Consider these pros and cons to help you decide whether real estate is right for you.
|Pro #1: Achieving Freedom
Pro #2: Feeling Responsible
Pro #3: Being Respected
Pro #4: Excitement
|Con #1: Having Nothing to Do
Con #2: Doing the Wrong Things
Con #3: Weird Working Hours
Con #4: Irregular Income
When top agents are asked what they like best about the real estate business, most of them will rank “freedom and independence” as a top benefit, with money often taking second place. The freedom and independence that comes with earning your own earned commissions is priceless!
As a real estate agent, you will often give advice to clients about their most valuable asset - whether it’s their home, a recreation property, or an investment property. You’ll be drafting contracts for clients, and working on transactions involving large sums of money. Corporate or institutional employees might work for years before they are given that much responsibility, if ever at all.
When you arrive at a social event, the room won’t go silent because the real estate agent has arrived. However, you will be in a respected profession, where clients will value your ability to help them make important decisions.
There are few things as satisfying as helping buyers find a new home or investment property, or helping sellers sell their property. Not just because you’ll earn a substantial income, but also because helping your clients will be a satisfying reward in itself. If you like variety, rest assured that no two days will be the same. You’ll feel a sense of purpose, instead of just showing up for a job.
If you are accustomed to a boss setting your goals, defining your tasks, and demanding certain working hours, then you’ll have to learn to replace that new boss with your own self-management. You will need to design your own business plan, and have the discipline and courage to invest your time and energy into following it.
Doing the Wrong Things
The drawback of responsibility is the risk of making mistakes
As a real estate agent, you will probably be working under little or no direct supervision. (You wanted to be independent, remember?) Even if you have a coach, mentor, or an attentive manager or broker, you will have plenty of opportunities to make mistakes. However, your real estate education can help you avoid these mistakes. Our pre-license courses will help you prepare for your real estate career, and our continuing education courses will help you throughout your career.
The flip side of high income potential is low income potential.
If you’re used to regular paychecks, you will have to adjust to a commission-only lifestyle. As with any business, that includes saving or investing during high-earning months, and budgeting expenses during lower-earning months.