Is Real Estate the Industry For You?
Thinking about becoming a real estate agent? It’s a rewarding career, but it’s not always as glamorous as it looks on TV. Because agents are small business owners, there’s lots of hard work and responsibility. As an agent, you’d perform an important role based on trust and fulfill specific duties for your clients. Real estate is a unique career that allows you to analyze and explore real estate, solve problems, and help people navigate one of the biggest transactions of their lives.
Deciding if Real Estate is Right for YouBefore you jump in, research the real estate industry and assess your personality, strengths, and weaknesses to determine if this is the right career for you. There may be some things about the real estate industry that could be pros for one person and cons for someone else. While real estate is one of the easiest careers to get into, it’s not always easy to get started. But in most states, you’ll be working under a broker who will show you the ropes.
Real Estate: The Good and the BadWhat are some of the hallmarks of the real estate profession? Flexibility and Freedom Real estate agent isn’t a usual 9-to-5 job. You set your own hours and decide how much you need to work to achieve your goals. You also create your own style, develop your brand, design a marketing plan, and run your business the way you want to. And you won’t get bored. Agents wear different hats like counselor, advisor, marketing wiz, and real estate expert. You’ll be juggling different tasks and clients all in one day. Creativity This job lets you be creative while earning money, designing marketing materials, implementing promotional campaigns, and staging houses. Be the Boss Real estate salespersons often operate as independent contractors with control over most of the components of their business. You write a business plan, allocate resources, create marketing materials, generate leads, and control the growth of your business. Lots of Responsibility Being your own boss can involve lots of stress. Your sponsoring broker will help with advice and office equipment, but basically, you’re running a small business. That’s a lot to manage in addition to guiding multi-faceted sales transactions. Also, it may take some time to start making money, so have money saved up when you start. Irregular Pay and Irregular Hours Clients and customers want to talk at odd hours, in the evenings, and on weekends. Open houses are often held on Sunday afternoons. Contract deadlines require quick, clear communication among various parties. In real estate, your take home pay can vary from month to month because the income comes from commissions, a percentage on the sales you closed that you share with your sponsoring broker.
Good Reasons to Get into Real EstateIt’s important to get into real estate with accurate expectations and good reasons. Some good reasons to become a real estate agent include:
- You love real estate.
- You love helping people.
- You enjoy solving problems.
- You love to learn.
- You’re great at promoting.
- You want to just work part time.
- You want to get rich quick.
- You want an easy gig.