What Type Of Person Thrives In The Real Estate Industry, According To A CEO At Parkside Asset Management
Carl emphasizes that "people who thrive" in real estate possess immense staying power and can "withstand a lot of hurt for a very, very long time" due to the volatile nature of the industry where initial years yield little to no income and a single bad transaction can erase years of earnings, making the ability to persevere and "not give up" crucial for success.
Resilience, Overcoming Challenges, Industry Realities, Financial Risk, Persistence
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Carl Dumesle
CEO
Parkside Asset Management
University of San Diego
MBA
Business Management & Admin
Real Estate
Business Strategy
International Student, Scholarship Recipient, Took Out Loans, Immigrant, Worked 20+ Hours in School
Video Highlights
1. Staying Power: Thriving in the industry requires the ability to withstand challenges and persevere through difficult times, especially during the initial years where earnings may be minimal.
2. Emotional Resilience: The industry can be emotionally taxing due to the high stakes and potential for setbacks, requiring individuals to manage stress and maintain a positive attitude.
3. Perseverance: A significant factor in succeeding in the industry is the ability to not give up, even when facing uncertainty and potential financial setbacks.
Transcript
Q8: Who thrives in industry?
How would you describe people who typically thrive in this industry?
People who thrive are the ones who have a lot of staying power, meaning they can withstand a lot of hurt for a very long time. Real estate is interesting because the end goal is really nice, but it takes a long time to get there.
The initial years are tough, with very little income. I think the average earnings for real estate agents in California are around $6,000 to $10,000 a year. It's crazy, right?
Imagine going through your first year without making a single sale, or even being close to making a few. It's really challenging and emotionally taxing. Things can change rapidly because the transactions are relatively large. If one goes bad, it could wipe out an entire year of earnings, or even five years of savings. One bad deal can completely set you back.
So, people who typically thrive are those able to withstand these challenges. They can persevere even when they don't know what's going to happen. It’s not about being cliché and saying "don't give up," but really, that's about 90% of it.
Advizer Personal Links
Instagram: @carldumesle