Real Estate License: Is Real Estate for Me
You may be wondering if starting a career in real estate and getting a real estate license is the right decision for you, so let me break it down for you.
A career in real estate is ideal for people who are highly motivated and have excellent interpersonal skills. Being a real estate agent may be difficult for people who thrive on consistency or who struggle to work with others.
If you want to work for yourself and set your own schedule, with an annual income of $100,000 or more, a job in real estate may be for you. While there are numerous advantages to pursuing a career path in real estate, there are some aspects of becoming a real estate agent that do not appeal to everyone. We’ve outlined the benefits and drawbacks of a real estate career, including real estate agents’ income, schedule, career outlook, leadership opportunities, and more.
Do You Have the Skills and Knowledge Necessary to Be A Real Estate Agent?
Real estate agents must possess a very specific set of skills in order to be successful. There are always exceptions to the rule, but these abilities generally indicate that a person will have a successful real estate career.
Social Skills
Real estate agents are well-known for their enthusiasm and charisma. These characteristics are advantageous in any profession, but especially in real estate. In general, you will be speaking directly to clients, which can be difficult to do correctly.
The great thing about this is that it is something that can be learned. There are numerous books, videos, and classes available for people who want to improve their interpersonal skills. These materials are widely available and range in price from free to thousands of dollars. If you are the type of person who finds selling real estate and persuading clients to make a purchase difficult, then the real estate industry will be difficult for you to succeed in. While studying for your real estate license, you should look for ways to improve your people skills. Although most real estate agents are not required to attend a formal university, learning people skills is always a good idea.
Even those with extensive experience in the field are constantly learning new strategies. People skills are critical to the success of any business and must be constantly honed.
Real estate is a great career for people who used to be sales representatives because you get paid based on how many houses or properties you sell as a real estate agent. That commission-based pay structure can be extremely difficult for some people, but it comes naturally to those who are skilled at selling real estate.
Ethic at Work
Evidently, work ethic is essential in all professions. Real estate agents, on the other hand, require a stronger work ethic than most.
You could do almost nothing as a real estate agent every day and still be an agent. Some real estate brokers are more engaged than others, but you are ultimately on your own. If you are not driven and do not sell many properties, you will not make any money. Although this is ideal for people looking for a side hustle, it can be extremely hazardous for those who struggle to empower themselves. Many new real estate agents fail as a result of a lack of work ethic.
This, like people skills, can be learned. You could improve and become quite adept at working on your own hours. Many agents must adjust to this type of work structure, but they ultimately prefer it.
To summarize, as long as you are comfortable attempting to figure out how to spend your time on your own, you will be fine. There are numerous guides available on how to be a successful real estate agent.
Customer Support
Although real estate agents are salespeople, there is a lot more to it. A large part of an agent’s job is to ensure that their clients are well-cared for. While it may seem obvious, it bears repeating: customer service is crucial. Clients will drive you insane at times, and if you can’t handle it, you won’t be able to sell and your real estate career will be cut short.
Real Estate Way of Life
A real estate agent’s lifestyle differs from that of most other jobs. As previously stated, you will not have the same sense of transparency that comes with a desk job. Real estate agents set their own schedules and flexible hours, which appeals to many people.
The Schedule
The schedule that arises with becoming a real estate agent may seem odd to those who are used to the conventional 9-5. A real estate agent must answer phone calls, generate leads, follow up with current clients, and message past customers. Although you will be able to set your own schedule and be your own boss, it is up to you to find buyers and be effective. Just because you obtain your license and become a licensed real estate agent, it doesn’t mean you’ll be successful right away. There are so many things to discover and construct.
Owner of a Small Business
Being a real estate agent entails being an independent contractor, which is synonymous with being a small business owner. The success of that business is determined by how well you run it and how hard you work.
Being an entrepreneur is a different way of life than most people believe. You are not going to sit around and wait for others to do your work for you. In reality, it means you must work harder than the other guy to succeed.
