The real estate industry is experiencing steady growth, with employment opportunities projected to expand by 3% between 2022 and 2032. This growth will create an estimated 51,600 job openings annually, driving demand for new talent. Interestingly enough, property management virtual assistants have become quite popular!

Moreover, the median annual wage for real estate sales agents in May 2023 was $54,300, exceeding the overall median salary in the US.

The positive outlook and earning potential of the profession spark the interest in real estate careers. No wonder the search “How to become a real estate agent” topped Google’s job search trends in 2021.

So, the allure of real estate is undeniable. But what does a real estate agent actually do, and is it the right path for you? Read on to learn more.

Licensing and Beyond

Essentially, real estate agents facilitate the buying, selling, and renting of property, such as homes, offices, or luxury estates. While often associated with independent work, many agents operate within firms, collaborating with colleagues and mentors.

The great thing about real estate is that you don’t need a college degree to get started. However, a license is a must-have if you want to legally represent clients in property transactions.

Each state has its unique licensing requirements, but a typical journey involves:

1. Pre-licensing coursework. Complete state-approved courses covering real estate principles, law, and ethics.
2. Background check. Submit biometrics and undergo a background check for legal compliance.
3. Licensing exam. Pass a comprehensive exam covering state-specific regulations and general real estate concepts.

This process typically takes 4-6 months and demands significant time and effort. If you are thinking about becoming a real estate agent, you should be ready to commit yourself to study and preparation, potentially taking time off from your current work or school.

Consider Your Finances

While real estate offers considerable earning potential, don’t expect to make a fortune quickly. Licensing, training, broker fees, and marketing costs can add up in no time. Some firms cover licensing fees, which may be recouped through lower commission splits.

If you’re an aspiring agent living paycheck to paycheck, assess your financial situation realistically. Consider starting the career part-time or building a financial cushion before making a full-time leap.

In a commission-based job, where income is unpredictable, budgeting and financial discipline are crucial.

Diverse Career Paths in Real Estate

Although becoming a real estate agent is a popular choice, it’s not the only path within this industry. The real estate sector boasts an estimated 3.4 million positions, with diverse roles that cater to various skill sets and interests.

One notable avenue is working within Real Estate Investment Trusts (REITs). These companies own and manage income-generating properties spanning residential and commercial sectors.

There are many job opportunities in REIT in areas like property management, investment analysis, finance, and more, providing a structured career progression for those interested in the financial and operational aspects of real estate.

Other careers within the real estate industry include:

• Mortgage Broker — helping individuals and companies secure financing for property purchases.
• Real Estate Appraiser — assessing property values for sales, financing, and taxation.
• Property Manager — managing the day-to-day operations of rental properties, including tenant relations, maintenance, and financial management.
• Real Estate Attorney — specializing in legal matters related to property transactions, contracts, and disputes.
• Construction Manager — overseeing the construction process for new developments, renovations, or restorations.

Network to Success

While real estate agents often work independently, building a strong network within the industry is key to thriving. Connect with experienced colleagues, find mentors who can guide you, and get involved in professional associations.

Learn from the best in the business by observing how they interact with clients, getting feedback on your marketing materials, and understanding the strategies that have led to their success. A solid professional network can unlock opportunities for deals, clients, and valuable insights that can help you grow your career.

Cultivating a Sales Mindset

Whether representing buyers or sellers, agents facilitate transactions to earn commissions. Developing a “sales mindset” is key to success. This involves understanding client needs, being present and engaged in conversations, and having a good eye for property.

To thrive in this career, you need to hone your communication, negotiation, and conflict-resolution skills.

The ability to listen actively, understand client motivations, and find creative solutions are the secret ingredients that will set you apart from your competition.

Balancing Autonomy and Accountability

One of the biggest perks of being a real estate agent is the flexibility. You get to be your own boss and set your own schedule. But that freedom also requires a good dose of self-discipline.

It will be up to you to stay on track, meet your goals, and keep yourself organized. This might mean putting in some extra hours on evenings and weekends for showings and networking events.

To avoid burnout, it’s important to find a healthy balance. Create a structured plan with daily and weekly tasks, prioritize what’s most important, and always be open to learning new things. By setting a clear path and taking care of yourself, you can achieve the success you define for yourself.

Is Real Estate Your Calling? A Quick Checklist

• Do you enjoy interacting with people from all walks of life? Networking with clients and colleagues is a cornerstone of this profession.

• Are you comfortable with a variable income? Commissions-based income can fluctuate, requiring financial discipline and the ability to manage risk.

• Do you enjoy taking the initiative and working independently? As an independent contractor, you’ll manage your schedule, marketing efforts, and lead generation.

• Are you passionate about property and the local market? A genuine interest in real estate will fuel your motivation and expertise.

• Are you willing to invest in continuous learning? The real estate landscape constantly changes, so you must embrace ongoing education and professional development.

Final Thoughts

Real estate can be a very rewarding career for those with the right skills and dedication. It offers flexibility, the potential for high income, and the satisfaction of helping people achieve their dreams of homeownership.

But it’s by no means a get-rich-quick scheme or a profession for the faint of heart. Success requires hard work, perseverance, and a genuine interest in helping clients find the property of their dreams.

Guest writer.