Here’s what prospective real estate professionals should consider.
Are you thinking about being a real estate agent? In our changing market, you have to make sure this is the career for you before making a decision. That’s why I’m sharing three things you should consider before choosing to be a real estate agent:
1. Freedom requires discipline. One of the best parts of being an agent is that you are your own boss. You get to set your own schedule and make your own plans, which sounds great on paper. However, you should know that staying disciplined when there’s no one to keep you accountable can be very difficult. Many people jump into the industry only to realize that they don’t have the personal discipline necessary to succeed. That being said, working for yourself can be very rewarding.
2. You decide your income—for better or worse. There’s no income cap in real estate, so you could theoretically make $20 million a year if everything goes right. However, your income is directly related to how much effort you put into lead generation, educating yourself, client communication, etc. While your income isn’t capped, there’s also no safety net protecting you if business dries up for a little bit. That being said, the income potential is great if you take the necessary steps.
“Working for yourself can be very rewarding.”
3. There are opportunities for multiple streams of income. Right now, the market is slowing down. There will always be peaks and valleys in this industry, so find a brokerage that offers different income possibilities. For example, referrals and partnerships with other companies are very attractive right now. You don’t want to have all your eggs in one basket so that you can wait out market downturns.
If you have questions about this topic or anything else, please call or email me. I am always willing to help!