3 Lessons They Didn't Teach You In Real Estate School

The housing market is on fire as of late. 

    Just take a look at homes for sale in Charlotte, North Carolina. With all of the growth, missing out on potential commissions is probably the least of your concerns. After all, if there was ever a time to be a realtor, today could very well be it. But what if there were imperative things real estate experts knew which weren’t taught to you in real estate school? While some of the tips and tricks you may have missed out on are directly related to commission, some of what you may learn the hard way have more to do with your general peace of mind.

Focus on YOUR Business Plan

One thing is for sure when becoming a realtor: You will have to be receptive to your clients’ needs and wants. Sometimes, when dealing with many clients in a busy market, this can mean trying to handle several issues at once. Attempting to field all the phone calls, texts, and general requests can truly be overwhelming. In all the chaos, many realtors forget to focus on their individual goals and business plans. Getting caught up in the day-to-day pandemonium can mean sacrificing your objectives. Through all the insanity, do not forget to stay the course and focus on your long-term goals. Keep a marketing plan in mind, meet your own personal business objectives, and remember that you’re in this for the long haul.

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Do Not Create a Lifestyle Which is Unsustainable in Down Markets

If your existence depends on your next big sale, you’ve got problems, unbeknownst to you at this time. While the market may be hot, and you genuinely think you're untouchable, beware. Housing sales will pullback at some point, and if you're not ready for a lull, rethink your living situation. Far too often, a realtor gains licensure during an up-trending market. They genuinely think this is the norm, and that they’re immune from downtrends. A belief that the climb will continue forever can create an unrealistic and unsustainable lifestyle. Remember that all markets are cyclical and be prepared for the housing apocalypse, even if it’s unlikely.

Make Time for Yourself and Your Family

Turning away business is tough. It's even harder to neglect clients when you know a stout commission is on the horizon. But what's the real worth if you sacrifice your own well-being, and time spent with your loved ones? This is perhaps the most significant lesson realtors are not indeed taught in school. More income is always significant, but time is truly invaluable. Create a balance between your work life and your home life. Try to separate the two and set boundaries on when to take calls and when to let your voicemail pick up. Similarly, keep your family informed on when you expect things to become chaotic. Communication is so important, with both your clients and your loved ones. Odd hours are generally likely when becoming a realtor but remember: Family should always come first, and most clients will be able to relate to your personal obligations.

Is there anything else you would add to this list? Comment below!