Thanks to HGTV, there has never been more people interested in starting a career as a real estate agent. The allure of a flexible schedule, huge commission checks, being your own boss, and helping people buy or sell their homes definitely sounds like a dream come true. Unfortunately the reality of a career in real estate consisting of “three showings and commission check” is shattered quickly when you first get started. Sure all of the things I mentioned above can happen, however, they come with long hours, a lot of hard work and the three P’s: patience, persistence, and practice.
In this blog article, I’m going to go over the top six pitfalls anyone thinking about a career as a REALTOR needs to consider.
#1 Expecting Immediate Success
Unlike HGTV, working in real estate isn’t as easy as three showings and a closing. With the average buyer engaging with a real estate professional as far as 3 to 6-months before their actual purchase, that first commission check could be a long way off. You need to plan for the worst-case scenario and make sure you exercise a lot of patience when getting started in real estate.
#2 Not Having Enough Savings
Hands down this has to be one of my biggest frustrations as a real estate broker and mentor. Every day I see individuals getting started in this business with little to no savings and virtually no startup cash. Check out our blog on the start-up costs to get a better idea on what you’re going to need at a bare minimum to get your business going. On top of that, I recommend that all new agents have enough money in savings to cover at least 6-months of bills and I’d be much happier if they had 12-months.