Careers in Real Estate: Why People Quit Before They Succeed
Careers in real estate are hard work – ask any real estate professional. The Canadian market is hot and the allure of easy commissions is the dream of every potential real estate professional.
Starting a career in real estate is like trying to ride a bike. It takes a lot of practice to learn how to balance and pedal, but once you do, you’ll be zipping along in no time. To get a new real estate career zipping along, you have to invest not just money, but time and effort too.
The competition is fierce in the housing market. As of March 2014, the Canadian Real Estate Association noted that more than 109,000 real estate professionals were working in Canada – that’s one for every 245 Canadians over the age of 19, and we would not hesitate to wager that that number has grown since. Are there too many? Read more on this here: http://business.financialpost.com/personal-finance/mortgages-real-estate/canada-housing-bubble-agents.
Even with this arguable oversaturation, each year thousands of people turn to a career in real estate. Many start off strong and full of enthusiasm, but many fail to recoup their initial investment in business cards. Why do so many intelligent, professional people get thrown so quickly out of the real estate profession?
The overwhelming majority of real estate professionals who fail do so for one of a few primary reasons:
- Ultimately, it’s the wrong job. Real estate is about people, not houses. You have to like working with people and be prepared for all their quirks and ticks.
- They don’t have a solid marketing strategy or appropriate budget, or an understanding of where to market.
- They align themselves with a brokerage that doesn’t provide them with enough support.
- They fail to invest in tools that maximize time savings and efficiency.
The list goes on…
Real estate, like any business, involves having a business plan. Even if you work for a brokerage, you are still self-employed and you need to look at a proper budget that considers the cost of being self-employed. This includes administration, research, marketing and transportation costs – just to name a few.
Let’s look at transportation costs as one example. Instead of needing to be on the road to do leg work, investing in the right tools can significantly reduce time on the road. Without leaving the office, you can research comparables, look at aerial imagery and neighbourhood demographics, sign documents electronically and more with GeoWarehouse. It can also be used to inform your marketing materials and convert leads.
GeoWarehouse is a centralized property information source where you can access the latest and greatest reports and information to help your real estate business grow! For those seeking successful careers in real estate, GeoWarehouse provides you with real value.
Visit www.geowarehouse.ca today to learn how!