Have you been thinking of becoming a real estate agent? Are you constantly watching the shows on the home and garden channels where a Realtor shows a couple three homes and they pick one to purchase? Do you usually figure out the home they picked before it’s revealed?
Yes, those shows are great to watch and the folks on them are pretty lucky to be picked for the shows as are the Realtors involved. Our favorites are the ones where they’re shopping for vacation homes, because who doesn’t want a beautiful home in a tropical paradise? These shows highlight some of the glamour of being a Realtor and trust us; we in the industry would love to have clients who buy a home from the first three homes they’ve seen.
Now, we’re sure tv shows aren’t the real reason you want to start your career in real estate. We know you’re much smarter than that. That’s why we want to help you weigh some pros and cons to becoming a Realtor that you wouldn’t necessarily know unless you’re in the industry full-time.
The Pros of Becoming a Realtor
- The first pro is pretty easy – unlimited income. There is no limit to the amount of money you can make when you chose real estate as your career. There are many millionaires in the real estate industry and even a respectable amount of billionaires. You don’t get there overnight and it can take years of consistent sales, saving and investing (and we dare say, a bit of luck) to come out on top where income is concerned.
- You are in charge of your own schedule. Realtors can always choose when they want to work. There is a balance however between working when you want and succeeding in your career. You can be in the office all day and never have a sale or work 20 hours a week, take 5 vacations a year and be the top in sales in the industry. It’s all about how you smart you work and how you use time for your advantage.
- Who’s the Boss – YOU are! You’re an independent contractor which means, no one can tell you how to run your business. You get to decide the how, when, where and why’s of how things are run. When you consistently increase your sales, you will need to hire staff and contract out other Realtors to keep up with your business.
The Cons of Real Estate as a Profession
- Income can be very inconsistent. You can work your hardest and yet you may not see a paycheck for 3-6 months, especially when you first begin your career. A rule of thumb for when you’ll get your first check after starting at a real estate office is 90 days after you begin.
- You can control your own calendar. How well you control your calendar directly correlates to not only to your business success, but the success and balance between your home life and your work life. While keeping it balanced can sound simple when there are twenty four hours in a day, there are a million and one ways to tip that balance in the wrong direction. When you’re working too many hours without any income-producing activities you go into a negative-cash flow situation. You either need to do one of two things – borrow money from your personal assets or try to incur a loan. The thing about loans is -those need to be paid back – so your schedule has to start quickly and consistently producing the needed income. If this happens once, it can be handled. If you continue this pattern, you’ll kill your business.
- The Buck Stops with the Boss – While you are the boss of your business, you’re also the boss of your business. I know that looks like two obvious points repeated twice but what it really does is highlight that the buck stops and starts with you. You have to build a brand that is a trusted brand, where people immediately think of you when they think about real estate. Growth, your brand, and your reputation all begin and end with you. That’s a lot to handle.
Now that you’ve read about the pros and cons of choosing a career in real estate, you probably have even more questions/curiosity about the business and the process to go from where you are to that successful agent with enough money for your time and enough money for your ‘you’ time. Time with friends, family and loved ones.
Should you have any more questions, we really want you to take a couple moments and contact us here. We McCoys would love to work with you!