Property consultants and brokers can make a lot of money, but it can also take quite some time to become successful. Many people get their real estate license but end up quitting the business because they do not make enough money in the beginning to survive. How long does it take to become successful in real estate? It could take a couple of months, or it could take a year depending on the person, the market, their niche, and how much time they dedicate to the business.
One of the biggest challenges to being a property consultant is the way consultants are paid. Most consultants only get paid when they sell a house to a buyer or for a seller. The house buying or selling process can take as little as a week, but in most cases, it takes at least a month. When property consultant first begin their career, they most likely will not have clients lined up to buy or sell, so they must find those clients as well.
It can take months to make money on your first deal, but successful consultants can make a lot of money. It is not uncommon for property consultant to make well more than 350,000 AED per year after commission splits. However there are consultants who had made over 1,000,000 AED in one year. Not every consultant will make a ton of money in this business. Using the 70/30 rule to explains how the money is made by consultants: 30% of the consultants will make 70% of the money.
One common rule in the industry is that new property consultants should have 6 months of living expences up before they become a property consultant. It can take time to sell your first house, and it can take even longer to create a steady stream of sales. some consultants do amazingly their first few months in the business, but it is rare. it is a great idea to have at least 6 months of living expenses saved up before you start. Some of the very promising consultants quit the business because they ran out of money before they could gain any traction.
Just having enough money to survive should not be a property consultant’s goal either. You should want to be making enough money to survive, save, invest, and do the things you love. How much money that takes depends on the person and their needs or goals. It can take a year or two before a new consultants is bringing in a steady income. On year three or more, the good consultants should begin to see all the hard work pay off, and the good money starts to come in.
property consultants can make a lot of money, have very flexible schedules, and can be their own boss. However, it is not easy to get started, and it can take a long time to actually make money in the business. The more you plan, the more you save, and the more training you get the better. Please do not join an office that offers no training yet support . Selling houses is hard, and you need help to get started.