Shonda Webb breaks down the Pros & Cons of being a beginner Real Estate Agent & Tips on First Time Home Buying

What Motivates You? I am motivated by you. Entrepreneurs, aspiring entrepreneurs, and all motivated individuals seeking to grow, learn and build striving business relationships. Join us monthly as we highlight an entrepreneur from a different industry. My goal is to offer entrepreneurs insider tips, resources, and knowledge. The #MotivationMonday All-Stars all share a passion for motivating, mentoring, and moving you forward to success. Today I feature one of our Motivation Monday All-Stars, Shonda Webb.
Shonda Webb is a realtor with Keller Williams. She began her real estate career three years ago.
Whether you are buying a home or desire to sell homes, the Real Estate business is essential. As an agent or an investor, the real estate industry is potentially lucrative.
Breaking into the Real Estate market as an agent comes with plenty of competition. A beginner agent competes against some of the major giants and experienced real estate agents. Basically, you have to be ready to hustle. If you want to know more, Shonda Webb breaks down some of the pros and cons of Real Estate.
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Shelly Shell: What is difficult about being a realtor?
Shonda Webb: The difficulty in being a realtor is promoting yourself every day and trying to convince people to use you as their agent. Another difficulty is having the patience to wait for a client to buy a home, it is not as easy as you think.
You can spend months or a year building that client to the point of being ready to buy a home. Some clients may come with challenges. The client may need help with repairing their credit or showing that they have job stability. It can take time and a lot of patience.
Shelly Shell: What does owning a home mean to you?
Shonda Webb: Property ownership is very important. Not only is it an investment, but it also helps build generational wealth. Homeownership also helps you generate income and not giving your money away by constantly paying rent.
Shelly Shell: What or who inspired you to become a realtor?
Shonda Webb: I got into real estate while I was interning at Long and Foster with a wonderful agent. Her hunger and drive made me fall in love with real estate, so here I am today. I am still doing great business.
Shelly Shell: What is the difference between Real Estate Investor and Realtor?
Shonda Webb: The difference between a realtor and an investor is that a realtor sells properties for commission. A Realtor earns a commission off of the sales that they make.
The investor purchases properties and uses them to generate income long-term. An investor generates wealth through longer-term real estate investing strategies, which involve buying and holding property. The investor may buy a property and then obtain renters/tenants or may give the tenant the option to buy.
Shelly Shell: Why is it so much easier for a young family to get an apartment than it is to buy a home?
Shonda Webb: It may seem as if it is easier to get an apartment as a young family than it is to buy a house, but the truth is, they both consist of the same amount of work.
A lot of people will rent because their credit score is low, but they may have a slumlord. Most houses for rent now want you to have the same credit score as buying a home.
A Younger family may also rent because they lack the education and knowledge of homeownership. However, things have changed, and the knowledge of credit building and financial freedom is out there for us to educate ourselves at a younger age.
Shelly Shell: What loans or special programs are available for first-time buyers?
Shonda Webb: Currently, Philadelphia has grants available for first-time home buyers, and many banks are also offering first-time homebuyer programs. I offer information and education on the procedures for obtaining the grants.
Shelly Shell: How has the real estate market changed in the last year during COVID?
Shonda Webb: Due to COVID, real estate is at an all-time high. The seller’s market is hot, and the buyer’s market is also doing very well. The only thing is sellers are selling higher than the property’s value.
A buyer’s market will favor buyers, where a seller’s market is preferable sellers. A seller’s market is when there are more buyers than homes available.
Shelly Shell: What are key home buying tips for First Time Home Buyers?
Shonda Webb: Four tips for first-time homebuyers:
Credit should be at least a 640, and they should have nothing in collections
Keep a good credit report
Make sure you have a stable income. Having longevity at your job is important, and if you are an entrepreneur, keep accurate records, receipts and have money in savings.
It is important to have money/savings in the bank to purchase a home for closing costs
Shelly Shell: What would you consider to be your expertise?
Shonda Webb: My area of expertise is working with buyers, but I can also sell. I am currently working more in commercial real estate and property investment.
Shelly Shell: How can someone contact you?
Shonda Webb: You can contact me, and I will be more than happy to guide you through the process. P:215.303.4380 E-mail:arealtorsworld@gmail.com