This is a completely different way of life than any other job you’ve ever had. The wisest choice you could do is shadow a successful real estate professional to ensure you understand exactly what you’re getting into. Even if you are already a real estate agent, it is a smart option to shadow successful agents in order to build similar skills.
Another point to remember is that the government handles you like a business organization. That means you must keep track of and document your income annually, which usually entails tax payments. You must set aside money each year in order to pay taxes in the spring of each year.
Making a Name for Yourself
Real estate agents are businessmen, and in order to sell something, you must put yourself out there. If you do not like putting your name and face out there, this is not the career for you.
You will need to connect with real estate clients and people in general in order to build a client base. You want everyone to know you’re a real estate agent so that if they need a house sold, they know who to call. As a real estate agent, you must maintain an online presence.
The Pros and Cons of Real Estate
There are numerous reasons why being a real estate agent is fantastic, but we’ll cut to the chase here. Let’s begin with the pros.
Working for Oneself
Many individuals in real estate will tell you that they adore being able to set their own hours. Working in real estate provides a standard of autonomy that is difficult to find. Even though you have a broker who could be considered a boss, this is not your typical employee/employer connection.
A real estate agent is an independent contractor who works with a real estate broker to supervise your transactions and instruct you if necessary.
When you are paid on a salary or hourly basis, your employer’s primary objective is to get you to do as much work as possible. In real estate, the broker’s victory is only as important as yours. Some brokerage firms are more involved than others, but they are always striving to ensure that every agent under them is productive because success means success for them.
Becoming Limitless
With real estate, your earning capacity is limitless. That means you could end up making a great deal of money than you think. If a real estate agent discovers that they are exceptionally talented, there are numerous opportunities for advancement.
You might end up with so many contacts that you never need to recruit new clients, or you could get to the point where being a broker makes more sense than being a real estate agent. Simply put, real estate agents can expand their businesses to incredible dimensions.
Relationships
Many real estate agents become acquainted with a large number of people. If you ‘re genuinely successful in this industry, you’ll form friendships with individuals from different walks of life. If you enjoy going to the supermarket and recognizing a large number of people, this is the job for you!
Being an agent provides a remarkable opportunity to meet a large number of new people. You are placed in a variety of different properties throughout the town, exposing you to a diverse range of people.
Various Career Possibilities
In addition to having an endless earning capacity, becoming a real estate agent provides you with numerous avenues to pursue other careers. Some real estate agents sell real estate and handle other people ‘s properties.
Obtaining your real estate license opens up a plethora of different career opportunities. As you become more adept at moving properties, new business opportunities will present themselves, and you will have the option of seizing them or passing them up.
On the other hand, there are several reasons why real estate can be a challenging industry to perform in. Here are some general explanations why someone might not appreciate a real estate career. There are more than what was mentioned here, but these are the most prominent themes about the industry. If you think you can handle these, chances are you’ll do well as a real estate agent.
Success Rates Vary
Sadly, real estate is not a quick way to become wealthy. Some people will have a lot of early achievement, but this is uncommon. It can take a long time to become successful in real estate. People are prosperous or unsuccessful for a variety of reasons. The goal is to put in sustained initiative that will ultimately pay off, but this is not a career for everyone.
Some people may have difficulty to get their real estate business up and running, whereas others will achieve instant success. Unlike a typical desk job, you wouldn’t know how much you’ll be paid until you give it a shot.
A Little Dangerous
If you already have a well-paying job, investing in real estate can be a dicey career choice. As explained previously, real estate can be difficult at times. The tricky aspect is determining whether you will be good at it before you try it.
If you leave your job to become a real estate agent, you have no idea when you will be paid. It could take several years before you start making a significant income from real estate. Some people enjoy being paid on their own merits, but it can be difficult to know when your hard work will eventually pay off.
It’s Hard to Begin
To be honest, it can be difficult to know where to begin in real estate. This is a career change, and while you must pass the real estate licensing exam and complete a course (depending on your state), those trainings and exams will not show you how to be successful.
