What are the benefits and drawbacks of working as a real estate agent? This career path may not be suitable for everyone, as it requires a certain type of individual to thrive in the current market conditions. Let's consider the characteristics of the current market and whether you have the qualities needed to succeed in the real estate industry.

What does it mean to be a realtor in today’s market?

The real estate industry has undergone significant changes in recent years, and the role of a real estate agent has become more complex as a result. In addition to assisting clients with buying and selling homes, real estate agents must also navigate a complex economic landscape. To be successful in this field today, it is important to be adaptable and have a strong understanding of current market conditions. Additionally, it is crucial to be consistently available to provide guidance and support to clients. Despite the increased challenges, there is also a great deal of opportunity in the real estate industry for those who are well-suited to the job. Those who are not able to adapt to the changing market may struggle to succeed.

What are some of the pros of being a real estate agent?

Many real estate agents are passionate about their work. While this career may not be right for everyone, those who enjoy it tend to have a strong affection for their job.

You have the potential to make a lot of money.

One of the main advantages of working as a real estate agent is the potential to earn a significant income, especially if you are skilled and knowledgeable in the field. In a volatile market like the current one, it is important to stay up-to-date on trends and changes in order to be successful and maximize your earning potential. Those who are willing to continuously educate themselves and adapt to the market are more likely to make more money than those who do not.

You are your own boss.

One of the benefits of working as a real estate agent is the ability to be your own boss and have control over your schedule. This means you can set your own hours, work from home, and take time off as needed. While you do need to work with a real estate broker, you have a great deal of independence in your job. However, this also means that you are solely responsible for your own success or failure, and if you are not making sales, you will not receive a salary. It is important to be self-motivated and able to take charge of your own work in this career.

You have completely flexible hours.

As a real estate agent, you have the freedom to choose your own schedule and work at times that suit you and your family. This can be especially appealing to those who have left a previous career in search of more flexibility, or to those who want to have more time with their children during their formative years. You can work with a real estate team to create a more flexible schedule, or you can choose to work harder and put in longer hours if desired. The level of work-life balance is largely up to you in this career.

You help people achieve their dreams of homeownership.

Being a real estate agent can be fulfilling because you get to make a difference in people's lives by assisting them in achieving their goals. Whether it's helping someone retire by selling their house or helping a family find their dream home, you are able to contribute to their happiness by successfully completing each real estate transaction. This is a rewarding aspect of the job compared to other occupations that may not have such a direct impact on others.

You can get started quickly — and your success depends on you.

Becoming a real estate agent does not require a college degree, but it does involve completing real estate school and obtaining a broker's license. If you are motivated and willing to put in the effort, you can quickly start your career and see the results of your hard work through the leads you secure. The success of your real estate career is ultimately determined by your own efforts and dedication, making it a appealing option for those who do not want to follow a more traditional path of education and advancement.

What are some of the cons of being a real estate agent?

Being a real estate agent can be challenging due to the long and irregular work hours. You may have to work 60 hours one week and only 20 hours the next, and the hours may be at times that are not typical, such as evenings or weekends. Some people enjoy the flexibility of setting their own schedule, but for others, this can be a drawback. If you require a more structured work environment, this may not be the right career for you.

Can be stressful and emotionally demanding.

As a real estate agent, you may often encounter clients who are struggling to find a suitable home, particularly in a competitive market. This can be frustrating for them and lead to high-stress situations. It's important for an agent to be able to manage these situations and help clients stay calm, as emotions can run high during the home buying process. If you are not able to handle stress well and maintain a calm demeanor, this may not be a suitable career for you. However, once the transaction is completed, clients will likely be much happier.

Requires ongoing education and learning.

Obtaining a real estate license is just the beginning of your education as an agent. It is important to continuously learn about current trends, the market, and real estate laws to stay current and provide the best advice to your clients. This may involve taking courses and attending seminars, as well as being open to learning new information as the market changes rapidly. As an agent, you are expected to consult with clients and provide advice on real estate matters, but you are not expected to act as a financial advisor. It is important to stay informed and be willing to seek additional information when necessary in order to understand and explain market changes to your clients.

Need to be constantly available and “on call.”

The fast-paced and volatile nature of the real estate market means that it is more important than ever for real estate professionals to be available around the clock and willing to work long hours. Every offer is essentially a last-minute offer, so if you are not available to help your clients, you may lose their business. This requires being "on call" 24/7 and being prepared to put in extra effort to ensure that your clients are able to get what they want in this rapidly changing market.

You are paid only for results (no guarantee of a regular paycheck).

As a solo real estate agent, it can be difficult to manage your sales and income, as you are solely responsible for your own success. You are only paid when you produce results, such as by making a sale or helping someone find a rental property. This means that there may be times when you do not receive a paycheck, which can be challenging if you are not good at saving money. Additionally, real estate agents are typically paid on commission, so if you do not make a sale, you do not earn any income. This can be stressful for some people, but it's important to have a resilient attitude and understand that the benefits of building relationships with clients may not always be immediately apparent.

What skills do you need to be a real estate agent?

What qualities or characteristics make a person well-suited to be a successful real estate agent? And conversely, what aspects of your personality might make it more difficult for you to thrive in this role? It's important to consider both the benefits and drawbacks of this career before deciding if it is the right fit for you. Some key skills that can help you excel as a real estate agent include:

1. You need to be a people person.

This is the most important skill for a real estate agent. If you don’t like working with people, then this isn’t the job for you.

2. You need to be organized.

Real estate agents need to be organized. You’ll be dealing with a lot of paperwork, and you’ll need to keep track of all your clients.

3. You need to be able to handle stress.

As a real estate agent, you’ll deal with a lot of stress. You need to handle that stress and stay calm under pressure. Find coping mechanisms and ways to enjoy stress and turn challenges into positives.

4. You need to be willing to learn.

Real estate agents need to be lifelong learners. The market is constantly changing, and you need to be able to change with it. So, you can’t be someone who gets entrenched in what they already know and refuses to change; you have to be adaptable.

5. You need to be available.

You will have a schedule flexible enough to be there for your family or enjoy your hobbies, but by the same token, you will have to step away from your personal life at times to be flexible enough for your clients.

6. You need to be results-oriented and driven.

As mentioned, you’ll only be paid for results. This means that you need to be focused on making sales and helping your clients find rental properties. You need to advocate for yourself and work harder during lean times — and even harder during flush times.

Conclusion: Are you the right person for the job?

In summary, a career as a real estate agent can be rewarding for those who are highly motivated, enjoy working with people, and have a passion for the real estate industry. However, it may not be a good fit for those who are seeking a more predictable income and a traditional 9-to-5 work schedule. It's important to weigh the pros and cons and consider whether the demands of this career align with your personality and goals.