If you want to switch careers and work as a real estate agent, it is not really a bad idea. However, you need to be aware of the highs and lows. There are real estate agents who earn a fortune plying their trade to clients. They live in big houses and drive fancy cars. On the other hand, there are real estate agents who are struggling, living from hand to mouth and contemplating everyday if they should just quit and do something else. If you are considering whether you should become a real estate agent or not.
Here are the pros and cons of being a Real Estate Agent:
Licensing & Accreditation Costs Money
A license costs money and it varies from province to province. Before you get licensed, you will need to write few exams and before you write the exams you need to attend classes. These things cost money. So prepare yourself because you will surely fork out 1000’s of dollars before you even meet your first client.
There is also the Canadian Real Estate Association to contend with, where you will have to pay dues annually at the local, province or national level. You will also be required to obtain a license to work as an independent contractor. There is no minimal start-up capital with real estate; you have to literally pay the price.
People Can Be Difficult
You are going to be dealing with different types of people. Do not expect everyone to hold your hand and treat you nicely. Some people are going to be downright nasty and make you question the rationale behind your career choice. Real estate involves transactions, people get finicky and stressed when it comes to money, so brace yourself for a lot of attitude, tantrums and tongue-lashing.
This profession is not for the faint-hearted. Some clients can promise you the world and disappoint at the 11th hour, throwing your entire life into jeopardy. You need a thick skin to survive in this profession. Prepare to be a scapegoat or butt kisser in your bid to stoop and conquer.
Do not expect a Paycheck
The real estate business is commission based. Needless to say, do not expect a weekly or monthly paycheck. Studies show that most realtors hardly make anything in their first six months. So ensure you have some savings stashed in your account or a partner who can provide for the short-term and pay the bills. The housing market is not a straightforward one. Clients change their minds all the time; the industry is stable today and crazy tomorrow. Furthermore, it simply might just take more than 10-15 days to receive your commissions even if you have closed a deal.
Here are some benefits that you can enjoy as a real estate agent.
You Can Rake in Serious Cash
The amount of money one can make as a real estate agent is a major-pull for most people. You receive a commission for every deal you close successfully. And depending on the nature of the deal and how well you play the game, you could just retire a rich man or woman. Some franchise companies require that you pay to work with them and they may even get a percentage of your commissions too. But the good thing with franchising is that you are pitching your tent with a successful brand and it is only a matter of time, before you rake in some serious cash.
Get Paid for Your Passion
Do you like meeting people? Do you love travelling to different places? Do you like working without supervision? The real estate business is a true definition of a passion that can be profitable. There is nothing that beats getting paid doing something that you love. The real estate craft is not your traditional job or a regular 9-5. It is unconventional, different and usually laden with surprises and challenges. There are some people who live for moments like these rather than being imprisoned behind a desk or getting bored to death looking into a computer. If you are a free-spirited extrovert, looking for something to cope with your boundless energy and not bore you, look no further.