Pros and Cons of Becoming a Real Estate Agent in 2018
An Inside Look for Those Getting Into Real Estate
Real estate is so hot right now—and in 2018, the idea of getting into real estate is practically on fire. As more major disruptive companies sprout up, there are countless new ways to make a career in today’s real estate market. Even traditional real estate roles are being disrupted, and the old ways of doing business are getting a major makeover. The dream—becoming a real estate agent—has never been more exciting.
For Millennials looking at changing careers or just starting one, becoming a real estate agent is an attractive prospect—but is getting into real estate truly right for you? Just like with any potential career path, there’s a ton you need to take into account. From education and training to the income, becoming a real estate agent brings many considerations you should take into account before getting into real estate.
Consider this a primer, the first resource you’ll need if you’re considering taking the plunge and becoming a real estate agent. We’ll dive into the advantages of being a real estate agent, the disadvantages of being a real estate agent, as well as whether or not being a real estate agent is really worth it in 2018. Then, you can make a confident decision about getting into real estate that’s right for you!
Advantages of Being a Real Estate Agent
There are a lot of great advantages of being a real estate agent. Before getting into real estate, you need to understand the real day-to-day benefits of becoming a real estate agent. Fortunately for you, there are plenty of great advantages of becoming a real estate agent.
Here are a few advantages of becoming a real estate agent:
- Flexibility: Depending on the specific route you take, being a real estate agent can be more flexible than other career paths. We’re not saying you won’t end up working long hours, but becoming a real estate agent may be smart if you abhor the traditional nine-to-five.
- Great Income: Working on commission does come with its benefits. Depending on the market you’re in, getting into real estate can bring nice profits with 3% or 6% commissions with it. Good commissions would make for a happy bank account.
- Networkers Are Welcome: If you’re a people person, then getting into real estate may be a fulfilling move. Not only will you meet all sorts of people, but becoming a real estate agent will allow you to establish meaningful relationships with clients and fellow agents alike.
- Perfect for Entrepreneurs: If you love the startup life, becoming a real estate agent may be perfect for you. Developing your career as a real estate agent is building a business from the ground up. If you’ve got the mind for it, the sky’s the limit.
- Real Estate Investing Practice: Real estate investing is a viable path to wealth, but the costs to getting into real estate investing can be prohibitively high. One of the greatest advantages of being a real estate agent is learning about the industry, gaining contacts, and getting in the position to invest.
If you’re thinking seriously about getting into real estate, you need to understand the risks and drawbacks, as well. Because, of course, getting a sense for the advantages of being a real estate agent isn’t the whole story.
Disadvantages of Being a Real Estate Agent
Becoming a real estate agent isn’t all sunshine and roses—there are plenty of cloudy days ahead. And naturally, one person’s advantages may be another person’s disadvantages. If you’re planning on getting into real estate, you should think carefully about the downsides before embarking on this career.
Here are a few disadvantages of becoming a real estate agent:
- Income Fluctuates: Yes, the income can be great. The trouble with commission-based work, however, is obvious. If your market experiences a downturn—which is all too possible in 2018—you’ll feel it in your bank account. If you need financial security in your career, becoming a real estate agent may not be the right choice for you. Rather than getting into real estate, you may want to look elsewhere.
- Highly Competitive: Real estate is a crowded market. In some cities, you may have a tougher time winning clients over agents at major real estate agencies. Becoming a real estate agent in a crowded market isn’t impossible, but getting into real estate may be a steep climb.
- Entrepreneurship Takes Time: Building experience, a client base, and a network can take a while. Unfortunately, being a real estate agent comes with all that and more. As with any business, you have to put the hours in to find success—and becoming a real estate agent is no exception. Getting into real estate might mean a couple years of a serious grind.
- Unexpected Costs: You might know you must pass licensing tests, but this isn’t the only cost when becoming a real estate agent. Many new agents underestimate how much it costs to produce and manage marketing materials, stage a home, and throw an open house. Getting into real estate isn’t a cheap endeavor, and neither is becoming a real estate agent.
Now you’ve seen the disadvantages and advantages of being a real estate agent, so you may have an impression of the realities of being a real estate agent. But getting into real estate in 2018 is a whole different beast. Is becoming a real estate agent worth it in 2018?
Is Being a Real Estate Agent Worth It in 2018?
Your career is just one way of defining what you want in life. That may mean entrepreneurship, working for a company you’re passionate about, or something else entirely. And for many people, becoming a real estate agent is truly the right move. Getting into real estate can be a truly fulfilling experience for some, just like being a lawyer may be a truly fulfilling experience for others.
On face value, the idea of becoming a real estate agent is flashy. Unfortunately, the reality of becoming a real estate agent isn’t for everyone. If becoming a real estate agent isn’t right for you, the best advantages of being a real estate won’t outweigh the drawbacks. Whether you’re getting into real estate or another field, fulfillment is key to staying excited about the work you do. And in a tough real estate market, you need to stay energized to keep up with the challenges that surround you.
For the right person, there’s plenty of room for you to find your niche, excel, and create success. Becoming a real estate agent can be an invigorating challenge, and becoming a real estate agent can be incredibly rewarding. If it’s the right fit, getting into real estate may be the best move of your life! So you need to take the proper steps from here on to ensure it’s the right fit.
You should take informational interviews, attend open houses, and read more on real estate in general. These are all a good foundation for learning how to become a real estate agent. But if you think the advantages of being a real estate agent outweigh the challenges of the career, don’t stop with this article.
Interested in Becoming a Real Estate Agent?
Whether the disadvantages have scared you off or excited you, the next step is yours. Once you’ve made the decision to pursue a career in real estate, it’s all hard work from there. Becoming a real estate agent will be hard work, but many agents will tell you that it was the best decision they have ever made.
If you’re interested in becoming a real estate agent, WealthHunters is happy to help! We can provide you with resources and help you clarify a clear plan of action with a free consultation.