A lot of people want to quit their jobs and become realtors (real estate agents). They have high expectations of making good money working as a realtor. All too often they quit within 12 months of starting, only to go back to their former career, or finding another new career.
There are 3 main reasons why this happens.
You cannot and will not have success as a realtor if you fail to generate leads. You cannot be passive about this, waiting for leads from your brokerage.
Check out Lead Generate or Die, by Dr. Tameka Bryant et. al.
You need to maximize lead potential from your social circle. Leverage FaceBook, texting, Twitter, and even phone calls to stay in constant contact with your social circle. Remind people constantly that you are a realtor. This creates top-of-mind-awareness in your friends that when they come across a potential prospect, they will refer that prospect to you.
As a realtor, it is vital that you convert your leads into contracts and sales. You need to have good follow up with your leads. You need to learn all you can about your leads.
Are they ready to buy or sell now? Or are they looking in the near future?
Are they pre-qualified? If not, why not?
Get all the details that you can!
Be prepared and willing to guide your lead through the buying or selling process. This reinforces that you are knowledgeable and ready to serve them.
The third reason that most realtors quit the business is that they run out of money. Getting into real estate has expenses.
You can have brokerage fees, local association fees, fees for access to super keys, marketing and more.
Even if you score your first deal within 1-2 weeks after finishing real estate training, you won't see a dime of your commission until that deal closes and funds. This typically can take 3 months.
You need to have a financial plan in place that can support you for at least 3 months, preferably 6.
Becoming a realtor can lead you to a prosperous career. But you have to be realistic, and plan for an initial financial drought. You have to be prepared to network and leverage your social circle. You have to be prepared to get your name out there and keep it out there.
For more great, FREE information on real estate investing, on making money in real estate, please visit us at http://www.FlipUniversity.com. We have great free content. We also have a webinar that guides you from A to Z for making money in real estate.
Check us out on our FaceBook page.
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.