Five Reasons Why It's a Good Time to Start a Career in Real Estate
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Many experts commonly forecast doom and gloom during times when the real estate market is slow. They insist that it’s a bad time to get into real estate, whether as an investor or as a real estate agent. This isn’t necessarily true.For a variety of reasons, getting into the market during a slow period is actually one of the most effective ways of getting into position to maximize the financial benefits of working and investing in a hot market.
1) Entering the Market when it’s Slow gets you in on the Action when it Picks Up
Many people make the mistake of getting into real estate when the market is already good. On the surface, this seems like the best way of approaching real estate as an investor or an agent, but in fact it’s much more profitable to get into a rising market as early as possible.
Think of it this way—what happens when the market is good? More people start buying up real estate, intending to turn it over for a quick profit. That’s fine as long as the market continues to boom, but it will inevitably slow down. Those who get into the market early reap the greatest financial benefits—and investing when the market is slow gives you the best opportunities to find great deals.
The same principle holds true when it comes to being a real estate agent. Put in your training hours and get your license and create solid systems during a slow time and you’re in a prime position to take advantage of the market when it starts turning over at a more rapid pace.
2) If you can be successful in a cold market, image your success in a hot one?
When the market does pick up—as it’s guaranteed to do, thanks to the cyclical nature of the economy—you’ll have the skills and knowledge you need to start taking advantage of the upswing. If you’re good enough that you can be a successful agent in a slow real estate market, imagine what you can do once the market enters a new growth cycle.
By getting into the market when it’s turning over more slowly, you have the chance to build your reputation and skills as an agent. Many people who jump in during the middle of a market boom flounder because they don’t have the basic skills they need to cope with a fast-paced market and they’re too busy to find the time to learn those skills. They simple work transaction by transaction and never work on “building” their business. Now is the perfect time to learn, to practice and to create good systems putting you in a prime position when the market turns.
3) Up to 76 Million Generation Y-ers are about to Enter the Housing Market
Those born after 1980 (AKA Generation Y) are heading towards their late 20s and approaching 30, and they’re about to start buying their first homes. With literally millions of people about to enter the housing market over the next five to ten years—and with millions more baby boomers heading towards retirement—the next upswing in the real estate market is going to be a big one.
4) There are Big Advantages for those who are Young and Tech-Savvy
According to the National Association of Realtors, the average agent is 51 years old. The average agent, therefore, is likely to be a younger baby boomer that isn’t as comfortable with new technology as people born in the 1970s and 1980s.
As with many other industries, technology is changing the real estate industry in a big way. In a fast-paced real estate market, people who embrace and use new technology and new ways of staying connected to the rest of the world have a major advantage over people who don’t. Are you one of those people?
The days of the traditional real estate agent is long gone—it’s important to be able to stay in regular contact with clients and associates. Smart, tech-savvy real estate agents are using their phones, text messaging, podcasts, video and of course, the internet for advertising and marketing themselves and their businesses. It makes perfect sense - it's where their audience is. If you’re the type of person who stays current with and uses modern technology, understands social media sites, text messaging and the many other trendy tech tools out there, you’ve got a huge advantage over the average agent. This is one career where being atypical can provide real benefits.
5) Build on your Skills and Control your Own Success
If you’re the kind of person who wants to be responsible for your own success, with the freedom to work to your own schedule, and maybe even make your own investments, real estate is one of the best careers to get into.
A good real estate agent is independent and resourceful—they know how to motivate themselves, and they’re comfortable with analyzing and solving their own problems. If you have those qualities, you’ve already got some of the most important skills you need to build a successful career in real estate.
Think this may be for you? Call or email me and we can grab a cup of coffee and explore the possibilities. Kathy.MacKenzie@RealLiving.com or 813 541-4646.
Related Links:
- Greater Tampa Association of Realtors
- Bob Hogue School of Real Estate
- Florida Division of Real Estate
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