A real estate career can bring in lots of money for those who work hard to build up leads over the years, gather testimonials, attend events, and consider a niche. Of course, success doesn't happen overnight, and prospective realtors will likely face challenges like inconsistent income, finding their initial clients, serious competition, and frequent market volatility.
According to the National Association of Realtors, life experience is beneficial, as the median age of realtors is 57, with 44% of realtors being over age 60. In other words, real estate is a field where you won't automatically get pushed aside as you age, as it can work in your favor from experience alone.
Is a Real Estate Career Worth It?
When you look at your potential for high earnings, flexibility, autonomy, and barriers to entry, the answer is a resounding yes. After all, people always need places to live and work. Therefore, whether you specialize in residential, commercial, or both, you have potential products to handle with a real estate career.
Since being a real estate agent involves setting your own hours, it's a career that you can also work around other things. After all, you may work evenings and weekends to build a clientele while still making money somewhere else.
Compared to a traditional degree, getting your real estate license can be quick and affordable. While it does come with challenges, having proper strategies can help you create a thriving career that you can do well into old age.
What are the Steps to Starting a Real Estate Career?
Becoming a real estate agent begins with checking your state-specific education requirements, which include being at least 18 or 19 years old and having at least a high school diploma or GED. You must get your real estate license after passing the state and national portions of the exam.
Once you get your license, it's time to focus on networking to build up your client database and find realtor business cards to pass around.
What Are Strategies for Overcoming Career Obstacles?
Happy clients can be a continuous source of leads and often become repeat customers.
Consider finding a niche to stand out and build up your unique value proposition. Depending on your location, you may want to focus on a specific popular neighborhood or demographic, such as first-time homebuyers.
If you want to throw yourself into real estate full-time, try saving 3 to 6 months' worth of living expenses beforehand for a nice financial cushion.
If you have satisfied customers, encourage them to leave testimonials and reviews online to boost your profile. Even if you have a website, don't forget about the power of social media, from Instagram to LinkedIn, to further promote yourself with consistent content and to build real estate industry authority.
Build a Lucrative Real Estate Career
Don't give up on a potentially long real estate career due to the challenges that everyone faces when they begin. Sure, you'll have to work hard to find a customer base and build up a stable income, but with savvy marketing, a niche market, and saving enough funds to build room to dive into real estate full-time, you may be in the prime of your career when others are retiring.
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