You’re almost a realtor. Congratulations on everything up to this point! You’re about to hit the most exciting part of the new career: the first year. Any time you start a new job or trade, it’s natural to have some nerves. When you get a better idea of what to expect from your first year, it will prove easier to manage those nerves. Covering the entire first year with a few minutes of reading is impossible, but these are some of the most important expectations that you should understand.
Financial Ping Pong
Real estate is as much about networking and connections as it is about knowing the trade. While you should certainly be able to get listings in your first year, completing sales can depend on a lot of factors, and not all of them are under your direct control. You’ll have to spend overtime networking and playing the game, and until you build that network, you’ll experience financial ping pong.
If you’re getting paid on commission, it’s easy to see how you could go through financial droughts. Between the droughts, you may experience financial windfalls. The ups and downs are normal —, especially in the first year. It’s important to prepare for the ping pong, but don’t worry too much. As you get established, you’ll be able to balance your earnings and see more reliable income.
You can take this at face value. A lot of people in the market for a house will have a day job. They might not be able to go to your open house or schedule a showing during normal business hours. You’re going to have to cater to varied schedules and potentially awkward hours. If you don’t, you’ll risk losing those first, crucial sales that can get you going.
Now, this isn’t to say that you have to work 24/7 in your first year to succeed. It just means that you’ll have to find ways to keep a flexible schedule.
Lots of Learning
When you get a real estate license, it’s supposed to signify that you know a fair amount about the industry. In some contexts, you might call yourself a certified expert, but in terms of your career, that’s not really correct. It would be fairer to say that the license certifies that you are not dangerously ignorant. For most realtors, earning the license only marks the beginning of the learning process, and that’s perfectly normal and ok.
If you embrace the idea of continued learning, you can skip a lot of pain and headaches that affect typical first-year realtors. If you can find a veteran mentor to show you some trade secrets, you’ll be set up for success that much faster.
Real estate is a promising career. You aren’t crazy for making the pivot. But, it will still require dedication and hard work to succeed — just like any other job. Fortunately, this is a job with a massive income potential that you can genuinely enjoy on a daily basis.