Most people answer that they are in real estate because of either money, freedom, or time. Of course, everyone wants money to pour in, to work their own hours, to be their own boss, etc, but real estate (like any entrepreneurial endeavor) isn’t a quick way to get rich or to finally leave office life behind. Real estate is hard work.
Jerry Rossi’s Realty Times article describes the realites of working in real estate. He says
Only 10 percent of all the licensed associates (including full and part time) are earning in access of $150,000 per year, 20 percent earn an average to good income. The remaining 70 percent of those licensed make less than $12,000 per year! Why, if money is the reason real estate is chosen as a career, do so few make it?
In terms of “being your own boss, he writes
The good news about real estate is that you are your own boss. The bad news is, you are your own boss! Therein lies the dichotomy. Many of us came from professions where it was someone else’s job to keep us busy. We had a job description that told us what to do (at least in general) eight hours a day, five days a week. Now with the freedom to do what we choose, we find ways to keep busy but not productive. Even multi-million dollar producers tell me they spend too much time doing nothing. People, in general, can’t manage themselves. Companies often take strong producers and make them managers only to discover that just because someone is good at something doesn’t mean they can manage someone else to do the same job.
The American dream might be to have your own company, but if you don’t plan how you’ll be successful, you will fail. Too many people get into real estate expecting the money to pour in without a game plan to make it happen. This requires planning how you will spend your time, budgeting for business and marketing expenses, creating a prospecting and lead generation system, and setting monthly goals for yourself.
» Read Article: Rich Agent, Poor Agent: Understanding the Power of Choice
Related Posts
Subscribe to FeedJoin Mailing List
Receive our free 46-page "Marketing Plan Guide for Real Estate Agents" plus our free weekly newsletter which reveals marketing tips to generate more leads and grow your business.
We will never sell, disclose, or trade your information.