The real estate market is a very lucrative one. Many young adults nowadays are interested in taking up real estate jobs. However, one of the most demanding real estate jobs is being a real estate agent.
We all know that the more demanding the job is, the more it demands from you. So, is it possible to be a real estate agent with no experience? Yes, apparently, it is possible.
This article will guide you on how to become a real estate agent with no experience. Keep scrolling to know more.
How risky is being a real estate agent?
Despite being one of the most rewarding careers, real estate jobs can be quite risky in several ways. Market uncertainty and safety issues are two major concerns of a real estate job, but there are a few other factors that real estate agents may worry about.
- The unpredictability of the housing market
If you are thinking of joining the real estate market, you should be aware that the housing market is constantly changing. You can never predict when the market changes its behavior. Several economic factors affect the demand and supply of housing.
Interest rates, inflation rates, supply of loanable funds, etc. affect the housing market. Also, buying a house is a big decision and people take a lot of time to make this decision.
- Lack of sales
As mentioned in the previous section, people take time to make house-purchasing decisions. This might mean that real estate agents may experience periods with no deals in their court which can be stressful. Lack of sales, and lower house prices can be major stressing reasons for a real estate agent.
- No guaranteed paychecks
Because they earn commission from the sale price of the house, lower prices will lead to them earning less. No sales in a while will leave an agent with no paycheck which can be a trigger for stress.
Since real estate is a luxurious career, there is bound to be high competition as more and more people join this career. Competition can be a major risk since it will restrict the number of deals you will receive.
What skills do you need to be a real estate agent?
Being a real estate agent demands several skills that you must have to succeed. These skills are an integral part of your job that you will have to apply regularly. You cannot be an efficient real estate agent without having the required skills.
- Communication skills
Each of your clients will be different with different preferences and mindsets. You need to be able to communicate with each of them flawlessly to make a sale. Communication skills include verbal communication, non-verbal communication, written communication, and active listening.
A huge part of communication skills is to hear your clients and understand their needs and wants.
- Local knowledge
The clients who come to you may want to know about the local area and the surroundings in order to decide whether to buy the house or not. You need to have knowledge about the nearby schools (for people with children), nearby hospitals, accessibility to public transport, etc.
- Time management
In an unpredictable market like real estate, you need to have flexible schedules and you must be aware that you might have to work long hours and unexpected shifts. Your client’s schedule might be different from yours but you need to cooperate and make time for them.
- Negotiation skills
You must be able to negotiate logically with your clients. Often, people are poor negotiators just because they are uncomfortable negotiating prices for long hours. But, keep in mind that the higher the sale price, the higher will be your commission. So, you must be able to negotiate prices with your clients logically and with a sound mind.
- Networking and Marketing skills
Networking is essential in the real estate business. You need to know a lot of people in order to get sufficient deals. Skilled real estate agents maintain strong networking with professionals like real estate lawyers, mortgage lenders, and home inspectors who can come in handy when they need them.
Marketing skills are also must have because you need to be able to market the houses to your clients in a way that they cannot afford to lose the home. You need to be persuasive in a more subtle kind of way which can be done through high marketing skills.
How to be a real estate agent with no experience?
Being a real estate agent without experience is very challenging. However, there are things you can do to propel your career in the real estates industry.
- Get a license
Know about your state’s licensing requirements and complete the necessary qualifications and training. Most states require you to have a license in order to work as a real estate agent.
- Build a network
Networking is a key to the industry of real estate. You should start building strong relationships with professionals related to this field like real estate lawyers and mortgage lenders.
- Involvement in the local real estate community
Try to attend the local real estate events. Associate yourself with an organization or volunteer for a local company.
- Consider interning in the field
Consider kickstarting your career by interning to gain sufficient experience or knowledge about the field and work.
What is the disadvantage of being a real estate agent?
The biggest disadvantage of a real estate job is the amount of patience you need to have. Most people get tired of waiting and quit early. You may have to wait for months before you get your first client and it takes a long time to build a network and climb up the success ladder.
Also, the unreliable pay is another concern. If you are passionate about this field, inconsistency in payment will not bother you much. However, if you want a secure job with a fixed paycheck, real estate may not be a field you want to enter.
How to become a real estate developer with no experience?
Social networking is the best way to break into the real estate development industry. Reach out to professionals, and build networks with them. Try to intern under an established developer. You need to keep track and not lose focus in this span. This might take time, but, with focus and goal-oriented planning, you can crack it!
Work from-home real estate jobs with no experience: is it possible?
We have already covered the experience part. Networking can help you get enough experience and knowledge to be successful in the real estate market.
Most real estate employees work from an office. However, with advancements in technology and the effect of the COVID-19 pandemic, it is not impossible to find a good real estate job that allows you to work from home.
You need to familiarize yourself with different tools and technology which help with the tours and listings in order to operate smoothly from while working remotely.
Entry-level real estate jobs without license
Most real estate jobs require licenses and experience. However, here are some entry-level real estate jobs requiring no experience or license.
- Real estate wholesaler
Wholesale real estate is a short-term business approach that allows investors to generate a rapid and consistent profit.
- House flipper
Professionals who buy distressed properties and resell them at a higher price after fixing the properties.
- Real Estate Courier
Their work can range from exploring the marketplace for leads and creating marketing brochures to providing critical real estate paperwork.
- Real estate assistant
People who provide administrative support to brokers and realtors.
- Marketing Assistant
A marketing assistant helps real estate firms expand by planning, implementing, and administering promotional campaigns.
Frequently Asked Questions (FAQs)
Can an introvert be a good real estate agent?
Yes, introverts are experts when it comes to separating personal and professional lives. Even if communicating and networking do not interest them, if the work demands it, they can totally do it skillfully.
Is real estate a difficult career?
Indeed it is. Real estate needs patience, qualifications, and skills that are not easy to build.
How long do most real estate agents last?
Research says that around 87% of the agents fail in the initial five years.
In short, real estate jobs are really lucrative and demanding. The most important thing in order to succeed in the real estate industry is to build strong networking relationships. So, people interested in joining the industry can rest assured that there are multiple ways to make a place in this market even without any experience.
We hope we have been able to help you gain valuable insights about the real estate field with this article.