If you are looking into becoming your own boss and working on your own time all the while earning an annual income of at least $100,000, then you should consider being a realtor. However, there are two sides of a coin. Before you start render your resignation and start your career in the realty industry, here are the things you need to consider.
Pros: In most cases, starting a career in the real estate industry is straight-forward and painless. You only need to complete the required training hours and obtain certificates, then pass the real estate agent exam to get licensed. Once this is done, you can immediately start your career as a realtor.
Cons: As mentioned above, starting a career as a realtor is straight-forward. The twist is, you will need to invest not only time and effort but also money to achieve this goal. Also, obtaining a license does not guarantee you a great career in the real estate industry. You also have to go through a needle hole before you can have this coveted license. The exam will not be easy and it requires understanding of varied and complex sets of skills.
Becoming Your Own Boss
Pros: When you become a real estate agent, you can start being your boss. You control your time and you control your own business. You will become a private contractor who can make your own decisions without worrying about stepping on someone else’s shoes. If you have good work ethic, the growth potential of your career is limitless.
Cons: Because you are your own boss and you are managing your business (so to speak), you will carry the burden of studying the ins and outs of the market. You will do all the footwork to establish your market leads. You are in charge of your marketing campaign and in-charge in making and keeping your customers happy. You are not only your own boss, but you may end up being your own secretary, especially when you are just starting.
Pros: It is not a secret that real estate agents earn a lot of money monthly and annually. The salary of a realtor is not dictated by any company rule or by the hourly wage implemented in other industries. The money you earn is dependent on the time you spend talking to clients and making a sale. The more time you spend the higher salary you can expect. When you have enough resources, you can hire an assistant and gain the necessary license to open your own brokerage. The potential for growth is really limitless.
Cons: The salary may be high for established realtors, but for those who are only starting, it may not come as quickly as wanted. It will take time for you to make your first sale. The flow of money in your first few months will be out, not in. This means that you should have enough money to finance yourself while you are out and about making a name for your own. This sure will test your patience, endurance, and work ethics.
Pros: As a realtor, you also are not dictated by the number of hours required. You are not stuck with an eight-hour job. This means that you have a lot of time doing what you need to do to build your rapport in the industry by meeting people and socializing. This is hardly considered as work for anyone who has a natural charm and is not shy mingling with new people.
Cons: This line of work requires that you are also flexible to your client’s time and needs. Expect to work in hours that normally is spent relaxing, e.g. weekends. Your schedule will seem erratic. You may have to stop in the middle of something as soon as your client asks for your help. That is how erratic it can be.
Pros: If helping other people is in your nature, then you will find satisfaction in knowing that you have helped your client land a deal that is of great value to them. In doing so, you are not only helping one party but three. You are helping the buyer, the seller, and yourself. It is a win-win-win situation.
Cons: When dealing with large transactions, you can expect that everything will not go as planned. When this happens, your clients will go through a great amount of stress and the expectations on your shoulders are set high. As a realtor, you have to make sure that everyone leaves with a smile on their face to protect your reputation. If one either party is unhappy, you can expect words to spread. This will affect your reputation badly.
The pros and cons listed on this article is not meant to persuade or scare anyone away. It aims to provide readers an honest perspective in the real estate industry. Now that you have everything laid down, it is up to you to decide whether this career path is for you or not.Read More »