The real estate industry has historically been an occupation of choice for those seeking a flexible schedule and the chance to utilize relationships to build a career. The industry is romantic and allows people with a penchant for service to support entrepreneurs who are looking to build their dreams or to work with families to find a home. But not everyone is cut out for this line of work. What does it take to be successful in real estate?
Many individuals who choose to embark on building a career in the real estate industry fail to do research and ask for feedback and are shocked at the daily discipline it takes to be a “good broker.” The coursework and testing to earn a license in the State of Indiana is rigorous, and can be foreign to those with no past industry experience. Once you have your real estate license, to be successful it will require planning daily activities that build your business, such as business development, developing a quality listing inventory, client follow-up, property showings and meetings. This involves a high level of daily discipline. The saying “time is money” comes in to play here since time is your most valuable asset.
Choosing the Right Team
What type of real estate interests you most; commercial or residential? There are many factors to consider before making this decision. The first, and most important is what excites you about a career in real estate? If the answer is working with families and a relatively quick turnover of your inventory, then residential may be best. If you seek to serve businesses, investors (or be an investor), CEO’s, landlords and larger portfolios than commercial brokerage is an easy choice.
Secondly, consider how much availability you have and the hours you want to work. Residential real estate activities tend to occur in the evenings and over weekends when families are free. While in commercial real estate you are dealing with businesses during a typical business day.
While the commission earned in commercial real estate transaction can be much larger than those earned on the average home sale, the average time on market can be much longer so the timing of your income and willingness to network and hustle for listings should be considered. On average, a Commercial Realtor makes $85,000 annually versus $39,300 for residential Realtors, this is according to a survey from the National Association of Realtors‘ (NAR) of all its members.
Lastly, if you are just breaking into the industry make sure you know how much training you will receive. Teaming up or mentoring with an experienced broker can help with the learning curve.
Creating Your Own Brand
Regardless of the path you choose, residential or commercial, you must recognize you are now your own brand. Your reputation, knowledge and dedication to your clients will drive your business, and hence your income. If you are to be successful you must dedicate a portion of your time to business development and marketing. These activities are likely to include events, gatherings, professional groups, all social media outlets and print advertising opportunities. There are many opportunities for learning the best techniques for all genres of marketing. The skills and tips you learn will be invaluable to developing your business. Your brand will require your attention and activities should be strategic and well planned.
Become An Expert
Successful real estate professionals are experts in their craft, study their market, and understand that reputation is more important than a quick check and that what they have to offer is their time and knowledge. It is critical to remember that you will likely be dealing with clients who are very nervous, as real estate is always a major expense/commitment. By listening to your client’s challenges, dreams and goals, you can be prepared with solutions and market data to help the client make an informed decision. Also, an affiliation with a company that has quality market resources and a team of experts will be vital to your growth in the industry and ultimately your success as a broker.
Your Career Starts Here
If you are interested in a career, we at Cressy Commercial Real Estate would be happy to answer any questions you may have. Our team of experts can help you get on the right path. We have an extensive training program and a group of experienced professionals who strive to support our agents in their success.
574.485.1503 (d) | firstname.lastname@example.org
Chris joined NAI Cressy Commercial Real Estate in 2016 as the Chief Operating Officer for brokerage and consulting services. He has a strong economic development background with a great understanding of all aspects of commercial real estate brokerage, business development and networking and financial accountability and processes.