Real estate agents are the go-to people for buyers, sellers, and investors. They’re trained to navigate the complexities of the real estate market and keep your interests in mind. But do you know what it takes to become a real estate agent? If not, here are some things to consider:
Have a basic understanding of how real estate agents are compensated
When it comes to commission, there are a few different models. In the most common model, agents are paid by commission. This means that if you sell your house for $100,000, your agent gets paid 2%. That’s not all—the agent will also get half of your buyer’s agent’s commission (usually 1% or less). So on top of working together with one another to close the deal, they’re both trying to get as much money as possible out of you.
Have an understanding that this is not a 9-5 job
If you’re going to be a real estate agent, it’s important that you understand that this is not a 9-5 job. Real estate agents are required to work long hours and travel frequently. As per the professionals at MRI software, “You’ll need to be comfortable with setting your own schedule and working weekends as well.”
As an agent, you will likely have many clients who live on the other side of town or across state lines. If your client wants or needs something done on short notice, then it’s up to you as their agent to get it done at all costs. The same goes for property management software: if the client has concerns about something related to their property (such as repairs), they will expect their real estate agent (or manager) to take care of it immediately.
You’ll work out with clients who have a limited budget
When it comes to your clients, it’s important to remember that they are people. People who want a house, a car, and everything else in between. But sometimes those people have a limited budget. If you’re not flexible and patient enough with them, you might lose them as clients because they feel like their needs aren’t being met—and even if that doesn’t happen, it will probably be an uncomfortable experience for both parties involved.
Be aware that many sellers want to overprice their houses
One of the biggest things to know about being a real estate agent is that many sellers want to overprice their houses. This can be for several reasons, including:
- An unrealistic understanding of the market and what it will take to sell a home in their area.
- Thinking that they don’t want to show their home as “too available”, they ask for too high of an asking price on purpose.
To avoid this situation, try using software for property management or foreclosure, especially if you’re going to be working with properties in foreclosure yourself.
Real estate is a great career, but it can be intense. If you’re thinking of becoming a real estate agent, you should know what to expect and be prepared for anything. Job security can be low at times, and it’s important to keep up with trends and new technology so that your clients don’t lose faith in your ability as an agent.