School and Career Surprises: Tips From People on the Job
Each comment from a real estate-professional includes their career and school ratings.
Career: "I was surprised how little I learned in school I used in my profession. I feel as though what I do is so specialized, that I had to learn everything over. I think what was surprising was that it wasn't the material I learned in school that I used the most, but being able to learn many new things in a short amount of time that I use the most."
+/-
Career: "I am surprised about the work habits of people who work in selling residential real estate. The people who fail in this career do not work hard and fail to consistently put forth an effort."
+/-
Career: "I was very surprised at how few women work in the commercial real estate field. I would estimate that less than 10 percent of the people that I work with are women. I feel that women would be very good in the field."
+/-
School: "I was very surprised at how easy it was to get through Business School at Loyola. I transferred over from Pre-med in my junior year and still had no problem graduating on time. I was also surprised at how few tests were involved in business school. it was mostly papers and group work."
Career: "I was surprised at how few women were involved in commercial real estate brokerage. I was also surprised at how much my job was similar to sales jobs that some of my friends had."
+/-Best & Worst Things About This Career
As reported by people currently doing the job
"Best part of my job - the flexibility of making my own hours and working with people of a daily basis. It's fun to meet new people every day. There's a lot of satisfaction when your clients find their perfect home and you helped with that. The worst part of the job - not knowing how long it will take for your clients to buy a house or to sell their house. Even after 6 months, they can change their mind and you can't do anything about it."
+/-
"The best parts of the job are its independence and flexibility. I also enjoy having the opportunity to work with some of the most beautiful properties in New England and to work with very interesting people. The worst part of the job is the uncertainty about when I will get paid since I only get a commission when the property is sold. Also, as the listing or seller's agent your net income is much less than the gross 5% or 6% commission because you often share half of the commission with a buyer's broker and your real estate company may take up to 50% of the remaining commission. As a result you might be paid 1.25% on a gross 5% commission."
+/-
"The best part of my job is helping someone find and purchase their dream home. First time buyers are especially fun to work with. They are so excited and happy to purchase their first home, and it is very satisfying to help them navigate through the process. The worst part of my job is selling homes that are "under water" in a declining market. I have to negotiate the sales with the banks and mortgage holder and the whole process is very time-consuming and requires 50% more paperwork than a typical sale. It can be very emotional for the sellers, especially if they are in financial turmoil."
+/-
"The most difficult part of my job is when people have to sell their homes because of illness, divorce, job loss or foreclosure. It is very sad. The second most difficulty is when a buyer or seller is unrealistic about their demands and rude. The third most difficult issue is when the banks do not give mortgages to clients, when houses do not appraise out to the agreed upon price and when the house has unforeseen problems and the deals fall through."
+/-
"The best part of the job is helping people with the biggest purchase of their lives. It is so nice to see people so excited about a new home. It is also nice to see people sell a home and move on to the next phase of their lives. The worst part is the hours, which are odd and inconvenient, and often on the weekends. It is hard because I am always on, compelled to be the expert on what's happening in the market."
+/-
"The thing I like best about the job is helping people sell their properties for a price they are satisfied with in a reasonable time and helping people find their "dream home." Getting to know the people and their families, and creating some really good relationships is very rewarding. The worst part is dealing with transaction problems and impatient personalities. Sometimes it is very frustrating because there is just no pleasing some people. Some transactions become very tedious and require extensive paper work and patience."
+/-
"The best part of my job is to hand the keys to a new home to a real estate or mortgage client and send them onto the next stage of their lives. Buying and selling homes can be emotionally charged for the client and we are proud that we assist them during an either difficult or exciting time. The worst part of the job is that it is commission only and can be difficult to manage finances. The trade off is that I make my own schedule which allows me to make my children a priority."
