A career in real estate is one that comes with significant rewards but there can also be challenges that you will need to solve. It is a demanding job that requires ongoing sacrifices and hard work, promising a fruitful return if you are good at what you do.
If you are interested in becoming a real estate agent, we’ve put together a list of risks and rewards of going into real estate.
Reward: It Is a Flexible Job – You Can Choose Your Own Schedule
A majority of real estate pros get into the business because they prefer flexibility. In real estate, you are your own boss and can arrange your day so that you can be home to prepare a meal or attend your child’s school show. The benefit here is that you don’t click in and out every single day. Real estate is one of those careers that have flexibility built-in.
Risk: Without Set Hours, You Might Work More
Having flexible hours doesn’t mean you have an easy job. Although there are agents that will be asked to work beyond 9-5, especially since many meetings take place on weekends or weekday evenings. This could mean that while you rest and get the time off on a weekday afternoon, you might also have to skip the family lunch on Sunday.
What can you do: Work On Your Time Management Skills
The real estate agent job description usually says that an agent must have exceptional time management skills. Luckily, there are so many time management tools available to help you balance tasks both in your business and personal time. Some of the real estate technologies today are making daily tasks faster and easier.
Reward: You Have Unlimited Salary Potential
When it comes to real estate agent salary, they usually make more income than all workers, however, there is no cap on how much you can earn. The better you are at this job and the more you put into your professional career, the more you will get out of it. And since you are in charge of your transactions, there isn’t a set amount of time you have to work before you get your big promotion. For you – the sky’s the limit.
Risk: You Have No Safety Net in Slow Periods
You aren’t working for a monthly salary. Your earnings are based on sales and transactions. If you have a slow period, your income won’t be as high as you’d expected. This job is based on commission so if you aren’t selling a property, you don’t get a paycheck.
What can do you: Save For the Bad Days
This is one of the risks of becoming a real estate agent you can solve with proper planning. Spend time creating a savings fund before you get into real estate and you won’t have a problem with money when the bad days come. Consider the real estate agent expenses when you are calculating how much you should actually save.
Reward: You Can Turn Dreams Into Reality
Imagine showing people amazing houses and beautiful condos every day and helping them find their dream homes. As a real estate agent, you get to be a part of some of the biggest moments in life with your client. Your job is to help them find the perfect house or apartment that will be in their memories forever. This is both motivating and exciting.
Risk: Buying and Selling Properties Can Be Stressful
Most of your clients won’t buy or sell properties regularly and any purchase is an important financial decision. This can make tension and stress run high, especially if your clients have never done this before and are a bit conflicted about your job. Even though working with people can be rewarding, it can also be stressful and definitely has its challenging moments.
What can you do: Build a Real Estate Network
Developing a real estate network of experienced real estate agents and like-minded professionals can support you if you are having trouble with a particular client. Mentors who have had similar experiences can share tips and approaches with you that have successfully worked for them in the past.
It is also recommendable to spend some time getting to know your agents and ways they approach working with clients or what they do in stressful situations.
If you are tired of climbing the old-fashioned corporate ladder, becoming a real estate agent is a great choice to consider. This is a chance to be your own boss and calling your own shots. If you think you are good at what you do. You can even create a business with more agents. There are lots of great opportunities within the real estate industry that can help you unlock a lot of success.
But the truth is that it is hard work to be a good real estate agent. This can be extra motivation for some real estate agents because the hard work brings the best results and wash out those who aren’t born to buy and sell properties. On the outside, it seems like the sales position is something that anyone can do. However, if you aren’t willing to put in the hard work every day to make sure the sales can finally happen, it will not take long for you to start looking for another job. For those who want to stay in this field, the high dropout percentage means there are more opportunities for you to find clients and be successful.
Before you get started on your real estate agent career, take time to think about how you will deal with some of the risks of this industry. The rewards are enough to attract many people to the ever-growing industry, however, it is the professionals who can defeat the challenges and grab the opportunities the market offers.
A career in real estate is one that comes with significant rewards but there can also be challenges that you will need to solve. It
A career as a real estate agent is a perfect job for you if you enjoy meeting new people, helping others find a beautiful home,
Online real estate schools offer easily accessible and web-based classes, designed to help real estate agents pass their real estate licensing exam and gain education