Is real estate the right career for you? Here are my thoughts.
“Would real estate be a good fit for me?”
I often receive questions like this from people who are thinking about taking up real estate as a career.
My answer? Yes, it is! For a lot of people, real estate is one of the best career options available. I’ve been absolutely blessed to be in this industry, though there are a lot of pros and cons to making a career in the business.
One major pro is that you have unlimited potential. If you’re a great worker and you don’t like having a ceiling on your progress, this is the right career for you.
Another pro is that you can invest in real estate. If you have the money to do so, you’ll not only have a career in the field, but you’ll also have the opportunity to have your own 401(k).
Third, you can build relationships in real estate. You can make a lot of money by knowing people and forming relationships with them, and in the end, you can help out a lot of families—to me, this means the world. If you’re a person who loves being around people, this can be a great career path.
But there are a few cons to pursuing a career in real estate, too.
For one, if you’re not selling property, you’re not really making any money. I’ve seen some people come into the industry who aren’t high achievers; they tend to not only make very little money, but they also have to deal with a lot of expenses just to have the career. You have to pay for marketing materials, subscriptions, etc. Also, unfortunately, real estate is one of the few careers that doesn’t provide a base salary.
Similarly, to have a career in this industry, you’ll need to save up some money. I’ve heard a lot of numbers thrown around, but in my experience, you’ll need to save for about six months to a year’s worth of salary to live on if you don’t make any money in that period once you join the business.
Secondly, real estate is a lot of work—you’ll have to work on weeknights and weekends. However, the more you work, the more you’ll make, and this is why I don’t recommend working only part-time. Sometimes it can be flexible, but it’s not for a lot of people.
If you love people and want to help them with their goals, real estate as a career can be awesome. But if you think it’s going to be easy, you should probably think again.
For any questions you have about starting a career in real estate, don’t hesitate to reach out to me. I’d love to speak with you more about the merits and drawbacks of jumping into the industry.