Questions for Prospective Real Estate Agents – What You Need to Consider If You Want Be an Agent

Real estate is a complicated business, but it can also be quite profitable. As the past decade has shown us, estate business can be fickle, and when it busts, it busts. But when it booms, it booms, as well. If you’ve found yourself attracted to the fast-paced world of estate property, here are some questions to consider before you dive in.Do You Have the Basic Requirements?Every state has different requirements and a different test for becoming an estate agent. However, the basics are usually the same. You need to be either eighteen or nineteen years old, be a U.S. citizen, and have completed the required courses in order to take the exam. Being a real estate agent doesn’t require a college degree, but it’s important to have some basic knowledge of marketing, economics, business, and law. Another basic requirement is time. The classes required to take the exam can take anywhere between 40-200 hours. While you don’t have to complete them in a certain amount of time, you’ll need to be dedicated.Does a Career in Real Estate Suit Your Personality?Real estate careers are not for introverts. A major part of having a successful real estate business involves being a people person. From building contacts, to networking with potential buyers, to having name recognition, a lot of time is spent around others. Does being around people increase your energy level and make you happy? Do you seek out social situations and are you a good self-promoter? A lot of real estate success also depends on cultivating your own business, so it is crucial that you are driven and work well in an independent environment. While this means the freedom of being your own boss, it also means not having entry-level workers to do the grunt work of office administration, scheduling, and advertising.How Well Do You Know Your Market?If you are brand new to a town very far or different from where you grew up, it might not be the ideal time to enter the real estate business. Real estate markets can differ wildly from place to place. Imagine the different clientele that exist between a Midwest college town and somewhere like New York City? Before you invest the time, effort, and money of taking classes and passing your license exam, get to know the place you live. What are the potential clients you’ll be dealing with? Do you get along with those types of people? Will you have periods of inactivity followed by periods of busy mayhem (like in a popular tourist destination)? Does this fit your lifestyle?Are You Realistic About the Financial Aspect?Let’s face it, estate agents can make a lot of money. However, the income of a real estate agent is limitless-in that there is no high limit, but there is also no low limit. Working on commission also means you must bring your own money in to start. Unless you have another means of support, you will have to save for months before you are able to start as an agent, and it could be years before you are making what amounts to a “steady” income. It can be a lucrative career, but it’s not for the faint of heart.