For many people around the world, real estate can appear as a promising career path due to the freedom it provides. Many people in the field can work as their own boss and set their own hours, which is what draws so many people to the field. However, there are a number of considerations that must be thought about before diving deep into this field. Learn everything you need to know in order to build a successful career in real estate.
How Lucrative Can A Career In Real Estate Be?
Naturally, one of the biggest reasons people consider a career in real estate is due to the earning potential in the field. The salary range for professionals in the real estate field can vary drastically, but it’s worth looking at one of the most common paths for an indication: real estate agents. In California, one of the leading states for those in the field, the average real estate salary hovers around $107,000, though it’s important to remember that this is primarily commission. Other careers in real estate have more stable earning potential than this career path, though it’s a fair indication of what to expect.
Pursuing A Real Estate Career: 6 Items To Keep In Mind
Before deciding that a career in real estate is the right path for you, it’s important to consider the various factors that determine a person’s success in this field. The most prominent six of these factors include:
1. You will need to pass the real estate exam
First and foremost, a person wishing to launch their career in real estate will need to pass the real estate exam. This is either a three- or four-hour exam with 150-200 multiple choice questions depending on the type of exam. This will also require taking real estate courses online in order to prep for the exam, which can be a serious time commitment for someone holding down a full-time job.
2. Success in real estate stems directly from the effort
One factor of a career in real estate that many people overlook is the effort that is required in order to succeed. From a monetary standpoint, since most real estate careers are commission or networking based, those who make a name for themselves through effort will see the most success. This requires copious effort which, on top of a day job, many people cannot do.
3. Networking will be required to build connections
As mentioned, networking is a major part of a career in real estate that is often overlooked. For those who are not naturally outgoing by nature, it may be difficult to put yourself out there in order to reach out to people in the field who can mentor you. Whether it’s reaching out on platforms such as LinkedIn or simply going to conventions for real estate, it’s important to learn how to connect with others in the field.
4. Real estate is not a get rich quick scheme
Clearly based on all of the above, real estate careers are not get rich quick schemes. While the earning potential in real estate is far larger than that of other fields, it requires more effort than most fields to get there. This means you need to take enough time to build out your real estate career, putting yourself through failure yet still powering through.
5. You need to be willing to have a sales mindset
No one ever succeeded in real estate without having a sales mindset. A true real estate professional needs to always be thinking in terms of sales and how they can build relationships in their community.
6. You will need to take a financial plunge
Finally, it’s worth noting that switching careers to real estate will not be easy and will require a financial dive. Whether it’s paying for preparatory courses, taking mentorship lessons, or something else, growing your career in real estate will not be cheap by any means.
Launch An Exciting New Career Today
Real estate can be an excellent choice of career for many people, but it will certainly not be easy to have success. Succeeding in real estate will require a large amount of effort on behalf of the person building their career. Going outside of your comfort zone will be important, and a person needs to be prepared to face failure multiple times throughout their career. Avoid shying away from an opportunity just because you may fail, as this is often where success can be found.