- From the outside, real estate may appear as a shining opportunity to make easy money. But the advantages to becoming a Realtor also present opportunities to stumble.
Reposted with permission from Matt Bonelli (5 reasons you should or should not become a Realtor).
Thinking about a career as a Realtor? You’re crazy! Or are you?
Here are five reasons you should avoid becoming a Realtor. They happen to be the same reasons you might fall in love with the field.
Which side are you on?
1. Flexibility
Pros: Hate working the 9- to-5 because you often sit around doing nothing just to put in some face time? Being a Realtor is the job for you! You’re not going to work fewer hours, but you get to organize your own schedule to make it work for you and your clients.
Cons: Managing your own schedule may sound like fun at first but it’s not that simple. Turns out it’s much easier to hit the snooze button than it is to wake up and make phone calls, create marketing and do pricing analyses.
2. Money
Pros: The best part about earning income as a real estate agent is that you get out what you put in.
This means your income cap is virtually limitless. A salary may provide some certainty, but commissions based on your own effort provide opportunity.
Cons: Steady income? Yeah, right! If you’re a new agent it could be a while until you see a paycheck.
Not only that, as a 1099 independent contractor, you have to track all of your expenses — and you probably won’t receive any health care benefits from your broker.
3. It’s emotional
Pros: Of course it’s an emotional business, but that’s good for you. If you keep a level head and stay focused on your clients, you will rise above the majority in this industry and stick out as a true expert.
Cons: There are a lot of different personalities you will have to interact with as an agent. Besides clients, you’re also dealing with other agents.
Some people just don’t know how to separate emotions from business. If you don’t like confrontation and can’t keep a level head, you might want to choose a different career path.
4. Career mobility
Pros: Climbing the corporate ladder isn’t fun, so be your own boss! Maybe it’s not that simple, but you would be amazed at what you can do for yourself by growing a business as a real estate agent and building your own brand.
There are a lot of opportunities within the real estate industry and even outside the industry that you can unlock from your success as a Realtor.
Cons: Hurray! You’re at the top! Well, where do you go from there?
If you’re not content with being a Realtor as your long-term career or you don’t have the vision to see how you can go beyond the average real estate agent, you may have hit your limit.
The only career advancement opportunities are the ones you make. You’re not getting an offer for that rich and famous contract just because you’re you.
5. It’s hard work
Pros: Yes, and thank God this is hard work! That means not just anyone can perform well.
Most new agents will wash out because they thought becoming a Realtor meant easy money. Take advantage of this; put in the hustle, and you will be on your way to great success.
Cons: Who knew this would be so hard? It looks so simple on TV. Turns out that people don’t just come running when you tell them you have a real estate license.
Managing listings, clients, transactions and your own marketing is really tough! It takes a lot of discipline and effort to get it right.
Based on those reasons, maybe now is not the time for you to become a Realtor. Does that sound strange coming from a Realtor? Maybe…
Matt Bonelli is a manager and broker associate for Turpin Realtors’ Chatham office in Chatham, New Jersey. You can follow him on Twitter or learn more about him on LinkedIn.
