Have you ever thought about becoming a real estate agent?
As KT Realty’s Sylvia Richards reflects on her first year as a REALTOR®, she and Adrian discuss what she’s learned and her experiences in the industry so far.
Are Family and Friends a Good Source of Business?
Sylvia’s first transaction was for her parents but otherwise, she hadn’t dealt with any family or friends.
It may be a misconception to think that anyone in your circle of contacts will automatically hire you as their agent. For people getting into the business, it’s important to understand that since it’s a huge financial transaction, which has a lot of implications if things go wrong, many people won’t risk your relationship.
This article appeared in the Toronto Star in 2020, and gives you more information about the rules of professional conduct when an agent represents a relative.
The Benefits of Joining a Real Estate Team
When you’re a new agent, it can be challenging to generate leads, and it could take months to start seeing any results.
The National Association of Realtors (NAR) has reported that 87% of all new agents fail within five years of joining the industry –it’s not easy!
While Sylvia had some referrals from people she knows, having access to leads and referrals from clients of the KT Realty team have been the most reliable sources. Being part of a team can be the quickest route to generating leads. You can benefit from the hands-on experience of multiple agents who act as a support base and often end up brainstorming solutions for each other when there are challenges.
Can an Introvert Be a Successful Real Estate Agent?
Introverts tend to prefer one-on-one interactions over dealing with large groups of people. While there’s a misconception that introverts aren’t good at communicating, the truth is that they’re often better at listening and analyzing and will take the time to help their clients find the perfect home.
A Day in the Life of a Real Estate Agent
Sylvia is still working on her daily routine but finds it hard not to get distracted. She finds working from home challenging when her family thinks she’s always accessible, even while working. It can be a hard transition when there’s always something else to do.
Sylvia’s top three distractions include housework, family, and cooking.
How Far Would You Drive to Help a Client?
This isn’t an easy question because every client and situation is unique.
While there’s a general consensus that you should work with a local agent, a professional who takes the time to do their due diligence and do things properly can outperform a local agent. However, an agent needs access to the real estate board that services the area. You shouldn’t be there if you don’t have access to all the sales data.
It’s Never Too Late to Consider a Career Change
Sylvia was 42 when she started her career as a real estate agent. KT Realty real estate agent, Steve Bruman, was 50.
Age is only a number. If you have years of work experience, it can be easier for you to transition to a new career than for someone fresh out of school. And if you’re doing something you don’t love, regardless of your age, the road to retirement can feel very long.