Movies and television may leave some with the impression that getting into real estate is a quick and easy way to get rich.
But the reality is that the business is difficult to navigate, and requires a lot of hard work and attention to detail. It’s a career that comes with a great deal of responsibility, according to North East Mortgages President Terry Kilakos.
“Some people watch Million Dollar Listing, they get into it, because they like HGTV, and they think they’re going to become instant millionaires by having a real estate license,” Kilakos said.
“A lot of brokers, what they’re going to do is they’re going to basically put themselves in situations where they’re going to underperform for their clients, because they don’t realize just how much work is entailed,” he said. “If you’re going to get into this industry, don’t get into it for the wrong reasons — get into it because you love it.”
One problem Kilakos often sees is brokers thinking they are able to do the job on the side, as something to supplement their income from another job. When someone hires you, they’re hiring someone to take care of one of the biggest purchases they’re going to make in their lives. It’s not the kind of thing that can be done properly on a part-time basis, he said.
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“Obviously, you want to make money, but give it the time and energy that it deserves, right now, and give your clients the time and energy that they deserve,” Kilakos said.
It’s more than a job, it’s a career, he said. And if you’re not willing to put in the hustle to do it full time, you’re doing a disservice to your clients and to the industry.
Get to know Terry Kilakos personally in this interview with Kelly Alexander!