A Tip or Two on Overcoming the Challenges of Being Young and New in Real Estate
If you are reading this article, the chances are you are new in some sort of business, or perhaps in real estate. First, congratulations are due. Virtually no one has the courage to give up a steady paycheck and the benefits of the corporate world. Working in the corporate world comes with bureaucracies, of course, but a steady paycheck and benefits have value too, especially to non-entrepreneurs. But these values are nothing compared to the unlimited advantages and opportunities afforded in the world of real estate and business ownership to the courageous, free spirted, entrepreneur minded men and women who wish to create their own destiny.
These advantages and opportunities don’t come easily, at least not to everyone, for sure not to me. Expect challenges; embrace them knowing they are the lessons we must learn. Some are easy, some not. But isn’t life itself?
Let’s glance at some of the advantages of a career in your business (of real estate).
- Unlimited Income
When we work for others, the people we work for establish value for the work we do and compensate us accordingly, based on their view of what we are worth and what the market rate is for it. On average, people receive 2 to 5 percent annual raises, depending on the industry they work in and how the economy is at the time. When we work for ourselves, we establish the value for the services and products we offer, and there is no limit to what we can earn, really. The one thing that limits us is our own belief system and attitude. With the right attitude there is no limit to what you can make as an entrepreneur or a real estate professional. I remember when I graduated from college back in 1987 as an engineer, I thought if my real estate career afforded me the equivalent of an engineer’s salary at the time, about $35,000 a year, I would be doing great. My belief system and attitude were limiting me to that number. I came close to it in my first year, I earned $30,000 in 1988. As I learned the business and realized my potentials, I more than doubled that in 1989, brought in $72,000. That was over 100% raise, tremendously higher than the 2 to 5% raises given to my engineer friends working for the corporate world.
- Never Ending Opportunities
The one unique thing about a career in real estate is the never ending opportunities you come across. You meet people from all walks of life, you get exposed to amazing investment and partnership opportunities and a plethora of learning and personal growth opportunities. As a new person in this field, naturally, many lack experience to seize and take advantage of their opportunities.
- Freedom & Flexibility of Schedule
In real estate, you set your own schedule and working hours. You are not bound to an 8 to 5 work schedule. This means that nobody gives you a schedule, you don’t report to anyone for your work hours and you have the freedom of scheduling the days and hours you want to work. So, if you ever need to attend a child or a grandchild’s school function, you do it, no problem. If you ever need to drop off or pick up a friend from the airport or a doctor’s visit, you do it, no problem. If you are under the weather, not feeling well and want to stay home, you do it, no problem. No one is watching you and telling what to or not to do. You schedule your drive time to avoid peak traffic hours and with today’s technology, you handle most meetings online. With all that in mind, to succeed, you need to be self-disciplined, work hard, put 40+ hours a week into your work to get your career off the ground.
So far, I have shared all the good news with you and, candidly, there is no bad news except that not everyone succeeds with a career in real estate. Some people are just not right for it. Whether it’s their genes or upbringing, it doesn’t matter. They just don’t make it. But for those who have the potential to make it big in real estate, here are a few tips to make your career take off faster, smoother and more enjoyable.
- Aim high and shoot for the stars, so if you fall short, at least you can reach the moon.
- Be selective with who you hang out and associate with. Spend time with positive minded people who have traveled the road ahead of you. Associate with those who can add value to your life and business, people you can learn from, people you trust and people who can lift you up.
- Be bold and don’t be afraid of rejection. Look at rejection in sales like weight lifting in the gym. The heavier the weights, and the more you exercise, the stronger you get. And after a while you lift heavy weights with ease. The more rejections you face, the more polished your skills will be and in time, you will handle objections and rejections with ease. Remember, whatever doesn’t kill you makes you stronger.
- Be smart when choosing brokers, coaches, and trainers. Do not let them oversell you and don’t overpay for their services. Technology has helped reduce the cost of goods and services in almost every profession. Real estate is no exception.
- Be smart when opportunities are presented to you. Don’t rush in making decisions; don’t say yes or no until you’ve seen the full picture. I, personally, read marketing pieces and take telemarketing calls. Sometimes I find worthy nuggets in them that otherwise I would have missed.
- And finally, as a successful realtor, you are automatically an influencer. Take advantage of your influence in a legal and ethical manner. Speaking of ethics, put that at the forefront of your agenda, if you like to have a long lasting, lucrative and enjoyable career.
In my opinion, real estate is the only vehicle providing ordinary people the opportunity to achieve extraordinary financial success, whether working or investing in it. As long as you work smart and apply prudent strategies, there is no limit to your financial success in real estate. That said, always keep a right balance in your life, do not trade off life quality for materialistic wealth.
Saeed Ghaffari, Founder
More & More Network
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