+/-
"The best part of being a real estate agent is that you get to help a lot of really nice people find suitable homes. You meet and become friends with a lot of your clients. It is great to get referrals from these contented former clients and to continue to keep in contact with everyone. Another good thing about being a real estate agent is that you're your own boss, can work as little or as much as you like and the potential for earnings is great. The worst part of being a real estate agent is that you are subject to market conditions, so if there are no buyers and the economy is bad, your business suffers. Another really bad part of the job are the endless hours that can be worked with no monetary gain."
+/-
"I really enjoy viewing all of the interesting homes in the area and I get to meet a lot of great people. The worst part of my job is the stress! Purchasing or selling a home is a very emotional process. Things NEVER go smoothly in a real estate transaction, you are always thrown a curve ball somewhere along the way. It is my job to meet any challenges that come up and talk my clients through the difficult moments."
+/-Tips for Succeeding in This Career
Helpful info from insiders
"It takes several long years to establish yourself as a Realtor and to prove yourself in the field. Many of my co-workers have second jobs to help supplement their income when they first start out. Once you're more established, you'll receive a lot of referrals from previous clients, family and friends. If you love looking at houses, and working with people, and having a busy schedule, it's perfect. I wasn't always a Realtor, I had 20+ years in Human Resources and that helped understanding people."
+/-
"Develop a broad personal network of contacts who are owners of real estate and future buyers of real estate. Serve on non-profit boards and participate in community affairs. Take up sports that will enhance your social network. Develop good writing and communication skills. Keep up to date on current affairs and business news."
+/-
"In real estate you work on commissions. It's just like starting your own business. You need to have about $15,000 to get started and support yourself before you start making a profit When you go to real estate school to get your license, they teach you about the process of buying and selling a home, legal matters, meets and bounds and ethical issues, but there is never any mention of the marketing you need to do in order to be successful. To be successful, you must be a "people person" and enjoy networking and socializing."
+/-
"This is a career for people who love working with other people and like being helpful. A job for someone who is naturally organized. A job for a person who needs a flexible schedule and likes moving around and driving. You must work weekends in this job and evenings. One needs to be very tenacious in this profession and follow up on leads and listings all the time."
+/-
"You should have a nest egg in place when you get started. It can be a long wait for a paycheck. You should enjoy working with the public. You meet many types of people along the way. Keep a positive attitude, people don't like to work with depressed or sad people. You need to be able to keep your emotions in check; negotiations can be very heated sometimes. Never give up, even when things get hard. People need to buy and sell house."
+/-
"You need to be friendly, compassionate, hand-holding, and patient. Patience is a virtue, whether you're listing or selling. Nothing happens quickly, but there is a lot of satisfaction in the end. People need to feel that you're knowledgeable and can answer all their questions. Remember, most likely they have never done this before. You need to be able to make them secure in the fact that they believe you are leading them in the right direction, and helping them every step of the way."
+/-
"1) Understand that you need to spend money to make money. If you don't have a consistent marketing plan with a budget you will fail. 2) Stay true to your moral character and ethics. Live by the Golden Rule. Your reputation in any business is of paramount importance. 3) Love what you do and do what you love. Why else get out of bed every morning? 4) Always be open to learning, change is the one constant in business, be flexible and ready to adapt and re-invent yourself."
+/-
"In order to be a successful real estate Agent you must be self-motivated and you can't be unduly bothered by rejection. You must not be concerned by stiff competition. You have to be able to ride out bad real estate markets emotionally and financially. Real estate is not an easy job. A new agent must be prepared to be attached at the hip to an experienced agent. There is so much to learn and things keep changing in addition. Experienced agents still consult with one another from time to time on tough issues. You must be a really good problem solver and negotiator and be able to pay close attention to a myriad of details in order to close a deal."
+/-
"Always act professionally, never gossip, complain or lose your composure while working with clients. This is a sales job and you need people to respect you even when things don't go your way. Study your market, know how price, condition, and location affect the value of the homes you sell. Although your schedule is flexible in real estate, treat this as a full-time job. You can't expect business to come to you. You have to go out and find it! Get to the office every day, keep in contact with your clients weekly and make prospecting calls as much as possible."
+/-
