Are you interested in becoming a realtor? If so, congratulations! There is a lot to think about when it comes to new real estate agent challenges and successes.
The housing market is experiencing historical changes in the wake of the COVID-19 pandemic. If you're becoming a real estate agent now, you're jumping right into the thick of things!
To help you get started, we've assembled a guide to new real estate agent challenges and how to overcome them. Let's get started!
Finding Your First Client
In the world of real estate, competition is fierce. Depending on the state of the housing market, you may find yourself knocking on doors to see if owners want to sell their homes.
However, striking out on your own makes the competition even harder. After all, customers tend to favor professionals with demonstrable experience subconsciously.
It's a vicious catch-22 that many entrepreneurs face at some point or another. How are you supposed to gain the experience if no one will hire you because of your lack of experience?
Getting your first client will take a lot of hustle and marketing savvy. Once you get the word out and start garnering attention, you'll need to prove yourself.
Since you're starting, you have time to offer a tailored, highly detailed experience for your clients. They will be your top priority, and you can demonstrate this with timely communication, precise answers to all their questions, and so forth.
You may also consider partnering with an established real estate agency. They may have openings for new agents. That way, you'll eliminate one of our real estate challenges by having the backing of a trusted agency.
Slow Periods
When you work as a freelancer in any industry or seasonal projects, you quickly learn that income is something to be hoarded. In nature, some animals accumulate resources during the abundant spring and summer months.
Then, in the late fall and winter, when there's nothing to harvest, they're taken care of. They don't have to hustle when there's no work to be had because they put in the effort before.
The same thing is true when you're looking at becoming a realtor. The economy can change overnight, and the housing market will undoubtedly follow suit.
You'll find yourself in repetitive cycles of feast and famine. As any seasoned real estate agent will tell you, take advantage of booming business. You'll need to plan to make your income stretch over an entire year, so you can still pay rent when business is slow.
Establishing your safety net in such a volatile industry is one of our top real estate challenges, and it takes some time. However, it's worth it to attain that peace of mind that you need.
Misaligned Expectations
When you investigate what becoming a real estate agent takes, don't be swayed by glitzy promises. Becoming a realtor is an excellent choice for many people, and it is a gratifying career.
However, if you start with false expectations, you may be confused, resentful, or feel the need to abandon ship as quickly as you jumped on. For instance, one of the selling points of being a realtor is making your schedule.
For self-starters and people with lots of drive, this can sound like a dream come true. No clock to punch, no strictly enforced lunch breaks … what could be better?
As a real estate agent, you'll be working early mornings, late nights, and weekends. You can't predict the market's demands, and potential buyers want to view houses around their schedule.
This is especially true in the early years of your career. Senior agents may be able to pick and choose with a little more luxury, but you'll need to embrace the grind and hustle mentality as a junior agent.
This is especially true if you're hoping for real estate to be a lucrative career in the future. Trying to become successful in this field takes a lot of energy, but it will eventually pay off in the end.
Real Estate Requirements
When you become a real estate agent, you become more than just a realtor. You also become a salesperson, a therapist, a psychologist, a bookkeeper, and more.
You'll wear many hats throughout your career. You need to know how to interact with people, sell them on making one of the most significant financial decisions of their lives, navigate interpersonal conflicts that could cost you a sale, understand their needs, and so much more.
If you assign yourself the role of ‘real estate agent' and nothing else, you may be shooting yourself in the proverbial foot. Being willing to bring all your skills to the table and exercise them is one of the most important steps you can take.
Become Immune to Rejection
When you are becoming a realtor, you will hear ‘no' many times. You'll hear no from agencies, from buyers, from sellers, from everyone that you come in contact with.
If you were highly successful in a previous industry, you might be shocked. Does constantly hearing ‘no' mean that you're bad at this or that you transitioned into the wrong industry?
Hearing no means none of those things. It means you need to keep trying and persist without getting discouraged. You have to become immune to rejection and not take it personally.
Embracing New Real Estate Agent Challenges
New real estate agent challenges are a dime a dozen. Becoming a real estate agent requires determination, optimism, commitment, and attention to detail.
It takes time to succeed in a new industry. It also takes a lot of time and energy to become an expert in your field, which is necessary to achieve and serve your potential buyers properly.
If you need help drawing attention to your new real estate agency, contact us today! We can help.
