Real estate is a field wherein aspiring entrepreneurs can find many paths to success. Many of today’s wealthiest individuals have made their fortunes in real estate, and it’s one of the few business sectors that can deliver fast turnarounds and establish lucrative careers quickly. That said, if you’re getting into real estate to get rich quick, you might need to get real about both your expectations of success and how you’re going to get there.
If you have a passion for real estate and you are considering making it a business, it can be a rewarding career, if you’re willing to put in the hard work. These hints can help any budding real estate mogul enter the field armed with the insight they need to avoid pitfalls and optimize their paths to success.
It may seem obvious but it’s such a crucial point. Many think they know about real estate because they have owned property before, or watch a lot of house flipping shows on HGTV and think it looks easy. But the only way to start out what is hopefully a long-term career in real estate is to learn everything you possibly can about the business.
Read books and articles, take classes, stay on top of current trends, even go out and look at as many properties as possible to get a real life feel for your market. Not only will this education give you a leg up on your competition, it will also instill confidence in your clients and help you provide the high quality service that results in more referrals and business growth.
Surround Yourself with Successful People
Real estate is an industry rooted in people and relationships; success is never accomplished alone. So if you’re going to have to learn from someone, try to go out and find the most successful professionals to learn from.
If you are able, you can ask to intern for someone as a learning opportunity. Many of these pros who are running busy successful firms will be happy to have whatever help they can in exchange for some sage-like wisdom. Absorb whatever you can from these mentors, and provide them with valuable service, and you’ve not only gained insight but created a professional network that will be valuable to you as you build your business for years to come.
Planning and preparation is vital, but at the end of the day, success doesn’t come to those who wait; it comes to those who execute. You have to start somewhere, so just start. Don’t wait for everything to be perfect before you begin building your business in earnest. Trying to hold down a day job, the demands of life and family, the need for financial security—these are all real challenges, just don’t let them become excuses for why you don’t do anything at all.
Even if you can’t quit your day job yet, use your off hours, make a business plan and start executing at whatever pace you can without burning yourself out. You will most likely have to sacrifice some free time and a lot of sleep, but no success story was ever made without sacrifice. Get out there and get started.
Again, this might seem obvious, but it’s important to point out. The real estate space has certainly seen its share of overnight success stories and it can be tempting to think that all you need is the right property and a little luck. Let’s clear up that misconception.
The real truth is that in most facets of real estate you only get paid for what you produce. Most of the time, especially when just starting out, you won’t be salaried and you’ll be competing with thousands of other hungry professionals for the same market. The only way for you to succeed is to work harder and smarter than everyone else. That, again, usually means sacrificing your free time and being there when your competitors aren’t, using tools and technology to create more efficiencies and do better work in less time. This is an industry where you truly can get out what you put in. If you’re not ready to be up early, go to bed late and work weekends, then you’re probably not ready for real estate.
Don’t Give Up
TV has been making real estate look like an easy job you can do on the weekends. Buy an old property, add some paint and turn a huge profit, rinse, repeat. But as we’ve already mentioned, those illusions are going to get shattered pretty quickly. If you get into the business and see firsthand just how much work goes into building a career, it can be daunting, and tempting to just give up.
But the most successful people in real estate are those who are able to face challenges, solve them and keep moving forward. Perseverance and determination is crucial. Don’t let the disappointments dissuade you from pursuing your goals. If you get knocked down, learn from it, but get right back up and keep going.
Real estate is an industry rife with opportunity. Though markets are different, properties are being built, remodeled, bought and sold, everywhere, all the time. You’re really only limited by your own vision and the level of work you’re willing to put in. Be aggressive, be curious, be willing to sacrifice and never let the setbacks get you down.