Many across the U.S. are in search of new jobs, or even perhaps new careers, due to the coronavirus pandemic. Should "real estate agent" be in the running if you're looking to branch out?
A recent webinar sponsored by RISMedia and Colibri Group—"Is Now the Time to Become a Real Estate Agent?"—addressed all the questions you might have about what it takes to achieve success as a real estate agent, even in the middle of a pandemic.
Read a summary below of the Q&A between Tina Lapp, president of Hondros Education Group, part of the Colibri Group of businesses, and Darryl Davis, real estate coach, owner of Darryl Davis Seminars and the bestselling author of "How to Become a Power Agent in Real Estate."
Is Now the Right Time?
According to Davis, the real estate profession is "the best you can get into." And in terms of market environment amid a crisis, Davis said real estate is currently "very healthy."
"We have low supply but high demand. We've seen sales go down, but property values have gone up. The industry is healthy—agents just have to be skilled in this business in order to succeed," said Davis.
How Do You Get Started?
- Get licensed and pick your concentration: commercial or residential.
- Register your license with a broker.
- Sign up with the National Association of REALTORS® and local associations.
- Start training immediately through coaching or mentorships.
- Never stop learning.
"I'm an advocate for education and lifelong learning in real estate. It's always a good opportunity to learn and expand," said Lapp.
Davis agreed, stating "the more you get trained in the listing and selling of real estate, the better and quicker you'll generate revenue."
Things to Keep in Mind
Davis emphasized that a career in real estate is not without start-up costs or without challenges.
Between coursework, licensing, joining associations, office costs, marketing materials, and more, "a minimum of 2k to 5k is what you'll need to start running your business," said Davis.
In addition, Davis reminds individuals to manage their expectations when it comes to income.
"The first-year average for real estate income is 15k a year, and there are highs and lows with cashflow, so you've got to learn money management."
Successful agents, however, can make as much as doctors and attorneys, said Davis.
But cashflow and expenses are not the most important thing. According to Davis, individuals must have an "entrepreneur mentality" in order to succeed in this career.
"You are your own boss," said Davis. "You are running your own business just like any other business. It's easy entry into the business, but then you've got to overcome fear."
What fear? Davis said the biggest misconception new agents have is that they can simply get licensed and start practicing. However, those entering the career have to get out of their comfort zones to prospect.
"That means knocking on doors and making some calls," said Davis. "Real estate is all about building relationships with people."
By pushing that fear aside, Davis said agents can "get excited about the new possibilities."
"You'll learn," he said. "Be patient and forgiving about the mistakes you'll make when you start out. Real estate is always a great career to be in regardless of the outside circumstances of the world."
Those interested in jumping into a real estate career can visit ColibriGroup.com for their education and licensing needs or DarrylSpeaks.com for any coaching needs. Stay tuned to RISMedia for the latest news and business-building insights from the real estate industry.
For more information on becoming a real estate agent, watch the webinar recap below:
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