Finding a Job in Real Estate
Real estate is a major industry in the United States, and there are many job descriptions in the real estate industry. For many of these jobs, competition is fierce. A real estate degree goes a long way toward securing one of these positions. Following a few simple rules can also increase your chances of finding a job in the industry.
- First, you should target your search. Make a list of firms in your area. Some agencies specialize in residential properties while others only do commercial buildings. You should do your research. Get information from the local chamber of commerce. Going to open houses on a Sunday is a good way to meet agents and find out what kinds of properties they handle. Remember that real estate agents and brokers are licensed and that you can check their status through the licensing agency, normally your state’s department of real estate.
- You should meet people in the industry and get your name and face out there. Visit with brokers-in-charge of each real estate agency on your list. You can find out a lot about an agency by its website and the kind of listings it contains. You must always leave a great impression. To avoid making a bad first impression, dress appropriately for interviews. You must remember you are asking someone to give you a professional job, so you cannot wait until after you have earned your first paycheck to start acting like a professional. Show up on time, be prepared, and sell yourself. You are being asked to sell real property, and an interview can be an opportunity to demonstrate your charisma.
- You should show you are knowledgeable, curious, and serious about the position you are seeking to take on. For example, if you are interviewing at a brokerage, ask questions about your responsibilities and perks. Show that you are interested in career advancement. Ask what kind of real estate training the company offers and whether they support continuing education in real estate. Find out about how brokers share floor duty. Find out how walk-ins are handled: are agents assigned to take walk ins by schedule, or is it first come first served? Determine how leads are distributed and whether brokers cover a certain territory or if clients are up for grabs. All of these questions will show your engagement while also providing you with valuable information to use when comparing job offers.
- You should be careful not to be overly shy. Even though it is a tough job market, you must have accurate information to judge the viability of a job. When you feel comfortable, inquire about the system of compensation. Real estate professionals often work on commission. Although this can ultimately be lucrative, it can be frustrating and even expensive when you are starting out. Find out what kinds of start-up expenses are required of agents. For example, many brokerages have organization membership requirements and fees that might not be covered by the employer. Some brokerages act as a sort of collective, allowing agents to benefit from and contribute to things such as advertising expenses, office-related expenses, and computers and printers. You should not be afraid to get a clear explanation of how commissions are paid; whether there are commission splits and how they work; and if there are deductions by the franchising company.
- Finally, inquire about errors and omissions insurance. Brokers, agents, and loan officers all put their name to large financial transactions. Even a small mistake can lead to a financial loss for one or all of the parties. Because mistakes happen, there is often the threat of litigation. Errors and omissions insurance protects brokerages from such hassles. You should know how the company’s insurance works and whether it covers you individually.
Your first job offer is not the ultimate goal. Once you are hired, the real work begins. Real estate requires ambition and constant selling. Getting hired is the first obstacle in a challenging course that spans a career.