Wednesday, February 22, 2012

So you think you want to be a Realtor?!

It's not uncommon to run into someone who wishes to pick my brain about becoming a Realtor. The lead in conversation is often something like this: "my family (or friends) think I'd be a great Realtor because I like houses and like people."

Of course those two qualities are excellent for a Realtor! Probing further I will ask, "how is your tolerance for stress?" If the answer is that the person does not handle stress well, I recommend a different career choice. My next question is, "how well do you handle rejection?" If the person says they wilt when rejected, once again I recommend a different career choice.

Unlike traditional jobs, in real estate you don't get paid until a successful sale completes! Just because you're working hard does not guarantee a paycheck. What's more, there is more work involved in collapsed sales than in successful ones! When I first started in the business I remember a more veteran Realtor commenting that you never really relax in this work. You can have a cheque in hand for 20,000 yet you have no idea where and when you'll earn your next pay! Meanwhile, expenses are no respecters of successful deals! Advertising, vehicle, computer, phone, office, franchise, board association, insurance, camera, income tax, HST and education costs roll merrily along with marked enthusiasm! You simply cannot "coast" in this business. A seasoned Realtor recently remarked that it costs an individual Realtor in the vicinity of 50,000+ per year to maintain a strong presence in the profession!

Being honest, earnest, keen and enthusiastic will be of great benefit; but you will often be rejected in favour of a budget brokerage or a Realtor with a great spiel! People often say that "its business, its nothing personal." However in a heartfelt endeavour, it sure feels personal! So, you need to learn how to manage your emotions in the roller coaster amusement park which is real estate!

There is a whopping percentage of people who enroll in the University course to become a Realtor that never successfully pass the exams. The number of new Realtors who last more than a few years is also slim.

All this being said, this is a wonderful, wild, fun and delightful line of work! You are guaranteed wonderful highs and significant disappointments! You have the chance to play a meaningful, strategic part in people's lives. It is a career of lifelong learning. And, just when you think you've seen it all...a new twist of human nature takes a swipe at one of your deals.

The best in the business maintain their dignity and poise under pressure. They are true professionals with tremendous responsibility.

The requirements are huge and the rewards can be great. My best advice if you're seriously considering this as a career is to have a good heart to heart with a Realtor you trust and really get an inside look at what your life will be like as your own boss with very robust competitors!

And some think we get paid too much! If they only knew....

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