When you think of a Real Estate Entrepreneur, what comes to mind? What is the number one thing that everyone tells you about being a real estate entrepreneur?
It’s not easy. It takes time and effort. There are many challenges that a real estate entrepreneur needs to be prepared to face. You will be working every day with little sleep for years on end while your competitors take their foot off the gas pedal for a bit. And then there are all those people who want to tell you how much they know better than you do; how they have been in business longer than you have been alive; or how many more deals they closed last month than you did this past year because no matter what, it’s always someone else doing better. To have a better understanding of what you need to do to be a successful real estate entrepreneur, you have to know these 7 top secrets in your career.
1. You’ll lose steady paychecks
Becoming a real estate agent means foregoing paid vacations. There’s no medical insurance, 401K or dental coverage – unless you pay for it on your own. You’ll be working weekends and evenings because that is when most people want to buy a house.
A real estate entrepreneur needs the ability to work hard without the need for steady income from a paycheck every two weeks so they can bring in enough cash to sustain themselves while building their company into something bigger than what they could have done with just one job at someone else’s company where you get very little money at the end of the period.
The ability to take risks and be persistent in the face of adversity are two qualities that make a real estate entrepreneur successful. It is up to you whether or not you want this type of career path, but no one should shy away from knowing what it takes with an industry like Real Estate Entrepreneurship.
And don’t think this post is all about real estate entrepreneurs, we are also mindful of home buyers as well. Watch out this video to know the things you need before you buy a home.
2. You will have to leave that 9-5 for a 5-9 as a real estate entrepreneur
Investors are not just looking for a return on their investment, they want to make money. So if you don’t work the hours that your clients do – and I am talking about more than 70-80 hour weeks – then it will be hard to build relationships with them. Additionally, some real estate investors can only invest in deals where there is an active lead buyer so this means late nights and weekends even when you have built up enough cash flow from steady monthly income that you were working at someone else’s company before to start a real estate investment.
A lot of people say that real estate is their full-time job and it’s not a hobby. And I agree, being an entrepreneur in the residential market means you will be working more hours than most jobs require – typically about 60 to 80 hours per week on average but sometimes even longer when there are multiple deals going at once or if you have investors relying on your active involvement with them for timely responses.
The good news is this: Once things get rolling (and they usually do between six months and two years) then life becomes easier because you’ll start getting better leads from referral sources without having to put in as much work chasing down questionable opportunities all day long like before. You might also want to consider hiring more staff if you’re not able to handle all the workload yourself, but that depends on your individual situation.
3. As a real estate agent, you might change how you dress
Most of the time, real estate entrepreneurs lack the time to go through their wardrobes to pick their best suits for a given occasion. As such, don’t be surprised to realize that you are now using sweats or workout clothes most of your time.
While the real estate business can be a lucrative venture, the lack of personal time might make it look a little bit tedious. You will need to spare time to search for new listings in your local area as well as online, meet clients at the office, take them to see the houses, and all that. The truth is, when you get back home in the evening, you will be so tired that you might not think of what to wear tomorrow.
4. Don’t expect praises for your work
No one is going to stop you in the hallway and tell you how amazing your work was when all they wanted from you is more leads to sell. And that’s fine because you know this is just your job.
They can’t stop themselves from asking about how many new referrals you got or if any deals closed yet, so don’t expect them to praise you for a job well done! Real estate entrepreneurs often enjoy an increase in overall motivation levels after getting through a particularly busy week without being praised by anyone at all. There isn’t much time for congratulations once we have clients calling us non-stop requesting our services and making last-minute requests as well.
5. You will think of quitting the real estate business at least once a week
The real estate industry is quite challenging in the short term. If you are not thinking about this, you will be having other things to think about, and the problems keep on piling. This will definitely make you feel frustrated and maybe think of quitting. At this point, having the right mindset is key if you want to run a successful real estate agency.
It will be quite difficult to get your first client to buy that first house. You will be waking up very early, and sleeping very late into the night, engaging in all manner of marketing campaigns just to get clients. But don’t forget that the real estate world has its own way, and if you are patient enough, you will have many clients call you to show them some of the listings you have.
6. You’ll most likely have many fake friends
The moment you start building your real estate business, the people that are with you will come and go. You’ll most likely have many fake friends in this process because they won’t want to invest their time into something where there’s no return of investment for them.
This is the most difficult thing to get over because you’ll lose a lot of time and energy into these people. You will need to keep your guard up or else it might be too late for you.
Getting a real friend in the real estate industry might be harder than you think. This is simply because most of your friends don’t have an idea of what you must do in order to achieve success in your everyday life as a real estate agent.
You need to keep in mind that having one real friend is better than having a multitude of friends who aren’t interested in the success of your real estate business. You need a friend who will help you in identifying a property to sell or even help you get or renew your real estate license.
Many agents have failed simply because they settled on the wrong friends, those who have no idea and interest in what real estate investing is about.
7. You will be glad you took a leap into the real estate business
You’ll probably be nervous before you take this leap. But I will tell you now that it is way worth the risk if you have what it takes to make a real estate business work for your life!
After all, there’s no limit on how much money and success can come from owning a successful company in the real estate industry, or simply, being a real estate entrepreneur.
As you can see, it is not as easy being a real estate entrepreneur. But despite the challenges and sacrifices that come with this type of work, there are many benefits to consider too. With perseverance and dedication, anyone from any background can be successful in this business. The key is knowing what comes with the territory so that you’re prepared for whatever may happen next. If you’ve been considering making your move into the world of residential or commercial property sales but aren’t sure if now’s the time- now might just be a perfect opportunity! Reach out to us today to discuss how we could help make your dreams become realities by leveraging our expertise in marketing strategies and digital media.