First of all… should you become a new real estate agent? – Well, probably NOT!
Why did I say that?
Yeah, real estate is probably one of the greatest career paths on earth. You totally can earn up to 6 figures.. 7 figures… even 8 figures doing this job. However, it only happens when you have what it takes. Unless it’s just a waste of time!
And as you know, according to NAR, over 87% of new real estate agents will fail after 5 years in this industry and only less than 13% make it
And high chances, in 2020… 2021… 2022… the number is not going to be very different!
Because most people just focus on the shiny objects and gorgeous results of already successful real estate agents. They probably never take the time to carefully think of what they need to prepare and have to face in order to be successful.
Here’s the MOST important mindset that most people don’t have when they want to become a real estate agent
You’re an entrepreneur! Yes… becoming a new real estate agent is literally the same as starting your own business. Guess what? It requires a lot of things to successfully build up a business from scratch. And becoming a high-performance real estate agent is NO different.
Of course, you can earn a lot of money if you succeed.
Some listing agents get 2.5% of the contract purchase price and offer out the same to buyers’ agents, but it varies. For example purposes, we’ll use 2.5%.
If you sell a $300,000 home, 2.5% of the purchase price is $7,500.
Some seller’s agents, as well as buyer’s agents, get a 2.5-3% of the commission. It means if you sell a house for $500,000, you’ll get approximately around $12,000-$15,000 commission. And as you can see, if you’re able to work between 41 to 59 hours a week you probably can earn up to $100,000 every single year. Some agents can earn up to over $1 million dollars a year.
With that amount of money, you can do whatever you want… Buy a dream house and enjoy an expensive lifestyle, buy an extremely luxurious car, and travel around the world without worrying about money.
However, most people forget this deadly question…
Can you afford the start-up expenses?
It’s critical to be aware that if you can’t sell any house in months you will not going to earn a single cent during that time.
Although you will be working under the umbrella of your sponsoring broker, it doesn’t mean they can make you successful. They will just provide you the training that you need and a good environment that you can benefit from.
So, if you truly want to become a real estate agent. You have to carefully think of the difficulties that you’ll face as an entrepreneur of your own business.
How can you deal with the stress? How can you pay the bills if you can’t sell any house? How can you survive and compete with tons of real estate agents out there?
So, precisely, what do you really need in order to become a truly successful real estate agent even if now you have no idea what it is?
Here’s a quick 5-point test that will show you whether you should become a real estate agent or not…
And of course, if you’re one of these 5 types of person… You probably don’t want to become a new real estate agent.
5 Crucial Characteristic Required To Become A Successful Real Estate Agent
#1: Be patient:
This is probably the MOST important of them all, not only in this real estate industry but also in almost every other field of your life!
As you can see, the average time it takes to complete a property transaction is around 18 weeks – Over 4 months in a row! Not to mention your prospect potentially can change their mind right before closing the transaction and all of your efforts will be wasted.
Real Estate is a super competitive industry, you have to learn to be patient to provide the best service that your prospects are looking for. That’s the only way you can close the deal.
It’s ridiculous that most people expect they will have more money, more free time when they become a real estate agent… They can live a so-called “laptop lifestyle” – traveling around the world and buying anything they want without spending a lot of time.
There’s nothing valuable that comes without hard work first comes on your part.
So, if you’re not willing to put in dedication, not willing to sacrifice other less important aspects of your daily life, not willing to ruthlessly schedule your time every single day. You’re probably not going to be successful as a real estate agent.
Why? Because there will be TONS of different difficult tasks that you have to complete…
You’ve got to learn how to use real estate email templates to consistently nurture new leads.
Learn how to nurture them, give value, and close the deal
Learn how to constantly follow-up, follow-through, follow pass,…
Create TONS of valuable FREE information, content, and deliver to your prospects
And many many other different things,…
That’s why if you’re not really passionate about this real estate industry and willing to spend years of hard work, you’ll most likely never be able to make big revenue and generate a lot of money in this field.
#3: A Winner Mindset:
“Winner never quits, Quitter never wins”
This is the single HARDEST and most determining factor leading to success in this industry.
There is nothing easier than giving up and, of course, quitting is ALWAYS a choice. That’s also the reason why over 87% of real estate agents never can make it done!
You need to understand this…consider to Ixactcontact.com, 82% of your real estate closed transactions come from retain and referral business. So, the longer you stay and try in this industry, the more relationships you’re going to have.
If you’re able to know to make new real estate friends and expand your real estate connection within 60 seconds and you’re willing to try very hard for years. Guess what? Just after a few short years, you will be able to make tons of revenue just from your relationship!
After all, if you can easily give up and just want to “try” out. You should never blend into this industry.
#4: You’re addicted to learning and growing
Yes, you will have to learn a TONS of new different things. Something you will use, some won’t, but you should be able to consistently and constantly absorb new knowledge and information.
But don’t get me wrong… I’m not saying that you should spend a huge amount of time figuring everything out on your own. In fact, doing that will cost you a considerable amount of time and money just to learn, test, do trial-and-error.
You need to find a mentor who can guide you, give you an exact proven tested method to achieve your goals as soon as possible.
In fact, this is NOT an industry for some DIY-er (Do-It-Yourself-er). If you are so aggressive with other people’s guidance and just want to do everything on your own. This is going to be a huge mistake when it comes to becoming a real estate agent.
#5: You’re always driven (If not you still totally can motivate yourself)
Whenever you’re about to give up, you can totally hold yourself accountable and keep going.
Because as I said earlier, this is one of the most competitive fields in the world. So, it goes without saying that sometimes you will feel lonely, lack motivation, lack inspiration,… and just want to give up.
Whenever that moment comes, the only thing that can help you and force you to keep going is only yourself, NOT other people. Remember this:
“The air is thin at the top. So, if you want to stay at the top, you need to learn how to stay alone without being lonely”
You need to have a big desire, you have a big “Why”, you have a big dream,… that always drives you to become a better version of yourself each and every day. This is exactly what you need to really crush this industry and become unstoppable!
After all, if you possess all requirements above, you probably can become a successful real estate agent. However, acquiring those 5 crucial characteristics is just the very first step on your whole journey.
Remember this: “The more you learn, the more you earn”
Being a real estate agent can earn you a huge amount of income
However, the starting process can be difficult sometimes.