Take everything that you think you know about real estate entrepreneurs and throw it out the window. I know that sounds crazy, but just trust me on this one.
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Au contraire to the public knowledge you’ve likely acquired about real estate entrepreneurs and what they do, they aren’t just people who flip houses or invest in rental properties for a quick buck. At their core, all preconceived notions aside, real estate entrepreneurs are pretty good salespeople, and there’s a ton to learn from them, from making profit to closing deals, even client relationship management stuff.
In this article, I’ll break down some bottom-line essentials you should know about real estate entrepreneurship (especially if you’re thinking about exploring it as your next career move). Plus, I’ll share insight into what it takes to become a real estate entrepreneur and the skills, certifications, and resources you should have that’ll set you apart from your competitors.
Table of Contents:
- What is a real estate entrepreneur?
- How to Become a Real Estate Entrepreneur
- Real Estate Entrepreneur Skills
- Real Estate Entrepreneur Responsibilities
- So, Does Real Estate Entrepreneurship Really Rock?
What is a real estate entrepreneur?
A real estate entrepreneur is an individual who identifies, invests in, and develops real estate opportunities to generate profit.
What is a real estate entrepreneur?
A real estate entrepreneur is an individual who identifies, invests in, and develops real estate opportunities to generate profit.
Before I get into the specifics of the real estate entrepreneur landscape and what’s needed to get yourself in the door, I think it’s important to lay the foundation with some need-to-know statistics highlighting real estate professionals’ current state in their industry (from the National Association of Realtors). Take a look below:
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- The average amount of experience that all realtors have is about 10 years
- The average realtor worked 35 hours per week in 2023
- While 65% of licensed realtors are female, only 35% of them are male
- 34% of realtors have a Bachelor’s degree, only 13% have a graduate degree and above
- The average realtor is white, a woman, and already a homeowner
- 77% of licensed NAR realtors use Facebook for professional purposes, and 55% use LinkedIn for professional purposes
- 19% of all members get 1-5% of their business from social media, and 10% get 6-10%
- The median gross income of licensed realtors — income earned from real estate activities — was $55,800 in 2023
- 82% of NAR members have their own listings on their website, 70% have information about buying and selling, and 65% have a link to their firm’s website
Also, outside of what’s mentioned above, I put together a tiny FAQ list (with answers) you should consider before marrying to a life of real estate entrepreneurship:
1. Do real estate entrepreneurs make money?
This answer is totally subjective … because it’s based on a lot of things, not one sole variable. Your clientele, the type of real estate properties you specialize in selling (i.e., commercial, land, residential, luxury, vacation, mixed-use), what state you practice in, and a bunch of other factors.
However, I’ll say this: The more properties you invest in and the more clientele you have, the more money you’ll make, so don’t find it surprising if it takes time to find what properties bring in the most dollars. For example, you might find that multi-family home investments generate the most money because you’ll have more than one source of income (aka more than one client).
Some early real estate entrepreneurs even recommend getting in the game by investing in wholesale real estate, like this creator below:
@favnubianqueen 1st day of my 30 day wholesale realestate challenge ✨ #fyp #wholesale #realestate ♬ original sound - Autumn🍁
Still, all of this depends on your goals, business plan (more on how to build that out later), and the resources you have at your disposal. Just know that regardless of what real estate lane you choose to niche in, careful planning and strategic decision-making are non-negotiables.
2. Are real estate agents and realtors the same thing?
Short answer: No. They’re similar but different. Here’s why:
- Realtors are always certified members of the National Association of REALTORS® (NAR), whereas real estate agents aren’t required to be (unless it’s a part of their state’s regulations)
- Both realtors and real estate agents complete the same education and training requirements (national and state licensing exams). However, a realtor has to re-certify their NAR Code of Ethics Training every 3 years
- Real estate agents must remain licensed in their state/with their state’s real estate commission; realtors do not (as long as they complete their NAR Code of Ethics Training)
- Only realtors — through their NAR membership — have access to the Multiple Listing Service (MLS), which is where property listings can be found; real estate agents oftentimes find their listings through sites like Propstream.
