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Posted about 3 years ago

Should I Become A Real Estate Agent?

I get asked this question quite a bit. Once or twice a month, I get a call or message from someone trying to decide if this could be a good career path for them. There are many reasons to become a realtor and it is a great career field, but it certainly isn't for everyone. Check out my video or read on to find out more.

The Right Stuff

Being a realtor is not for everyone. If you are a person who craves variety and flexibility, this is a great career for you. Every day is so different, with completely new challenges all the time. Every single transaction throws some kind of different curveball. To me, that's fun and engaging.

If you're someone who likes having a consistent schedule or if things changing makes you anxious or worried, then this may not be the best career choice for you. If you're someone who is a worrier, then you may not enjoy being a real estate agent. You may enjoy something like transaction management, which is a little more administrative in nature.

The Money

You are absolutely not guaranteed a paycheck. Unless you go work for a company who pays its agents a salary (there are a few out there), you generally are working for commission only. You've got to be able to go a little while without getting paid. And when you're a newly minted agent, people aren't exactly lining up to trust you with the most valuable and expensive decision they're probably going to make. Don't get me wrong, there are some new agents that jump in and kill it in their first year, but that's not the norm. The statistics say that about 85% of realtors fail in the first four years. I think that that's because if you need to make money from the beginning, it makes it really stressful.

The Commodification of Real Estate Transactions

Another thing to consider before becoming a realtor is that there are a lot of big companies out there working to replace realtors. They're trying to commodify us by offering things like self-led showings and creating standardized processes for transactions. If you're going to survive in this environment, you need to have some kind of unique value proposition. There needs to be something different about you that demonstrates how you add value for the client. For example, I was an investor before I was a real estate agent. I already knew a bit about how to buy and sell homes, do renovations, and things like that, so I can offer that kind of knowledge and insight to my clients who are interested in buying investment properties. Consider how you are going to be able to demonstrate your value above and beyond these big companies.

Interpersonal Communication

I'm not going to lie - this is a sales job. You've got to be able to put on a good, professional face at any moment, even if you're having a bad day. You've got to be able to communicate very well and very clearly. You're basically there to educate and guide your clients through a very difficult and complex process, and to make them understand what is going on the whole time. You'll also have to communicate and negotiate with the other real estate agents, with the public, and with other real estate pros.

What Do You Think?

Those are some pretty basic considerations. If you are a realtor, can you think of any other considerations that might be worth thinking about before someone dives in? Let me know in the comments.




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