Real estate is an interesting and exciting industry.
This article will give you the information you need to help determine if a career in real estate is right for you.
Even if it’s not, this information may be helpful whenever you’re considering a change.
Here is what you need to know.
You Can Pass The Licensing Exam On Your First Try
You’ve probably heard that the real estate exam is one of the most difficult. You might also believe that it requires years of experience and a college degree in order to pass, and you might think the only reason people bother to take it is that they’re desperate.
However, the licensing exam is not hard to pass. The real estate exam questions come in three parts for the exam. The first part, which you take immediately after your pre-license course, is multiple choice and isn’t too difficult.
Once you get past the multiple-choice section of the test, however, it starts to get harder. The next two sections (which make up the other two-thirds of the test) involve selling one property over another and meeting with an actor who plays a customer in need of a home.
Still, none of these sections is impossible to answer correctly if you’ve studied well for them (and remembered what you studied). You can pass all three portions of this challenging real estate exam on your first try!
Here are tips for passing:
- Use flashcards – Flashcards can be tremendously helpful when it comes to studying for any test. The multiple-choice section of the exam is easy enough that it doesn’t require much effort or time spent studying, so spending just 10 minutes per day looking over your flashcards will probably be enough to prepare you adequately for the exam.
- Get a good night’s sleep – Nothing is worse than trying to take a test after you haven’t slept the night before. Make sure to get plenty of sleep in the days before your exam, and make it an early night the day before. Getting a good night’s rest will help you stay focused when you’re taking your real estate pre-licensing test!
- Hire a tutor – You can learn a lot from your instructors, but you also have to remember that the instructors are trying to teach as many students as possible. They might not be able to answer every question in detail, so turn to tutors for help.
You Can Earn a Great Income in Real Estate
Many people think that in order to make a lot of money in real estate, you have to be independently wealthy and willing to take on unappealing clients.
However, that’s just not true. You can earn $100,000 per year working for someone else – and this is within reach of most people who get into the business.
If you’d like to become an independent contractor/agent after passing your licensing exam, you can also potentially earn even more than $100K!
Here are some tips:
- Look for hard-working mentors – There are always productive people around you who seem above average and successful. Learn what they did: how they work and what habits they have. Study them carefully and emulate their example.
- Build solid relationships with your clients – The best way to earn money in real estate is by establishing strong, long-lasting relationships with your clients so that they choose you over anyone else when it comes time to buy or sell properties. Try putting together a newsletter for all of your current/past clients; this will allow them to see how much you care about them and the quality of work you do for them!
- Don’t be afraid to take initiative – If there’s something that needs doing (networking, organizing files, getting paperwork ready) make sure you do it well and quickly, even if no one asks you to do it. It’s essential for any successful realtor to be able to figure out what needs to get done and then get it done in a timely manner.
The Rewards of Being a Real Estate Agent
Working in a busy environment with multiple clients is a great way to get better at what you do. Some people thrive on this kind of pressure, and they will excel as real estate agents. Here are some more benefits:
- You can work your own hours – Many people dream of being their own bosses so that they can set their schedules and decide when to take time off for vacation or just chill out watching TV on the couch! If you’re good, you won’t even have to accept every client who comes along; after all, your time is just as valuable as theirs!
- You get lots of exposure – Who knows how many future jobs and connections you could gain by simply working as a real estate agent? Whether you’re working for Century 21 or just doing it on your own, people will see what you’re capable of doing. If they like your work, this could lead to future jobs and new friendships!
- It’s satisfying – When everything comes together in the right way, the moment will feel fantastic! How many other jobs let your clients thank you with hugs after completing a deal?
- You get to be around people all day – Have you ever worked a job where you were stuck behind a desk for 8 hours and didn’t talk to anyone (except your co-workers if they sat within earshot)? That’s not fun! As a real estate agent, you will always have someone to chat with, which is nice.
What Do You Need to Get Started?
If you’re convinced, here is what you need.
- The right mindset – If you’re not willing to do whatever it takes to be successful, then it’s time for a new line of work. Having the drive and determination to succeed is crucial in this business, especially if you want to become independent later on!
- An extra source of income – No matter how much money you make as a real estate agent, there are always unexpected expenses that come up (healthcare costs, car repairs), which means you’ll need some kind of other financial support.
- Knowledge about housing laws – One reason why people fail at this kind of job is that they aren’t sure about all the details related to buying/selling property. If you’re completely clueless, you’ll miss out on deals and make yourself look bad to your clients/employers.
- The right tools – Although you can make money without having to spend too much on equipment, having the right tools (laptop, smartphone) will definitely help you do things more efficiently and be better at your job!
- An online presence – It’s not just important that you have a professional website up, it also helps if you have an active social media profile where people can find out about what’s going on in your life. The more visible online you are, the easier it is for people to learn about who you are and what services/products you offer.
If you are interested in getting into real estate, take some time to research the industry. It’s not always easy to work, but if you’re good at what you do and enjoy helping people then it can be very rewarding.
If this sounds like something right for you then go out there and make it happen! If you like working in an environment with lots of people, chances are you’ll really enjoy this kind of job.