A career in real estate is like owning and operating business. As with other businesses, there are startup costs as well as reoccurring expenses. Start-up costs often include coursework that licensees must take to obtain their license, MLS fees and dues, a privilege license as required by some states, office supplies, business cards etc. As real estate salespersons build their business, they will invest in advertising, a website, and other marketing campaigns that will take out quite a chunk of a budget.
In addition, many real estate offices pay their sales associates commission and commission alone. For some, this is not concerning. For others, it is alarming. Real estate is a career in which individuals can earn unlimited income; however, changes in the market can make for a lean season here and there. Establishing a system for budgeting, saving for a rainy day and holding back taxes are all imperative to real estate career success.
One of the reasons many individuals decide to try a hand at a career in real estate sales is the flexibility of time. Perhaps the single greatest tool that a real estate agent needs is a strong sense of time management. Unlike a typical nine to five, the world of real estate and most brokers-in-charge allow agents to create their own schedule. This means real estate agents can work way too little or way to much if they don’t watch the efficiency of how they spend their time.
Real estate can be a 24/7 job if you allow it to be. Imagine phone calls in the evenings, on the weekends or during church. How the business is run is up to the agent. Does he or she need the structure of working between the hours of nine to five Monday through Friday? A real estate career can be established that way, but the agent may lose the business of those who need night and weekend attention. Again, there are options here.
Real estate agents face rejection on a regular basis. Whether it is a seller who decides to list with someone else, or a buyer who purchases a For Sale By Owner without the help of the agent who has been working with them for years, people do not respect the time and effort real estate agents often invest in them.
Variety of Options
While there are challenges and advantages to a career in real estate sales in the arenas of finances, time management and emotional obstacles, one thing to remember is that there are several options within home sales. Some may work while others are more of a struggle.