbye to most nights and weekends.
When do you think you’ll get to show homes to your clients. From 9am to 5pm?... ha! That’s when THEY work. Most people can’t take the day off to go look for a home. A lot of folks need to put in some overtime just to make a down payment or pay closing costs (depending on the loan, home, contract, etc.)
You’ll be showing THOUSANDS of homes in your career and will be a grown up about it. Waking up early to prepare and staying out late to show.
Just get used to it.
- Your time will be taken advantage of.
You’ll have a lot of awesome clients who you’ll love and become friends with. But, there will be a lot of people who will take advantage of you and your time. Your time is valuable, remember that. And you have to be ready to go see homes. Just be weary of those clients who want to use you for a key to get into homes. This comes down to good training, seek out a great brokerage and a mentor to learn from.
- Better get used to budgeting/record keeping.
I’ve never been good with money… Until my second year in Real Estate. If you want to make sure you and your CPA stays friends and that the IRS stays off your back, you’ll get good at budgeting and a way to keep track of your expenses.
Bottom line is, if you want to survive, you will budget wisely. (Thank you, Dave Ramsey).
Always. Be. Learning. No matter how long you’ve been in the game you will always have things to learn.
You can learn from the new agents, and you can most definitely learn from the agents who’ve been doing this for 25 years or more.
Make friends and share knowledge freely. You’ll be so much more successful than those who don’t.