A career in real estate may be tempting in most countries, especially for those who have been watching the market where home prices, and as a result, commissions are at an all-time high. Less than half of real estate agents have a bachelor’s degree and approximately 20% of agents have only been licensed for a year or less. That means many people attempt a career in this field, only to fail because they haven’t taken time to do their research beforehand to understand the effort it takes to be successful, unaware of the high demands.
If you’re hoping to earn a higher salary and be your own boss with a generally flexible schedule, a career in real estate might be for you. Also, it could be that you have a passion for assisting people to find dream homes they can comfortably afford, which is more appealing than engaging in rent-to-own deals or paying rent because they can’t afford a down payment.
Consider the points below to help you decide if a career in real estate is right for you.
To become a licensed real estate agent, you must obtain the required training and pass the appropriate exam for your location, if it applies. Depending on the state or country you live in, this can be a challenging process that requires registering for a training course or sitting exams.
You’ll Be Your Own Boss
Being your own boss sounds like a great thing – you’ll have no one to report to, no one controlling your wages or your schedule; however, that also means that you are entirely responsible for your business. You’re not going to be working the typical nine-to-five job, and while it’s great that you can create your own schedule, in reality, you will likely be working much more than a 40-hour week. You must do your own marketing, manage your own files, build your clientele, maintain the office, engage in networking activities, take care of your customers and properly manage your calendar. A successful career in real estate may seem easy at a glance, but you’ll have to have a strong work ethic and be able to spend many hours at work to achieve that.
As buying a home is one of the most important financial decisions anyone can make, the process can often be a very stressful one. Selling a home is likely to cause quite a bit of stress too. As an agent, you’ll have to be understanding of this and realize that your clients might take some of their frustrations out on you. You’ll have to be comfortable and knowledgeable as you explain the process, all the documents required and any other relevant information. Remember, word of mouth is the most important source of clients for real estate agents and one unhappy client, regardless of whether it was your fault or not, can be quite damaging for your professional reputation and future clientele.