Recently, we discussed the 2022 Illinois Real Estate License Requirements for anyone looking to become a realtor in Chicago anytime soon. If, however, you’re wondering whether a career in real estate is worthy of your time, this post is specifically made for you.
How would you know if being a real estate agent is right for you?
What are the skills and qualities you need to become a real estate agent in Chicago? Is it even a good time to become a real estate agent in Chicago? What are the pros and cons of being a realtor in Chicago? If you need answers to these and more, this post will answer all of your questions.
Being a Real Estate Agent In Chicago: 7 Skills & Qualities You Need For Success
It’s important to be sure you have what it takes to be a real estate agent before taking the leap. While obtaining your license to practice is just one side of the equation, your level of success will eventually depend on certain qualities and skills.
1. Excellent communication skills
Your success in real estate depends so much on this.
Do you like communicating with people? Do you like talking and answering questions from people? If you do, this is a sign you’ll probably make a great real estate agent. From discussing with real estate clients to conversations with fellow agents, and more, you must ensure your communication skills – talking and listening – are top-notch.
2. Problem-solving ability
You’re in the problem-solving business as a realtor?
Clients will come with different problems they might have. Whether that problem is how to buy their first house, move to a new one, or sell their current home, you must be able to provide solutions to your clients’ real estate problems.
3. Negotiation skills
You’ll negotiate on a daily as a real estate agent in Chicago or elsewhere. From haggles over selling prices, listing prices, as well as your own commission on transactions, you must always come to the table with excellent negotiation prowess, if you must succeed.
4. Networking ability
Real estate is a people-based business.
The wider your network of contacts and connections, the better your chances of success.
This will be of advantage in many aspects of your daily life as a realtor. So, you must be ready to learn how to easily forge connections with people – including fellow agents, prospective clients, and other people and professionals in related fields.
5. Attention to detail
The most successful realtors are detail-oriented.
Whether you’re showing houses to clients, reviewing clients’ wish lists, going over contracts, etc. you must have an eye for detail and must be able to highlight the smallest of things because the little things play a role in the big picture.
How do you become a realtor that clients can trust?
By showing utmost transparency and integrity in your dealings with them. While you’re in this business to make money, you must also show your clients you have their best interests at heart. You must show genuineness and win over clients with total honesty, transparency, and integrity.
7. Commitment and determination
Becoming a realtor in Chicago is not all rainbows and sunshine.
While the promise is very attractive, it takes pure grit and passion to become really successful. This is where determination and commitment to your purpose come in. you should be purpose-driven and relentless. You do, know that your success is highly dependent on your clients’ success. You must be dogged and resilient because, in this industry, the competition is fierce!
Do you have all of these skills here or do you feel like you’re lacking one or more of them?
Fortunately, most of the skills here can be mastered and perfected over time. Just embrace the learning phase with an open mind along with strong determination and commitment to succeed.
Pros & Cons Of Being A Real Estate Agent In Chicago
Now that we’re clear on how to know whether or not being a real estate agent is right for you, the next thing would be to highlight both the positives and possible negatives associated with being a real estate agent. We’ll be brief about these;
The three pros below are perhaps the biggest flex that comes with being a realtor in Chicago or anywhere.
- Firstly, the great flexibility and control of your schedule
- Virtually unlimited earning potential
- Finally, the sense of fulfillment and happiness that comes with helping other people achieve their dreams.
However, there are also similar cons associated with this line of work.
While you have great control over your schedule, you might struggle to achieve balance when you don’t have set hours. Some people might find they overwork themselves. In some cases, the absence of a boss can make people also feel less accountable. Both of these situations can be challenging to navigate without a proper time management strategy.
There’s also the potential to make as much money as you want. But there’s no coverage for you when the market is slow. And since you don’t have a set salary to be received after definite periods, cash flow/income can be quite unpredictable at times. The best thing to do, however, is to always put in place some savings to help on rainy days.
Is It A Good Time To Become A Realtor In Chicago In 2022?
Prominent Chicago real estate publication, Chicago Agent Magazine recently released an article on the Chicago real estate outlook for 2022. Two things can be deduced from that well-researched publication;
- Home sales in Chicago and the real estate business, in general, will remain strong, following a very active 20221.
- Both housing prices and interest rates are expected to go up this year although the interest rates are still expected to be within historically low ranges.
From all indications, 2022 appears to be a very promising year for Chicago realtors and anyone looking to venture into the industry. More activity, in general, will mean more business. Being a real estate agent in Chicago could be good for you if you’re ready to put in the work.
The 2021 Chicago market ended on a great not considering the disruption that followed the COVID-19 outbreak. However, the industry has adjusted to the new normal with not-so-new business practices like virtual showings and meetings, among others. Right now is one of the best times for anyone looking to pursue a career in real estate. The rewards are massive if you can manage to surmount the challenges.
|Made up your mind yet? Perfect!|
Click here to begin your journey to become a Chicago real estate agent. It’s promising and you’ve got what it takes! Success awaits you on the other side.