Things to know about real Estate: A Real Estate Agent’s Guide for Beginners
The real estate agent is the industry’s workhorse. He’s a salesman one minute, a buyer’s advocate the next; he’s an analyst, an auctioneer, a consultant, a negotiator, and a marketer; he’s an appraiser, a clerk, and a loan officer on occasion; he accommodates his clients on nights and weekends, and frequently works well above forty hours a week.
A real estate agent, in essence, does a little bit of everything. A small real estate commission is paid in exchange for this (provided, of course, that the deal is closed). It’s no surprise, then, that so many agents come and go from the business. It’s also no surprise that, even in a down economy, demand for their services remains high.
Overwhelmed? Don’t worry: this guide will teach you all you need to know about the obstacles and requirements of becoming a real estate agent, as well as helpful hints to help you get started.
When it comes to the consumer’s interaction with the real estate business, we’ve seen some new trends in recent years. More than ever before, the typical consumer has access to information, market assessments, technology, and expert opinions that were previously only available to real estate agents and brokers who worked full-time in the industry.
Consider the book you’re currently reading. Much of this knowledge would have only existed in the lips of working agents or agent licensure textbooks before the Internet. Consumers didn’t require this information because they trusted their real estate agent to be aware of it.
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It is a business, not a pastime.
Realtors are blabbering all over the web these days, and they’re even generating money by instructing people how to do their jobs. “How to Make Money in Real Estate in Five Easy Steps.” “Flipping Homes for Fun and Profit.” As a result, some people appear to regard becoming a real estate agent as a hobby, something to do in their spare time while also earning quick cash.
However, the majority of hobbies are inexpensive, and even the most expensive ones are about the pure enjoyment of the action. You may be irresponsible with a pastime since you don’t have anything to lose. Forget about your herb garden for a couple of days? It’s not a huge deal. Haven’t picked up your guitar in a month? When your fingers itch, it’ll still be there.
On the other hand, real estate is a business. It’s all about the money, and as the market has demonstrated in recent years, if you’re not careful with real estate, you might lose a lot of it. You are an independent contractor as an agent, which means you are responsible for managing your own business. Any agent who takes up your slack isn’t going to return it to you.
Finally, while hobbies are personal, real estate is a business. Only the people you choose to share your activities with are usually aware of them, thus they have little impact on your public image. (Unless you’re still collecting Beanie Babies, of course.)
However, because your actions as a real estate agent take place in the business realm, they leave a far lengthier trail. It can be discovered by almost anyone. If you fail to satisfy a client, you’re sending a message to her and everyone she knows that you’re untrustworthy, which can have major consequences in other aspects of your life.
None of this implies that you won’t like your job as a Realtor. On the contrary, if you don’t, you’re unlikely to succeed. The best agents, on the other hand, balance the pleasure they derive from their employment with the recognition that it is, after all, work.