Should I Become a Real Estate Agent?
Ever thought of being a real estate agent? It may look fun and easy on TV, but there’s lot of hard work and responsibility involved. The relationship between agents and clients is regulated by state laws, which prescribe specific duties agents must fulfill. But real estate a rewarding career that allows you to explore and analyze real estate and help people navigate one of the biggest transactions of their lives.
The Pros and ConsSome things could be pros for one person and cons for someone else. It depends on your personality and what you want. The pros of being a real estate agent include:
- Flexibility: This isn’t your usual 9 to 5 job. You set your own hours and decide how much you need to work to achieve your goals.
- Variety: Agents wear different hats and juggle different tasks and clients all in one day.
- Creativity: Designing marketing materials, implementing promotional campaigns, and staging houses can be a lot fun. You get to be creative while earning money.
- You’re the boss: You’ll draft a business plan, allocate resources, create marketing materials, generate leads, and control the growth of your business. You’ll have control over most of the components of your business.
- Freedom: As an agent, you get to create your own style, develop your brand, design your marketing plan, and run your business the way you want to.
- You’re mostly on your own: Your sponsoring broker will help with advice and office equipment, but basically, you’re running your own small business. That’s a lot of freedom but also a lot of responsibility.
- Slow start: It may take some time to start making money. You’ll need to have some money saved up when you start.
- Hard work and irregular hours: You have to hustle to drum up business. While you’re helping your clients, you’re also promoting yourself and prospecting for new clients. Clients and customers often want to talk at odd hours, in the evenings, and on weekends. Open houses are often held on Sunday afternoons.
- Irregular pay: Your take home pay can vary from month to month. An agent’s income comes from commissions, a percentage on the sales you closed that your share with your sponsoring broker.
- You love real estate: You better really like real estate, or else why are you even considering being a real estate agent.
- You love helping people: An agent is an advocate and counselor for his or her client. You provide expert advice and guide families through a stressful, complicated process involving their home and lots of money.
- You want to solve problems: There’re many moving parts in a sales transaction, and it’s the agent’s job to handle it smoothly. There will be plenty of opportunities for you to solve problems, marshal resources, and negotiate deals.
- You love to learn: The real estate industry is always changing with the market and the trends. Since being a real estate agent means providing expert advice, you need to constantly be learning.
- You’re a great promoter: You’ll need strong salesmanship skills to be a successful agent. Agents handle most of their own advertising, which means selling yourself as a real estate expert, your firm, neighborhoods, your clients’ houses, and your buyer clients’ offers.
- You want to just work part time: Some agents work part time, but if you want be successful, you have to commit.
- You want to make a lot of money: Don’t count on making boat loads of money. Some agents in specific markets and specialties may become millionaires, but not the average real estate agent.
- You want an easy gig: Real estate is not as easy and glamorous as it may seem on TV. There’s a lot of hard work and perseverance required to be successful.