5 Pros And Cons Of Being A Real Estate Agent
Working as a real estate agent is both rewarding and challenging. You will get lucrative deals but have to spend extended times looking for customers and convincing them to buy your property. It will require sacrifice and hard work for you to get the results that you want. If somebody is telling you that this is a walk in the park, a place where you can make a killing easily, or a career where you will get rich quickly, they are not telling you the truth.
Here, we want to give you the full story and tell you the sweet parts as well as the bitter parts, so that when delving in, you are prepared for anything and will have the capacity to handle all that comes your way. We will discuss five advantages and disadvantages in comprehensive detail that come with being a real estate agent.
Pro: You are the boss
The majority of people like being in control of their careers; they do not like being chained to a desk, where they are given orders by supervisors. Instead, they prefer making their own schedules and decisions on what they intend to do.
Being a real estate agent accords this opportunity; you will decide where to work from, how you want to work, the clients that you will approach, among other aspects. You will enjoy the freedom and flexibility that comes with self-employment, all that you have to do is learn the ropes, and you will be smiling as you make successful deals.
Con: Freedom comes at a price
Did the person who introduced you to the real estate industry tell you about the long hours that you will be putting in for this type of career? If he or she did not do that, a great disservice was done.
Like most self-employment jobs, you will be working 24 hours a day, seven days a week. This means you will be working throughout each day. If you are thinking of leaving your current employment so that you can cut the number of working hours, this will not happen. You will be forced to work for more hours, even sometimes late at night and on weekends.
Pro: Flexibility to make your own schedule
With freedom comes flexibility. You can choose when and where to work. This is a decision only you can make. It’s different from working for someone where a schedule is predetermined.
Con: Flexibility will require compromise
Being a real estate agent gives you freedom and flexibility but may cause problems, especially when you do not have somebody to guide you through. Delving into the real estate business without first acquiring the required skills and knowledge all in the name of enjoying the flexibility and freedom characterized by this sector will harm you. You are more likely to fail, leading to stress and depression.
Pro: Potential to increase your earnings every month
As a real estate agent, your earning can be increased every month. Here you have a chance to earn more; this will depend on the number of sales that you make. If you close more deals, your earnings will be higher. This is unlike other professionals, where earnings are fixed, and you can only earn more if you get bonuses, which shouldn’t be relied on as income.
Con: Unpredictable monthly income
When leaving employment to work on your own business, one thing that you should be prepared for is dry periods. This is a period when you do not have any deals closing or money coming in from your real estate business. If you have not saved for this period, you will be in a bad financial situation.
At times, a deal may take longer to close, and at other times, you may not close any deals at all. If this happens and you have no other source of income, it can really get bad. You need to save for such an eventuality. This is how many successful real estate agents have survived, by ensuring that you have some savings set aside to cover your down months.
Pro: Meet new people every day
Working as a real estate agent means working for people who are looking to buy, rent, or sell properties. Every day, you will get to meet people seeking your services.
This is a great opportunity to improve your people skills. You may start off as a shy person, but one year down the line, you will have gained confidence. All this comes with meeting different people all the time. With improved confidence, you will extend your network, even in areas where you would not have ventured before.
Con: You have to build a pipeline
In sales, they say that you have to meet with at least 20 people to make one deal; and that deal will not be closed in one day. Given that you can only talk to a limited number of people per day, it means that you will need a lot of energy, patience, and resilience in this profession.
Pro: You can work remote or from a home office
With advancements in technology, you can work as a real estate agent from anywhere. All you need is a platform where you can post details of the properties you are dealing with and a phone to talk to your clients. Real estate agents typically work in the field, either on the real estate property or meeting places such as coffee shops.
Con: Need to research and understand your market
For people to trust you, you need to be familiar with the area. Sometimes, the market in your local area may be saturated such that you have to move into another county or territory to find enough new business. This may put you at a disadvantage since you may not be familiar with this area and will require a learning curve.