Careers in Real Estate: What to think about.
Expectations
- How much money / income are you expecting from a real estate career? Per month? How does this stack up against your expenses?
- How much time are you planning on dedicating to the career? When will you put in this time (nights, weekends, daytime)
Why real estate?
- Why not car sales?
- Why not insurance sales?
- Why not cosmetics?
How will you get business?
- Referrals?
- - - Through Branding (youth sport team shirts, sponsoring events, personal swag like shirts, signs and banners, coin purses, boxer shorts, pinwheels, magnets, etc.)
- - - Through word of mouth (people telling other people how great of a job you did)
- General marketing?
- - - Print media? (shopping carts, bill boards, etc)
- - - Social Media / the Internet? (facebook ads, blast emails, etc.)
Notes:
If this is a part-time job for you, remember, most part time jobs are 20hr a week jobs. If you have a 40hr a week job, that would mean that you would be working 60hrs a week if this is a true part-time job vs. a side job.
The licensing is a challenge. There is a classroom requirement, and a state test requirement. Before signing up for a class, you are going to need to make a decision on whether or not to become a Broker (formerly known as salesperson) or a Managing Broker (formerly known as a broker).
There are costs starting out in the business, including the licensing fees (classroom cost, test cost), joining an association and the MLS, any company fees that are required if you work for a company instead of yourself as a managing broker. When do you expect, and how do you expect, to recoup these costs?
The real estate industry is very dependent on other economic occurrences. These include the mortgage industry and the cost of borrowing money (also known as interest rates), the job market (not just if people have jobs, but also if they are getting raises or not), weather (no one is buying or selling in extreme weather), and other national and local events such as wars, crime, etc.
Which real estate option fits you best...Licensed personal assistant? Salesperson/broker? Managing broker (owning and running your own business either individually or with employees).
If you are considering the pre-license classes, I feel comfortable recommending the Real Estate Institute pre-license school, https://www.instituteonline.com/Illinois-Real-Estate-PreLicense.asp.
Would you like to talk to me about my personal experiences? Run questions past me as to what I have seen or learned from my time mentoring new agents? JUST ASK YOUR GUY!!! 708.533.7908 or Christopher_doyle@ameritech.net