When you first get into real estate, there's a lot of emphasis on learning the rules, finding the right brokerage to work with, and relying on your broker for their policies, guidance, and advice. Your brokerage matters, but it's important not to lose sight of the fact that real estate is YOUR business. As an entrepreneur, you're entirely responsible for your success and how much money you make.
So, even though you're licensed with a brokerage, your broker isn't going to manage you. They aren't going to make sure you show up to work, do the right tasks, or connect you with new clients. They may offer you tools and training to help you succeed – but how and if you choose to apply those tools and training is entirely up to you.
What does it mean to be an entrepreneur?
If you haven't run your own business before, you may be surprised to find out that being an entrepreneur and a REALTOR® means you're now in charge of every aspect of your business, including:
- Business planning
- Accounting and budgeting
- Marketing
- Prospecting
- Plus, all the things you thought you'd be doing working with buyers and sellers to make money.
And while it sounds scary, it's also an extremely rewarding business when you put in the effort. However, being consistent and purposeful in your efforts is where many agents, both new and experienced, are often challenged.
Be consistent and purposeful
Do you consider flexible hours to be a perk of being a REALTOR®? While you're not tied to a typical work schedule, it may come as a surprise that you'll need to put in full-time hours to build and grow your business and be available to meet with your clients, who are often only available evenings and weekends. This can be especially tricky if you're working another job.
Are you struggling with building your business because you have no business (clients) to focus on? This is precisely the time to put your entrepreneurial skills into action. Establish your routine. Get up at the same time every morning, get dressed, and go to work – whether that's your home office, a workspace in your brokerage, or even the library. Focus on building your business and marketing plans, budget, and creating your contact database. Reach out to at least one to two people each day. Set goals and stick to them no matter what.
Put yourself out there
Starting a business from scratch is difficult, so don't go at it alone. Some tips:
- Seek advice from your broker and other agents in your office.
- Take advantage of as many training opportunities as you can from your brokerage and events offered by other brokerages or real estate boards.
- Look for real estate conferences and coaching events taking place in your area or online.
- Whenever you have "free" time and you're not working on your business, listen to podcasts, read books to boost your business and marketing plans, or learn more about industry best practices. AREA has many resources, and we can point you to them as well.
It's a challenging and competitive industry, but as an entrepreneur, you can make your real estate business anything you want it to be. No one is going to check in to make sure you're doing your homework, so discipline is key. Focus on your long-term goals and driving your business plan forward, and you will reap the rewards of being an entrepreneur without sharing the credit for any of your success.
Need help figuring out where to start or need additional motivation? Visit AREA's website for additional tools and resources.
