Advice I Wish I Knew Before Becoming a Real Estate Agent

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

Author: Patricia Feager, REALTOR®

DFW FINE PROPERTIES

 

Advice I wish I knew before getting into the business of Real Estate all centers around honesty. The bottom line is, if you are in Corporate America or employed by someone else, it's a rude awakening to discover, if you don't have any other business, you wake up every day unemployed. 

 

WHAT I WISH I KNEW THE FIRST YEAR

I wish I knew how hard it is to be self-employed. If you had no experience or worked for an Employer it's very unstable. What it costs to stay in business is very expensive to live without other income. Second, I wish I knew that when I got my first commission check, I wasn't going to get all the money I thought I was when the sale was negotiated, plus you're the last one to get paid. In my first year, I hung my license with a Franchise. I lost business and income because I wasn't prepared. In other words, I was a small fish in an ocean of sharks. 

 

WAS THERE A TIME WHEN I QUESTIONED MY DECISION?

I began to wonder if I was in the right profession in 2005 when foreclosures were becoming very common. As a single person, I was worried about how I was going to pay my bills and pay my own mortgage. I thought I could easily transition to become a Paralegal and work for a Law Firm in the Real Estate Industry. I did graduate in 2006 as a Paralegal and three things happened.

  • I graduated as a Paralegal but couldn't get hired at a Law Firm. I was told it was because 1) I wasn't bilingual; 2) Attorneys could get an Intern like me in their last semester for free and they weren't hiring.
  • 2005 and 2006 was my best years ever in Real Estate. 

Disappointed? You bet!!! But all was not lost. I learned a lot by graduating as a Paralegal and it changed the way I did research and worked with others. Most important of all, I met so many people living through hardships who lost their homes. I also met many people who had positive changes in their life and if I had not stayed in the business, I would have missed out on great people who came into my life as clients and friends. Therefore, I decided, Real Estate was my calling. The true blessing were, 1) I didn't lose my home, 2) I didn't go broke; 3) I became a better person. Most important of all I helped many people to buy and sell homes who became very dear friends. 

 

3 Things I Learned that Had a Positive Effect on my Business

1) Built better relationships and better ways to communicate by becoming a better listener, especially when it comes to other people's money, their home, and livelihood.

2) I learned that I can have empathy without agreeing to work for free. It all begins with self-respect.

3) Found new ways to negotiate and disagree without conflict and still get results. 

 

The reality is, the Real Estate business is hard work. There's no guaranteed income. You positively have to pay on-going fees to keep your license, continuously need the tools to do business, and whether you have business or not, you better have a way to have transportation, pay your own bills, and stay afloat until your next check. Staying in touch with everyone, especially past clients is the best advice I can give.

And that's a wrap... When one door closes, another door opens but you never know when, how, who, or how come?  --- Patricia Feager

 

 

Posted by

Texas Law requires all license holders to provide the Information about Brokerage Services form to prospective clients.

Real Estate Commission Consumer Protection Notice  

 

 dfw fine properties

 

DFW FINE PROPERTIES

                                        2900 W Southlake Blvd, Suite 180
                                        Southlake, TX 76092
                                        Office: 817-748-4800/FAX: 817-748-4900

                                         Patricia Feager
                                                        Cell: 469-449-9858

                                                        TEXT: 469-951-4758

 

CERTIFICATIONS
Certified Pricing Strategies; Mastering the CMA
Certified Military Relocation Specialist
Certified Negotiation Expert
C
ertified RE Probate Specialist

"With self-discipline most anything is possible." --- Theodore Roosevelt 

 

   

 

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Ambassador
1,569,786
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Congrats on the feature, Patricia. In my opinion, most of your posts should have a star attached. So many great comments before me too. So, I concur. Lol.  

Jan 04, 2018 09:28 AM #77
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Paul Weese - I am humbled by your reply. Thank you, so much. I really do put a lot of thought into what I write and I'm a believer in being honest. 

The Real Estate business teaches us so much more than textbook material - it's life long learning about us and our relationships with other people, building technology, construction, project management, finances, and the list goes on, and on.

I am thankful for the people on ActiveRain who we get to connect with because we have so much in common and we learn from each other. I'm glad we connected. Thank you.  

Jan 04, 2018 09:32 AM #78
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Debb Janes EcoBroker and Bernie Stea JD - I adore you. You are always fresh and honest and you know how to make others feel good about themselves and what they do. You make me feel appreciated and that is the best compliment I could receive. Thank you!

Jan 04, 2018 10:13 AM #79
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Brian England - I agree and would add, not only is the business always evolving, we are too! Isn't that exciting!!!

Jan 04, 2018 11:22 AM #80
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Chris Lima - Awe... you're the greatest! Fierce conversations in pre-licensing just doesn't happen. 

Thank you, so much!

