If you love real estate reality shows or enjoyed the process of buying or selling your own home, you might be seriously considering getting into real estate. While you certainly can make a lot of money in real estate, the industry has its ups and downs, which can be financially challenging for people in the profession. Before paying for real estate licencing courses or investing your own money or an investor’s money in a real estate startup, take some time to think about whether you’re ready to do what it takes to succeed in real estate.
Being Your Own Boss
People usually get into real estate because they want to be their own boss. If you’ve been an employee most of your life, you might have a hard time making all the decisions about what you’ll do daily to be successful in real estate. When you’re an employee, your boss tells you when to show up to work and what to do when you get there. When you’re a real estate agent or another real estate entrepreneur, you still have to start your workday on time and be productive to get ahead. When you need to have work done to support your real estate career, you have to do it yourself or hire someone. If you’ve always been self-employed, being completely in charge of your career may be less of an adjustment than if you’re transitioning to real estate from a full-time job.
You have to market your real estate business or services heavily to get to the point where you have regular clients and lots of referrals. If you have a marketing budget when you first start, you’ll need to be prepared to spend it. If you don’t have a marketing budget, you’ll need to spend a lot of time marketing on your own. You can do a lot of marketing online inexpensively, but in real estate, marketing doesn’t stop there. Real estate professionals spend a lot of time doing in-person marketing within the profession, since mortgage brokers, home inspectors, and home stagers can be great sources of client referrals, too.
Cost of Getting Started
If you want to be a real estate agent, you’ll need to take a real estate course and exam. It may take up to a year to complete the education requirements, pass the exam, and get your real estate licence. Costs vary among the provinces, but you’ll need to have at least $3,500 to pay for the course, exam, and licence. If you’re launching a real estate startup, you’ll need to weigh costs that include registering your business as a partnership or corporation, commercial real estate leases, and employee salaries. There are all kinds of ways you can be in real estate and help people achieve their dreams of buying and selling homes. It takes a laser focus to succeed; at the end of the day, you’re responsible for keeping your real estate business up and running.