14 Questions You Should Ask Before You Get into Real Estate
Becoming a real estate agent does promise much. But not everyone is able to succeed.
Infact 90% of people who try becoming a real estate agent, FAIL within the first 9 months. You know why? Because, they don’t have what it takes, they don’t breath real estate, they lack the passion, decisiveness and the determination needed to last a lifetime in this business.
Therefore, they end up being average Joes and fail to gain success and achieve what they had set out to.
If you want to succeed in any profession, you have to first assess you can pursue this as a career or not. So why would Real Estate be any different?
How do you assess this?
You ask yourself the right questions and if you manage to answer them completely, only then you should look to pursue this as a career.
I have compiled a list of questions purely for the purpose of helping you decide if you are ready to step into real estate or not. These questions, from the simplest to the most obscure are the EXACT questions you should be asking yourself if you want to become a real estate agent.
Alright, let’s hit the ground running!
1- Are You Self-Motivated & Can You Work alone?
In real estate, you will be working alone almost at all times. It’s one of the loneliest businesses but also the most rewarding.
Having a real estate team is a great option and you’re going to rely on your team later for your business but you must lead it and manage it all the times to get the results that you desire.
You need to be a leader and take your own initiatives in managing a team effectively to be as productive as you can.
Nobody said that everything is going to be perfect and will work out for you but you need to stay strong and motivated towards achieving your real estate business goals.
So, it’s all on you my friend!
2- Are You Accountable For Your Actions?
You have to ensure that you will hold yourself accountable. To be a successful real estate agent, you must keep yourself well groomed and your broker owner won’t tell you that.
You are accountable for your own actions.
By doing so, you will measure your performance and will have a strong urge to learn and improve your skills as an agent. Moreover, you’ll be constantly conducting research to expand your mind and you will find many new clients with your prospecting efforts; thus more leads for you to work on and eventually more money in your pocket.
Understanding how important it is to be accountable for your actions has the potential to make you or break you.
3- Do You Manage Your Time Efficiently?
In real estate, you will be working day and night, you are working around your clients’ time!
There are no shifts and you might be working out a deal at 11pm and have another meeting to go to at 8 in the morning. The way to do this is through implementing small techniques such as time-blocking.
It is important to have preset intervals for your day, by exercising, eating healthy, having a time for prospecting, meetings and on your own time, expanding your real estate knowledge.
You must know how to manage your time through proper time management techniques!
4- Are You A People’s Person?
Real estate is a people’s business. PERIOD. It’s not about you but the clients, you have to put down your interests and lift up the client’s interests. This is the only way how you make money and gain success in your entire real estate career.
When you’ll focus on your clients needs and wants and dig deeper into those, you’ll see yourself becoming a more productive agent.
You will be dealing with your prospects for buying and selling, and you will be working extremely hard to find the best investment opportunities for them. And, what are prospects anyway? They are the real people you have to interact with on a regular basis.
If you don’t like being around them, there might be a chance in the future that you might start to dislike real estate.
Mind it, being an introvert and a people’s person are two separate things.
5- Are You Getting Into Real Estate For The Right Reasons?
A lot of young real estate agents get into real estate for a “sexy lifestyle”. They want to drive the fastest cars and own some of the top luxury homes.
I am sorry to tell you but this is wrong. Sure, this business does promise a lot of money but that shouldn’t be your reason for getting into real estate.
They don’t set foot in real estate industry for the real reason like having the passion for real estate, wanting to invest in it, gaining the real estate mastery, or chasing their dreams
They have the perfect opportunity for an amazing life, if they get the reasons straight.
Example goals could be:
- Wanting to be a real estate investor
- Wanting to have 3 homes in 6 years
- Earning your family a better future
Telling yourself how you’re going to get there with your real estate business is all you need.
“Buy Land, they’re not making it anymore” Mark Twain
6- Does Real Estate Make You A Little H*rny?
Does real estate excite you? When you look at new real estate investment opportunities, or see other real estate agents make money with real estate, how do you feel? Does it give a little tingle in your dingle?
This much excitement will ultimately convert into passion and passion will ignite your abilities to grow. You cannot force yourself to work those extra hours and have weeks with over 80 hours in without a passion.
If real estate doesn’t make you want to learn more or motivate you to do the next big thing in your life then this industry is not for you.
On the other hand, if prospecting, closing deals, networking, building rapport etc. gets you excited for your next day then real estate could be your game changer.
7- Are You A Self-learner?
