5 Challenges to a Career in Real Estate

real estate business real estate business trends real estate motivation Sep 04, 2023

Are you considering a career in real estate? Well, hold your horses! Before you dive in, there are a few challenges you should know about. And if you think being a real estate agent is all about negotiations and appearances, you're in for a surprise. Here are the top 5 challenges you'll face when starting a career in real estate.

Challenge #1: Money Matters

Did you know that 85% of agents run out of money in their first year? Yikes! That's because they didn't properly evaluate their finances before jumping into real estate. Make sure you have enough savings to cover your living expenses while your business gets off the ground. And don't forget to set aside some cash for marketing, MLS strategies, and ongoing education.

Challenge #2: Building a Business

When you become a real estate agent, you're essentially starting your own business. This means you have the potential to earn big bucks and create a schedule that suits your needs. But here's the catch: building a successful business takes time and effort. You'll have to dedicate hours to networking, making calls, and educating yourself. Want to supercharge your success? Join our Manfred Membership program for top-notch education and training.

Challenge #3: Finding the Right Brokerage

Not all brokerages are created equal. Some offer more support, resources, and a better reputation than others. So, don't just choose a brokerage based on money. Look for one that aligns with your goals and values. And remember, your broker won't hand you clients on a silver platter. You'll need to hustle and build your own relationships.

Challenge #4: Patience is a Virtue

Real estate is not a get-rich-quick scheme. It takes time to build relationships and earn clients' trust. For every 100 people you talk to, only one might be interested in buying or selling a home. So, if you're expecting instant success, think again. The key is to be patient, work hard, and build a long-term reputation that attracts clients.

Challenge #5: Kick Your Comfort Zone to the Curb

Cold-calling potential clients is a crucial part of being a real estate agent. It's not easy, but it's necessary. You'll need to develop scripts and master the art of convincing people to hire you. And guess what? It requires stepping outside your comfort zone and embracing rejection. But remember, each "no" brings you closer to a "yes."