If you have a natural talent for selling and a way with people, you might’ve considered becoming a real estate agent. It can be a great job that offers tons of flexibility, allows you to meet lots of interesting people in diverse fields, and can be very lucrative depending on how successful you are. Being a real estate agent also comes with many challenges, and you have to know what being a real estate agent is really like before you get started. Here are some of the harsh truths of life as a real estate agent.
One of the first things you’ll have to worry about is not finding clients but building a solid relationship with a lender. Working with a bad lender could drive you insane. Some will take forever to answer and could lead you to lose sales. Or they may charge exorbitant closing fees. A good lender, on the other hand, will facilitate the whole process and make sure the transition goes smoothly.
A lot of people vilify 9 to 5s, but only realize their benefits once they’re on their own. Things like going on a vacation as a real estate agent may be very difficult if you’re having a tough year.
You will be the one who’ll have to make arrangements for vacations and days off. You also have to get insurance in case you’re not able to earn anymore, and plan for your retirement yourself. These are all things that can get very stressful when you don’t know when your next sale is going to be.
Know, however, that you don't necessarily have to be a slave to your job to be a successful real estate agent. If you have too much work and want to take a break, there are professionals you can work with that will make things easier for you, like showing agents, for instance.
There are many benefits of showing agents and open house partners. Working with them will allow you to defer some of your open house responsibilities. This could help you keep your workload manageable and focus on important deals that have a higher chance of closing. This could also help you bring some balance into your life, which will be very important if you want to have a long career in this business.
Working with buyers is one of the most difficult parts of the business. They will try to pull all sorts of tricks on you. Some will take you for a ride just to flake out at the last minute. This can lead to a lot of disappointment in the beginning, but that’s something you will need to accept. They often say that buyers are liars in this business, so take anything anyone tells you with a grain of salt.
You must be ready to pay to get results in this business. You can’t expect people to come to you. You need to actively market yourself, and that costs money. The best move would be to work with a major agency and pay for one of their marketing packages, even if they seem expensive.
Real estate is unlike any other field and being a real estate agent is unlike any other job. This is why you need to be prepared for the specific challenges of working as one before getting started.