Every day around the country, millions of people dream about taking the first steps towards a new career. And often, that decision involves a career in real estate. It makes sense – real estate has many benefits that can be profound. However, before you rush out to register for classes to start working towards a career in real estate, you should also bear in mind the fact that there are also some drawbacks to consider as well.
The simple fact is that every job out there has its pros and cons, and a career in real estate is no different. But, taking a few minutes to review the main advantages and disadvantages of this career path should help make it easier for you to determine whether or not it’s the right choice for you. Take a look at the pros and cons and consider yourself, your goals, and your strengths and weaknesses. If you do this, you’ll quickly be able to make a decision – and decide whether or not to start a career in real estate with more confidence.
The Pros Of A Career In Real Estate
There are numerous things that help showcase just why so many people choose a career in real estate, and why it could be one of the most rewarding career paths you could choose. Here’s a rundown of several of the main benefits a career in real estate has to offer.
Flexible Schedules – You aren’t stuck punching a time clock every day when you work as a real estate agent. Instead, you are essentially your own boss – if you need a day off or need to leave work early for something, you can. Real estate has one of the most flexible schedules out there, ready for you to take advantage of.
Income – Most of the time, real estate agents end up making above the national salary average. This is because income is often directly related to how much time and effort you put into the job – you get paid a commission on every sale, which means that the bigger and more successful your career in real estate becomes, the more you could make.
You’re Your Own Boss – With a career in real estate, you’re your own boss – an independent contractor who is able to choose the overall look and progression of your business. You’ll work for a brokerage until you get your broker license, but you still have a huge amount of control over what you do. This means that the sky really could be the limit for you.
Personal Satisfaction – Simple put, few things can feel as good as knowing that you helped someone make the biggest purchase of their life or that you put a young couple into their very first home. You have an impact on the lives of your clients, and the sense of satisfaction and personal pride can be something that few other careers could provide.
The Cons Of A Career In Real Estate
Of course, no job is without some drawbacks. There are a few things that should be looked at when considering a career in real estate – for many, they’re not a deal-breaker, but knowing about the cons could help you ensure that you know what you’re getting into and that a career in real estate is right for you. Here are some of the main drawbacks you’ll want to pay attention to.
Potentially Longer Hours – While you don’t work a standard schedule and have more flexibility with your schedule, that doesn’t mean you can just work three hours a day. Many client meetings take place in the evening or on weekends, and the best real estate agents end up putting in more than 40 hours – especially when they are starting out and trying to make a name for themselves.
No Guaranteed Income – Most brokerages don’t pay hourly rates or salaries. Instead, if you want to make a living, you’ll have to make sure that you’re selling properties. For new real estate agents, it’s important to have a solid nest egg – that first sale can take months, and you’ll still have to cover your bills and invest in things like marketing materials. You have the potential to earn a huge amount of money, but you could struggle if you don’t make sales.
Higher Responsibilities – While you’re your own boss when you have a career in real estate, that means that it’s also up to you to take care of business. You’ll have to handle things like networking relationships, marketing yourself, managing your daily schedule, building leads, researching the market, and more. Your broker may give you a hand here and there, but for the most part you’re on your own.
High Stress – Not only will you be facing some stress due to things like making sure you make a sale in order to make an income, but the fact that you’re handling one of the most stressful times in your clients’ lives could add stress to your own day as well. You need to have the utmost confidence in your abilities or it could impact your reputation – and finding that confidence and knowing that you’re doing what is right for your clients can sometimes lead to stress.
The Bottom Line
Reviewing the pros and cons of a career in real estate above, you’ll quickly notice something – almost every pro and con are directly related to a different aspect of the career. More flexible schedules are countered by the fact that you may have odd hours and no set 9-5 schedule, for instance. The key is reviewing the info and determining whether or not the pros outweigh the cons.
For many, the pros are far more numerous and attractive. If you’re willing to put forth time and energy, a career in real estate can be one of the most rewarding jobs in the world. Think about the points above to determine whether or not it is right for you.