To be successful, you will need to learn all of the quality standards and guiding principles. Fortunately, you will have a broker who can give you some hints and tips, but it will still be challenging.
Is Real Estate a Good Option for a Second Income?
Many people choose to become real estate agents because it is a good fit with their current job. There are numerous professions available, but real estate can be a great way to supplement your income. Many agents report earning between 20,000 and 30,000 dollars per week while working less than 20 hours per week. This figure rises dramatically if your current job is enhanced by a real estate license.
As long as your current job allows it, becoming a real estate agent on the side sounds reasonable. Here are a few things you should know about using real estate as a secondary source of income:
Careers That Could Benefit from a Real Estate License
CONTRACTORS
Numerous contractors already have a contractor’s license, but obtaining a real estate license could help them expand their business. A real estate license is an excellent pick if you want to build your brand into purchasing, redeveloping, and eventually selling residences.
Obtaining a real estate license is relatively simple and could significantly generate more profit for your company. Instead of merely being recruited to redevelop or construct properties, you could buy them and sell them yourself! Because you are eliminating the middleman, you will have more money in your pocket.
Company growth can be difficult, but if you have the capital, you can easily expand into the real estate space. Many of your clients who you build for will become clients in the real estate field, and the transformation can be smooth.
The worst thing that could happen is that you pay for a license that you never use. Even if that occurs, you will have a greater comprehension of how the real estate industry works and thus have an advantage over your competitors.
MANAGERS OF REAL ESTATE
If you maintain a property, obtaining your real estate license can be extremely beneficial. A real estate license is a great way to establish authenticity and will enable you to be more equipped for other potential business deals and contract negotiations.
Property managers are individuals who are appointed by the owner to oversee the management of real estate. Property managers are required to have a real estate license in some states. If you enjoy managing properties, obtaining a real estate license will undoubtedly assist you in obtaining more properties.
There is a significant overlap between real estate agents and property managers. Buyers from both ends will help the other find more clientele. When you’re just beginning out, this type of partnership is ideal.
OWNERS OF PROPERTY
If you own rental properties, obtaining a real estate license is a fantastic way to broaden your enterprise. If you would like to sell or buy property, you can enjoy the extra profits.
Property owners can consider taking their current clientele and use those connections to grow their real estate firm. This synergy functions in two directions. The first is that the customers you have in your homes can come to you if they need to relocate. The second benefit is that if you are assisting clients in buying a house to live in or rent, you have properties that you can show them.
Having this quality of business integration is extremely beneficial and will expand the business on both ends.
ANY OTHER BUSINESS THAT ALLOWS YOU TO SET YOUR OWN HOURS
There are many people who have jobs that are extremely flexible. Flexible jobs are fantastic and can lead to many opportunities, such as real estate. Some people are employed by someone who allows them to work from home and choose their own times as long as they complete their work. These kinds of work are ideal for those interested in a career in real estate.
Real estate is a very fluid industry. Many people dislike the fact that if the economy collapses, they will earn significantly less money. Some people require more continuity than that. As a result, many individuals use real estate as a supplement to their earnings rather than as their sole source of income. Real estate can only be used as a supplementary source of income if the prospective agent has a very versatile work schedule.
Agents must maintain a lot of flexibility since they never know when someone will wish to see the property they are attempting to sell. You could be eating dinner when you get a call from a prospective customer. If you are not available at the moment, the buyers may move on to another residence on the market and not deal with you.
If you have a career that is very open, real estate may be a good source of income in your spare time. Some people even begin investing in real estate in their spare time and then transition to full-time because they recognize they are good at it and can earn more profits.
Conclusion
The truth is that there is no accurate criterion for calculating whether or not real estate is for you. But I can tell you that real estate is a good fit for people who are highly motivated and have good social abilities. Get in touch with Barry Jenkins - Better Homes & Gardens Real Estate | Real Estate Agents in Virginia Beach, VA to learn more about real estate trainings. If you have a strong work ethic and want to be a real estate agent, you’ll do well!
