Detailed Information and Prospects for a Career in Real Estate 2022
– A Career in Real Estate –
If you have been considering a career in real estate, it’s time to do your research and learn both the good and the bad sides of the business. Spend just 25mins of your time to read through before deciding on a career in Real Estate.
If you are confident, love dealing with people, thrive on working unconventional hours and want to enter a highly rewarding industry, working in real estate might just be your dream career.
However, it is also a risky industry that requires high ethical standards from its practitioners.
After all, they will frequently involve you in high-value transactions that might represent the most important financial decisions ever made by your clients, so treat them with respect.
Real estate agents (or realtors) lease, manage, value, buy and sell the residential, commercial, and industrial property or businesses on behalf of their clients.
To be successful requires dedication, professionalism, and a genuine commitment to delivering superior customer service.
What are the Advantages/Rewards?
A career in real estate provides flexibility and freedom to set your own pace. Income directly reflects your efforts, with no limits on what astute, hard-working men and women can earn.
Successful people in real estate are goal-oriented, persevering, self-motivated, ambitious, and people-oriented.
The rewards of a real estate career are a potential for high earnings, status in the community, autonomy, time freedom, helping people, the intellectual challenge, and the satisfaction of those accomplishments.
Working in real estate allows for independence and choices of environment in which to work, such as affiliation with a large or small firm as a listed salesperson.
With more experience and upon passing an additional exam, becoming a real estate broker is the next step. Brokers can own their own businesses and employ other salespeople.
1. Setting Your Own Hours
The good: If you have ever dreamed of being able to set your own hours and not be tied down to a desk all day long, real estate may just be the ideal career choice for you. It offers flexibility and freedom so you can do things your own way.
This is appealing to many people, especially those who are free spirits and don’t thrive in a typical nine-to-five setting. If you prefer working in the afternoon or evening, you will be free to do so.
The bad: Just because you have the freedom to set your own hours, it doesn’t mean that you are going to have a lot of spare time.
In fact, you could end up working at some pretty strange hours and working more hours than you would if you had a traditional office job.
You could end up showing houses later in the evening, but still have to get up early in the morning to take care of the business side of things, such as dealing with banks, lawyers, etc.
2. Being Looked at as an Expert
The good: This is your opportunity to really shine, and use the skills that you have to help others find their dream homes, commercial property, etc. You will have specific knowledge that your clients are going to greatly rely on.
You will tell them which properties are closest to schools, whether the properties they are interested in are in areas that are prone to flooding, and many other things that only the best real estate agents know.
The bad: Your clients will almost literally be putting their lives in your hands (or at least their life savings). If you make a mistake, you could end up costing them a lot of money.
For instance, you might get them to put in an offer, but then you miss the inspection contingency deadline, so they have to buy the house because they are contractually obliged to do so.
They will take some substantial risks based on your advice, and this can be pretty nerve-wracking for many agents who only want the best for their clients.
3. A Prosperous Career
The good: If you are good with numbers and enjoy creating value through renovating properties, then working for real estates investment companies such as High Return Real Estate and Flipping Houses 101 would be a perfect fit.
You will have an exciting career that will require many skills including negotiating, design planning, and construction management.
This type of position is more lucrative than one as a conventional real estate broker.
There is much more work than acquiring and selling the property. Extensive research and due diligence are necessary, along with the ability to see value in properties that have some type of limitation or problem holding them back from their highest and best use.
The bad: You will not become a top seller at a top real estate company for a long time. You really have to pay your dues and prove that you have what it takes to be successful, which can take many years.
Taking a course in real estate is just the beginning. You won’t know everything you need to know overnight, and you are going to have to put in a lot of hours at the bottom before you can start climbing to the top.
4. Wearing Multiple Hats
The good: As a realtor, you will take on a lot of jobs and wearing many hats. This means that your work will never get boring.
One minute, you might work as a financial coach, the next, a babysitter, or a life coach. You will basically fill the needs of your clients to make buying a home easy for them so that you can earn great commissions.
The bad: You will probably find yourself in many positions where you have to think on your feet. Sometimes, you might feel like a chicken with its head cut off, trying to take care of all the things that your clients need.
For instance, there may be last-minute repair issues that need to be taken care of before your clients can move into their new homes. There are a lot of issues that can arise in real estate, and many of them are completely unforeseen.
5. Earning Commission
The good: When the real estate markets are booming, agents can earn a very comfortable income. If you are really good at what you do, you will have cash on hand, live in a nice home, drive the nicest cars, etc.
The world will be at your fingertips because you will have the income to be able to do most of the things you have always dreamed of doing without having to worry about whether or not you can actually afford it.
The bad: When the real estate markets are down, there aren’t as many opportunities to make money. You might feel like you are working for nothing.
Therefore it is so important to save some of the money you make when the markets are good — to help supplement you during lean times.
Unfortunately, many people who get into real estate don’t plan for the days when the housing market is low, and then they have nothing to fall back on when they are not selling enough houses to make ends meet.
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Requirements for a Career in Real Estate
Entry into the real estate profession takes preparation. As with other professions, licensing is required. Licensing requirements vary from state to state, but all require prospective salespeople and brokers to pass a written exam.
For more information on licensing, contact the Association of Real Estate License Law Officials at 334-260-2902 or at their website(link is external).
Some states allow students to take pre-licensing educational courses accredited by the state licensing agency before they qualify to sit for the exam.
In other states, students can take these educational courses within a specified time after being licensed.
To get a broker’s or sales agent associated license, more than half the states specify special education and/or experience or their equivalents.
However, states are upgrading their license laws and prerequisites for both brokers and sales associates at a rapid rate.
Current information is available from your local Board of REALTORS® or the Real Estate License Commission in the state(s) where you would practice.
The real estate career path certainly isn’t for everybody, so it’s worth thinking long and hard about what you value most in a career and what you hope to ultimately get out of it.
But now that you know some of the top pros and cons, you will hopefully be able to make an informed decision.
There really isn’t a limit to how big of a business you can build. You can grow into a team or even start your own brokerage.
Getting into real estate can ultimately be a lucrative decision, but many new agents simply don’t make it past their first couple of years. Do well to share this post with your friend’s. Thanks for reading.
CSN Team.
