What should I know to be a Realtor?
A: Working for yourself in a flexible career where you can set your own schedule and have unlimited earning potential sounds great, but as in any career, real estate has definite pros and cons.
As an agent you are your own boss — you are an independent contractor and control your own business and make all the decisions. That sounds good, but conversely, it means you have to handle your clients’ needs, networking relationships and all of the marketing of your business.
Realtors make a good income. Your income isn’t limited by an hourly wage; as a real estate agent your income is largely dictated by the time you invest and the growth potential is huge. That sounds good, but at first, your cash flow is only in one direction — out. Most new agents need a nest egg to start their business. Getting the first sale can take time, and it may be months before you cash your first check.
Realtors work flexible schedules, which is nice. But having a flexible schedule means you have to be flexible to the clients’ needs — in real estate you work when others do not.
Overall, it can be a very difficult career if the training and work ethic aren’t there. But it can be a rewarding career if you are selfmotivated, hardworking, disciplined, and honest and enjoy helping people in their largest transaction.
Kathleen Daly, Coldwell Banker, (415) 925-3205, kdaly@cbnorcal.com; Lisa Lange, Coldwell Banker, (415) 464-3318, lisalange@coldwellbanker.com. A: There are many benefits and many drawbacks to being a Realtor. For me, the benefits include being able to draw on my complete skill set, being challenged every day and helping people with something that has a major impact on their lives. Since becoming established, the financial benefits have also been rewarding. The drawbacks include never, ever being able to shut off and working lots of hours, including nights and weekends.
Many people get into real estate because they think there’s flexibility — and there is. A successful Realtor can work any 60 hours a week he or she chooses. Getting started in the career is probably the hardest part. There’s an 80 percent failure rate in the business. The first two years, most successful Realtors work 50 to 60 hours and take home absolutely no money. Having savings and a solid support system are absolutely essential in order to get started.
If you’re thinking of becoming a Realtor, it’s important to have a growth mindset, both in the initial phases when you’re trying to keep yourself from being discouraged and even after you become successful. You need to constantly be learning and growing in order to be at the top of your game at all times.
In my case, I am a self-improvement junkie — so for me, that works really well.
Ruth Krishnan, Paragon Real Estate Group, (415) 735-5867, ruth@ruthkrishnan.com. A: The benefits of being a successful Realtor lie in one’s love of people, love of San Francisco, love of design and the art of negotiating and making a sale. Seeing the pure joy on a client’s face as we hand them keys to their new home is magical. We find our greatest reward in working tirelessly to exceed our clients’ goals, not just for the commission but rather to do the right thing for our clients. This brings about immense satisfaction for all, and happy clients lead to referrals and ongoing success in the business.
Some people believe that being a Realtor is easy; you just write an offer and get a fat commission. Wrong! Successful Realtors work long hours, late nights and weekends. Realtors are independent contractors and while the company may help advance your career, you are almost solely responsible for your own success by committing a very significant amount of time, hard work and money to building your business. The Realtor’s job description includes research, marketing, scheduling, understanding real estate laws and most importantly, doing the right thing for your clients.
Bernie Katzmann, Vanguard Properties, (415) 655-5610, bernie@vanguardsf.com; Mike Shaw, Vanguard Properties, (415) 308-4281, mikeshaw@vanguardsf.com.