Fundamentals of Real Estate

Real Estate Sales Fast Track Program Fundamentals of Real Estate

Real Estate is an amazing industry that can be fun and rewarding but make no mistake it takes a lot of determination, commitment and good old-fashioned hard work.

Once it gets in your system it can be quite addictive. Looking from the outside in, as in most situations it often doesn’t tell the true story. It is often said that real estate is all about driving fancy cars, standing at open homes and collecting the big dollars! Well, it would be nice if that was true but it couldn’t be further from the truth.

We are going to cover some of the cold hard facts about this wonderful industry, warts and all. We are doing this to make sure you are ready for what it takes to be successful and you are not looking at the industry with rose coloured glasses.

Becoming a real estate salesperson is often referred to as having a business within a business. As with any business, there is hard work in getting established. In a traditional business, a common theory is that you often make a loss in your first year when you take into consideration all the setup costs etc. In real estate, this means that in your first year you WILL NOT get paid for the time, effort and energy you put in, therefore you make a loss. In your second year you should break even and in your third years, you should get paid back for the loss in your first 12 months. It’s not until your 4^th and 5^th year that you really see a true profit.

Real estate has an extremely high fall out rate, actually 80% of people who start in real estate will not make it through to their 1^st anniversary. There are many reasons for this and a few worth mentioning are

The training for the Certificate of Registration sets you up so you don’t get sued and most salespeople don’t undergo the training of how to be successful. Congratulations on taking that extra step with this training.
Many starters really don’t know what they are in for, they weren’t ready for how hard it would be and the effort involved.
Many people give up just before the fruits of their labour blossom. From experience, we know that there are 2 times in a new salesperson career that many consider quitting and this is at the 9- and 18-month mark. Even if they have been doing the activity persistently and then leave, often what happens is their actions from the last 9 months start to produce results yet they are no longer there to enjoy them.