5 Simple Tips to achieve success in the erratic Real Estate Industry.
Real Estate in UAE in retrospect, has always been a deal sealer for the country. The very existence and foundation of the whole country serves as the epitome of some phenomenally mastered real estate developments. Owning some globally iconic wonders to its name, UAE is sure shot a tale of rags to riches given the pace, hard work and exceptional use of intellect it has invested in transforming a dessert to a metropolitan.
Thus, Hundreds and Thousands of new real estate agents open up their businesses every year, and they have high expectations for income from helping people to buy and sell homes.
It’s that high-income expectation without a lot of hard work that gets some of them into trouble. Yes, you can make good money in real estate, but the median income of a real estate agent has held pretty steady over the past few years at around $44,000.
Out of that $44,000 are subtracted their costs to get and maintain their license, errors and omissions insurance coverage, and marketing and advertising to build their business. A very high failure rate plagues the industry in the first two years of agent business. That first year or two is when the agent finds out that the business they expected from family and friends isn’t as much as they need. So, here are some considerations for making the decision to take the leap to real estate as a career.
- It is a FULL-TIME job with no room for Procrastination!
Yes, there are part-time agents and you can do deals when you’re not at work. One thing is clear, a laid back attitude and long days full of procrastination are surely not going to help. However, if your work schedule is like most of your customers’, it’s going to be difficult to hook up with them and provide the service they need. They’ll want your weekends, so get ready to work seven days a week. Therefore, one needs to be on their toes if they really aspire to make a career and good lifestyle out of a profession like real estate. It would certainly be not wrong to say that being in real-estate is a full-time job and one who signs up for it has to be consistent and strong-footed with their maneuvers in order to sustain in this highly competitive market where everyone is on a lookout for the same things you are running after.
- You are an ONE-MAN army.
Though you’ll have to work with a broker who sponsors your license, you are in business for yourself. This means that you’ll need to keep up with laws and taxes to make sure you don’t end up crossways with the regulatory authorities of your country and yet again land up in trouble.
You can choose a broker who is willing to provide you with training and some leads through office duty, but if you don’t hustle up your own leads, you’re not going to make it. Thus, one needs to be mindful of the fact from the very start that it is purely a one-man army when it comes to their efforts of getting a lead and being able to fruitfully even close it.
- Income certainty is a roller coaster ride.
That $44,000 figure isn’t for the first year agent. So, even if you make it through that first year, that number is not evenly spread out at $3,600 per month. The income can come and it probably will, but it will be more like half in a three-month busy season and the rest sporadically over the remainder of the year. Yes, that’s absolutely right. With career in real-estate, one can not just naively expect it to be as reliable and certain as a job is, where, by the end of the month, one is sure that a certain amount is going to get topped up to his bank account and therefore, the person strategizes every move in his life based on that. Well, to break it you, real-estate is everything opposite to that. In real-estate, if you close a deal in one month and earn a good commission amount out of it, you have to save and side out that amount with a prior plan of action thinking you might not be able to earn the same amount the very next month or sometimes, maybe even for the next couple of months. It all depends on the deal being done. If you do not get a deal, you do not get the money. So, now that is quite a roller coaster ride. Isn’t it?
- Your broker is not your trainer. He is just a facilitator.
Sure, your broker wishes you well and wants you to succeed. However, the costs to a broker in adding you as a new agent are low. They already have the office and overhead, and giving you a cubicle in the corner is cheap, so they’ll take a chance on you.
Unlike other industries, fields, and professions, your broker is not your team manager or supervisor here. He has not signed up for that. He is certainly not going to give you any kind of training or chances to get better at your job or provide you with any kind of flexibilities or benefit of doubt. He means business. Pure business. Because being a part of that very industry teaches him that its always about that moment. If you succeed in that very short fraction of time in convincing your potential customer and are able to seal the deal, you are in a good place for the next couple of months and if you do not then that is purely and purely your own loss as the broker does not have to lose anything there momentously.
However, having said that, If you make it to “top producer” status, you’ll be able to negotiate with your broker for a better commission cut and other goodies. Until then, however, you’re on your own — and you better produce, or that cubicle is set to belong to someone else.
- If you’re into service and like the work, you’ll succeed.
If you’re into houses, showing them, the sales and transaction process and helping people to buy and sell, you’re probably going to succeed and make a lot of money over time. Just get into the business with a realistic attitude and income expectation. Well, we will have to say that that is the only good and possibly only rewarding approach to opting anything. Be it real-estate or anything whatsoever, one needs to love doing that with their utmost sincerity and passion and live and breathe their work. If they are capable of doing that, sooner or later, they will surely succeed in their ambitions and make something significant out of their lives. Therefore, as the law of attraction states, one attracts what one focuses on. Thus, if you focus on all things uplifting, positive and good, you will certainly be rewarded with them. So, just stay focused, keep working hard and hang in there!