Dec. 8, 2019
Our 5 Best Reasons to START SELLING Real Estate
1. Real Estate Salespeople Learn About Business From the Top Down
Especially when it comes to agents who are willing to dip into commercial as well as residential and residential income properties, individual sales agents are able to jump into real-world business deals and really see how things work from a top-down ownership & investment perspective as those owners' and investors' Realtors without needing to start from the very bottom or pay for this education; this means an agent with some success will have access to mentors and experts in various facets of the housing industry. Agents are independent contractors which means they are solopreneurs/microbusinesses in their own respect. Agents often find themselves at the table with people from all walks of life.
2. There's Always More to Learn & A New Niche
Since Realtors are quite literally selling space, every property is different and even within various types of property there are sub-types and niches (or specializations) which can be studied, applied, and mastered. Here are a few just from top of mind:
- Probate & trust sales
- Historic properties
- Investment & Multi-Family properties
- Religious properties & houses of worship
- Cannabis Real Estate
- Municipal properties
- Bank-owned properties
- International Sales
Options are limitless because even within primary categories like residential real estate, we'll have agents who specifically market and brand themselves into sub-categories within the broader categories of Residential, Commercial, Industrial, etc. So if you're someone who has a passion for learning, like me (I can't turn it off)-- you should consider entering my trade, and find something you want to specialize in. Remember the old phrase: "there're riches in the niches"
3. The Intersection of Work and Pleasure
When is the last time you were able to pay your bills from something you do purely for enjoyment, like playing cards or hiking or bowling with friends? Due to the social nature of sales work, selling real estate is a relationships business. Knowing people, and being known is the first step in being hired since being likeable and trustworthy is how many will decide to choose an agent. The relationship between a real estate agent and their client is still a fiduciary relationship based on trust and ethics; similar to a healthy relationship between an attorney and their client, the professional's value is maximized by their consumer having a level of trust and comfort so that the agent is aware of and can focus on their client's needs, concerns, and interests. Because of this and the nature of friendships and social interactions, a friend can easily turn into a client and a client can easily turn into a personal friend. I have met many amazing friends through my work and I know of several agents who make a habit of acquiring business in unexpected places and creative ways.
4. Full Control Over Your Time
Since the vast majority of agents are 1099'ed independent contractors, they have full control over their own time commitments. This allows the sales person to decide whether to implement a structured plan of how to spend their time each day similarly (which for many a consistent schedule is vital to their success), or to operate each day completely differently. So if the professional chooses not to spend time cooped up in an office, they can build their business so that they spend more time in the field thru things like networking, prospecting, etc. Likewise if they prefer to stay inside or closer to home, they can build their business through "pajama prospecting", things like online or social media marketing and other avenues where they can reach and solicit people without being out and about.
The definition of full time, for a self-employed contractor or small biz owner, can vary depending on what's going on in their life because of the flexible nature of the work. So if I had a child, for instance, I would shift more of my time investment from sales and business growth-related activities into family activities. We generally do not get paid time off or maternity leave, so that will require us to plan accordingly in order to ensure we have time for ourselves and our families; success in sales will allow for that especially after the foundation of your business (and network) is laid.
5. Lower-cost Investment with Good Returns
Today in Michigan, the real estate pre-licensing component is a ~40hr investment and agents are able to complete that in about 1-3wks depending on how much time they can set aside to get that done and into the practice. Compare that to the roughly 1,800hrs of coursework required to become a barber, and you will likely notice that starting your real estate career is going to be faster and cheaper than many other businesses are to enter. Note that just because entering the career is relatively easy doesn't mean that building your business and staying in the career is; doing well as an agent will require significant time investment (if you want to make six figures, plan to spend 40-60hrs/wk working your butt off). Failure for a real estate agent is about common as failure for independent restaurants, which is a very hard industry to build staying power in, so the wash-out rate is significant and the individual agent will have to work hard to make sure that they're not part of the roughly 80% of agents who will not be selling real estate beyond 24mo. But if you have the dream to succeed and the drive to make it a reality, there is no glass ceiling or maximum income in real estate sales.