by Lisa Orme

Created on: October 29, 2008   Last Updated: June 22, 2010

So You Want to be a Real Estate Agent?

You've got to be kidding, right? If I had $100 for every person I've seen get into and out of real estate in three years or less, it's doubtful I'd need to sell another house; and I'd probably own the one I live in debt-free!

Real estate is an intriguing profession and it attracts a wide variety of people and skill sets. Because of this, there's no secret formula to guarantee an agent's success.

To sell real estate, you need excellent people skills, and a big Rolodex. Even more important is that your Rolodex is full of personal contacts that TRUST you. If you're not known for honesty, integrity and excellence, it's hard to get people to entrust their most expensive asset or purchase into your hands. And if you lose their trust for any reason, you lose the opportunity for repeat business and referrals, as well as damaging your relationship and your reputation.

Don't worry if you don't have that solid reputation for getting the job done or that big Rolodex yet. If you focus on excellence and service, you will build them both over time. You'll also need self-discipline, patience, and perseverance.

Before you worry about whether you've got the skills you need to succeed, you'll want to make sure you have sufficient cash flow to get started. "What?" you say? You want to get into real estate to make money? Well yes, but probably not so fast. In real estate, this old adage is particularly true: You've got to spend money to make money.

Did I mention that real estate agents are normally paid on a commission basis? While these commissions may seem like a lot of money, they are still shared with your broker. And if you don't sell something, you don't get paid. In fact, the real estate business is a career opportunity that will cost you at least a couple thousand dollars to get started, and a repeat of that each and every year just to have the opportunity to stay in business, whether you make any money or not!

Even before you can begin selling real estate, you have to take required classes and pass the course exam, and then the licensing exam. These both cost up-front money; and if you're not a good test-taker, more money for re-takes.

Now you need to find a broker and pay your start-up expenses: an application and fee to your local Board of Realtors, Board dues till the end of the year, Multiple Listing Service fees, lockboxes and access fees for electronic key box systems, business cards, sign riders, and hopefully some

• 1
• 2
• 3
• Next Page >>