I had a call this week, as happens from time to time, from someone looking to start a career in real estate and looking for pointers on how, and where to start.
Kicking off, the barriers to entry in the real estate industry are low. Like LOW low. For better or worse, the qualification which enables an Australian adult to deal in what for most people is the highest value asset they own can be obtained in the space of a long weekend. Depending on your time restraints and fervour for study, the longest part of becoming licensed to sell real estate will be the 8 weeks (or longer) it can take the Office of Fair Trading to sign off.
This is an inclusive approach to be sure, and there are technical competencies which are required and must be met within the prescribed training - but with a basic start it puts an awful lot of weight on what you do next as you spread your wings.
Licence freshly in hand, a newly minted agent can take a number of paths, right through to getting started with their own business essentially from day dot but generally there will be 2 paths taken - either an assistant or associate role or straight off the bat as a selling agent. Property management really is its own path here so I will save that for another day, and another column.
The latter option of jumping straight in as an agent is a challenging one, particularly if you are new to selling in addition to being new to real estate. You either learn to deal with "no" very quickly, or you pick another career. Listing stock becomes the priority (agents with nothing to sell don't stay agents long) and there can be a lot of pressure to perform, particularly as there are costs to employing a new agent for an agency that don't apply to more experienced employees. This can be a bit sink or swim.
A potentially smoother path, and one that tends to produce some of the best performers across Australia, is taking the initially slower path as an assistant to an established agent first. This allows you to learn the ropes, gradually take on more responsibilities with customers and clients, and essentially shadow someone that knows what they are doing. It's a great learning experience, generally on a set salary and with a little less risk.
While not an industry for everyone, it is one that can be picked up later in life, or form a lifelong calling. There is flexibility, and potential for incredible rewards. But its also bloody hard - so think it through first!