For any job, there are certain characteristics and traits that will position you for greater success. Real estate is no exception. While possessing many of these traits won’t guarantee you’ll be successful, they will certainly increase your likelihood of financial success and make your job easier. Similarly, it’s still possible to be successful in real estate if you don’t possess these traits, but it will most likely be more of an up-hill battle in the early stages of your career.
When evaluating whether a career in real estate is right for you, it’s always a good idea to examine the traits that will increase your chances of success. This will help you decide whether your skills and personality are a good fit for the job at hand.
The single most important characteristic that will set you up for success in real estate is a “fire in the belly.” Real estate isn’t “rocket science” – you don’t need to be the most business savvy person, a math wizard or a legal genius. There is nothing to invent or discover. Once you complete your real estate courses and get your license, you will have all the tools you need to be able to sell property.
This is good news, as it means you are truly capable of building a successful real estate business if you set your mind to it. However, it also means that you do need to have persistence in order to succeed. It often takes 99 “no’s” to get a “yes.” You need the ability to shake off a no and move onto the next prospective client. Fortunately, the whole world is a prospective client.
For this reason, persistent agents are always successful agents. If you put in the effort and do things right, you can build a strong business and be successful. When you have that “fire in the belly,” you’re way ahead of the game and significantly more likely to put in all the steps necessary to succeed.
The primary difference between those who make it in real estate and those who don’t is a willingness to stick it out through the first couple of years, which can admittedly be hard. The first six months can potentially be the hardest because it takes time to find a few clients, show them properties and get them to closing. Therefore, very few deals are closed in this initial time period.
But if you’re persistent, you’ll find that the next six months will start to get easier. Some of the deals you started lining up in the first six months will begin closing, and money will start coming in. Not only will this be important to your ability to support yourself, but it will provide additional confirmation that your hard work is starting to pay off.
The next year will get even easier since your business will be set up and you will hopefully have a steady flow of clients by this point. If you’re able to stick with it, you should begin to see things snowball somewhere in your second year as a real estate agent. The average increase in revenue is 10-15% each year due to an increase in referrals and repeat business. You can generally expect to see this increase start in year two and continue building each year.
By year four or five, you can realistically expect to have 80-100% of your business coming from referral and repeat clients. This significantly reduces the amount of time you spend marketing. When you take the time to set up your business properly and build a strong network of referral and repeat business, it becomes a lot easier to earn a good living in real estate. For this reason, we can’t stress enough the importance of having that “fire in the belly” and putting in the effort to build your referral network.
Your personality will often play a major role in your ability to build a successful career. People typically want to work with real estate agents who they like. If potential clients find you honest and personable, have confidence in your abilities and feel you are genuinely interested in helping them, they are more likely to choose you over your competitors.
In addition, you’re often building a long-term relationship with your clients that extends beyond the current transaction you’re assisting them with. It’s common to field questions and provide recommendations to past clients as they experience the challenges of home ownership. This is particularly true of first-time homeowners. The better you are at building these relationships, the more likely you are to have your clients reach out to you the next time they want to buy or sell a home, and the more likely they are to recommend you to their family and friends.
You must be extremely detail oriented. Whether you’re comparing housing prices, reviewing the intricacies of a contract, attending to a client’s wish list, or advising clients regarding items to look out for in the homes they’re seeing, your ability to focus on the fine details is an important component to your ability to be successful as real estate agent.
Would you characterize yourself as “determined?” Tenacity, determination and a strong work ethic are critical traits that will contribute to your success in real estate. You must have the drive to pursue every potential lead. You must be able to aggressively market your seller clients’ properties to ensure they get top market value. You must be relentless to ensure your buyer clients are positioned to have their offer accepted on the home of their choice. You must be able to persevere in a highly competitive landscape, no matter how many obstacles are in your way.
This is just a short list of the challenges you must address. In real estate, there will constantly be problems arising, and you must often find creative solutions that aren’t all that obvious or conventional.
While you will work with a brokerage, you’re technically not an employee. As a real estate agent, you’re actually your own boss and you’re running your own business. To be successful as a business owner, you must be highly motivated and make smart decisions.
No one is going to help you run your business more efficiently and no one is going to make you work harder. You are responsible for marketing your business, attracting clients and closing deals for them. It’s entirely up to you how much effort you put into making your business successful. If you lack this motivation, it will be hard to thrive in real estate.
If you’re ready to pursue a career in real estate, Colorado Real Estate School can help you build the foundation for success. Our online real estate courses contain all the important information you need to pass your real estate exam and build a thriving career.
All our online real estate courses are developed and taught by local, licensed real estate professionals, and they contain the most up-to-date information about the latest trends impacting the Colorado real estate industry. In addition, our convenient online format allows you to work through your real estate courses at your own pace, making it easy to fit your studying into your busy schedule.
You’ll also benefit from our VideoConnect Success Learning System™ containing the largest library of video content available. These video lessons are highly engaging and provide an authentic classroom experience without the need to leave your home.
At Colorado Real Estate School, we’re committed to your success, and we provide you with all the tools you’ll need to pass the Colorado real estate exam. Our industry leading real estate exam prep courses provide supplemental coaching and are filled with tips that will help prepare you for what to expect on exam day.
In addition, all our courses are backed up by our exclusive TruSupport Pass Guarantee™. If you don’t pass your exam on the first try, you’ll receive extended access to all course materials, and one of our coaches will work with you to create a customized study plan focused on the areas where you struggled. This additional support will ensure you put in the work necessary to succeed the next time you take the exam.
Contact us today to learn more about our online real estate courses.
