What do you wish you knew when you first started in the real estate business?

A career in real estate is probably as natural to you as waking up in the morning.

But it wasn’t always that way. Getting started in the industry can be overwhelming and your preconceived notations may be proven wrong immediately. What do you wish you knew before you started in the business? PAR’s leadership team offers their opinions.

“‘Slam-dunk’ customers are sometimes just missed shots,” said PAR President-elect Bill McFalls. “The assumption that a potential strong client base or referral network will always call on you when it’s time for a real estate transaction in their life is not always true. And, unfortunately, many of these folks have the additional moniker of ‘friends and family.’ It always stings a bit when these ‘slam dunks’ use someone else for a real estate transaction, especially if you did not drop the ball by lack of communication with them.”

PAR Vice President Bill Festa echoed McFalls’ sentiments. “I wish I would have known how much of a business acumen would be needed. I thought all I had to do was list and sell real estate, but I needed to invest in advertising, measure return on investment, prepare budgets and evaluate everything I did. I literally learned as I went along.”

Finding clients even goes beyond that. PAR Treasurer Chris Raad said getting involved is key. “Get involved in your community, social groups or activities. Meet as many people as you can, as it never hurts to make a new contact. The great thing about this business is that you never know where your next client will be coming from.”

“Anyone considering a career in real estate, and even many agents who have been selling real estate for years, need to understand that first and foremost a real estate agent is in the leads generation business. You can be the best-informed, most professional Realtor® in your office, but if you have no clients you are unemployed,” said President Todd Umbenhauer. “There are many ways to go about generating business. Agents must focus on a few approaches to developing relationships and opportunities and implement those strategies on a consistent basis. If one of those approaches given adequate time does not produce satisfactory results, move on to another strategy. ”

Umbenhauer added that the key is consistency in lead generation activities. “Business will not simply find you. You must find it. If that thought makes you a little uncomfortably, that is fine. You will adjust. If that thought terrifies you, you may have to consider whether real estate sales is the best fit for you.”

Most importantly? Raad said, “Try to have as much fun with this business as you can. You are going to be losing many of your weekends and evenings and meeting a lot of crazy characters. Sometimes this business is not the easiest on your families or friends, so try to have as much fun as you can.”