Some people like certainty in life and have to have assurance about their job and steady income. But then there are other sets of people who love their work more than anything; they like to have freedom in their profession and are less concerned about their paychecks. For the latter, a career in real estate might be the perfect option! The real estate business always has so much to offer to those who don't like to work at a traditional nine-to-five job.
In this industry, opportunities not only exist for agents and brokers who sell properties but also for appraisers, investment advisers, and property managers. While most real estate jobs require training at vocational schools and colleges, there are some positions that also require certification and licensing.
But, as with everything in life, there are pros and cons to getting into this line of work as well. If you are looking for the answer to the question, "is real estate a good career in 2022," it is time to do your research and learn both the good and the bad sides - here are all the aspects with their pros and cons.
Depending upon state regulations, you can complete the required real estate courses, become a licensed real estate agent, and start your new career in just a few weeks or months. It usually takes months to complete the course and take the final exams, and then you only need to study to clear your licensing exam. After that, you activate your license and start working as a real estate agent.
Although you can either work for yourself or a brokerage, in the beginning, it is always advisable to work for a brokerage to test your real estate skills and build a network of clients.
Starting a career in real estate demands the investment of time, money, and effort. Also, this career comes with no guarantees; there might come a time when you will be asking yourself - is real estate career good for me or not.
Passing the real estate licensing exam requires a varied skill set and an understanding of complex topics. The training and tests are expensive, and you must dedicate some serious time to studying. For instance, in Minnesota, it is $65 for the test, and $100 is the license fee. While in California, it is $60 for the test and $200 for the license.
If you always want to work on your hours, or you don't like to tie down at a desk all day long, or you are a very free spirit person, or you just don't thrive in a typical nine-to-five setting, then real estate may be the ideal career choice for you. It offers freedom and flexibility to do things your own way. You will be free to even work in the afternoon or evening if you prefer to do so.
Freedom of setting your own hours is not synonymous with having a lot of spare time. In fact, there will be some days when you will be working at strange hours and more hours than you would if you had a traditional office job. You could be working late in the evenings, showing houses to your clients, but still, you have to get up early in the morning to take care of business things, like dealing with banks, lawyers, etc.
Being a real estate agent means being your own boss, which implies you would be required to do everything all by yourself, including dealing with compiling, submitting, and filing documents and lease agreements while also creating and managing the annual budget. You ought to act as an independent contractor who controls your own book of business. You will have all the decision-making powers, and adding a good attitude and solid work ethic to this will eventually grow your real estate business.
As a real estate agent, you are on your own to learn the real estate market and manage your business. You are in charge of maintaining your clients' needs, networking relationships, building your lead list, marketing your real estate business, and handling day-to-day office needs. It is all up to you how you manage things efficiently, and unfortunately, many new agents fail to recognize how much work it takes to become a successful real estate agent.
You must use your skills to help others find their dream homes, commercial property, etc. Your clients will immensely depend on your knowledge of the real estate field for making important decisions. You will be the one telling them which properties are closest to schools, whether the properties they are interested in are in flood-prone areas or safe for elderlies, and all the stuff that only the best real estate agents know.
Your clients will almost literally be putting their life savings in your hands. So, if you make a mistake, you could end up costing them a fortune. For instance, you might get them to put in an offer, but then you miss the inspection contingency deadline, so they have to buy the house because they are contractually obliged to do so against their wish. Your clients will be taking some huge risks based on your advice, and it can be pretty nerve-wracking and challenging to deal with for many agents.
Your job being in the real estate career will involve working in many genres and wearing many different hats at different times. It means you will never be bored of your work. One minute, you might be working as a financial coach, the next a property hunter or a negotiator. You will basically be fulfilling all the needs of your clients in order to make buying a home pleasurable for them, which in turn earns you a good chunk of commission.
On multiple occasions, you will find yourself in situations where you have to think on your feet because you will be trying to take care of everything your clients need. For instance, you might need to take care of last-minute repair issues before your clients can move into their new homes. In real estate, there are a lot of issues that can arise at the end moment, and many of them are totally unforeseen.
In the real estate business, you can earn a very comfortable income when the market is in a good phase. If you are extraordinary at what you do, then nothing can stop you from having cash on hand, a lavish home to live in, and a luxurious car to drive. You will have the earnings to be able to do almost everything you have always dreamed of doing, and that too without worrying about how you will afford it.
You need to understand that there will be a time when the real estate market will be down, and you will not get enough opportunities to make money. That is why it is crucial to understand the power of saving money you make when you are doing good, it will help you during lean times. Sadly, many people who get into real estate do not plan for bad days, and then they have nothing to fall back on when they will not be earning any commission to make ends meet. They could only sit and curse the market in those struggling days.
Real estate professionals have the option to specialize in a specific field that can include property management and appraisals, commercial property handling, residential or agricultural sales, or property renovation. After specializing, you can work for some big real estate firms. There, you will have an exciting career that may demand many different skills like negotiating, design planning, construction management, or whatnot! These kinds of jobs are more paying than the job of a conventional real estate broker. There is much more to real estate than just buying and selling properties; it is simply a matter of figuring out the right job for you, and then, nothing can stop you from thriving in your career.
You will not become a top seller at a prime real estate company in a snap; you really have to pay your dues and prove that you have what it takes to be successful, which might take many years. Stepping into real estate is just the beginning. You need to accept that you will not know everything you need to know overnight, and you have to put in a lot of hours at the bottom before you can even dream of the top.
The real estate career path is certainly not everyone's cup of tea, so it is always ingenious to think long and hard about what you value the most in a career and what you are hoping to achieve from it. Now you know some of the top pros and cons, so you can answer yourself to the big question, is real estate a good career choice?
In this article you will come across the pros and cons of aspects one should consider while weighing the real estate career. At the end, you will be equipped enough to answer the question - is real estate a good career path?
Top 15 Real Estate Books for Investors in 2022: Gain Power and Knowledge in the Market
How to Get into Commercial Real Estate: An Ultimate Guide for Investors in 2022
Real Estate Business Plan: An Ultimate Guide for Real Estate Developers in 2023
Land Development: A Real Estate Developers Guide for Profitable Property in 2022
5 Facts We Bet You Didn’t Know About Urban Real Estate Center
Real Estate Financing: A Detailed Guide to Options Developers Have in 2022
Is Real Estate A Good Career Path?
Property Manager Salary: A Complete Guide For 2022
Real Estate Agent Salary: Everything You Should Know
Best Real Estate Agents
Join +10K Real Estate Proffesional who get updated