Changing career paths is never an easy decision but it’s now common practice for many of us during our working lives. Maybe your industry has been affected by COVID, maybe you have grown out of your current role.. or maybe you simply just need a change. What’s exciting is that 2020 has seen a high volume of candidates looking to make the move into Real Estate. The Real Estate industry can be an incredible rewarding industry but how do you know it is right for you? We sat down with our Director, Virginia Brookes, and asked her for some insights around this change in career.
What are a few things people should consider before jumping ship and starting fresh in a new industry?
Virginia says it’s essential you do your homework before starting out in ANY industry.
"Really do your research before starting fresh in a new industry, ensure that you really understand salary rates, how packages are made up and how remuneration is paid.
"In most circumstances you need to be prepared that you will be taking a step back or sideways and you will need to be trained in a new role; to be trained in these new roles salaries are generally lower until you have strong experience in your new role.
"Also, ensure that you understand that industry itself; in many circumstances it can pay less than other industries and much of the industry is made up of commission-based roles, just be sure that you realise that to earn these commissions can take a good amount of time so don’t expect to be getting these commissions upfront from day one.”
What are a few key things people need to know about the real estate industry, to decide if it's right for them?
Virginia says real estate is a tough industry, but you shouldn't let that put you off.
"When getting into the real estate industry, you need to realise that it can sometimes be very long hours until you get into the groove.”
"For agents, many listing appointments are before or after hours as are some open times. Clients tend to call when is convenient to talk and this is mostly out of hours when they aren’t working.
"Even for support staff who are in marketing or assistant roles, there is plenty of work that needs to be done out of office hours, like auctions and sponsorship events that will have you working outside of the 9-5.”
"When dealing with customers, there can be problems, aggravation and concerns. You HAVE to be ‘thick-skinned’ enough to last in this industry. You are working with the biggest asset that most people will ever own, and so they can be quite emotional and vocal at times!" she says.
What are some of the biggest mistakes you see people make when changing careers?
"Not doing their research before they jump! When you are going to make a career change, you should make it your point to seek out as many people as you can that are doing that role and ask for their honest feedback on the role.
"Ensure you understand the positives as well as the negatives, how long it took them to feel comfortable in their role and ensure that this is something you want to do long term.
"Make sure you really understand the salary and if you are taking a drop ensure that you work out your finances to guarantee you can still afford to live. Know what qualifications you need to make the change, in most roles within real estate you currently need to have your certificate of registration as a minimum. This can be a 4-8 week process or even longer depending on your commitment to get the course done in a timely manner."
Overall, the Real Estate industry is not only financially rewarding but is full of dynamic, vibrant, highly-intelligent and driven individuals in which you will be certain to make life-long friendships. Putting in the grind in the first 12-18 months to solidify your position in the industry will reap long term rewards for you without a doubt. If you are considering a change of career, don’t hesitate to reach out to us so we can share some valuable insights around the industry with you.