Being a real estate agent has its appeal, but like many other career choices, it has downsides too. Here are some of the pros and cons of being a real estate agent.
Having your own schedule is one of the sought-after perks of most careers, and as a self-employed real estate agent, you can certainly set your own working hours. Although, if you’re worried about having a lack of support, then you can have the best of both worlds; the freedom of self-employment, and support by working for Compass. If you’re wondering “is Compass a legit company?”, the short answer is yes. They are well established, licensed, and well-funded. For you, as a real estate agent for Compass, this would mean training, use of their technology to find and help your clients, and the chance to earn more money than if you were on a salary.
By taking on more clients, you get to increase your earnings with commission based on each sale. You also get the satisfaction of seeing your clients happy when you’ve sold their house at a good price, or when you help someone find their ideal property.
If you have great organizational skills, can negotiate, are good with people, and can keep calm when dealing with clients who may be stressed or upset when things don’t always go to plan, you could use these skills to have a successful career as a real estate agent.
One downside is working long hours. You have the choice to put in the hours or go home early, but your earnings depend on results. This can mean putting in more effort, missing social occasions, and having to find a better work/life balance. However, this doesn’t mean that being a real estate agent will be this way all the time, there might be times when you find yourself swamped with clients, or in contrast, managing very few. Because of this, you will be more inclined to work longer hours during the busier periods to compensate for quieter times.
The financial insecurity of being a real estate agent can be a big downside. Although this depends on the support network you have and how many clients you work with. If you often get enough work to keep your earnings above what you would get as a salary, finance might not be a problem. However, there is no safety net, so it’s worth planning for unforeseen circumstances such as sickness or family emergencies that could see you taking time off work.
You’re also unlikely to have repeat clients because most people don’t buy or sell property frequently. However, if you make a good impression, those who buy property to renovate then sell at a profit might choose to work with you again, and other clients may recommend you, so this is not always a downside.
The pros and cons of being a real estate agent largely depend on how prepared you are to make it work for you as a career.