• Joshua Loo

The Fine Details of a Year in the Real Estate Industry

Introduction


Like many new experiences in life, one will require to fully commit and set aside time to completely encapsulate the advantages and disadvantages.


Real Estate salespersons are similar to the everyday working man/woman. Not all of us drive fancy cars and live in huge condominiums. That’s just commonly portrayed in the media as it provides for an interesting narrative. That’s not to say it is impossible, as with every endeavor, what you sow, you harvest. Ultimately it depends on your career and personal milestones.


I have been in the Real Estate industry for almost a year now, which might be a tiny drop in the ocean as compared to other senior Real Estate salespersons. However, my level of experience might just be the right amount of exposure since I have previously left full-time employment in pursuit of starting a real estate business. An even shorter timeframe might not succinctly capture the successes and struggles of a newbie Real Estate salesperson.


The purpose of this article is not for recruitment – I am still finding my way around. It is to provide insight for people who are interested in entering the industry. Since the transition is rather fresh to me, it provides a realistic outlook for people who are curious about what most agents will face in their first year in the Real Estate industry.


My points will not be categorized strictly into advantages and disadvantages, as my advantage might not be yours. Rather, I will detail my current observations and feelings so that you can decide for yourself.


I hope this article is useful to shape your decisions to come!

Huge Uncertainties


Real Estate salespersons earn their keep through successful property transactions, receiving commissions for their service. This means that you will not be receiving a fixed stream of income month on month. As such, this career choice is definitely not for the faint of heart and can be distressing in financially turbulent times like the present COVID-19 situation. It is best to maintain a healthy bank account to tide over.

Prudent Financial Planning


Uncertainties from being a Real Estate salesperson can bring about splurging of commissions when it starts coming in. After all, it is only natural to reward yourself for all the hard work. As with all businesses, it is crucial for them to reinvest back their commissions back into marketing, so as to increase their outreach and grow their operations.

Freedom of Choice


Do you enjoy sleeping in at 4 in the morning and waking up at noon? If so, this career is a good pick for you. There are no definite working hours that are in place for this role, it is however easy to be lost within this newfound freedom.

It is best to set aside a good framework on how you will like to move ahead and the measures on how to track such progress. With the COVID-19 situation in place, many of the workforces are still at home, I have decided to readjust my daily schedules to optimize for best efficiency.

Before COVID-19 Situation

  • Ground Canvasing & Setting Appointments with Leads (Greatest Emphasis)

  • Tweaking/Optimizing Current Listings to Attract Interested Buyers (Neutral Emphasis)

  • Generating Online Content for Clients/Readers & Online Leads Generation (Least Emphasis)

This exceptional freedom has also granted me the advantage of experimenting with different ideas, which might be contrary to what traditionally works. This does not mean that I place a reduced effort into these individual tasks. However, you will need to recognize that there are risks involved without someone constantly looking over you.

Current COVID-19 Situation

  • Generating Online Content for Clients/Readers & Online Leads Generation (Greatest Emphasis)

  • Tweaking/Optimizing Current Listings to Attract Interested Buyers (Neutral Emphasis)

  • Ground Canvasing & Setting Appointments with Leads (Least Emphasis)

Did you notice the shift in emphasis on the activities? Due to the circuit breaker lockdown, I have decided to prioritize generating online content as I am unable to meet up with clients face-to-face.

Low-Cost Business Owner


A business usually has many startup costs, which consists of, but not limited to incorporation, inventory, office space rental, payroll, and many others. This usually requires the business owner to be well afloat in their financials to sustain business operations until positive cash flow is generated.


Being a Real Estate salesperson provides the opportunity to start a low-cost business with plenty of support from your agency of choice. The framework is all in place and all that is required for the aspiring business owner is sheer determination and an indomitable spirit.


To add on, for a startup to take off successfully, business professionals in the field will recommend releasing a minimum viable product (MVP). This prevents unnecessary expenditure during the early stages of a startup as it can be hugely expensive, with plenty of funds that might be placed into research & development.


You probably can see where this is heading, in a Real Estate business the MVP is you! Without the rigidity of a company, you can easily test and see what works, and improvise quickly at a low cost. The Real Estate salesperson’s product is not the Real Estate solely, but the unique service that they provide.


What services are you providing that set yourself apart?

The Salesperson Life


Being a salesperson requires a different set of skills, which might be a difficult transition for someone who is coming out from a deskbound 9 to 5 job. It is important to be prepared mentally. One of the main issues that most salespersons will face is rejection, this is only normal, so constantly remind yourself that you have to get through the NOs to eventually get to the YES!


Are you keen on finding out if which property will be an ideal investment for your specific financial circumstance? Contact us at +65 96329840 or send your queries to estatemagnates@gmail.com! Our consultations do not have a charge, so let us assist you!


The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee, or other group or individual. The author does not accept any responsibility whatsoever for any harm or loss arising from accessing or relying on information contained in this blog post.

 

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Real estate advice on the internet can be very general and might not be specifically applicable to your current situation. This is especially worrying due to the huge costs involved in every property investment.


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