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Leaping from one career to another will likely require a great deal of dedication and hard work. But it’s a transition that many people have been inspired to make over the past few years. The recent pandemic caused a widespread re-evaluation of life’s priorities, and startup businesses that individuals can run flexibly have flourished as a result.
One area gaining interest among young entrepreneurs is real estate. It’s not comparable to other professions in the way that individuals must gain the interest of a big-name firm to be considered successful. Once qualified, the barrier to entry can be surprisingly low.
The one drawback of entering a new sector is building client relationships from scratch while sustaining your primary source of income. For example, Marcela Garanin was previously an operations specialist but is now the owner of her own real estate business, a move influenced by close family ties. She has laid out the three key steps that other entrepreneurs looking to launch a property startup can follow:
Gain experience in your spare time
Unless you have a large amount of capital saved up, you are unlikely to be able to jump into a slow-burn sector like real estate overnight. It’s important to realize that you may need to sustain yourself financially by other means at the same time as building your brand in a property.
“While you spend your days completing tasks for your existing job, you should use your nights to learn everything you can about real estate,” Garanin said. “Weekends should be filled with networking with other real estate professionals and investors. With a little patience and perseverance, you will start to close your first transactions.”
Even before taking formal steps to start up an agency, aspiring property entrepreneurs should go to significant lengths in their own time to engage with the sector. Not only could it assist their careers in the long run, but it could also provide decisive insight into whether real estate is right for them.
Focus on relationships, not deals
New entrants may find it difficult to mark their territory in an industry commonly characterized by distrust and strategy. But would-be property entrepreneurs have to start somewhere, and established agents believe nurturing a client base one by one is the most effective route.
“You have to focus on building relationships rather than how many deals you have in the works,” Garanin explained. “Offer to help veteran real estate agents with open houses and showings to connect with potential clients. Small gigs like these can grow your business and help you forge relationships with others in the industry who could impact your career, such as loan officers.”
Real estate agents frequently cite client relationships as the most influential factor in their success. But the ‘who you know, not what you know’ principle undoubtedly applies in property across the board, especially for startups looking to build a brand.
Embrace your success
By now, you’ve probably realized that realizing meaningful success in real estate isn’t easy. While experts have pointed out that spending your days counting deals and profits isn’t the most productive avenue, there are clear benchmarks agents can look for to judge prosperity, including the brokerage ranking report. Getting a clear picture of where you’re at can inform your plans as well as make you a more content entrepreneur.
“Don’t be afraid to celebrate your success,” Garanin said. “Being on top of your industry will take a lot of effort and hard work. Remember to take a step back and celebrate once your goals are fulfilled.”