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I love real estate!! I love first time homebuyers. I love educating them and making their first buying experiences good ones. I love to help investors find valuable investment properties. There is almost nothing that I don’t like about real estate. Oh, yes even the problems and challenges. When I go home at night I know that I have given my best to help my customers and clients.
Yes, the market is slow and not what it used to be; but, many agents are making more money than they have ever made before. Does this surprise you? These agents have found a niche and are working it and several others as well. If there is one thing that I have learned over the last 15 years is that in real estate, as in everything else, if the market is good, it changes and if the market is bad, it changes. Nothing remains the same. This is the reason that many formerly very successful real estate agents are failing now. They are using the methods that once gave them a good standard of living, now in a time that has changed drastically.
Real estate as a career choice is unique. During strong market periods many agents could earn a living by simply having floor time. This is a time when an agent stays in the office and would take any client or customer that calls or walks in. There were enough people purchasing that the agent didn’t have to prospect at all. When the market changed, many agents opted for regular paychecks. This has left the market with fewer agents to make a living in a slow market. For a real estate agent this is a good thing! A statistic that still hold true is that 20% of the agents have 80% of the business. In a good or bad market this seems to hold true.
What does this mean to you? Are you self motivated? Do you need to be supervised in order to get your work done? If the answer to the last question is yes, then perhaps you would be happier as someone’s assistant or in some other position. As a real estate agent you will need to be able to set a course and follow it. Whether it is day by day or long term, you are the one who set s the goals and you are the one who will reap the benefits both emotionally and financially.
Speaking of finances, how much does a real estate agent make? The truth is from $0 to millions. It is up to you. I say that it is up to you; but, this is not entirely true. It is certainly a good idea to give yourself the best possible environment to succeed. This means getting quality education with respect to pre-licensing and choosing a company that will help you get on your feet and start earning an income.
There have been many pre-licensing courses available but recent decline in the market has also had a devastating effect on the number of classes available. In NC, as is true in most states, pre-licensing courses have a required content. Each instructor may have his/her own style but course content is the same. Pricing is entirely another subject. It ranges from $175 at a community college to $500 to $1000 (plus books) elsewhere for the same course. Class times and price will no doubt dictate where you take the course.
Once you have completed your 75 hours of pre- licensing you will be ready for the state exam. Take it as soon as possible after completing the class. The North Carolina exam has changed. It is too early to have any feedback on the new test but most of the content will be the same with only a few exceptions. The company providing the test has changed.
Choosing a real estate firm is your next step and there are many to choose from. You should go with one that you feel will give you the most training and the most support. Remember what you just learned in pre- licensing is what I call the mechanics of the job. It only educated you on real estate terms and some practices, many of which you will only use rarely or possibly never. Real estate sales are just that sales and there was nothing in pre-licensing that pertained to the art of selling. Yes, it is an art.
Ok here you are at a nice firm with a good reputation in your community, what’s next? Well, you have your license. You chose a company and you are ready to be “Rookie of the Year.” Train and practice every chance you get. Take a good sales course. Take one that will help you set goals. Ask the most successful agents in your office what they attribute their success to. Real estate agents always like to talk. You won’t have any problems there.
And don’t forget to go to the office every day start at 9:00 AM. Yes, you have lots of flexibility with this job but the most successful agents are in the office every day on some kind of a schedule. This will do two things. First it will show that you are serious about your career. I don’t know of any new agent that made a sale while on the sofa watching soaps. You can set up your call list, plan you business or maybe even pick up a customer or two. I cannot tell you how important this is. If you run out of things to do take a course about real estate or a related topic on line, there is so much to learn when you start out.
One thing you don’t want to let happen is to become discouraged. Most times it is a couple of months before you will receive a commission check and you have spent over $1000 in fees to become a Realtor and for MLS dues etc plus some companies have additional start up fees. And there is always the agent with the bad attitude. This can be toxic, not just for you but for the whole office. We all go through good and not so good time but don’t be a “negative Nelly”. It will impact not only your career but your family as well.
Well, either you are eager to start your new career or you are running out the door. I think it gets down to who you are and what you want in your future. You make the choice. There are many rewards both financial and emotional waiting for the person who meets the challenge. Are you the one?
Thanks for reading the first in a series of blogs about real estate from
Sheilah Stone
Managing Broker/BIC
Century 21 Nachman Realty
sheilah@century21ec.com
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