Real estate is a fluctuating industry with potential for large profits and a flexible schedule. The question is, “Is it right for you?”
Question 1: Is the Michigan real estate market going to continue growing?
Several sources believe Michigan’s real estate market will continue to grow even as rising mortgage rates slow the market for sellers in other areas of the country. Home prices in Grand Rapids are forecast to grow at 8.2%, the largest home price increase in the nation. In fact, real estate resources nationwide are encouraging investment in the Grand Rapids area. The city also ranks second for the hottest real estate markets for millennials.
Grand Rapids isn’t the only area of Michigan experiencing growth. Numbers recently released by Detroit Mayor Mike Duggan’s office show residential property values have increased by an average of 12% in more than 90% of Detroit neighborhoods. The rest of the state is expected to experience continually growing housing prices but a declining number of homes on the market. While this may sound like bad news initially, growing home prices mean higher commission rates which can make up for the lower volume of sales.
In other words, while the rest of the country is preparing for a decreasing real estate market, Michigan can expect to see continued growth in urban areas and stable growth in the rural north.
Question 2: What makes a successful real estate salesperson?
Successful salespersons come in many forms, while it is not necessary to possess all of the below personality traits, these are a few that most success stories share.
- Social. This is a big one. You need to feel comfortable speaking to home buyers, other agents, and potential clients. Successful agents network constantly and put a lot of value in their earned relationships. This is key to getting referrals and growing your business.
- Self-motivated. Your broker probably won’t want to hold your hand for very long. You need to be able to complete tasks and find clients without outside motivation.
- Relatable. Home buyers want a real estate agent they can trust. It is important that they feel you understand their needs and concerns on a personal level to assure the client you have their best interests in mind.
- Persistent. Sometimes your deals with fall through. Its a big part of the job that you cannot let discourage you.
- Analytical. Accomplished agents can determine which homes and clients have the highest chance of success.
Question 3: Can I fit this into my current schedule?
The short answer – probably. Many salespeople start out parttime, this is a great way to dip your toe into the waters without becoming overwhelmed with start-up fees. Your schedule can be as flexible as your clients allow, making it easy to work around another job.
Question 4: How do I get started?
- Complete an approved 40 hour Michigan Real Estate Fundamentals Course.
All potential salespeople in Michigan must complete an approved 40 Hour course. Real Estate Training Institute offers this course online in HD video so you can fit it into your busy schedule. The onscreen instructor, Gwyn Besner is available to answer any questions you have while taking the course.
- Submit your real estate license application. Go to www.michigan.gov/icola to apply for a license.
- Register with PSI for your exam. The cost for the Salesperson or the Broker exam is $76 and the tests are timed (180 minutes).
You can find detailed instructions here.