6 Reasons You Should (and Should Not) Consider Becoming a Realtor
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We’ve all heard of the potential benefits of becoming a licensed real estate agent. The idea of both setting your own schedule and making upwards of $100,000 a year certainly has its appeal. It’s also relatively easy to get trained in (compared to some other high paying careers anyway), so why not give it a go?
While becoming a licensed realtor may seem easy, there are certainly downsides to selling properties for a living. We’re going to take a look at 6 reasons why you should and should not consider becoming a realtor and help you decide whether this potentially high paying career is right for you.
1. It’s Easy to Become a Realtor
You may wonder how long does it take to get a real estate license? When it comes to training/school, becoming a real estate agent is relatively quick and painless. You don’t need to worry about having to go to school for a four year degree. Many real estate courses can be taken partially or even entirely online and can be completed in a matter of months.
Cons: Unfortunately, one of the main factors that prevent many from becoming licensed real estate brokers is the financial expense. It’s not cheap to become a licensed real estate broker and requires a ton of skill to pass the licensing exam. You may be surprised by the varied knowledge that is required to pass the licensing exam and it requires a lot of hard work and dedication.
2. You Have the Potential to Earn a Great Income
Being a successful real estate broker means that you work hard – meaning, you get out what you put into your business. There is truly no cap on your earning potential as a real estate agent, as you primarily get paid by commission. Therefore, the more effort you put in and the more established you are, the more money you will make.
Cons: Just as there are obvious pros to earning an income as a licensed real estate agent, there are just as apparent cons. Making a living as a novice real estate agent is incredibly difficult and you will likely earn very little income until you gain more experience and exposure. You may find yourself wondering how do realtors get clients? And if you are an independent contractor, you need to keep track of every dollar you do earn and are unlikely to receive health care benefits on top of it. Ouch!
3. You Are Your Own Boss
Have you ever dreamed of being self employed? As a real estate broker, those dreams can become a reality. Being your own boss means having full control of your own business. This means no higher-ups to answer to and no limit on the amount of clients you can choose to take on.
Cons: As an independent licensed agent, you are fully in charge of your own business. This means you’re in charge of handling all of your clients needs, marketing your business, creating working relationships and managing finances. While some may enjoy the challenge of being a successful one man show, others may not enjoy handling virtually every minor detail.
4. Real Estate is An Emotional Business
You may enjoy the emotional aspects of a real estate business. After all, emotional doesn’t always mean negative and can often end up being rewarding for both you and your clients. Plus, if you handle the emotional side of your business well, you’ll be known as someone who clients can come to in difficult situations and stick out as an industry expert that is able to handle anything.
Cons: Real estate isn’t all about selling new homes to happy young couples – you’re often going to walk into difficult, emotionally charged situations that you’d rather not be a part of. Being able to handle emotions and large personalities is a big part of being a realtor, so you definitely need to consider whether or not this is within your range of expertise.
5. You Are Able to Work a Flexible Schedule
The idea of working a flexible schedule is one of the primary reasons why being self-employed is so appealing. What’s better than not being forced to start your job at 9:00 in the morning? You are able to set your schedule according to what works for you, factoring in building relationships and making connections, as well as working with your clients.
Cons: Working a flexible schedule generally means you’re going to be working at times that you’d rather not be. While not working a 9 to 5 job can sound appealing, it often involves working evenings and weekends. Your clients also expect you to accommodate them and be extremely attentive to their needs, putting your own on the back burner.
6. Being a Realtor is Hard Work
Hey, hard work doesn’t have to be a bad thing, right? If you’re looking for a challenging career filled with endless opportunities, being a real estate broker can be a fantastic job for you. If you take advantage of the fact that not everyone wants a career that is such hard work, you’ll be making the big money in no time – you just have to be willing to put in that hustle.
Cons: On the other hand, becoming a realtor truly is hard work. As stated, not everyone wants to have to hustle quite so hard for their career. Getting your career off the ground as a realtor is incredibly difficult unless you catch a big break. On top of that, you have all of the financial responsibilities of being self employed, which nobody is exactly thrilled about.
If you’re looking for a career that offers many of the rewards of being a real estate agent without all of the financial responsibility, being an Airbnb property manager may be a great alternative. Not only can you easily begin a career that incorporates your passion for property, but you can still reap the benefits of having your own, full-time business.
So, is getting a real estate license worth it? If you were on the edge about whether or not to become a realtor, we hope we’ve managed to help point out some pros and cons that you may have not considered. At the end of the day, being a realtor can be a rewarding career – the operative word being can.