Pros and Cons of Being a Real Estate Agent

Flexible hours, big commission, unlimited income potential, being your own boss... these are just among the excellent reasons to consider a career in real estate. As a real estate agent, training to get a license does not take years and the opportunity to work independently are attractive pros of this career path.

But all that glitters is not gold when you choose a real estate career. Achieving success as a real estate agent takes hard work and full commitment. It is not just a part-time job. In fact, chances of success in the real estate industry are low if you approach it is one. But if you take it up initially as your own business with dedication and optimism, becoming a real estate agent with much success is possible.

Because it is a commission-based career, real estate agents have to be prepared to go months without pay and a lot of challenging moments. Patience with clients who may go back and forth on buying a property, understanding the significant financial decision that they have to make, is all part of the life of real estate professionals. In fact, ,many real estate agents take years before making sales.

Although fulfilling and financially rewarding, being a real estate agent is, needless to say, not easy. One must first weigh out the pros and cons of being a real estate agent prior to deciding on becoming one. Does a job in real estate suit you? Read on below.

Pros of Being a Real Estate Agent

1. Be your own boss

As a real estate broker, one of the biggest advantages is being your own boss. If you are the type who wants to call their own shots, a career as a real estate broker is for you. Unlike corporate jobs wherein you have to answer to or collaborate with so many people, a real estate agent is the sole navigator of his or her business. Not to mention, having a career in real estate also dodges the office politics!

2. You hold your own time

One of the perks of being in the real estate business is having flexible hours. You don't have to clock in or out and be at the mercy of the office biometrics. This means you can tailor-fit your day and achieve some sort of balance between work and time with loved ones. This increases your chances of reaching great work satisfaction.

3. Unlimited income potential

A real estate career empowers you to decide how much income you earn. Sky is the limit so long as you put in the hard work. Clocking in a six-digit commission is not impossible. This means you can choose to take breaks when you hit your targets or keep striking while the iron is hot. This, of course, goes without saying that you need to have a strong real estate business knowledge and get to a level of expertise to get more out of your career in real estate.

4. Career mobility

Having control of your own brand and business makes you entirely responsible for building your own success. Seeking out other opportunities in and out of the real estate industry with your expertise is possible. As a real estate agent, you can extend your knowledge and experience to becoming a property manager or a residential appraiser.

5. Helping clients and making them "work for you"

As a real estate agent, you are capable of lending help to clients and make their dream homes or growing their investments, possible. Real estate agents are part of their clients' life milestones which can be very fulfilling. Part of making clients happy is having them to refer you to their own friends and family. This will naturally help you grow your client roster and income as a real estate agent.

Cons of Being a Real Estate Agent

1. You are a one-man team

Real estate agents need to multitask in order to get work done. The job of an agent does not start and end with meeting clients. It also involves a lot of administrative work that entail completing, submitting, and filing real estate documents, organizing open houses, appointments, creating your own annual and quarterly budgets, researching active, pending, and sold listings... all this on top of answering calls, e-mails, and text messages of clients. In short, being a real estate agent is running your own show.

2. Indefinite work schedule

Although a real estate agent enjoys flexible hours, their work can spill over their weekends and holidays too. A real estate agent should be eager to meet clients available time even if this means sacrificing a loved one's birthday or any special occasion in their life.

3. Periods of slump

Your earnings as a real estate agent is dependent on how much sales you make. While commissions may be big, real estate agents do not have a set salary unlike regular employees. This means that slow periods or periods without sales means no income. A real estate agent must be prepared financially during this non-earning period.

4. Managing clients of various personalities

Real estate agents have to develop flexibility and patience when it comes to handling clients since not all of them will be easy to manage. Because most of them will be making big steps that involve crucial financial decisions, some clients may find it difficult to separate emotions from business. That said, a real estate agent has to maintain a certain level-headedness during high-tension situations.

Key Takeaways

​Although becoming a real estate agent comes with challenges, it can still be a rewarding career to take. With the right mindset and strategy, it is possible to for the pros to outweigh the cons. As a real estate agent, one has to possess the time management skills, the discipline and organization, and the dedication to make the most of this career.