Should

One of my clients ran his own travel business for years. He has a large database of former travel clients, he’s lived in his community for 20 years and is respected, liked, and known. The travel business is in even worse shape than the real estate business. BUT, with his database, connections, attitude, and skills, he’s going to do very well as a Realtor.

Should

Another of my clients is right out of college. She studied English Literature, which has prepared her for no job that she can find. She is young, enthusiastic, and lives at home. She has very few bills and lots of time. SO, because she doesn’t need the money, doesn’t have to get a job right away, has supportive parents, is smart, enthusiastic, and driven, she’s going to do very well in real estate.

Should

A young woman I met at a networking meeting asked me if I thought she would do well in real estate. It turns out that her father is a former tax commissioner and well-known in the business community. We discussed how he could introduce her into the business community and create a networking plan. With her father’s introductions and her awareness of the value of networking, and the fact that she’s getting an allowance from them for living expenses, she’ll do well as a Realtor.

Should Not

A Realtor I met recently was laid off from his job as a middle manager in a small corporation. He was recognized as someone who could manage others well and hold the line on expenses, but the company wasn’t doing well enough to keep him on. It was just bad luck. He hasn’t found another job, so he got his real estate license. But he’s probably not going to do well in real estate because he doesn’t have a large database to work, doesn’t have the time to build up his clientele, and is stressed.

It’s easy to see some of the basic ingredients for real estate success in this market:

1. Have a nest egg or source of income to see you through.

2. Have a large database of people or access to a large circle of people.

3. If you don’t have a large database or access, then have enough time to create your own, which also means enough money. Creating a database or wide circle of influence takes time and strategy.