5 Factors to Consider Before Getting Started in Real Estate
Success in real estate is very difficult for beginners. Here a five things you should think about before going in.
Starting Capital
Once you’ve chosen a particular niche in the real estate industry, you then have to secure a certain amount of money in order to jumpstart your business. The money that you’re going to need will depend on the size of the business that you are planning. You have to calculate the costs involved beforehand, and this includes the amounts that you’re going to spend during the first few weeks of the business when there is no revenue coming in.
Do Some Research
Even if you already have experience working in this industry, there will always be room for more knowledge. Research and a desire to learn are important. This industry is constantly evolving and that some of the things you already know could become obsolete due to changes in the industry.
Time
The harsh truth: it’ll probably be months before you’re sitting at your first closing table. Make yourself readily available to clients and invest in your brand and your network.
Flexibility
You may not work under someone, but you will work for many; they’re called clients, and they’ll be the ones paying your mortgage. Be prepared to work seven days a week at not-so-favorable hours. Clients often want to schedule showings late at night after getting home from work, or on weekends on their (not your) days off. From viewings and tours, to photo shoot, inspection and listing appointments, prepare to work week days, evenings and weekends, sometimes with little notice, and often times for no profit.
A Firm
Successful agents often have enough listings to share the wealth. Though your checks get cut, if you choose to work as part of a real estate team, your annual fees are usually taken care of and you’ll have a steady flow of business. This is a great way to work under an established agent and learn the business. On a team, you’ll always have someone to guide you, and you’ll build your reputation as an agent. Then, when you’re ready to fly solo, you’ll have solid experience and a growing referral network to work with.
RE/MAX Realty Professionals—The Results Team—is ready to help you buy or sell your home! Visit www.andrewl185.sg-host.com. Or call Lesa Miller at 812-360-3863 and Jenivee Schoenheit at 317-258-0995.