3. What qualifications are required to become a real estate agent?
To become a real estate agent, you’ll have to:
- Complete high school/acquire a high school equivalent diploma (i.e., GED)
- Complete state-required pre-licensing education (different states require different amounts of hours)
- Pass your state-required real estate licensing exam
- Pass a background check
- Affiliate yourself with a licensed real estate brokerage (some common ones are Re/Max, Keller Williams, and Century 21)
While a career in real estate doesn’t sound too shabby, it does take a certain finesse to be successful in this lane; believe me or not, it starts with securing the basics. In the next section, I’ll review the steps you’ll need to take to formally begin your journey to real estate entrepreneurship.
How to Become a Real Estate Entrepreneur
Unfortunately, you can’t just “become a real estate entrepreneur” (I know, cue the crowd booing). However, if you follow the steps outlined below, I can guarantee that you’ll be well on your way to building out a clear path to getting there.
Here’s what to expect if you’re interested in exploring the path to real estate entrepreneurship:
1. You’ll have to educate yourself, then get licensed (expeditiously).
Step one to becoming a real estate entrepreneur begins with immersing yourself in the fundamentals of real estate investing. You can do this in various ways, but I recommend getting your daily dose of knowledge through online courses, a few podcast episodes, some YouTube videos, any TikTok content creators you trust, and, of course, lots of research through Google.
Here are a few vetted resources (yes, I scoured the internet far and wide just for you, dear reader) you can visit to get started:
- Coursera’s Principals of Real Estate Course (free enrollment)
- Real Estate Skills’ Webinar Event for Wholesale Real Estate (updated regularly, comes with a free Wealth Through Real Estate Investing PDF)
- The BiggerPockets Real Estate Podcast (specifically this episode)
2. Put together a solid business plan.
You can’t be any kind of entrepreneur without a business plan in place. When it comes to outlining your success as a real estate entrepreneur, your business plan should overview the following:
- A risk management plan (I’d argue that this is one of the most important elements of your business plan)
- Financial projections (these can be quarterly or yearly, whichever floats your boat the most, just make sure you’re accounting for the financial viability of your business)
- Goals and objectives (make sure they are SMART goals that carve out a clear roadmap for your growth)
- A market analysis (this is how you’ll get a closer look at your local real estate landscape, which will ultimately inform your strategies for identifying business opportunities)
- Marketing and sales strategy (how you’ll attract and retain clients, how you’ll differentiate yourself from competitors, what your branding will be and look like)
3. Get out there, build a network, meet people!
As a real estate entrepreneur, putting yourself out there is one of the best ways to build clientele, meet colleagues, and attach credibility to your name. To get a head start, I suggest:
- Joining real estate associations (like NAR, Appraisal Institute, Institute of Real Estate Management)
- Attending local conferences/events (fun fact: Most states have their own annual Real Estate Investors Expo)
- Starting an Instagram, then filming short-form content of the properties you’re selling (trust me, with a consistent posting schedule, it’ll make it to someone’s FYP eventually)
4. Find and purchase your first property.
When you’ve done the work to educate yourself on all things real estate, craft a killer business plan that covers everything you can think of, and meet groups of folks across the real estate space, you’re officially ready to put the ‘entrepreneur’ in real estate entrepreneurship — you’ll do so by landing your first investment property.
Now, you can approach this from several different angles. Some people choose to:
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- Territory Overview
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- And more!
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- Get a hard money lender (you can read more about hard money lenders here)
- Follow the BRRR method (Buy, Renovate, Rent, Reinvest)
- Buy real estate investment trusts (REITS)
If you’re wondering how the BRRR method/hard money lenders work, check out this TikTok video I found featuring Jessica Weaver, a Charlotte, NC-based real estate agent and content creator, who did both of these things and was able to successfully begin her career in real estate investment (I also highly recommend sifting through her YouTube Shorts or TikTok account to find other advice she’s shared):
@jessicaweaverrrr Using other peoples 💸 to invest in real estate > using your own #RealEstateInvesting #BuildingWealth #BudgetCoach #OtherPeoplesMoney #Passivelncome #FinancialFreedom ♬ original sound - Jess | FINANCE & LIFESTYLE ✨
Real Estate Entrepreneur Skills
Clearly, the process of becoming a real estate entrepreneur is lengthy AF, but if you’ve got the skills, good news: You’re already halfway there.
