Advantages of Breaking into Real Estate as an Entrepreneur
As someone who is privileged to assist many of Canada’s best real estate agents, I’m often asked for my advice on how best to break into the industry. As an aspiring real estate entrepreneur, the sector opens up a world of opportunity to both seasoned and first-time property investors. A successful real estate career can allow the ability to make an impressive income (depending on the time you put in to growing it) and the liberty of working on your own personal terms.
There are many advantages to trying to build a career in the real estate sector, especially for the entrepreneurial-minded.
Here are a few examples.
The real estate market isn’t going anywhere. While the economy dictates the buying and selling process of the market, overall real estate will never go away. Despite recessions, the value of real estate generally goes up over time. This makes the real estate business a sure bet.
Cash flow advantage. When you invest in your own business, it typically takes years before you turn a profit and start earning positive cash flow. In real estate, the cash flow is more predictable and far more stable than most start-up businesses. Establishing a stable source of income upfront will also help you establish yourself as a reputable agent or investor.
Build a network. The phrase “It’s not what you know, but who you know” can be applied to many industries, but it especially speaks to the real estate sector. As a new entrepreneur, building an extensive network of contacts is vital to long-term success in real estate. Networking can lead to potential partners, clients and sales. It’s a skill that takes practice and is important to implement into your daily life as a real estate professional.
Full control. Choosing to follow your entrepreneurial dreams in real estate allows you to take full control of your success. The more work you put in to it, the more potential for a higher profit; and the more you market yourself, the higher chances for a better deal.
One of the biggest – and most common – mistakes that I see realtors making when they get into the real estate business is thinking it’s an easy way to score big commissions. The fact is, when realtors or entrepreneurs enter the real estate market with this frame of mind, it makes it that much more difficult for them to succeed over the long term. Don’t think that you are going to build instant wealth. You must work at growing your business and over time, you will see results. Best of luck!