③ Ⓡⓔⓐⓢⓞⓝⓢ I love being a real estate agent
Why I love being a real estate agent.
I started in real estate without knowing what a real estate agent does. It didn’t take much to persuade me. At the time, I worked as a field hand in a surveying/engineering firm in south Louisiana for a living. I can say that the pay was enough to keep you alive, but there weren’t any illusions that you would get ahead.
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This is what caused me to look for extra opportunities. Until I received a real estate investment course, my best prospect was to get an engineering degree. My workload and maturity level were working against me in this effort.
I followed the instructions of the course and got a list of properties from a Realtor. As most people do, I chose a Realtor by default. I got a list of houses from a real estate agency. I chose a multi-family property and purchased it for $45,000.
A short time later, my agent’s broker sent a message through her that he wanted to meet me. This one chance offer has changed the course of my life. That’s how it happens; people self-select themselves to take the course, pass the test, and go into business.
I listened to the guy. He told me to knock on strangers’ doors, and I did; he told me to call people out of the blue, and I did that too. I didn’t know what I didn’t know.
There are many reasons I have come to love being a real estate agent. I have narrowed them down to 3 main reasons:
1. It has caused me to become a lifelong student. I have gone from a low-paid junior tradesman to having executive-level skills. I credit the required education and the self-study that I have embarked on to become valuable.
2. The competitive marketplace is a meritocracy. This industry has forced me to embrace failure and use it as a tool for improvement. The blessing and curse of being the boss; you’re not going to get fired or promoted unless you make it happen.
3. Access to real estate inventory. Every day presents new opportunities to buy, sell or represent someone.
Lifelong student.
You must take continuing education classes to maintain your license. Examples of the classes are: the latest changes in flood insurance, compliance with housing laws, new ways to finance real estate. As an agent, you will find that you will engage in problem-solving . Continual learning will be a prerequisite for the job. Your value to the client is to be the guide.
The education required to maintain your license is basic; you will need to go beyond this. Subjects that will be important to your career are:
*Human psychology & behavior
*All technical aspects of a transaction (contract writing, adherence to a schedule, communication)
*Some knowledge of the laws about real estate
*Sales acumen
*Marketing & personal promotion
*You must keep improving to succeed
The second reason I love being a real estate agent is that the competitive marketplace is a meritocracy. It has forced me to embrace failure and use it as a tool for improvement. You are only as good as your last success. You will not be able to stay soft and succeed.
Real estate sales isn’t for everyone. I don’t want to candy-coat that you will be involved in some form of competition every day. If you have no desire to win, this isn’t for you. One of the best subjects you can review is the subject of grit and tenacity. These qualities may be the most important. The pitfalls of being self-employed are also very real (paying your taxes!).
Be the first to the opportunity
The last reason I love being a real estate agent is the access to inventory. Years ago, I heard an anecdote that Robert Kiyosaki (Rich Dad, Poor Dad) said from the stage. He gave some harsh words to real estate agents. He said agents have the castle keys yet rarely use them. Agents have all the tools to get property for themselves:
* Trained in the use of contracts
* See property as soon as it hits the market
* Have the metrics to analyze market data and values
Time flexibility to view property
Many have achieved wealth through using real estate as an investment vehicle. Agents do not have built-in retirement. Investing in real estate is a logical alternative to corporate retirement plans.
I have outlined the 3 reasons I love being a real estate agent.
1. The need to be a lifelong learner
2. The need to improve
3. Access to inventory
You might consider getting your real estate license if any of these topics appeal to you. The challenges are; high competition, risk, liability, the need for self-reflection, and self-employment compliance. You can overcome these challenges if you like the idea of an executive-level career and serving people. I hope that you have enjoyed this article.
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