Job Description
Becoming a Full Time Realtor is not for everyone. It's not as easy as it seems. Yes, there is the potential to make a lot of money. But there is also the potential to not make a living from it. Yes, selling 1 or 2 homes in a year is possible. But can you sell enough to make a decent income from it?
You need to be self motivated and continue to motivate yourself daily, weekly, monthly, and year over year. However, for those that do succeed, it can be very lucrative and flexible.
The business does become easier the longer you are in the business (as long as you stay pro-active) They say that 80% of the business is performed by 20% of the agents. Where do you fit in?
Pros
1) Flexibility - I can most of the time control my own hours. If I don't want to work one day, I don't have to work. And, if I have a very good year, I can choose to take days, weeks, or months off when I want. I also do not need to be indoors most of the time.
2) Business Owner - I am really a one man company running a business. I motivate myself and don't report to anyone.
3) Unlimited Income Potential - I have the ability to make as much money as I want. There is not a salary ceiling. I also have the ability to make money a lot of money very quickly.
4) Low Cost to Entry - Becoming a Realtor has a low initial investment. You can expect to spend about $1,000 - $2,000 to start your own business. There aren't many businesses you can start with this little cost.
5) Ease of Entry - All you need to become a Realtor is to pass a state license exam and to complete some education requirements. Some of these education requirements can be satisfied through classes taken in college.
Cons
1) Stiff Competition - Real Estate has a low barrier to entry so there is a lot of competition.
2) Income Instability - Since most Realtors are paid through a 100% commission based structure, it is very common to not receive a paycheck bi-weekly or monthly.
3) Out-of-pocket expenses - All expenses come out of your own pocket. Some expenses include: flyers, open house signs, websites, Realtor dues, gas, car repairs, etc. So it highly recommended that you have a decent amount of cash reserves to accommodate these expenses in case your income generated from your sales is not enough.
4) Weekend work - Depending on where you are in your real estate career, can determine how many weekends you need to work. Many successful agents are able to work few weekends. Some of these agents can have other agents hold their open houses for them thereby reducing their weekend work. But many times, especially in the beginning stages of your career, holding open houses on weekends are great way to find potential buyer clients.
5) Business Owner - Since you are often the one and only employee/employer of your own company, you need to be able to motivate yourself and to stay motivated. Sometimes this can be a great disadvantage depending on your level of work ethic and self motivation.
6) Cyclical Business - This also depends on where you are in your career, but the real estate business has its "ups" and "downs". And you have to know how to manage both. You need to be able to multi-task when it's busy, and you need to know what to do keep yourself busy when it's not. Managing the "downs" of the business are much tougher.
Company Size
0-25 employees
Pay Range
$60,001-$70,000
Years in Job
3
Education
B.A. in Economics
City
Sunnyvale
State
CA
