- You need to work hard continuously and study to be up-to-date with the trends, availability of properties and the changing demands of the clients.
- You will get your feelings hurt.
- Wherever you go and whatever you do, you and your mobile phone will always be together.
There are both good and not-so-good things about being a real estate agent. There are times that it’s tough to do business, and there are also times that all seems to be going well.
Here are a few of the many truths that you need to know if you are new to this industry. Although some of the things listed below might not happen often, I hope this will give you an idea.
1. This kind of business is not as easy as it seems
Getting through the real estate exam to get a license is the easiest part. However, the reality that is waiting for you right after acquiring the license can never be defined as easy. This kind of job is demanding.
It requires you to give all your time and effort — even your body and soul — to become successful. There are a lot of competitors out there, and many other agents have more knowledge than you about the real estate market.
You need to work hard continuously and study to be up-to-date with the trends, availability of properties and the changing demands of the clients.
2. You will get your feelings hurt
In this business, your feelings are vulnerable. They will get crushed.
Truth be told, in the beginning you don’t have any idea of what you are doing, and people you know will begin to avoid you.
Members of your family will be among those who will avoid you and won’t do business with you — not because you are just starting, but because you are family.
The same thing applies to your friends. This avoidance is a common thing that often happens in the real estate world. It happens to many agents across the globe, so you’re probably not alone.
3. You are more likely to spend money — a lot of money
The logic here is that you won’t make money if you don’t spend money. You will spend a lot of money on gas and mobile phone credits. There will be months that you will make no cash, and you will end up spending.
Just like any other business, there are ups and downs. So keep in mind that earning money will be a struggle especially when you are just starting your career.
4. You will be attached to your mobile phone
You and your mobile phone will be a duo. You will be inseparable. Wherever you go and whatever you do, you and your mobile phone will always be together.
There will be lots of calls, text messages and emails that you need to handle. During meals, movies, coffee breaks, meetings, parties and even when you want to take a long shower, you won’t because you can’t. You can’t ignore your phone because it’s ringing oh so loudly, and you know you need to answer it.
Why? Well, that phone call might be worth thousands of dollars, and you might lose that lead when you fail to answer. A missed call is a big loss. Returning a missed call might be good, but the damage has been done and the client might already have lost interest.
5. Be prepared for people who will not trust you; and many will lie to you — repeatedly
In this industry, the issue of trust has been going on since — forever.
Some people will never trust you despite your many years of experience. You will always be questioned and doubted. You will be accused, and people will lie to you.
Be prepared for this because this will happen not just once but repeatedly. So, basically, this job requires you to convince people to believe you constantly.
You need to keep getting positive feedback from previous clients. They will help you gain an excellent reputation in the industry and help you build your reputation.
6. You will conduct thousands of viewings
Naturally, selling or leasing a property requires you to show the property to potential buyers. It’s one of the most vital parts of this business. So, over the span of your career as an agent, expect that you will show thousands upon thousands of houses and apartments.
There are things that can go wrong when doing showings. Be prepared for clients who will come late. Or worse, you might be late because of heavy traffic.
There might also be an instance that the house is still on the market, but the truth is it’s already under contract with another buyer. There is an endless list of things that could go wrong while having a viewing, so you should plan ahead on how you are going to handle it.
7. People think that you are overpaid, and most people will not value your time
Again, being an agent is a very demanding job. It’s tough to make money, yet people have this impression that you are rich and overpaid.
It is only when you become an agent that you’ll have a deeper understanding of how important it is to manage your time, and many people will never understand your side.
Most of your time will be spent talking to people over the phone or showing people beautiful houses that they will eventually end up not buying.
8. Be ready for people who will ask for bribes
Requests for bribes happen quite often. In this business, you will earn money through commission, which is legal. But there are people who want to get their fingers on your share of the pie.
Some people will try to ask for a cut from your share whether it’s legal or not, so be prepared for this.
9. This business will trample you if you are not tough
Never expect that everything will go right in this business. There are times that even if you already exhausted yourself trying to get a deal, you will end up with nothing.
It’s a battlefield out there, and though you think that you are giving your best, your competitors are doing twice as much.
They are trying to beat you, and this kind of competition will go on and on. You just need to work hard to get ahead of them.
10. You will meet psychopaths once in a while
Meeting crazy people is quite a common thing. As an agent, you will get acquainted with many different personalities.
Consider yourself lucky when you find clients who are easy to deal with, but sometimes people will be difficult. There will be times that clients are hard to negotiate with, and this will surely test your patience.
11. There are odd people who will ask you to meet them ASAP
There are a lot of people who are looking for a perfect home — a home where they can visualize themselves living a happy and prosperous life with their families.
Some people believe that the process should be enjoyed and never be rushed. However, this is not always the case.
Often, your patience will be put to the test. Many will demand a viewing now. And many clients will not take no for an answer.
In the end, it will all depend on how you manage your time to accommodate everyone.
12. There are times that you will get sued
I’m not trying to scare you, but this is a truth that you should be aware of. In this industry, problems are always occurring, and there are instances that disagreements might arise with your clients.
Even if you are not at fault, you might still get sued, and you will have no choice but to face the allegations that are being thrown at you.
13. Becoming more successful means that there will be a lot of jealous competitors
This is yet another ugly truth. There are a lot of competitors out there. Both big- and small-time agents are breathing down your neck and waiting for you to mess up.
Any tiny mistake you make is an opportunity for your competitors to get ahead of you. When you are soaring high, your competitors are more likely to get jealous.
There are even instances in which successful agents receive nonsense negative reviews or feedback from anonymous people about how bad their experience was.
Some reviews even convince people not to deal with the particular agent for fear they might get bad service, too. These instances are only a few examples of how tough it is to compete in the real estate market.
Stay tuned for “21 things to expect after getting your real estate license: Part 2” tomorrow.
Selena Mitchell is a professional blogger associated with a leading real estate agency in Dubai. Get in touch with her on Twitter.