Can I make it as a part-timer?
Short answer: YES, but it’s very difficult in an already-difficult industry.
As I mentioned in a previous episode, some people can enter the industry with clients already. If so, good for you. You may make it as a part-timer. If not, just brace yourself. Many people quit early though due to the difficulty.
What are some of the common issues you see that make people fail at being property agents?
(1) The real-estate industry is an ever-changing industry. You must keep adapting your methods to the new changes.
Eg: In 2009, without governing bodies or half as many regulations, you could put up fake advertisements. Units that didn’t exist, but once people contact you, you can recommend them the actual listings you have to sell. Now, though, you can’t do that. I also put advertisements on gantry barricades, flyers, attended roadshows etc.
But would these methods work now? I’d say the effectiveness has decreased a lot. The education standards of customers also change – they expect more information, they question you, before they engage you. In the past, people just based on referrals or whoever they come across on advertisement.
Old methods may not work now.
(2) There is no hard-and-fast rule or shortcut to get rich.
This industry, I feel, is really about building up. Start with strong fundamentals and build your success from there. Build your exposure, your branding, learn your knowledge. Even if you manage to close 10 clients in one day, it doesn’t mean you have made it in the industry. It’s a long-term thing – there’s always space to earn and expand in this industry, and you can only do that if you have a strong foundation.
(3) Self-limiting Belief system that limits their growth.
Some people will take a very negative view of their transactions and think this client cannot close or something is not possible. They’re not open to new advice or other perspective and then their beliefs limit their growth. For example, I could advise someone on what to do, but because they have their own belief system, they only take 10-20% of what I say to heart. This applies to both new and veterans in the real estate industry.
Of course you don’t have to take what everybody says, but you should at least try first. And if it doesn’t work, you can always adapt it and mould it to work with your own style.
In short, do join this career if you’re interested. You’re your own boss, and your own hard work will net you your success. There’s so much diversity also. Just beware those pitfalls!