Wondering what it’s like to be a real estate broker?
Many people are drawn to the real estate world by the numbers. How much you stand to make depends a lot on where you work and how you work. However, the promise of top-dollar incomes is a big attraction factor in the industry.
But if you don’t love the day-to-day work of being a real estate broker, you might find yourself regretting the decision to get started, even if you’re doing well financially. How can you know if the life of a real estate broker is right for you? Let’s take a look at a typical workday in the real estate world.
The reality is that real estate work involves much more time at the desk than out meeting with clients or scouting houses. You need to be organized and willing to do a lot of paperwork to thrive in this industry.
Of course, this “paperwork” is often done online, and not in hard copy. Still, the job generates a lot of paperwork, and in a wide variety. This might include filling out, sending in, and filing all kinds of real-estate-related documents.
You might also need to put together promotional materials like listings and flyers. You’ll need to enter data, make budgets, and reply to emails. In short, there are plenty of administrative tasks that will fill up a significant portion of your day.
Social Media and Online Updates
Real estate also involves a lot of online marketing chops. You can expect to spend some of your day updating your professional social media profiles and other online marketing spaces.
A great online presence, including a good website, increases your chances of success as a real estate agent. This is your place to get leads, showcase new listings, and much more. Your online presence lets you connect with possible clients and grow a strong personal brand.
If you don’t keep up with your digital presence, other agents will outpace your success. Staying on the cutting edge of digital marketing will help you make the sales you want.
This digital marketing will be part of your lead generation strategy. However, you’ll probably spend part of your day on other types of lead generation, even though the majority of this work happens digitally now.
You can also use your personal networks to help you find clients. Part of your day might be spent with following up on possible leads and working to make new connections.
Your day might also involve some networking. You’ll find yourself always carrying business cards, because everyone you meet is a possible lead. Following up with these potential leads via phone calls or emails can take a lot of time, too.
Research the Market
The more you know about the local market, the more strategic you can be in your approach. Research is also a critical part of a day in the life of a realtor.
You’ll need to see what’s new in the local listings on a daily or near-daily basis. This helps you keep up with prices in the area, so you can price your own listings appropriately. You’ll also be able to see what your competition is, so you can market your properties accordingly.
Being knowledgeable about all aspects of the industry means doing regular continuing education.
This is important so you can know about any changes or trends in the real estate industry. In addition to conducting research, you’ll probably take some classes and attend the right meetings to stay abreast of what’s new.
Of course, you won’t need to attend these classes every day. Still, they’ll be a part of your regular schedule from time to time.
Study the Neighborhoods
In addition to researching the market, you should also research your local area.
In many cities, the best way to succeed in real estate is to become an expert in a few different specific neighborhoods. This can involve some in-person visits, so you can learn about the local schools, businesses, and streets. You can also research online to find out the history of the neighborhood, or interesting facts that will help impress clients.
This work doesn’t always happen from 9 to 5. You should also visit your target neighborhoods at different times of the day to get a complete picture of what it’s like to live there. This in-depth knowledge can help you close a lot more sales.
Work With Clients
Working with clients in person will take at least part of most of your real estate days. This can be both a challenging and rewarding aspect of the job.
Your clients might be sellers or buyers. If they’re sellers, your work can involve getting their listings together, staging the home, or photographing it for the listing. When you’re working with buyers, you could be showing them different properties, and helping them make the best choice.
You’ll need to be hands-on when working with clients, even though the other demands of your day also take a lot of time. This work might be just a small percentage of your day, but it’s a crucial part of the job.
Craft Your Brand
Finally, your personal brand should influence every aspect of your day as a real estate agent.
The most obvious aspect of branding is creating your digital presence, such as building your website. But creating a brand is really something that you’re constantly doing in every aspect of your job. From the appearance of your business cards to the way you interact with clients, your brand should be a part of everything you do.
Is Becoming a Real Estate Broker Right for You?
Being a real estate broker is a good fit if you love plenty of variety in your day, are great at staying organized, and can work independently. You’ll need to flex a lot of different skills in a typical day. For some people, this exciting challenge is just what they’re looking for.
Ready to learn more about the industry? Learn the differences between being a real estate agent and a broker here.