How to make money in real estate

How to make money in real estate

How to make money in real estate

Real estate business has become a money spinner in Nigeria in recent times. Because a lot of people have began to understand that shelter ranks top among human needs, many people are going into real estate. While in the years past, young man builds his house (hut) and leaves his parents with his wife, today people have seen a lot of business opportunities in real estate. This is the reason many now decide to make career in the real estate.
A career in real estate can be both rewarding and challenging because while some people earn six-figure salaries, others, just a few thousand per year. While it can be a great career; challenging, flexible and exciting, the profession should not be for everyone because there are certain levels of knowledge you need to have before you get started in real estate business.
As a real estate agent, you are essentially working for yourself. Although, there may be a few jobs available that pay an hourly rate, a typical real estate agent works strictly on commissions generated from the sale or rental of a residential or commercial property. In developed economies, people pay their bills of whatever size through incomes earned from marketing estates and properties. But, just as you would before starting any business, you should make sure you have the right character traits to work for yourself before becoming a real estate agent. At least the ambition to eke a living via real estate must be high. Then you have to organise yourself to know the branch of real estate you should delve into. You should know that what you earn is your pay; call it salary, honorarium, emolument, commission or what. This therefore calls for dedication to succeed where others have failed. There could be great challenges, obstacles and distractions but you must be focused knowing you are always on your own so you must be on your toes with ears sharply open. You must persevere because, initially, the road could be very rough and unless you continue, you may not make it there. Above all, you must develop manners of approach, friendly relations; you must mingle among peers and above peers including associations, clubs and societies that cut across class.
To make career in real estate, you must set your own schedule, but you will need to be organised and ambitious enough to actually work at your business every day. Organization skills are important because you will be dealing with contract deadlines, client appointments and follow-ups with other professionals in the field.
According to Rhonda Taylor, a Realtor with Blakemore Real Estate, in Salt Lake City, Utah, in the Western region of USA, “It is so great because you are your own boss. You get to dictate everything about your work day. You get to wake up when you want, work when you want, work with who you want. The down side to that is, you have to be really diligent and hold yourself accountable because it can be easy to not work when you do not have a boss looking over your shoulder. It’s basically owning your own business. You’re not going to make money if you don’t work.”
On all these, just like any business has its gestation period, so do you, as one who wants to make a career in real estate should bear in mind that most real estate agents don’t make huge commissions during their first year. It takes time to build a client base and get accustomed to how the business works. If you go in thinking that it is something you will try out for a few months, then give up if you are not earning lots of money, real estate might not be for you.
Before you get started as a real estate agent, you should ideally have 6 months to 1 year’s worth of living expenses in the bank, which provides a cushion while you build your business.
You will need to like working closely with people, because real estate sales is all about helping people buy or sell their homes, so you will be in frequent contact with clients every day. Rhonda while discussing working with people, said, “You need to be comfortable dealing with people. You need to have a customer service mindset and be ready to help them when they need you. Whether you are helping a young couple find their first home, or representing a family who is selling their home and relocating, you have to be confident, knowledgeable and above all, absolutely willing to go the extra mile for people.
“There are so many possibilities. Your income is not limited. It depends on how hard you want to work and what you want to put into it. How many jobs exist where you can earn a six-figure income without a university degree? That does not mean that you do not need an education, though. You will have to put in lots of time learning about the business, about the real estate market and about techniques like marketing and networking. It is an education… just not on a university campus!”

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