Do I have what it takes to be a real estate professional?
In spite of what you might see on television selling real estate is NOT a magic pill, quick money flip with no money down business. It is also not JUST about, “I like houses”.
Being a real estate professional is about helping guide a buyer or seller on the journey of the biggest transactions they will make in their life. This is NOT to be taken lightly. Each contract has legal ramifications.
Although viewing homes is an integral part of the real estate professional’s job it is only a small part. The largest part of the job is prospecting; finding new buyers and sellers, and contract management; making sure all the dates, times and conditions are met.
Lets start talking about those two tasks.
There are many nuances to a real estate purchase agreement. Sure it seems simple enough, just fill in the blanks, however it takes years to understand how the smallest of phrases in that agreement can impact the buyer or seller in a way that can mean thousands of dollars. One misplaced check mark can change everything. The real estate professional is acutely aware of the dates outlined in the contract, such as loan commitment, building inspection resolution, title and survey research deadlines, insurability and of course the closing date. Like a conductor of a symphony the agent orchestrates all the pieces. They insure all of the timelines and requirements are met. In addition the agent answers questions and keep the client up to date throughout the process.
This part of the job requires calendar and time management tracking, attention to detail, an understanding of the contract terms and continuing to stay on top of the changes to the contract each year. An eye for detail, comprehension & patience is a must.
Prospecting is talking to perspective clients. It is about building relationships with others and positioning yourself as the real estate expert. You cannot assume that friends, neighbors or family will use you just because you are licensed. Too many people treat real estate as a hobby. Most people know at least 3 real estate licensees. You have to stand out as professional, capable and eager.
Warm calling is also part of your future success. Warm calling is calling people you met in passing, were referred to, or met at an open house. Warm calls are much better than cold calls but it still takes time to build a relationship. A successful real estate professional will make 5-10 calls each day prospecting, and have 5-10 conversations about their real estate business.
One of the other tasks you will spend a lot of time on is research. Researching properties listed and or SOLD to establish comprehensive pricing analysis.
Marketing is also an integral part of what you do. It is really just another part of the prospecting cycle. Marketing has two goals; exposing you to more people and building your reputation as a successful professional in the real estate industry.
Marketing will include but not be limited to writing articles and blogs and managing a facebook fan page. Marketing could also be creating advertising or informational pieces for a specific targeted group (like your PTO or VFW post possibly your fraternity or sorority. You might have a different message you want to create specific for each group. You manager will help you assemble a marketing plan.
Now that you know what the daily “grind” looks like does this still sound like the job for you?