Is a Career in Real Estate Right for You? Pros and Cons
A career in Real Estate can be extremely rewarding in many ways, but it can also be like a rollercoaster at times. We will look at the skills that are needed to excel in the Real Estate industry and also the pros and cons of the industry.
What Skills are Required to Work in Real Estate?
The Real Estate industry is full of different types of people from all social backgrounds and at varying levels. However, anyone who is successful or on the verge of being successful with have most, if not all of the following skills:
It is a bit of a cliché, but people buy from people. Being able to build your network and instantly build a rapport with people is a skill that will propel you to the top of the industry.
Also known as being 'commercially aware', having a selling mentality is one of the most important skills. However, it's not a 'spray and pray' approach that it is needed. You need to be a great listener, find out what makes a potential buyer tick and tailoring your services to their needs. This separates the wheat from the chaff.
Asking questions is the base for finding vital information that can be the difference between making a sale or not. This is an area that rookies can get wrong and can lead to dropouts at the final hour when making a sale. Master the art of asking the right questions, and you will go far.
Under-promise and over-deliver is a mantra that many salespeople live by. Managing a potential buyers expectations will ensure that there are no surprises and also show that you can be trusted and are not promising the world just to get a sale.
Taking care of the smaller details is the difference between the top billers and the rest as they have the ability to save deals that are close to death. Small details can improve closing ratios and ensure you are highly organised.
Real Estate is absolutely about helping people with what is more than likely the most important investment of their lifetime. However, you need to be motivated by money, otherwise you will not make any. Setting goals and being able to hit targets is pivotal in the Real Estate industry.
What are the Pros and Cons of Real Estate?
So now we know the skills that are needed to work in Real Estate, what are the Pros and Cons that need to be considered when venturing into the industry:
Being Your Own Boss
Pros: You are an independent contractor meaning you do not answer to anyone and can make your own decisions. Work when you want and how you want.
Cons: Working in Real Estate is hard work. A lot of newbies do not realise how much time and effort it takes to be successful in this industry and how much learning and honing of your skills is required.
Potential to Earn a Fantastic Income
Pros: You are the master of your own destiny. There is no cap on commission and you can earn as much as much as you are willing to work for.
Cons: As mentioned, working in Real Estate can be a bit of a rollercoaster and there can be highly profitable months, but this can also be couples with the low months where the market is slow and it’s difficult to get a sale.
Pros: You do not have to work a 9-5 and no day is the same in the Real Estate industry. You will be on the phone, you will be meeting new people and learning new skills.
Cons: Flexible working can be nice, but you also need to be flexible for clients and potential buyers. People often want to view properties after work or can only meet or speak at certain times and you need to make sure you are available as much as you can.
Helping People with their Biggest Investment
Pros: There is a genuine satisfaction that comes with helping people find their perfect home at a great price.
Cons: It is a massive responsibility in advising potential buyers through the process and making sure the experience is a smooth one. It can be a very stressful process for people and you need to be highly confident in your skills and ensure they leave with a positive feeling about you.
Taking these points into consideration will help you decide if the Real Estate industry is for you. If you want to get a great start in the Real Estate industry, please get in touch here.
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