Image working entirely for yourself in a flexible career where you can create your own schedule and make an annual wage of $100k or more. There are many reasons to get into real estate, but there are always two sides to every coin.
If you have ever considered working in real estate, it’s always important to consider the good, the bad, and whether your personality is right for this career.
Getting Started is Easy, but Effort is Required
In most states, you can complete the required training and start a new career in a couple of weeks to a month. However, like any career, there is no guarantee you’ll make it, and passing the exam can be quite difficult, depending on your understanding of complex topics.
There are various learning materials and guides available of course, like this practice test for real estate, however, a strong work ethic and a willingness to learn are vital.
You’re Your Own Boss, for Good and Bad
Being your own boss can be really glamorous. As an independent contractor, you have complete control over your own business and decisions. If you have a good work ethic and a great attitude, there are no limits to your real estate business.
However, being your own boss can be a massive negative because you’ll need to market the business yourself, and you’ll be in charge of your company’s day-to-day operations unless you are wealthy enough to hire someone to do that for you. Everything from networking relationships to maintaining a client’s needs, to showing the house all rests on you.
There’s a Potential for Great Income
You don’t have a limit to your income, and you aren’t limited to an hourly wage or how often you need to work. As an independent contractor, you could work 10 hours a week, or 60 – it all depends on you and how many properties you want to sell. In the beginning, it might be good to pull those kinds of long hours to build your own brokerage.
At the same time, you’ll likely be out money at first because you need that money to continue to build your business. It’s advisable to have a nest egg before jumping head first into building your own company – but that isn’t always necessary. Calculate how much you’ll need per month to meet your needs, and spend accordingly.
Real Estate Agents Help New Families and Past Home Owners
There is immense satisfaction when you help a client find the home of their dreams or aid a previous homeowner who wants to sell their property at a fantastic price. It’s exciting for both the buyer and the seller because they’re entering new stages of their lives while closing the chapter on another.
At the same time, real estate transactions can be incredibly stressful, and stressful situations can make your clients irritable or angry. If things don’t go as planned, there’s a potential that your client will leave unhappy – whether its due to your efforts or not.
Since your work can spread quickly through the internet, it’s important to alleviate that stress as much as possible, or you could have many negative reviews that may affect your bottom line.