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I'm contemplating becoming a realtor. What are some of the pro's and con's with the profession? Any advice you're willing to share is greatly appreciated.
Working with home buyers and sellers can be very gratifying and fun.
You can learn a lot about real estate and investing so if you ever want to start a real estate investment portfolio, you will have good knowledge...assuming you take the time to really learn.
The cons:
It isn't easy to get started. So if you are the type of person that gives up easily, this isn't the profession for you.
It can be really stressful. If you don't know how to say no or set boundaries, this profession is no place for doormats. Buying and selling is a huge transition for people. If you lack empathy or good people skills, probably not the profession for you.
You are an independent contractor. If you bring in an employee attitude into the profession, you will fail. You must be extremely self motivated. Not a lot of hand holding happening in the industry, generally speaking.
Flexibility. This is a pro and a con. If you can't handle inconsistency, you will get burned out. You can be working with clients at 9am and 9pm on the same day. If you can't handle merging your personal and work life over the course of the day and staying focused, you will struggle to make money. For example, my daughter had a school presentation yesterday dressed as Sir Francis Drake. So yesterday my day was a home inspection from 9-12, go to my daughter's school for the presentations from 12:30-2. Run a couple work errands then pick my kids up at 3:15. Then I was able to sit down for some office time while they relaxed with dad after school. Off to art and martial arts classes, dinner, homework, kids to bed and finishing up my work for the day until 11. Today, I'm in the office from 9-5. You have to be okay with this type of inconsistency while not dropping the ball for your clients.
Working with home buyers and sellers can be very gratifying and fun.
You can learn a lot about real estate and investing so if you ever want to start a real estate investment portfolio, you will have good knowledge...assuming you take the time to really learn.
The cons:
It isn't easy to get started. So if you are the type of person that gives up easily, this isn't the profession for you.
It can be really stressful. If you don't know how to say no or set boundaries, this profession is no place for doormats. Buying and selling is a huge transition for people. If you lack empathy or good people skills, probably not the profession for you.
You are an independent contractor. If you bring in an employee attitude into the profession, you will fail. You must be extremely self motivated. Not a lot of hand holding happening in the industry, generally speaking.
Flexibility. This is a pro and a con. If you can't handle inconsistency, you will get burned out. You can be working with clients at 9am and 9pm on the same day. If you can't handle merging your personal and work life over the course of the day and staying focused, you will struggle to make money. For example, my daughter had a school presentation yesterday dressed as Sir Francis Drake. So yesterday my day was a home inspection from 9-12, go to my daughter's school for the presentations from 12:30-2. Run a couple work errands then pick my kids up at 3:15. Then I was able to sit down for some office time while they relaxed with dad after school. Off to art and martial arts classes, dinner, homework, kids to bed and finishing up my work for the day until 11. Today, I'm in the office from 9-5. You have to be okay with this type of inconsistency while not dropping the ball for your clients.
Good breakdown, except "Independent Contractor" should be under "The Pros."
Yes, coming to the profession with an employee mentality is a huge roadblock, but succeeding as an Independent Contractor is tasty!
Good breakdown, except "Independent Contractor" should be under "The Pros."
Yes, coming to the profession with an employee mentality is a huge roadblock, but succeeding as an Independent Contractor is tasty!
I think that many people imagine that they will become a realtor, get a license, and suddenly be working. The successful realtors know that it is almost a 24/7 job and you have to hustle hustle hustle and network to get your career rolling. If you re not a naturally very very outgoing person it is hrd to be successful in real estate.
Most states in America and most nations around the world require what is effectively an apprenticeship the first year or so. Even the "broker" states require affiliation with a managing broker for the first year to two years. This means that your ability to make decisions is an important part of your future success.
Do not enter the business without enough capital to give you a minimum of six months living with no other income. You'll actually be draining money from your savings for the first year or so, if you are the typical rookie. While you can achieve success early, you must prepare for your "crops" to be harvested.
Take a wad of money.....and invest it in yourself. That is going into business for yourself because that is what you are doing. When you lose this wad and haven't made a dime, you are doing something incorrectly and then "get out of the business". This is not a "show up and make money" business. Just because you get a license does not mean you know much. Take all the classes offered by your Board....attend seminars....you will have to spend money on your clients whether you realize it or not. Board indoctrination, MLS fees, Company fees and/or splits, car expenses....wardrobe, signs, business cards, advertising, buy a good camera, computer, smart phone, etc. Having been a realtor licensed in two states for over 30 years, I know from what I speak. I was a good producer, put my 4 children through college with no debt, but it was, as they say, a 24/7 business and lots of rejection. If you can't take rejection and move on, do something else.
For example, my daughter had a school presentation yesterday dressed as Sir Francis Drake. So yesterday my day was a home inspection from 9-12, go to my daughter's school for the presentations from 12:30-2. Run a couple work errands then pick my kids up at 3:15. Then I was able to sit down for some office time while they relaxed with dad after school. Off to art and martial arts classes, dinner, homework, kids to bed and finishing up my work for the day until 11. Today, I'm in the office from 9-5. You have to be okay with this type of inconsistency while not dropping the ball for your clients.
Oh, Silverfall, this sounds like one of my days!!
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From a mortgage broker (in Florida)
