Real estate career not right fit for everyone

Sherre Lane is managing broker and director of training for Murney Associates LLC.

Few professions offer the independence, financial opportunities and personal satisfaction of real estate. For the right person, a real estate career has benefits not available in an ordinary job. An agent can be his own boss, work at his own pace, and, if he works harder than the next person, chances are he'll earn more.

But how do you know if real estate is right for you and if you are right for real estate? The first step is to take an inventory of traits associated with success in the real estate field.

Are you a self-starter? Well organized? Willing to work hard to meet your goals?

Do you feel the need to be independent and in control of your life? Do you enjoy working as part of a team? Do you gain satisfaction from serving the needs of others?

Do you have a high energy level and the self-discipline and determination to see a project through to a successful completion? The patience to attend to details?

Do you have good communication and negotiation skills? An outgoing, friendly manner? The ability to put others at ease?

Do you have a willingness to cooperate and remain flexible for the mutual benefit of the people you work for and with? Are you honest, mature and responsible?

Can you make a long-term commitment to professionalism and service to your clients?

If you answer "yes" to most of these questions, you're well on the way. Many of the above qualities and work habits can be developed and expanded if you have the most important quality the desire to excel.

A real estate career is unique in many ways. One of the factors that distinguish it from many other self-employment opportunities is the relative ease of getting into the business, compared to, for example, opening a small retail shop.

In real estate, there is no outlay for inventory and no holding costs. The products you sell are homes and other properties and you have instant access to more than $200 million worth of inventory without any cash outlay.

There are no initial expenses for equipment or facilities only licensing, professional fees and incidental expenses such as business cards. There are no educational requirements other than the state licensing law.

One of the most appealing aspects of the business is that it does not discriminate men and women do equally well. The emerging trend is for young professionals to see this business as a lifelong career. Many successful agents are retired people, or middle-aged people starting new careers.

Another factor that draws many people to the field is the unlimited income potential. Not that you will become a millionaire overnight but your income is earned in direct relation to the sales you produce.

Real estate investing affords another long-term income benefit that real estate professionals can develop. So the hardworking, well-informed real estate salesperson can expect a higher than average income.

However, an agent just starting out in the field should ideally have a four- to six-month cash reserve to cover living expenses until the new business gets off the ground.

The primary objective of a Realtor is to list and sell real estate. When you list a marketable property, you have something to sell. When you sell a listed property, you get paid for your work.

But your success and satisfaction will depend on many factors, the most significant of which is the broker with whom you associate. All real estate firms are not the same.

Each has its own personality, community image, office atmosphere, professional standards and philosophy. Commission structures and support services also vary from one broker to another. So it is important to choose a broker compatible with your priorities, goals and values.

It is also important to choose a firm that offers training and a high level of support for agents at all levels of experience.

There are other career opportunities that exist within the broad field of real estate. A solid basis in residential sales provides an overview of the field, plus knowledge, experience and understanding of a full range of related fields.

After getting a general background, most specialize in residential, commercial or investment properties, or expand into finance, appraisal, development or management. Some specialize in a certain area of town or a certain price range of property. Those with a proclivity for design may buy, renovate and resell older homes or commercial buildings. Some may go on to become licensed brokers.

One of the main appeals of real estate is the variety of opportunities available. There is no routine. Every day is different. You control your own time, achieve your own potential and build your own future.