Being A Real Estate Entrepreneur Is Harder Than You Think
Once upon a time…
There was a young witty princess named Kary. She worked at a top Fortune 100 company that treated her quite well but worked her very hard. The young girl was very unhappy. She often dreamed of Prince Opportunity riding in on a white stallion to take her to faraway lands of Entrepreneurship where 4 hour work weeks and long vacations were in abundance.
One day, the company was invited to a grand ball and told Kary that she could not go. Kary was left all alone and that is when Prince Opportunity came along to save her in the form of becoming a Real Estate Entrepreneur
When she first arrived, it was glorious! She spent her days daydreaming and planning for the amazing life she would lead. She woke up without an alarm clock and took long mid-day lunches. But soon dark clouds settled over the land of Entrepreneurship and it wasn’t at all what she dreamed…
Now let me not be too dramatic!
I hands down LOVE running my own business. But there were definitely a lot of things that no one quite prepared me for. To be frank, there were things I wish at least one of my business owner friends had told me. I mean they could have helped me out.
But I won’t leave you hanging. I got your back boo. Here is a list of 7 things I WISH someone, anyone, had told me about working for myself.
7 Things You Should Know About Running Your Own Real Estate Business
1. YOU’LL MOURN THE LOSS OF YOUR STEADY PAYCHECKS
You’ll actually miss getting paid altogether. Because making money and getting paid are two completely different things. So, as an employee, your bank account would increase every time you got paid. As an entrepreneur, your business’ bank account increases every time you get paid. And your business is one greedy cookie monster.
Most of your money will stay in your business, because well you now have to cover all operating, marketing, legal, office expenses. So you end up “paying” yourself just enough to cover your bills and living expenses. Discretionary income quickly becomes an endangered species, if you even remember what it looks like at all. Welcome to undergrad life all over again.
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2. YOU QUIT THAT 9-5 FOR A 5-9
Four hour work weeks are up there with magical unicorns, giant yetis, and frozen yogurt that taste like ice cream….they don’t exist. (P.s. No dig on froyo, I actually eat it at least once a month).
You will easily work 80-100 hours a week. Why? Because you completely forget to turn off. Before you had time to arrive and a time to leave work. But now. As a real estate entrepreneur, you’llll constantly work from your computer, phone, iPad, apple watch whatever you can get your hands on that will allow you to keep working.
Why? Because if you don’t work you don’t get paid. Or at least that’s how it will feel in the beginning. If you are not intentional about setting boundaries around your work schedule not only will you work non-stop but you will start to forget why in the world you became an entrepreneur in the first place. You know…so that you can be happy doing what you actually love.
3. YOU WON’T PUT ON REAL CLOTHES THE MAJORITY OF THE TIME
Ok, so I know that there are those people who say that they get up every morning and make their beds, put on a little makeup, and get dressed in work clothes…well they are lying. At least most of them.
Because if they are all telling the truth then why can’t I manage to put on something other than sweats, spandex, or workout clothes before sitting at my computer? I refuse to believe it’s just me. And you know what I am NOT ashamed of it (anymore haha).
4. YOU’LL HAVE TO GET USED TO PATTING YOURSELF ON THE BACK
Remember all that praise you use to get at work. Whether it was in the form of a simple “Great Job” email or a big ole quarterly bonus check, your successes were celebrated. Not anymore my dear!
Not only can self-employment as a real estate entrepreneur be lonely (and drive you a little stir crazy) but it can also be demoralizing. You are up against a never-ending to-do list that demands all of your time and attention. You forget to take a beat and celebrate your small wins along the way.
5. YOU’LL WANT TO QUIT AT LEAST ONCE A WEEK
And if you don’t take the time to pat yourself on the back, the sheer responsibility of running your own business will totally crush you. Because the responsibility is heavy. A month without landing a client could mean you have to tap into your savings account.
A week-long vacation can totally throw you off your game and have you playing catch up for the next couple of months. Oh, you are sick? You gotta a little cold?
Well, tough cookies. Not only will you have to start thinking about getting your own health and dental plans as real estate entrepreneur BUT you will have to take unpaid days off. I mean…I am tired of just writing about all of the responsibilities. It’s like adulting on steroids.
6. YOU’LL GAIN HATERS DISGUISED AS FRIENDS
You know the ones. The ones who constantly ask you “so what do you do again?” or say things like “and you make a living doing that?” or “wow you are better than me, I could never be so risky.” Like I said, haters. Just don’t take it personally.
They aren’t hating on you (or maybe they are, I don’t know your life), they are more than likely hating on your guts. Everyone wants to own their own business, leave a legacy, live life on their terms…but very few of us have the cajones to take the leap. So just smile, and shake, shake em off.
7. YOU’LL BE SO HAPPY YOU TOOK THE LEAP
Entrepreneurship is anything but easy but worth every bit of blood, sweat, and tears you put into it. Because its yours. You put your happiness first, went after your dreams, and set out to design your badass life and business on your terms.
You didn’t get in it it for the money…money can’t buy you happiness. You became a real estate entrepreneur for the satisfaction of reaching your dreams. And you are loving it!
Being an entrepreneur may not be a fairytale…but it is the career of my dreams. Now, as you can see there are a few things that I wish someone would have told me about working for myself.
So, I’ll be a good lad save you the trouble. Here’s the recap of 7 things no one tells you about being an entrepreneur:
- You’ll mourn the loss of your steady paychecks
- You quit that 9-5 for a 5-9
- You won’t put on real clothes the majority of the time
- You’ll have to get used to patting yourself on the back
- You’ll want to quit at least once a week
- You’ll gain haters disguised as friends
- You’ll be so happy you took the leap
Editor’s note: This article was created by Kary Perry, Agent at eXp Realty. Information deemed reliable but is subject to change.
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At Building Better Agents, we are dedicated to helping agents build successful real estate careers. We help agents develop a plan, build a database, and work smarter to uncover the keys to success as a real estate agent. All without cold calling, door knocking, and chasing expired listings. Building Better Agents Leaders Kerry Lucasse and Kary Perry are proud to be agents with eXp Realty.
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