“People are always blaming their circumstances for what they are. I don’t believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and, if they can’t find them, make them.” -George Bernard Shaw

Financial Stability – You DO Need Savings!

When I started in real estate I had $46,000 in debt over my head. This was a huge mistake! As a result, my first few months were fraught with anxiety and turmoil. I exhausted myself working as hard as I could, while the stress of my situation wore me down even more. Rather than endure what I went through, I recommend that anyone entering real estate have at least 6-8 weeks of living expenses in the bank. Even though with rentals you can make money in your first month, you still need a back-up to cover your rent, food, transportation, and other basic necessities. Having this peace of mind allows you to concentrate all of your energy on learning the ropes more quickly. If you do this, you are exponentially increasing your odds of becoming a success! I had to sell my brand new printer for $300 to pay for my real estate classes. That’s not the right way to enter the business! Learn from my mistake and make sure you have some savings!

Only Full-Time Agents Succeed

In my twelve years in rentals I have not seen a single new agent succeed in real estate part time. Not one! The only people who can do deals part time are the veterans who know the business inside and out! If your financial situation is such that you’re planning on working nights as a bartender while trying your hand at real estate during the day – you are setting yourself to fail. It’s far better that you bartend full time, overtime if you have to, and save money for a few months until you can go into real estate full time. Trying to enter the industry part time will be an exercise in frustration and a waste of your time, energy and money. Don’t do it!

Income – What to Expect…

In Manhattan, the break down of average income for a rental agent is as follows:

What will determine your income category? In part, the amount of time you invest.

Examine your level of commitment and your financial goals, and decide for yourself. If you learn the skills and are willing to put in the time, your earning potential is limitless!

A Word About Weekends…

Weekends in this business are not for friends and family; weekends belong to your clients! For a rental agent, there’s no way around this. On Saturday and Sunday people are free to look at apartments, rental offices are open, and keys to buildings are accessible. At least one weekend day must be devoted to work if you want to succeed.

Family & Fun Time

“Men are wise in proportion, not to their experience, but their capacity to experience.” – George Bernard Shaw

If you have a partner or spouse with whom you spend a considerable amount of time, talk to them about your ambitions in real estate. When you’re suddenly unavailable 65-80 hours a week, discussing it up front will help you transition more smoothly. Talk about your aspirations and what you’re willing to do to be successful. Also talk about your goals for success. Real estate can be financially rewarding and this means a higher standard of living for both of you! Approaching it this way lets them know what to expect and allows them to support you, and celebrate your accomplishments with you.
Another tip to help you balance work and family life is to schedule fun time. Tell your partner that you’ll be working around the clock for the next twelve weeks, but on the thirteenth week you’ll go away together. It gives you both something to look forward to and lets your partner know that you value him or her enough to make them a priority!

You are entirely responsible for your success…

The cost of entry is amazingly low in the world of real estate. A real estate license in Manhattan will cost you anywhere from $400 – $550. It takes 2-4 weeks to get the license, depending upon how frequently you attend classes and how much time you invest each day. Contrast that with a doctor who might spend $250,000 and ten years of his life to finally earn $120,000 his first year. In real estate, you pay almost nothing and can start in as little as four weeks, and make $120,000 your first year! All you need is to be over eighteen, be of good character, and be able to pass the school and state exam. After that, you’re a licensed real estate agent.

However, just because it’s easy to become an agent DOES NOT mean that it’s easy to succeed as one. Don’t forget that eighty percent of agents who start, fail in this business their first year! You need to accept and embrace the fact that the entire responsibility for your success rests on your shoulders. It isn’t dependent upon the Manhattan business climate, the national economy, the real estate market, your office environment, or your broker. Your success is 100% dependent on you!

That’s actually a tremendous empowerment. You can’t blame someone else if you fail – but the flip side of that is no one else can stop you from succeeding! It’s all in your own hands! If you devote the necessary amount of time, persistence, commitment and hard work you WILL produce your own success within your first year in the field!