REAL ESTATE
by Jim Coleman, REALTOR®

REAL ESTATE CAREER SEEKERS FOLLOW PERSONAL DREAMS

Sometime in their early life, children begin developing and expressing imagination, enter the world of dreams, and form concepts for themselves as to who they really are and what they may become. They commence thinking about what they "want to be when they grow up." Jobs, vocations and professions are suggested by parents, family members and school and community contacts to inspire, entice, motivate and encourage options for career choices.
What is there about the field of real estate today that invites so many to want to become part of it? After all, the business world is fraught with regulation, the proverbial "red tape," and intense stress and pressure to perform, produce and profit. The economy and society of the early 21st Century are fascinating subjects in and of themselves. World conditions and threats of terrorism have certainly played a dramatic and traumatic part influencing government and its actions. Corporate scandal, fraud and identity theft have impacted institutions.
A short few years ago, the numbers of REALTORS®, real estate licensees with membership in the National Association of REALTORS®, had dropped to about the 800,000 figure and forecasters predicted the number to drop even further. This has not happened. Notwithstanding the vast growth of diverse technology and the Internet, the number active in the service business of the professional real estate representative has accelerated. Today, there are around 1.2 million REALTORS® in the United States.
Additionally, there are many practitioners duly licensed in their respective states who are not REALTORS®, so the number engaged in the real estate field is even much higher than 1.2 million.
It is certain that the Internet and Technology have impacted employment and the types of jobs being done in America today. They have also influenced how real estate is done today. It is interesting to note, however, that these factors now are primary players available to the consumer and how they search available property inventory and choose an agent, but the number of practitioners in the field have not been reduced. The field of real estate seems to be one that attracts people transitioning out of other fields of endeavor, including the professions, and those newly coming into the work force today.
As one contemplates joining the ranks of the real estate practitioner, one needs to understand the steps required to enter the field. As stated earlier, the profession is one that is highly regulated for the protection of the public. This is the case in every state. One must successfully complete a required course from an approved provider, pass the examination prescribed by the state licensing division, and then have a Principal Broker with whom to associate and place the newly acquired license once it is granted by the state. The new practitioner usually begins a training program to further learn skills of selling, understanding people relations and how to succeed in the conduct of the real estate business.
So the question still remains: "Why are people attracted to the field of real estate?" People have various reasons and motivations. Generally speaking, it seems two basic principles are considered by persons pursuing any line of work or career: (1) Will the endeavor provide the opportunity for the financial compensation or remuneration desired or expected; and (2) Will the activities and events experienced bring satisfaction and contentment?
The decision and pursuit of a career in real estate is personal to each individual. Various factors influence it. They may include: level of education, past or other work experience, financial status or comfort zone, relationships with people, and general condition of health or wellness. Certainly, the list could be lengthy. The perceptions of how the business is done and the goals or objectives identified at the outset of the pursuit will play to the level of success realized.
A few elements directing the decision for one person with whom I am very familiar coming into the field of real estate may be illustrative. Previously, many years had been spent working in the construction of homes and commercial buildings. A number of years had been spent achieving education at institutions of higher learning followed by employment in university business administration. Various positions had been experienced in direct sales. A few years had been spent in the field of education at the secondary level. The decision to become a real estate professional meant giving up a guaranteed salaried position with a month of annual leave paid vacation and other benefits. It meant working totally on a commission earnings basis, being responsible for all personal and business related expenses including costly personal and family health insurance. It meant being responsible for the hours and conditions of work schedule, allowing, no in fact requiring, a wide variety of activities, contacts, and associations during the course of the routine in a day&339s work, making choices for personal and family time versus opportunities to transact business. It meant providing transportation suitable for personal and client needs and all expenses associated therewith.
So again, the question is asked: "Why real estate?"
Real estate provides the avenue of providing service to consumers investing in dreams for families and investments for present and future asset growth. By so doing, the more service rendered, the greater the opportunity for compensation. Real estate, as is the case with many fields of sales, is probably one of the lowest paid easy work and one of the highest paid hard jobs. That is why many of the 1.2 million REALTORS® earn below the poverty level and a small percentage of them are among the highest income earners in the country.
As mentioned earlier herein, the business is highly regulated. Consequently, close scrutiny is given to the conduct of the practitioner's business behavior and practices. The licensee has great liability exposure. The pressures of meeting time constraints and contract deadlines create heavy stress. The role of agency, representing another, carries burdens of responsibility to and for the principal(s) represented. So why pursue real estate?
Notwithstanding all these concerns and potentially negative points of the business, working as a real estate professional permits one to truly make new friends, serve as community good will ambassadors, be chamber of commerce boosters and part of the welcoming team for new-comers. Being part of the real estate profession truly permits one to work and act as independent contractors, work as hard and as long as one individually desires, and, without regard to age (at least 18), gender or physical description, seek after the personal dream.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He specializes in Residential, Investment and Commercial real estate. You can contact him by e-mail at Jim@RealtorJimC.com. Call: (435) 674-0600; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.RealtorJimC.com/articles.