Nobody will teach you anything in real estate except yourself. Sure there are many ways to learn, you can try investing a little of your money into Global Real Estate Licence and get all the information you need.
But practicing and making the most of this knowledge is on you.
You’re responsible to learn what you need to learn in order to expand gain success as a real estate agent and beat the fierce competition.
Your learning includes but not limited to the basic to advanced skills of:
- Market Knowledge
- Real Estate Prospecting
- Real Estate Negotiating
- Real Estate Marketing (Online, Offline)
- Real Estate Branding
- How To Get More Listings?
So, are you ready to make yourself great?
8- Are You Ready To Get Rejected?
Many people who deal in real estate are afraid of rejection but it shouldn’t be the case. Honestly, let me tell you 95% of the times you’re going to get rejected in real estate. However, that shouldn’t bring you down.
Instead of getting over consumed by the thoughts of rejection, you should learn to fight it and you need to learn how to deal with rejection and how to turn those “NO’s” into “YES”.
These “No’s” should be your motivation rather than your depression. It’s up to you to keep going, you may be rejected 100 times but on the 101st time you might make $10000.
9- Are You Worthy And Valuable? do you provide value?
The trick to get more real estate listings is to provide enough value that the prospects choose you and nobody else. Without value, you are like every other real estate agent out there.
But, how do you provide value?
You can provide insightful information to your clients like market trends and the tips that can increase their home value. So, providing any piece of information that benefits your prospects increases your chance of getting them as your clients. It will set yourself apart from the rest.
By having your value propositions in order, you are able to provide services that no other agent can for your client. You must be able to use them at the right time and place to prove your true value.
10- What Type Of Agent Do You Want To Be?
Before you get into real estate, you need to identify your strengths and determine your clientele. This will help you determine your career path i.e what kind of agent are you aspiring to be.
There are 3 types of agents:
- A Buyer Agent
- A Seller Agent
- A Customer Oriented Agent
Each of these agents deal with completely different clientele and they all involve different levels of knowledge for each of the specific market conditions. You must learn these types of markets inside out, before you even choose to OPERATE in one of these.
11- What Real Estate Niche Do You Want To Get Into?
You must have heard of “Jack of all trades, master of none” but you don’t want to be one of those or you will stumble and fall like the many who fail to make it in the real estate business.
Real estate is a very broad industry to be in and you cannot master everything. The best choice is to pick a niche and work along it.
Choosing a niche such as luxury homes, single parent families, condominiums, commercial properties, residential properties, investment properties, property flipping, first time home buyer, millennials, baby boomers, senior citizens and the list goes on and on.
Real estate is vast so picking a niche of your choice would be great for getting out of the broad loop. Master a niche so that you’ll be valued more in society as an expert rather than a generalist.
12- What Are Your Current Strengths?
Identifying your key strengths will not only help you determine your best abilities but it will help you choose your real estate niche.
What I mean by this is:
- If you are an outgoing person you should work with first time home buyers.
- If you have a strong tech-savvy, you should work with millennials.
- If being extravagant suits your fancy then the luxury market would be perfect for you.
Therefore, finding out your strengths will lead you to decide what you love and continue it for a living.
13- What Are Your Weaknesses?
No real estate agent is perfect but trying to improve each day to move towards the perfection will be your key to success. Therefore, it is necessary for you to identify your weaknesses so that you know what needs to be improved in order to achieve your business goals.
This way you’ll be able to determine what do you have to overcome in terms of your habits and traits to succeed in real estate. Moreover, you will be able be manage your real estate business effectively and strengthen it.
14-Do You See Yourself In This Business In 10 Years?
If you don’t see yourself as a real estate agent in the long run, then it might not be the for you. This goes back to Question # 5, if you are entering into real estate just for the sake of doing something or just because you couldn’t get anywhere else then you’ll always be a misfit rather than a success.
You cannot use real estate as a transitional job as this mindset won’t take you anywhere with your real estate business. But, if you take it as business then you’ll make more connections over time which will eventually be your source of getting more leads and closing them will be the measure to define your success.
80% of the real estate business is done by 20% of the people. If you fail to answer majority of these questions then you’re probably at the wrong place my friend and you need to work on those aspects if you’re really determined to pursue real estate as your career.
On the other hand, if you were able to answer these optimistically then you have the potential of being a part of the other 20% and you have the ability to take your real estate business to the next level using the Global Real Estate Licence.
For questions and queries, don’t hesitate to shoot out an email at [email protected]