The real estate industry is booming harder than a Funkmaster Flex playlist in the 90s. In fact, the National Association of Realtors reports a record high of 1.46M members in 2020, which is not that surprising as more workers pursue remote work and job flexibility for a healthier work-life balance.
There are many positives about a career in real estate — but it’s not all unicorn toots and sunshine either. So if you’re wondering if being a realtor is a good career for you, read on to learn about the pros and cons.
Limitless Earning Potential
If you’ve ever said the phrase, “Show me the money!” a career as a realtor may be perfect for you. That’s because how much you make is up to you, and the more homes you sell, the greater your commission earning potential.
Unmatched Flexibility and Variety
As a realtor, you can typically set your own schedule, and each day is something new. You can tour homes to scope out innovations, decor styles, or even storage solutions. If you’re someone who likes meeting new people and talking, this is a perfect career choice for you.
Another perk of this field is that you get to help people walk through one of the most complex and confusing purchases of their lives and come out on the other side to live in their dream home or have sold their home to move on to their next life phase. Buying a home is often frustrating, so making the process bearable and even enjoyable for customers is fulfilling.
The Less Good
One of the biggest negatives about a career in real estate is that it may feel like you need multiple cell phones because you’re on call 24/7 for your customers whenever they need you. Unfortunately, communication delays can cost your customers deals or financing, so responding promptly is crucial. You may also miss family time because you have to show a home after regular work hours or on the weekends when your customer is available.
There are many licensed realtors, but not all look out for their customer’s best interests. This is a potential negative about being a realtor but also an opportunity, as you get to change your customer’s perceptions about the industry.
As a realtor, you’re not technically a brokerage employee but an independent contractor. This means you may not be offered health insurance, a retirement plan, or other benefits. On the flip side, you can write off some of your expenses to reduce your tax responsibilities.
Why It Rules at Golden Rule
A real estate career isn’t perfect, but it’s also one of the most rewarding. You get to help people achieve their financial and life goals of owning or selling their homes which opens doors — literally and figuratively for them to move on to the next phase of their lives. At Golden Rule, we’re proud to be a realty company doing things a little differently by offering straightforward commission splits, a transparent and caring team culture, and even a bar where you can celebrate all of your successful closings! Contact us today to join our awesome team!