If you don’t, that’s also fine, but you should start cultivating them ASAP. Here are some foundational skills I recommend having if you’re curious about what it takes:
1. Networking Skills
As I mentioned above, if you’re going to pursue real estate entrepreneurship, you’ve got to get comfortable with putting yourself out there. Utilize social media, real estate associations, and local event opportunities to build relationships with other like-minded entrepreneurs.
2. Financial Literacy
Having a solid understanding of financial principles, like budgeting, investment analysis, and market economics, is crucial for sustaining profitability as a real estate entrepreneur. This skill equips you to appropriately plan out spending on incidental purchases, comprehend loan applications, and assist clients with every aspect of their home-buying journey.
3. Adaptability
The real estate market is tricky to navigate. It’s inherently dynamic, influenced by consumer preferences and the fluctuating economy, and factors such as government policies. Adaptability enables you to pivot when necessary and, above all, meet the diverse needs of your clients.
4. Time Management
I won’t spend too long on this one, but you and I both know that time management is a simple skill that goes a long way. Real estate entrepreneurship demands juggling multiple responsibilities — from property showings to managing clients — and, at the end of the day, you’ve got to develop a method that works for you.
Whatever your version of time management may be, ensure that your day-to-day structure allows you to prioritize tasks, maintain productivity, and achieve a healthy work-life balance.
Real Estate Entrepreneur Responsibilities
As a real estate entrepreneur, you should be prepared to handle anything that comes your way (and trust, there will be lots that will). That said, here’s what you can anticipate if you think real estate entrepreneurship is the right profession for you:
1. Customer Relationship Management (CRM)
While the real estate entrepreneur’s life is full of rewards, it’s no lie that you’ve got to do the work to reap them. One of those rewards? Happy clients. How to achieve this? By prioritizing your CRM strategy as a core responsibility in your business.
Building and maintaining strong relationships with clients isn’t just about closing deals — it’s about creating a lasting impression that earns trust, loyalty, and referrals. A robust CRM strategy allows you to:
- Track client interactions
- Anticipate your client’s needs
- Deliver personalized experiences that set you apart from your competition
Pro Tip: HubSpot’s Real Estate CRM software allows you to do all of the above, including directly responding to client inquiries.
2. Identifying Investment Opportunities
A cornerstone of real estate entrepreneurship is the ability to identify and evaluate investment opportunities. This involves conducting thorough market research to understand trends — such as population growth, employment rates, and local infrastructure developments — that can impact property values.
Additionally, spotting undervalued properties or areas with untapped growth potential requires a keen eye and forward-thinking mindset. Whether it’s identifying a distressed property for a flip, a commercial space in a developing neighborhood, or land primed for residential development, the ability to recognize opportunities before other real estate entrepreneurs in your area is the key to staying ahead in the market.
3. Property Development, Maintenance, and Management
Once you’ve secured an investment property, the real work begins with property development, maintenance, and management. You must coordinate with contractors, architects, and inspectors to bring their vision to life while adhering to local regulations and budget constraints.
Additionally, if you’re dealing with rental properties, ongoing management will be your biggest duty. This includes collecting rent, addressing maintenance requests, and ensuring tenant satisfaction. A well-maintained property not only attracts high-quality tenants but also preserves or increases its value over time, making it a sustainable investment.
4. Strategic Planning
Lastly, strategic planning is the backbone of any successful real estate business. This involves setting clear short-term and long-term goals, such as:
- Expanding your property portfolio
- Entering new markets
- Increasing passive income streams
If you excel in this area of entrepreneurship, you’ll be able to keep your business scalable and aligned with their overall vision for growth.
So, Does Real Estate Entrepreneurship Really Rock?
As you’ve probably realized by now, real estate entrepreneurship isn’t for the faint of heart, but for those willing to put in the work, it can be an incredibly liberating and financially lucrative experience. It requires a whole lot of hustle, but if you’re up for the challenge, the payoff won’t just be tangible through dollar signs and zeros — you’ll also get the satisfaction of creating something impactful for others.
So, does real estate entrepreneurship really rock? Absolutely, but only if you’re ready to roll with the punches, think creatively, and embrace the grind. After all, the real estate entrepreneurship game rewards those who play it boldly.
Free Real Estate Planning Template
Use this free template to plan the marketing, sales, and growth for your real estate business.
- Company Overview
- Territory Overview
- Market Penetration Strategy
- And more!
Download Free
All fields are required.