A Career in Real Estate is Glamorous, but there’s More to it!  

Real estate as a business portrays a lot of glamour from a distance. Yes, it has an element of glamour for sure, but like any other business, that pleasurable reward of success and glamour only comes with complete dedication, discipline, and hard work.

It’s common for realtors to be thought of as rich and successful because of the fancy cars they drive or the way they dress. This enviable image encourages many to pursue a career in the real estate industry. However, similar to any other highly paid professionals such as doctors, lawyers or engineers, the lifestyle and the compensation is commensurate with the skilled work, long hours and hectic pace of work. 

For anyone who chooses to make real estate their primary business, it is important to think carefully about three things:

1. What are my career intentions?
2. What is my vision for success in this career? 
3. What are the goals for my real estate business? 

If your intentions are to become rich by making plenty of wealth for yourself, know that while you may be able to make that kind of money, its unlikely that you will be able to keep it for long. That is the law of nature. We can’t change that. 

Give a Little to Get a Lot

In order to make a successful career, not just in the real estate business, but in any industry, you must be willing to GIVE...

• Willing to give your time.
• Willing to give your knowledge.
• Willing to give your experience.
• Willing to give your efforts to make someone’s life more comfortable, someone’s experience of a transaction as stress free as possible and someone’s decision making process a little easier, without putting your own interest before your client’s.

The reason the real estate business is so interesting is because every transaction is unique. In this career, you deal with many diverse kinds of people, a range of different properties and various types of real estate transactions. This career is not just interesting but also quite challenging at times. The most difficult part is to break the ice with your very first transaction.

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Early Success is Encouraging, but Don’t Let it Distract You

Sometimes the challenges in this business are self-created if you are not disciplined. When you successfully complete your very first transaction and see your first big paycheck, it’s easy to relax in your mind and take your foot off the gas pedal. Many realtors decide to take a break or a short vacation immediately after their first big transaction. Although it may seem well-deserved, I consider this a big distraction.

Instead, the moment you get your first transaction signed, it should crank up your engine. The momentum must continue so it can propel you forward without allowing you to settle into a comfort zone. Remember that the most difficult part when you are starting out in your real estate career is being able to build that momentum. So, once the wheels are in motion, try not to slow down. It will take the same amount of energy, time, and effort to start it all over again.

In summary, I would like to offer two proven tips based on almost two decades of experience in this industry. If you plan to embark on this journey of a real estate career, be prepared to work hard, work smart, and discipline yourself.

1. I am not suggesting that you should work without taking any time off or a couple of vacations in a year, but they are definitely not recommended in the first 4 to 6 months into your business. In fact, go ahead and plan your vacation and your days off. Put them into your calendar before anything else and commit to taking that time for yourself or your family. Don’t compromise it unless you are overcome with unavoidable circumstances. Having committed to time off will encourage you to work harder and smarter so that nothing comes in the way of your vacations.

2. Whenever you get your paycheck, always put aside your money in these 5 different accounts:

1. 30% into a tax-free savings account for the payment of taxes at the end of the year.
2. 5% minimum to be kept aside for charitable causes.
3. 10% into your savings account with the intention of accumulating enough to invest in purchasing real estate for yourself (a minimum 10% of your annual income must go back into saving up for real estate investment).
4. 10% invested back into your business (all the fees as well as education and training).
5. 45% for your personal expenses.

In my next blog I will share more experiences gathered throughout my journey in the real estate industry. I will talk about what other challenges to expect, how to be prepared for them, how to tackle common challenges, or how to avoid those hurdles when possible.

Thank you for reading my blog, and I would love to see your comments!

Mushtaq Sayed Broker/Manager

Century 21 Leading Edge Realty Inc., Brokerage