The profession of a realtor has become extremely popular in the last two decades. It is easy to see the appeal. This occupation boasts large lump sum payouts for successfully sold properties, low barriers to entry, and flexibility that only jobs of this nature offer. Folks of many different backgrounds and from all walks of life flock to the opportunity of being a realtor provide.
As we mentioned above, becoming a real estate agent is quite simple; however, it should not be confused with easy. First, you have to complete mandatory pre-licensing education. The amount of education hours that are required varies by state. After that, you will need to pass your licensing exam and activate your license. Once this is done, you will need to choose a brokerage to work for. All new real estate agents are required to operate under a supervising agent. Once you have a couple of years of experience under your belt, you can continue to becoming a broker if you so wish.
So how do you know if this career is for you?
Will it be financially and emotionally rewarding?
It is important to analyze what makes for a successful real estate agent to decide if this career path is a good fit for your personality and lifestyle.
One of the significant benefits this career allows is flexibility. You can set your own hours and get away from the standard 9-5 workweek model. However, be prepared to work on the weekends and holidays. Realistically, most of your work hours will be set by your potential clients. To be successful in this career, you will work long hours showing properties when you typically would have been relaxing at home and catching up on paperwork and marketing during regular business hours.
Being Your Own Boss
Being your own boss sounds fantastic – you can decide what to do and when, and nobody can order you around. However, this advantage comes with great responsibility. Since you have no boss to tell you what to do, you are fully accountable for everything you do and don’t do. Working for yourself requires organization and time management, as well as the ability to see the big picture.
While the single lump sum commission check can likely cover most of your expenses for a month, you will not get it right away. Unlike a salary that is steadily paid every two weeks, commission-based work is very different. It will likely take time to sell your first house, so make sure you have another source of income or savings to sustain you while you are getting started.
Expenses and Insurance
Having your own business also means taking care of all the expenses. One of such must have cost is insurance. As a realtor, you will need to consider purchasing both General Liability and Professional Liability insurance policies. These policies protect you and your customers. Professional Liability insurance protects you in case of a lawsuit alleging professional error or negligence that caused financial harm. For example, if you failed to order the required inspections and that resulted in a breach of contract. A General Liability insurance policy protects you against general claims such as slip-and-fall, false advertising, etc. Check this website to learn more about insurance for real estate agents.
As you can see, the career of a realtor can be very rewarding if you keep working at it. Like anything worthy, it requires hard work and dedication, but once you are having paid your dues, you will reap many benefits in the form of financial success.