Is Now A Good Time to Get Into Real Estate?
In our previous blog post, we discussed the tumultuous year that the real estate market recently experienced in America and reviewed potential trends for the year 2023. The patterns and trends experienced in the past year were as most things are these days, very unpredictable. Unpredictability can be both scary and exciting at times, but it is understandable if you are wondering whether or not now is a good time to get into real estate or not keep reading.
Defining “Good”
It would be nearly impossible to land on a consensus definition for what is truly good in this circumstance. The truth of the matter and one of the best things about real estate is the fact that there is never really a bad time to become an agent. Separate from the ups and downs of the economy, pop culture, and public opinion in general, people will always need places to live. There is an abundance of opportunity in this job sector and though it may be unpredictable at times, it will always be there.
More Risk, More Reward
With the level of crazy that the real estate market has been the past couple of years, it may be intimidating to new agents. Due to the nature of the current market, you will be dealing with higher figure properties, a competitive market, and agitated buyers and sellers. As nerve wracking as this can be, if executed properly, this market will also result in a higher payout and a more impressive track record.
The real estate market can be a very intense and competitive field of work, but that is one aspect that people gravitate towards. Your career success is largely dependent on the work you put in, creating the potential to thrive in almost any market circumstance.
Set Yourself Up for Success
Although it is easy enough to say that your success is up to you, obviously being a beginner agent in a crazy market landscape is a difficult position no matter who you are. There are some steps you can take, however, to better set yourself up for success and ensure that you develop a good foundation for your career to come.
Work For an Agency
When first starting out, many agents prefer to start with an agency. Starting with an agency provides you a lot of security. For instance you will have a reliable income, people to fall back on when things go awry, good role models, and a whole team of people you can observe and learn from. Although your money making potential may not be the highest, there is plenty of time down the road to work your way up. Instead, investing in your skills and a support network will serve your future much better than money chasing.
Don’t Bite Off More Than You Can Chew
As discussed previously, a crazy housing market can be a good opportunity for success. It can also, however, be a trap that inexperienced agents can get caught up in. Don’t let the lust of potential money compromise your success. It is ok to admit when you are not quite ready or skilled enough to manage a certain client or property. Being able to utilize introspection and know your limits will serve you well and make you a better, more well rounded agent.
