Whether you believe in fate or not, becoming a real estate agent could be your best career move yet. The reason being that it is a varied, interesting, and rewarding job. One that those willing to put their nose to the grindstone in can earn a great deal. Although, before you make a big decision regarding your career it’s vital that you understand both the positives and the negatives involved, something that the post below can help you do. Keep reading to find out more.
Con – No employee protection
First, things let’s begin with one of the lesser understood downsides of becoming a real estate agent. The fact that you aren’t an employee but counted as a freelancer instead. Unfortunately, this means that all the benefits afforded to those employed by others including paid holidays, and medical are nonexistent.
Pro – Flexible schedule
The good news is that being a real estate agent is not all doom and gloom, and one of the best things about it is that you get to choose your own hours. This is something that can make achieving a work-life balance easier, as well as make becoming a realtor an attractive option for parents, even while their kids are still young.
Con – Little repeat business
It’s no secret that the core element of real estate agent success is being able to sell. However, not all the methods available to regular salespeople are usable by realtors. In fact, no matter how good a job you do, you can expect very little repeat business from even the happiest of customers, something that more traditional salespeople often rely on. After all, most people only have one property to sell, and once they have moved will likely stay there for at least a few years.
Pro – No cap on income
While repeat business is off the cards, many people are attracted to real estate as a career because of the large sums of money involved. The sky really is the limit when it comes to selling property, so unlike a regular job where your income cannot supersede your salary you can keep on earning, as long as you are putting the effort in.
Also, concerning this subject as a free agent you get to set your level of commission you charge to your clients. Therefore you really are in the driving seat when it comes to the income you make.
Con – You need enough money to keep you afloat until your first sale
Another downside of choosing a career in real estate is that not everyone makes a sale in their first month. Although experiences do differ from person to person, something you can read about in advice for new Realtors posts like this one. What this means is you will need to have enough money in savings to keep you going until you start to turn a profit.
Indeed, to cope with this many realtors have a savings fund that they can dip into if they are going through a slow month. This then allows them to continue to pay their own bills and so avoid late charges, and damage to their credit rating.
Pro – There plenty of opportunities to progress
Another major advantage of choosing real estate as a career is that there are plenty of progression opportunities. Indeed, as a realtor, you may be able to avoid much of the corporate grind and start up your own business instead.
Con – 50 – 60 hour workweek
While many people are drawn to real estate as a career because of the flexible hours, to be successful it is likely that you will need to work plenty of them. That means instead of a traditional 40 hour week, you can expect to work far more, usually in the 50-60 hour range.
In fact, realtors tend to work longer hours than those in 9-5 positions because of one critical reason. It is that your customers will be working too and that means you will have to make yourself available at weekends, and in the evening if you want to get the work done to close a deal.
Pro – You help people
When choosing a career, an important consideration should always be job satisfaction. The good news about real estate is that it is an option that can provide a great deal of this. After all, you will be working with people, often families to find their dream home. There really is very little as satisfying as this.
Con – You need to study for, and pay to get your license
Before you can practice as a realtor, there are some hoops you will need to jump through. The most crucial of these is getting your license. It’s not just a matter of filling in a form and paying a fee either. Instead, you will need to take up to 100 hours of college-level classes on real estate and pass a licensing exam. In addition to your license, you will also require a background check, and the right insurances before you begin operating. All of which will cost more money to get sorted.
Pro – Interesting and challenging work
Another thing that attracts many people to a career in real estate is that the work is varied on a day-to-day basis. What this means is you can find yourself doing a wide variety of tasks all on the same day or in the same week, such as running open houses, searching for suitable properties, valuing properties, or completing the paperwork that your legal team requires. Something that means there will never be a dull day.
Con – Real estate is high stakes work
Real estate is a high-stakes field when it comes to both money and emotion. This can mean that you will be dealing with a great deal of stress and pressure on a day-to-day basis. For example, imagine you have a house that you are on the brink of selling for $500,000s, something that would leave you with a fat commission that you have worked hard to own. Then all of a sudden the owner decides they no longer want to move and the whole deal goes through.
Additionally, the clients involved in real estate deals can get very emotional. This is because they not only have a great deal of money on the line but are also usually emotionally attached to the property they are selling or buying in some way. Add that to the fact that real estate deals are often complicated and long-winded and as their agent, you may end up spending a significant amount of time dealing with the emotional fallout. After all, it will often be down to you to deliver both good and bad news.
Is being a real estate agent right for you?
While, in truth, only you can answer this question, the information should give you a much better idea of what to expect before you enter into a career in real estate.
Being a realtor is not all roses, as no career is, and there are some challenges such as irregular paychecks, long hours, and high stakes to consider. However, there are also some pretty awesome rewards to consider. The first of these is obviously the potential for a high income if you are prepared to put the work in. Yes, the life of a realtor goes beyond mere money as there are additional rewards such as challenge, variety, and helping people with one of the most important decisions in their lives – moving home.