Career Woman

The keys to a career in property: how to start in a seller’s market

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There are lots of ways to get involved in property, whether you’re working for a company or starting your own private business venture. For those eager to get their foot in the door, here are some success tips to consider.

If you’re considering starting a real estate career, the first step is getting your real estate license. Preparing for the real estate exam is often stressful and time-consuming. The good news is, you’ve likely already begun preparing, or perhaps you’ve even taken the test and received your license! Starting a new career is a big step, but if you can handle the licensing exam, you should be confident about your ability to handle a career in real estate.

A successful agent always knows what the market is doing, so they can understand the forces at play in the deals they are making. This past year has created a unique and somewhat daunting dynamic, but here’s one thing you should know: if you’re starting a real estate career right now, you’ll be entering a seller’s market, and you must be prepared.

Is Starting Real Estate Now the Right Choice For You?

Real estate is a lucrative career opportunity, but it can also be challenging. In a seller’s market, you’ll have to temper buyers’ expectations while also working on getting them good deals from the sellers who know that the ball is in their court.

It can seem like a lot to consider, on top of the regular stress of the job. Sometimes, a pros and cons list is the best way to sort out the facts:

Cons

  • When you first start out, you likely will be hired at a brokerage firm, or maybe you’re confident you can exceed as your own boss. Either way, real estate agents work fairly independently, so you’ll need to be good at managing time. You also may need to become accustomed to meeting clients on weekends.
  • You’ll be making your income from commission, so if you stop hustling, your bank account will reflect that fact. You’ll also have to be prepared for the natural ebb and flow of business and be sure your budget can handle that.

Pros: 

  • You likely will have the flexibility and the freedom to fix your daily schedule. Even as an agent for a larger firm, you are still in charge at the end of the day.
  • Your business is scalable, and there are many directions you can pursue. For example, you may choose to transition from agent to broker. Once you become a broker, you can hire employees of your own and scale up your business.
  • The Federal Reserve has recently voted to keep short-term interest rates anchored near zero>, and they will likely stay that way for some time now. A near-zero interest rate means attractive mortgages for home buyers. The housing industry will see a boom, which means more business for you.

What to Consider About the Market

Forecasts show, 2021 will be a seller’s market. Home sales are predicted to increase by seven percent in 2021, and the average price will rise by 5.7 percent to hit a historic high. With prices set high and a market saturated with people looking to buy, affordability will be a challenge.

However, increased inventory is going to help buyers in the latter half of 2021. As more people receive the COVID-19 vaccine, sellers who had put their home sale on hold will be back on the market. As people continue to work from home, or even if the hybrid model is in place, the demand for homes in the suburbs will hold steady.

Real Estate Show Are Fun—But They Won’t Help You Prepare

Shows like House Hunters and Selling Sunset are great—who doesn’t love ogling at perfectly staged homes or imagining closing a deal in under two weeks for a million-dollar commission. These shows can be aspirational and an excellent way to unwind or fantasize. However, keep in mind that they’re not the most accurate reflection of an average real estate career.

To gain a real sense of what it’s like to work in real estate, talk to the industry professionals in your area. Although competitive, real estate is a collaborative industry. Not only will you be learning about the real facts of the market in your location, but you’ll also be expanding your network.

Building Client Relationships

In addition to building up your relationships with other agents, it’s also important to work on your client relationships. This will help you get repeat customers and grow your business through recommendations. People move multiple times and acquire multiple properties, so if their first experience goes well, they may hire you again.

While many showings are happening virtually at the moment, scheduling at least one in-person meeting is a great way to cement trust and be sure you and the client are on the same page. If you can get an in-person meeting on the books, make sure you pass along some swag! Offer branded pens, an easy and affordable option. Every time they use them, they’ll be reminded of you.

Working On Your Online Presence 

If you work with a brokerage, you will likely be listed on their website, but it’s still a good idea to have a website of your own. This will help if you want to start working independently at a later time and give you a place to aggregate your positive reviews and craft your brand.

Social media is also a valuable tool in your arsenal. Aspiring buyers search for homes or related information on the internet. If you can grab their attention with well-crafted and authoritative content, videos, and photos of your listings, it can help boost your online presence.

Start on the Right Foot

Starting your real estate career in a seller’s market can be a blessing, long as you understand the right moves to make from the start. Know that no matter what the market is doing, you will need to work hard to strive in the industry. So, ensure you are networking with the right people, building your online presence, and gathering all the knowledge you can to give yourself a head start.

Educate yourself

There’s a lot to learn about property, whether it’s the ability to value a property or a general know-how of which features a property legally needs to include. You can take courses in real estate as found at this RETS new website.

Show a personal connection to property

A personal connection and enthusiasm surrounding property will help you when getting work from an employer. Discuss your personal goals of climbing the property ladder or mention passions such as a love of interior design trends or a keen interest in property politics.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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