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Is a Career in Real Estate Right for You?

Is a Career in Real Estate Right for You?

Think about what makes you most happy. Is it a stable and steady income, guaranteed days off and a five-day work week? Or are you more drawn to freedom, being your own boss and making your own schedule. 

There are definitely pros and cons to being a Realtor® and being your own boss. Knowing yourself and your realities is the first place to start. 

Being Your Own Boss

Pros: You are in charge. You have control over your own schedule and you make all the decisions. With a good attitude and a solid work ethic, there are no limits to what you can do in real estate.

Cons: You're an independent contractor and are on your own to learn the market and the business. You are responsible for everything from lead generation, marketing, networking, to managing day to day administration. You are working when most others aren't. Most clients have 9-5 jobs and will need you during off hours. If you aren't self motivated and need structure provided to you, being the boss is a nightmare.

You Are The Expert

Pros: You know the ins and outs of your community including school rankings, environmental and considerations, etc. Your clients are relying on you to provide them all the information they need to make the right decision for them.

Cons: You are being trusted with the largest investment most people will ever make. This is their life savings and their financial future. The stakes are high and even small mistakes can come at large costs to the client. Emotions can run very high during this time and confidence to deal with situations that don't go as planned is required. If a client is unhappy or unsatisfied, word of mouth spreads and it can be detrimental to your business very quickly.

Real Estate Agents Make a Good Income

Pros: Your income isn't limited by an hourly wage or a corporate dictated salary range. Realtor's incomes are a direct result of their time and effort. When the market is booming, all is great with the world. You will be busy and not worried about where the next lead will come from.

Cons: At first, you will be spending more than you are earning and most new agents should have a nest egg to draw from to start their career. There is much to learn and networking to be done before the first sale comes in. It could be months before you cash your first cheque. Depending on the area you arm and the existing relationships you can leverage, it can be feast or famine at the beginning. The state of the economy and the time of year all affect the housing market. During the slow season, the job can be wearing. Agents are all scrambling for the same client and the competition is cutthroat.

Expectations Differ Between Clients and Situations

Pros: As a Realtor®, you're asked to do a lot that may fall outside of your "job description." You are a teacher, a counselor, a babysitter, a financial advisor and a life coach. Real estate transactions are often precipitated by life changes such as divorce, death, or marriage. The job requires a person who is emotionally intelligent and can adapt to the needs of the client. There is nothing more rewarding than guiding people through the process and helping them re-establish their lives.

Cons: You have to deal with many different situations. Problems can arise quickly and you need to think and act fast to protect your clients. They may panic but you can't. You need to be the stable presence who calms their fears and solves problems. Real estate can be stressful and you will need to have solutions up your sleeve all the time. 

Does the above information get your blood flowing or fill you with dread? If real estate sounds like the career for you, get more information at The Ontario Real Estate Association

sources: www.kapre.com and www.redfin.com

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 10/17/2018 1:48:02 PM