Thinking About Getting Into Real Estate? Expect a Few Road Bumps

So you’re thinking about getting into real estate? Here at Bayut.com, we interact with a lot of estate agents and some of them are more prepared for the reality of the job than others. To help you navigate the hardships of embarking on a career as an estate agent, here are 8 things to know beforehand.

grow your network as fast as you can

New to Dubai, new to sales and new to real estate? It can take a lot of time to build up a network and gain trust. The sales will come but make sure you have a cushion to get you through the first six months.

WANT TO work pART TIME? WELL, BE READY TO LOSE the battle against FULL-TIMe agents

For some reason, a lot of people think getting into real estate is an easy way to make a lot of money with minimal work. This is simply not true. The top earners put in a lot of hours to make the big commissions and they started off slowly and had the patience to work their way up. If you think you can work part-time at real estate and make top dirhams you are sadly mistaken. The one exception to this is if you are extremely well-networked before entering the field.

THE WEEKEND MIGHT NOT BE WHAT IT USED TO BE

Serious inquiries come in at all times and especially during the weekend. If you are brunching, shopping or beaching these serious leads will go to your competitors. While you are building your book of business, expect to work weekends if you want to compete with the top dogs.

OU MIGHT HAVE TROUBLE SAVING UNTIL YOU GET THE HANG OF BEING AN ESTATE AGENT — ‘Many Estate Agents Blow their Commission Check

you might have trouble saving until you get the hang of it

One month you might make AED 60,000 and the next two months might net you AED 0. Many an agent has blown their commission check assuming the next big pay day would come in 30 days later only to be very sadly awakened to agent reality. One must budget and make sure to put away money to cover expenses such as rent and car payments and have a fund to cover you during the slow times.

just because you’re asleep, it doesn’t mean your phone will be

Dinners, birthday parties, life events and date nights will be interrupted by the phone. Some clients have a limited view on boundaries and others could be calling from overseas. You really do have to pick up the phone to compete or hire an assistant who can actually answer questions about the property and schedule viewings on your behalf.

Thinking About Getting into Real Estate? Expect a Few Road Bumps — An Agent Loses a Deal Over Phone Lines

SOMETIMES, YOU WILL lose deals that SEEM certain to close

Every agent has worked tirelessly and closely with a client to close a deal. Clients do sometimes change their mind regarding intent to purchase and others will close with another agent despite your commitment to solid customer service. It is imperative you be able to move on. It’s not nice but it does happen to everyone. Remember point number 4? Never count on getting paid (especially when you really need the money).

expect different hours to the standard 9-5

Good agents can easily work 60 hours a week and the workday can drag into the night. We regularly hear about agents showing the property at 10:00 and 11:00 PM. If you do not put in the long hours, you will not be a top agent.

STAYING POSITIVE is a must.

Of course, not every agent is positive 24 /7 but the good ones sure appear to be. Despite what is being thrown your way, you must always appear positive and in control. Clients are known to walk away when their agent isn’t projecting a positive and professional image.

However, if you can make it past the first 6 months and live by the other principals above, real estate can be rewarding. Helping people secure one of the most, if not the most significant, investment in their lives can be an extremely rewarding experience.

You have to be passionate about meeting and helping people to be successful. Loving the big commissions is fine as long as you also genuinely love helping people. If you are just chasing the pay heck it will show and success will be elusive.

The Conference Room Where Bayut Academy Takes Place

THIS ARTICLE WAS WRITTEN BY bayut’s JUNE GUEST BLOGGER, CAROLINE TINKLE.

Caroline Tinkle is Bayut’s Customer Experience Senior Manager who conducts all of the Bayut Academy training sessions. A native of Texas, USA, Caroline has years of experience of working in Training and Business Management, in both the US and the UAE.

Bayut Academy offers on-going workshops to help the established and new agents alike be more successful and expand their network. If you’re interested in attending a training or receiving our training calendar, get in touch with Caroline at academy@bayut.com.