Q: How Do You Know Whether a Real Estate Career Is the Right Move?

Here is how to truly know whether a real estate career is right for you.

Over the past 15 years of helping people buy or sell real estate, I have been asked by many people whether real estate is the right career for them. In the past few months, this question has been popping up more often. If you are considering real estate as your future career, there are four things you should really consider first:

1. Check your motivation for entering the real estate industry. Some people are attracted to the autonomy of the job and the ability to be their own boss. Others like the idea of helping people. A few out there perhaps watched HGTV and saw what appears to be an interesting and fun career path. Regardless of your motivation, go deeper than what is on the surface; ask those who are already in the industry or friends who are willing to be honest with you about this all-important step. You definitely want to do your homework before jumping into the industry.

2. Write a business plan. Most of us were never taught how to do this, but when launching a new career, it is worthwhile to think through all of the aspects of it first. There are plenty of online tools that can help with this; you may also know someone who has launched their own business (real estate or otherwise) who can assist you. Another option is to join an existing real estate team that can help you fit into their business models so you get off to a fast start. 

3. Consider your current financial health. How long can you go without a paycheck? Real estate is a commission-based industry, so you need reserves to supplement your financial strength as you embark on your new career. There is no ceiling as to how much money you can make in real estate, but there is a floor. You don’t want to fall through this floor, because that leads to debt. Following through on step No. 2 will help with this. 

4. Ask yourself how much you enjoy working with the public. Real estate is less about sales and more about service. We help people with their real estate needs in moments of great joy and (occasionally) sadness, whether that means a marriage, birth of a child, job promotion/loss, divorce, or the death of a loved one. Under these circumstances, we help them navigate the waters of an important and specific task...the sale or purchase of what is usually their largest investment. So, how motivated are you to work with the public and meet them where they are in their current life circumstance?

If you would like to talk more in depth about whether a real estate career is right for you or have any questions I can answer, do not hesitate to reach out to me. I am here to help.