TO: Potential Real Estate Students
FROM: Student’s Name, MATC Real Estate
Program Student
RE: A Career In Real Estate Sales
DATE: April 16, 2003
Real estate can be
a monetarily and emotionally rewarding career. However, there are many factors
one must weigh before entering the real estate sales occupation. Even though
part time sales agents are in the field, many firms are turning away from part
timers as the realization that full time real estate agents not only are better
able to serve clients, they stay and make it a career.
This report will
help you grasp an understanding of the basic functions involved in becoming a
successful real estate agent. Education, skills, earning potential, and reasons
for failure will be discussed. From now until about the year 2010, the real
estate agent sales field is not expected to expand as quickly as other
occupations. Continued openings will be expected as agents move to other
careers, retire, or burnout (bls.com).
This is even more reason to understand and realize all aspects needed
from a sales agent.
To become a real
estate agent, one must pass a course and a test indicating they understand laws
and basic functions of the job. In Wisconsin, a 72-hour course furnished by an
accredited agency must be taken and passed. After the completion of the
training course, a state and national exam must be passed before applying for a
license from the state. Continuing education must also be passed every two
years in order to renew a license (WRA.com).
On top of the state
requirements, many realtors decide to use other sources for education and
updates in their field. The National Association of Realtors ® (NAR) allows
agents to become a member and earn their Realtor® title. In order to do so,
agents must pass the NAR course and adhere to their code of ethics (Boyd 8,9).
There are other titles that can be achieved with education, and many realtors
will achieve greater success by attaining these titles.
Although education
plays an important role in the realtor’s success, many skills are needed
besides the accreditations and licenses. A realtor deals with a variety of
people, and must learn how to use technology to enhance their career.
Buying and selling
a house is a major decision for most people. A realtor helps them meet their
needs while performing multiple tasks needed to conclude a sale. The realtor
must have excellent persuasive skills, to enable the buyer and or seller to
make a decision on the property to be bought or sold. A realtor should be able
to help the buyer know that when purchasing a home you should be knowledgeable
on the work needed inside the home. Things may seem good on the outside, but be
in bad shape underneath the glossy exterior. Be sure to have some knowledge of
the difference in good craftsmanship and inexperienced work. The main areas to
watch for are the rooms with plumbing, which can be costly to repair. Windows
also need to be checked over closely to make sure they are not in desperate
need of fixing. The cosmetic features of the home can be fixed easily,
relatively inexpensively, and should not be the focus of inspecting a home
(Carson 129).
After the decision
is made, the realtor must make sure that every step needed is taken care of,
from mortgages, contingencies, laws, and closings to ensure proper and legal
transfer of real estate. A realtor needs to have math skills to quickly
decipher how much their clients can afford, and to help them realize potential
payments of the home they desire. While technology is ever changing, so must a
realtor. Online open houses, and other information is used daily by a realtor.
If learned and used correctly, a realtor may find enormous amounts of
satisfaction in their position.
“The median annual
earnings of salaried real estate agents, including commission, were $27,640 in
2000. The middle 50 percent earned between $19,530 and $45,740 a year. The
lowest 10 percent earned less than $14,460, and the highest 10 percent earned
more than $78,540” (bls.gov).
Looking at those
statistics might make one think agents earn a meager living. The numbers are an
example of what you may or may not earn depending on how you work and the
determination you have to make it in real estate. The earnings potential in
real estate is theoretically unlimited,
as someone is always buying and selling.
The numbers of the
earnings alone can show the failure of income if an agent does not work hard
and persist on becoming the best. Burnout can come quickly in this field, as
you are your own boss. You will own your own business, even if you work for a
company such as Century 21. Most realtors are independent agents, and must
realize the signs of burnout.
6 signs of burnout…
If any of these signs ring true for
you, your workload may be causing job burnout.
1. You wake up in the middle of the night and start trying to solve a
work related problem.
2. You frequently complete the
sentences of someone you’re talking to.
3. You regularly feel overwhelmed with the amount of work you have to
complete.
4. You run late all the time.
5. You often find it hard to concentrate, especially on more complicated
tasks.
6. You get angry easily, often over minor things
(Realtor.org).
If you are on the
watch for these signs, you can help yourself become a better business person in
this industry. Take time off if you feel overwhelmed, as being able to make
your own schedule is a perk of this job.
It’s worth not putting yourself in a position of being overworked and
underpaid, as failure will surely follow.
Being a prepared,
knowledgeable realtor will help you succeed. Realtors make or break themselves
in this business, and multiple agencies are there to help them along the way.
Good money can be made, if a realtor works hard and realizes their potential,
client’s needs, and possible signs of burnout.
To help you achieve
a successful real estate sales career I recommend taking MATC’s
Real Estate Program. It will give you the tools you need to start, and teach
you about the many aspects of real estate. Remember to study hard, learn about
people, and realize your potential. This field is not for everyone, but if you
feel you have what it takes, you must commit 100% to continued education and
helping others.
Boyd, Patricia, and
Lonny Coffey. How To Buy & Sell Your Home Without Getting Ripped Off!
Chicago: Dearborn Financial Publishing,
Inc., 2000
Carson, Alan, and
Robert Dunlop. Inspecting a House A Guide For Buyers, Owners, and Renovators.
Toronto: Stoddart
Publishing Co. Limited, 1999
Real Estate
Brokers And Sales Agents.
Bureau of Labor Statistics. Oct. 2001. 7 Apr. 2003.
<http://www.bls.gov/oco/home.htm>