Jan 04, 2018 11:36 AM #81
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Peter Mohylsky - I really struck a chord, didn't I? That's exactly what pure honesty should do. You're awesome! Thanks!

Jan 04, 2018 11:38 AM #82
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Pat Starnes, Brandon, MS - I enjoy having your friendship here on ActiveRain. You always say the nicest things and I know you mean them. I wish all your dreams come true and that you will always be happy. 

Thank you. Never stop being the person you are because being real is quality, through and through. 

Jan 04, 2018 12:04 PM #83
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Tim Maitski - You definitely gave me something to think about. What if  the opportunity was there for students going to College to be employed and their pay was made as a direct deposit to pay off College Tuition? What if the statistics showed those who did this were better business owners and could have the money to buy a house because they were more educated in business, finances, and successful in whatever career they chose? 

Thanks for your great comment and food for thought.

Jan 04, 2018 12:11 PM #84
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Jane Peters - No... Real Estate isn't for everyone. It's not as easy as it sounds.

I think it's normal that when you choose this path to have highs and lows, celebrations for success, doubts and disappointments too. When it all balances out and you understand your purpose, your dedication to the professional becomes very clear to others too. 

In my opinion, agents should be asking themselves, am I in it to win it or am I in it for all the right reasons. 

Thank you!

Jan 04, 2018 12:15 PM #85
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Richie Alan Naggar - Unlike a graduate class, you just don't stick to the program and continue with the process until you have a piece of paper. Having a license means something to me. It's something that reminds me every single day of my life, you can't take anything for granted. If you want to keep what you got, that license, you have to be ethical, honest, and operate with integrity. There will be good days, and there will be bad ones too. How you get through the day, solve problems, help other people achieve their goals, and most important, how you sleep guilt-free is the most wonderful thing you can do. I'm especially glad to be in the business knowing there are others like you in this industry too. 

Jan 04, 2018 12:21 PM #86
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Paul S. Henderson, REALTOR®,CRS, - I was born to survive. Challenges are constant. Finding balance, a necessity. My father was a sailor, and I learned long ago, don't give up the ship. 

Happy sailings to you in this New Year!

Jan 04, 2018 12:34 PM #87
Rainmaker
150,049
Corey Martin
Martin Presence Group - Ruston, LA
Real Estate and Management Solutions
Learning to effectively communicate is such a vital skill in our profession. Thank you for sharing your experiences with us!
Jan 04, 2018 03:18 PM #88
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Corey Martin - I agree with you 100%! Communication is so powerful it can destroy relationships or create success. The person who opens their mouth first or the one that has to have the last word should  be very careful. Lasting words can be positive or unforgiving.

Corey, I like your communication style. You're a great addition to ActiveRain and a credit to the Real Estate industry.  

Jan 04, 2018 04:05 PM #89
Rainmaker
457,841
Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

So true Patricia.  It takes a lot of discipline to be a Realtor. You have to plan and budget.  That's why we have such a high fall out rate in our industry.  Great post and best of luck to you in 2018.

Jan 04, 2018 05:59 PM #90
Rainmaker
1,714,538
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Jerry Murphy, CRS, SRES - Thanks for your support and expertise in this industry. Just because we want something, doesn't mean it's right for us or our budget. If someone isn't going to make it, it's best to get out early enough without losing more than necessary. That's why I think it's so important prospective agents find out the truth about what it costs to do business and manage it effectively too.  Best of luck to you too!!!

Jan 04, 2018 06:10 PM #91
Rainmaker
2,584,644
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Sunday Patricia,  What a great blog and one that hits home the first year out.  Make it a great day!

 

Jan 07, 2018 09:36 AM #92
Rainer
171,804
Robert Hicks
United Country River City Realty - Savannah, TN

What an interesting read. Thanks for sharing your story, maybe it will be helpful to others just getting started. Wishing you continued success!!!

Jan 07, 2018 03:06 PM #93
Rainmaker
883,832
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Interesting!  Learning from going to school to be something else.  You are a great student evidently!  Good for you.  I'm so glad, and so are your clients, that you stuck with it.  And then to have 2005 and 2006 be your best years. You go girl!

Jan 09, 2018 07:11 PM #94
Ambassador
409,412
Emily Medvec Qualifying Broker
Hello Realty Partners - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Patricia Feager a belated congratulations of this feature. Your take on large franchises hit home for me too. Our industry is complicated and fragmented. Fortunately for ActiveRain we can connect and support each other with our experience and wisdom. Stay in touch.

Jan 31, 2018 08:49 AM #95
Rainmaker
457,923
Pat Starnes, Brandon, MS
Front Gate Real Estate - Brandon, MS
Front Gate Realty ~ 601-991-2900 Office

Congratulations on being one of twelve posts selected to be among the best by the ActiveRain staff. Well deserved! <3

Feb 10, 2018 02:42 PM #96
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