Every year, thousands of Albertans take the plunge into entrepreneurship to start a new career in real estate. If you have ever thought about what it takes to help people buy and sell homes, and run your own business, we want to help you separate fact from fiction and give you all the gritty details about what it takes to get started, and more importantly – be successful once you do. So here are some of the essential insights CIR Realty experts have shared with us after long years of experience navigating the industry.
You are going to need some time and some money to get into it
Let’s get the hard facts out of the door first. Once you start taking your licensing courses, you have 18 months to finish. The good news is, if you are really committed, you can finish the material within 3 months. It’s going to cost you between $5,000 and $7,000 to get licensed (depending on the level of education you receive). Step two, you’ll need to pay your brokerage fees to the company you choose to join. You also want to make sure you have 6 months of living expenses saved up – just in case – until you get your first sale under your belt.
Developing the right mindset is key
Now that you are now in business for yourself, you are only going to get paid when you complete a sale. On the flip side, unlike being an employee, your income potential is literally limitless. You are 100% in control of how much work you want to put in and get rewarded for that output financially.
It takes a lot more than showing houses & putting pretty for sale signs up on lawns
It’s really fun to see many different houses and appreciate each property you’ll visit, but for each transaction, there can be a lot of paperwork, negotiations can be tense, and things can fall apart in the 11th hour for a bunch of reasons you can think of and even more reasons you couldn’t make up if you tried! But the end result of seeing someone you have come to care about being able to move onto the next stage of their life, because of the help you gave them, is one of the most rewarding feelings you will EVER have.
Social butterfly? GOOD.
Socializing, showing up at fun events, and being a part of your community are crucial to your success. The more people you see and form relationships with, the bigger your referral network becomes and the more successful you will be. So yes, going to cool restaurants with your neighbours is 100% a great way to spend time at “work”!
More than a career, it’s a lifetime relationship
Great Realtors don’t just help buyers and sellers, they help homeowners. This means being the go-to person for referrals on everything home-related – think electricians, renovation companies, roofers, etc. It also means being an advisor on what is the vast majority of people’s largest financial asset – their house. Giving yearly reports to clients on where their home’s value may have shifted given market conditions is just a start. Realtors also become experts on what features in a home add value and give recommendations on upgrades and design to keep the property in tip-top resale shape.
The company you belong to can make or break your career
Lots of companies offer little to no support for new Realtors entering the business and as a result, see super high attrition rates as people exit the industry just one or two years after starting. To stack the deck in your favour, make sure you join a company that is full service and offers top-notch education, manager support, and marketing services. If you are willing to put in the work and have a brokerage that fully supports you, you will be successful!
If you wanna learn more about careers in real estate, visit CIR REALTY at their dedicated Realtor education hub, www.cirrealtybusinessmastery.com