Career Opportunities In Real Estate
Should I Get A Real Estate License?
If you are exploring career opportunities in real estate and are asking yourself if you should get a real estate license, it is critical that you first define what your goals and expectations will be for your real estate career. Many people considering career opportunities in real estate want to know, ‘What does the average real estate agent make?’, or ‘How many houses a year does the average real estate agent sell?‘ , but are these really relevant questions? The fact is, in any real estate market, 20% of the real estate agents make 80% of the money. The unfortunate reality is, the average real estate agent sells between 3-5 houses a year, so the real question to answer is, ‘Are you average?’ Here are a some real questions to answer when considering career opportunities in real estate:
- Are you looking for a job in real estate or do you want to run your own real estate business? There are many different paths someone considering a career in real estate can take, and some of these do not require getting a real estate license. These types of salaried or per hour real estate jobs may include unlicensed assistants on real estate teams, showing assistants, and other needed support positions. These real estate jobs can be the perfect low-risk opportunity for you to get into the real estate business and learn, without having to incur the typical expenses of someone starting their own real estate business. However, when you work in a support role for another real estate agent or broker, you are not building your own real estate business, you are helping them build their real estate business. It is also important to ask yourself this question when considering getting a real estate license, ‘Where do I want to be five years from now, and what am I willing to do to get there?’. If you want all of the amazing things that a full-time and committed real estate agent can achieve with their real estate business(wealth, fulfillment, flexibility & quality of life), then you should definitely get your real estate license and jump in with both feet, otherwise, you will not be able to compete with the real estate agents in your market that are more committed to it than you, and you find yourself in the 80% of the real estate agents that make 20% of the commissions.
- What do you want from you real estate company? Deciding which real estate company to affiliate with is the first and most important decision someone who just got their real estate license needs to consider. First ask yourself these questions. Are you just looking for a real estate company that is the cheapest place to run your real estate business, or do you more value a real estate company that focuses its resources on educating, training & supporting their real estate agents? Do you prefer to be dependent on your real estate company for real estate business, or would you rather be taught how to generate your own real estate leads, so that you can control and predict the future of your real estate business? There are essentially three types of models of real estate companies for licensed real estate agents to consider when deciding on which real estate company should hold their real estate license, and they are explained in the image below.
- Are you starting you real estate career part-time or full-time? This is a trick question. A real estate career is not a job that you ‘clock in and clock out’ for. Particularly in the ever shifting economy and real estate market, if you don’t have a full-time mentality, you are not going to be able to compete with the real estate agents in your market that do. Many people considering career opportunities in real estate want to maintain their present full-time day job while they ‘transition’ into a full-time real estate career. Although it can be done, if you affiliate with a real estate company that offers a lot of real estate training and support during the day, how are you going to take advantage it? More importantly, how are you going to be able to deliver the best customer service to your real estate clients if you are unavailable during the week and are not current on the latest real estate trends?