by Kevin Rain
Over the past couple of years, real estate has been a hot topic. The market has taken a turn and has caused a big storm of buyers wanting to get involved.
With record low interest-rates, many families have finally felt financially capable of becoming homeowners. The low demand has caused so much competition, which turned buyer’s even more eager. The conversation of real estate has added to the chaos of 2021, and it feels like everyone, everywhere is trying to get involved.
In February of 2021, the value of home prices has had an average increase of 20%. With such high demand, a seller’s market had started. Homeowners wanted to take advantage of the current situation and take a profit while they can.
Many realtors have been able to make business from this. In this market, a realtor can expect to generally make around 3% from a sale. All of this noise made people decide on choosing real estate as their career. Being a realtor means that you are an independent contractor. This means that nobody is telling you what to do. This double-edged sword has been really appealing in hindsight, but it definitely has it’s drawbacks.
It’s not as stable as people make it out to be. In one month, you can be earning a very healthy 5 figure check from just one sale. The next few months, you could have no income coming in. Personally, as a realtor, I consider myself unemployed when I have no listings or current deals. Something that realtors have to keep in mind is that the work you do today is what you get paid for months down the road. In order to grow a brand as a realtor, it might be essential to have a global reach that might attract people to know about the business and listed properties. For that, a realtor may need to build a website (if interested, have a look at real estate web design) listed with all the services he or she provides. With the help of the internet, it may not be tough to reach potential buyers through advertising and marketing.
The freedom of independent contracting gives many opportunities. Traveling becomes so easy, because there are no shifts that you have to clock in for. Your obligations are the ones that you make for yourself. It allows people to unlock their creativity and become personable, which is something that is very desirable.
Staying on top of prospecting is the name of the game. Realtors can get really creative about their approach to networking. Of course, being knowledgable on market trends can add so much insight for your clients and adds value to your business. I hope that many more individuals explore their career paths and take the risk of working for themselves.
If anyone has any questions at all, feel free to reach me via email.