Nothing comes easy in the world of the real estate industry. It’s a fast-paced environment to work in, and being a real estate agent, life can become hectic in a hurry. Almost all professionals encounter challenges in their respective careers, and real estate agents are no strangers to this.
New York is renowned as a city that never sleeps, and having a real estate license in New York City presents many challenges. Don’t get it wrong, working as a real estate agent is very rewarding and fulfilling, but it doesn’t come with any challenges.
In this article, you will learn some of the more common challenges experienced by individuals with real estate license in New York usually encounter. Plus, we will give you additional tips if you want to progress further in your career as a real estate agent.
Why do People think Working As A Real Estate Agent is Easy?
It’s not easy. However, if you ask different kinds of people, then you will get mixed reactions and answers regarding this. Most people think working as a real estate agent is opening doors to millionaires and closing every deal, and as smooth as it sounds, that’s not the case often.
People often base their opinions on what they see. However, there’s a lot that they don’t know that meets their eyes. If you are a real estate agent, your work isn’t just opening doors and hosting open houses for everyone to see and enjoy. The real business starts when you must learn every skill to thrive in this industry.
Challenge #1: Selling Yourself
Being a real estate agent isn’t all about selling properties. Most of the time, you have to sell yourself to entice clients to work with you. If you ask us, selling yourself is much harder than selling a property.
To sell yourself means you have to do what’s necessary. While there are no perfect real estate agents, some are strong in some departments only. As a result, you have to balance everything. For example, some are great at using technology as their selling point, whereas some have amazing communication skills that can easily woo their clients.
Selling yourself means telling your clients you are the ideal person for the job. You should tell them you have the right skills, knowledge, and know-how to make their transactions smooth and seamless.
Often, it all starts with yourself and how you deal with it. Most real estate agents crack down under pressure, which can lead to a client ditching them. Sometimes, change always starts with yourself.
Challenge #2: Paid On Commission
While this can be an advantage, many real estate agents see this as challenging if they need this commission to feed a lot in their family. Real estate agents are often depicted in movies as so-called elite professionals making millions of dollars with closed deals.
In reality, that’s not the case. You only get paid when you sell the property, and that’s the cold hard truth. If you’re not selling property for months, you might soon see your bank account dwindling until nothing is left.
However, selling a property is one of the most fulfilling and enriching things most real estate agents seem to love. Why? Commissions are often high, and they can get big bucks when they get a sale.
In addition, it can be quite challenging also if you were once in the corporate world earning money twice a month. But with real estate agents, that doesn’t come too often. To answer this problem, most real estate agents not only sell properties but also venture into different things, like property rentals, as they can put food on the table quickly.
And when you finally get the first paycheck, don’t splurge on unnecessary things. Remember, you are only paid whenever you make a sale. You should have plenty of money left until your next sale arrives.
Challenge #3: Time Management
Being a real estate agent is completely different compared to the corporate world. What this mean is you have complete control over your schedules. And if you don’t manage your time well, it can be a lot more challenging if all your schedules are over the place.
As we’ve mentioned, your working hours highly depend on your client. So, if a client doesn’t require you to see them, you have all the time in the world to look for ways to earn.
But the challenging part is if all your clients need you in a single day, it can be challenging to cater to all of them, right? If you prefer consistent time, you’ll soon find being in this industry challenging.
Wrapping Things Up
Having a real estate license in New York is not easy, especially when working in New York City. It’s one of the busiest cities in the United States, and the competition can get tough on any given day.
We’ve listed some of the major challenges most real estate agents face, but this shouldn’t care. It should motivate you in a way that the rise to the top is not the easiest. But if you are dedicated and have the perseverance to do what it takes to be on top, then it won’t be soon before long that you are already on top.
