Every one at some point in their lives will come face to face with the crossroads on their career path. But what would truly make someone uproot themselves from the comfort of a 8-5pm job to venture into a career in Real Estate where there are no certainties in income nor is there a limit to the possibility of success. Here are some key factors to consider before making the switch.
Find a good real estate mentor – somewhere, somehow, there is someone you know or your friends know who is a successful, helpful and experienced property agent. Talk to him or her. Get the person to be your mentor, if you think the fit is right. Or – you can do 1 of 2 things: you can go through the ads in the media and pick one where the mentor sounds most convincing! A more rocket science way is to go through interviews with the different agencies and do background checks on the prospective mentors. You may even want to consider having more than 1 mentor or finding an agency that provides you with a team of mentor and peer support.
Sign up for real estate sales person course and education – one of the key salesperson registration criteria for entry into the real estate agent industry will be to pass the mandatory examination set by the Council for Estate Agencies (CEA) or possess equivalent qualification. Sign up for the preparatory RES course conducted by a CEA Approved Course Provider.
Anchor your target markets – do research, and figure out: do you want to focus on: Rentals, Buying or Selling? You will require different skills for different segments. And filtering further, consider if you are going to make your niche in, for example: HDB mass market, Private, Commercial or En Bloc. Your target market determines your training, your mentorship and manager you will work under. Remember: An agent of all areas is a master of mess.
Leverage on company infrastructure, platform and group system – when you first start out, you may have to start finding your sea-legs, and this is where the company you join is vital. A good team need not be a factor of good fortune. You have to get involved in company activities, ask when in doubt, and leverage on all that your company has to offer. Scoring goals in real estate is a team effort. Remember: you got into this business because you want to be an entrepreneur – so learn, listen and leverage!
Get your licence, get started – reality knocks once you get your licence. You may face the first 3 to 6 months without achieving any sales. This is why planning ahead is crucial, both financially, mentally and emotionally. Be prepared, but be positive. Pick the right leader, who will hone your skills in negotiation, tenacity, diplomacy and networking. The internet and familiarisation with information technology are essential for successful marketing.
Stay focused and set determined goals – plan your marketing expense and income budgets and set realistic and determined goals. Have a plan, build a database of prospects, which form the right match for the target market you have set for yourself. Stay focused and learn the skills and acquire the traits necessary to bloom in this segment, Examine the different kinds of marketing mechanisms and try out the ones that will help you meet your goals. Also consider how you will fashion your lifestyle to suit your business, as the real estate schedule is certainly not a 9 to 5 work day.
Be innovative and diligent – you are now your own boss. How creative you get, and how much effort you put into building your business determines the monetary rewards you get at the end of the day. Remember: you have foregone the financial security of a salaried job to get into an industry where your paycheck depends on your effort, creativity, hard work, and dedication. Let that drive you, and you will get:
REWARDS! As the income of an agent is dependent on the commission he earns from assisting in the buying, selling or renting of a property, which commission scheme ranges from 0.5% for buying assists, 1 to 2% for selling assists and 1 month for 1 month for every 12 months or 24 months of rental, the earnings of an agent can range anywhere from a few thousand a month to $100,000 a month! Aspire to be in the group of the million-dollar real estate agent!
Ready for the switch?