There has been a lot of turmoil and chaos in the world lately. Lots of people are unemployed, laid off and maybe not getting hired back, or they have gone out of business. Lots of people are questioning whether or not it is a good time for a career change, looking at real estate as an option. The real estate industry remains strong and, in some cases, is even doing better now than it was before the pandemic hit.
Many folks are asking the question, “Is now a good time to get into real estate? What are the pros and cons?”
Pros
– Everything revolves around real estate. You are sitting on real estate right now; the entire earth is one big piece of real estate!
– While many investments depreciate over time, houses gain in value.
– People are always going to need a place to live, and real estate agents are needed to help.
– You get to make your own flexible schedule. Need to drive your kids to school? No problem. Have an appointment? No problem!
– It’s easy to get into real estate, and you can even make six figures doing it.
Cons
– You have to learn how to communicate, often out of your comfort zones as it will include calling and meeting people you don’t know.
– Real estate is not a quick fix if you are in financial difficulties. The average amount that a new agent earns in the U.S. is $15,000. You need to build a sphere of influence, cultivate customers and clients and get referrals—all of which takes a little time. The more you put in and the earlier you start—the more you will get out of it.
– If you aren’t working, you aren’t earning money. You can’t just call in sick, and this isn’t your typical 40-hour work week. You are only as good as your last commission check.
– It’s going to be stressful for you and your family, especially in the first year as you try to build your business. It isn’t going to be a consistent paycheck—you need to learn money management so you have something to live on in the lean months.
– Real estate can be highly competitive. A lot of agents are supportive of other agents, but some aren’t, so you have to be willing to be both a self-starter and a little thick-skinned.
I personally think this is the best industry in the world to be in. If you’re ready to dive in and continuously learn, grow and build new relationships, there is literally no ceiling on the amount of money you can make. You can earn at the same level of doctors, attorneys and specialists—without eight-plus years of higher education.
If you know someone who has considered making the leap into this business, we recently did a Question and Answer session with our friends from RISMedia and Real Estate Express. You can watch on demand here: https://darrylspeaks.com/become-an-agent-replay/.
We’re here for you! Let us know how we can help!
Darryl Davis has spoken to, trained and coached more than 100,000 real estate professionals around the globe. He is a best-selling author for McGraw-Hill Publishing, and his book, “How to Become a Power Agent® in Real Estate,” tops Amazon’s charts for most sold book to real estate agents. He is the founder of the Next Level® real estate training system The Power Program®, which has proven to help agents double their production over their previous year. Davis earned the Certified Speaking Professional (CSP) designation, held by less than 2 percent of all speakers worldwide. To learn more, visit www.thepowerprogram.com.
