Is a career in real estate “hard”?

Real estate can be a challenging career for some, but whether it "hard" or not depends on a variety of factors, including your strengths, experience, market conditions, and overall dedication to the profession.

Remember that real estate sales is a highly competitive field, with many agents and brokers vying for clients and listings in the same market area.

Considering how much money a real estate agent can make, real estate has a very low barrier to entry. Think about other lucrative careers like becoming a doctor or lawyer - real estate sales has the potential to make just as much money but becoming a licensed real estate agent requires much less by way of time and money. Our real estate courses are as little as $199 and can be completed in 54 days. The result is that a lot of folks get licensed and end up competing for the same clients and listings.

This sense of competition is especially heightened in a limited inventory market. When the supply of homes for sale is limited there may be more agents and brokers than there are available listings, making it even more competitive to win new business.

Your journey in starting a real estate career will be much easier if you remember that market conditions can change rapidly. Because the real estate market is constantly evolving, changes in interest rates, economic conditions, and local regulations all affecting the demand for housing. Successful real estate professionals need to stay on top of these changes and adapt their strategies accordingly.

Another tip to ease the transition into the market is to remember that building a successful real estate career requires a significant amount of time and effort invested in networking, marketing, and prospecting.

Networking is a crucial part of building a successful career in real estate and I wanted to share some tips for effective networking in the industry:

Attend industry events: Conferences, trade shows, and networking events are great places to meet other real estate professionals and build relationships. Look for events that are relevant to your niche or market, and come prepared with business cards and a clear elevator pitch.

Join professional organizations: There are many industry associations and organizations that offer networking opportunities, as well as education and training programs. Consider joining groups such as the National Association of Realtors (NAR), the Women's Council of Realtors, or a local real estate investment club.

Participate in online communities: Social media platforms like LinkedIn and Facebook can be great tools for building professional relationships and staying connected with other real estate professionals. Look for groups or forums where you can share your expertise, ask questions, and connect with other industry insiders.

Collaborate with other agents: Consider partnering with other agents or brokers on transactions or marketing initiatives. This can help you expand your network and build relationships with other professionals who may refer business to you in the future.

Provide value: Finally, it's important to remember that networking is a two-way street. Offer your expertise, knowledge, and connections to others in the industry, and be generous with your time and resources. This will help you build a reputation as a valuable member of the real estate community and strengthen your professional relationships over time.

As you consider whether or not a career in real estate is right for you (and how difficult it may be) bear in mind that real estate is cyclical. It is cyclical because our industry is heavily influenced by the broader economic and financial cycles that affect the economy.

The real estate market is influenced by the overall health of the economy. When the economy is strong, people have more money to spend on housing, which can lead to increased demand for real estate. When the economy is weak, people may have less money to spend on housing, leading to lower demand.

Another thing to keep in mind is that interest rates play a significant role in real estate cycles. When interest rates are low, it can be easier for people to obtain financing and afford a home, resulting in increased demand. When interest rates are high, it can be more difficult for people to obtain financing, leading to lower demand. The couple of years of the pandemic were great for the real estate industry and a large part of this had to do with interest rates being so low during this period.

Another fundamental truth about the real estate market is that it is subject to the basic laws of supply and demand. When there is more demand for housing than there is supply, prices tend to rise. When there is more supply than there is demand, prices tend to fall.

These factors, and others, all contribute to the cyclical nature of real estate and can impact how “hard” the business is for you as you get started. As economic and financial conditions change over time, so do the patterns of supply and demand in the real estate market. Understanding these cycles is crucial for real estate professionals who want to stay ahead of the curve and succeed in the industry.

Another challenge that real estate agents face it that we often work irregular hours, including evenings and weekends in order to accommodate clients' schedules. Here are a few reasons why:

Client availability: Many real estate transactions take place outside of regular business hours, when clients are available to view properties, attend open houses, or meet with their agent. This means that agents may need to be available evenings and weekends to accommodate their client's needs.

Flexibility: Real estate agents often have some degree of flexibility in their schedules, which can be a big perk of the job. However, this flexibility may also mean that agents need to be available outside of regular business hours to meet with clients, attend inspections, or negotiate deals.

Competition: Real estate is a highly competitive industry, and agents who are available and responsive to their clients are often the most successful. This can mean working irregular hours in order to stay ahead of the competition.

Administrative tasks: In addition to client-facing work, real estate agents also have a variety of administrative tasks to manage, such as paperwork, marketing, and bookkeeping. These tasks can often be done outside of regular business hours, which may contribute to a more irregular work schedule.

All of the above being said, many people find real estate to be a rewarding and fulfilling career that allows them to help clients achieve their goals and build their own businesses. Success in real estate often requires a combination of knowledge, skill, hard work, and a passion for the industry.

As always, if you are interested in getting your real estate license our real estate school is here to help!

Love

Kartik