Planning a Career in Real Estate? Here Are the Pros and Cons

Pro: You Don’t Exactly Need a Degree

At first glance, you may think that real estate agents need an extensive education before they can apply. While every job does require its applicants to know what they’re doing, you don’t necessarily need a degree to become a real estate agent and start your career. Depending on your area, you only need to be of age, the right licensing, and to pass a 75-hour education program. However, despite this relative ease of access, it’s important for you to understand that you’ll have much higher chances of being hired with a degree. Pursuing a degree in real estate can supply you with the skills and knowledge you need to be as successful as possible.

Con: Work Can Become Very Slow at Certain Periods of Time

Real estate agents may have lucrative work, but there will be times where work becomes slow. You might already be familiar with the trend of how the real estate market picks up during certain seasons. The same applies to the job itself. Because of how slow things can get in this career, that also means you might not make enough once your pay period comes around. Lowering your monthly expenses is how you can reduce the financial strain.

One way you can help lower your monthly expenses and get what you need is to look into student loan refinancing. This is a process where you take your pre-existing loans and roll them into one. This new loan usually carries a lower interest rate and better repayment terms overall. As with any type of loan instrument, you also need to see if you qualify for student loan refinancing. You must have a decent credit score, a clear credit report, and a low debt-to-income ratio. However, even if you have less than stellar credit, you may still qualify.

Pro: You Can See a Large Amount of Income

One of the best things about this job is it is one of the more common high paying professions you can seek out and the potential high earnings you can have are significant. In fact, did you know that people who work in real estate can make more than the average worker? This is because there’s no limit on how much they can earn due to the potential house sales.

Con: The Work and Clients Can Be Challenging at Times

Being able to work with people and help them sort things out is a great way to work. But it can also be one of the most stressful ones as well, especially in the real estate sector. You see, buying and selling houses isn’t the same thing as going to a thrift store and selling things you no longer want. Both are long processes that can take some time to figure out. Sometimes, your clients may feel torn on the situation and might not know where to go from there. This can cause tension and stress levels to run extremely high for both parties.

Pro: You Can Build a Large Professional Network

When you work as a real estate agent a huge piece of your success is going to be built around the relationships that you create with not only clients but other industry professionals as well. Being able to constantly add to your professional network can help your reputation and earnings soar. There are tons of conventions and even virtual skill building seminars that you can take to get your name out there. Once you meet one or two people, it is going to be like dominos, your name will be included in conversations of purpose within circles that you otherwise may not have had access to. 

Con: Your Schedule is Non-Traditional

If you thrive in a career setting that is closely modeled after a traditional 9-5 job, real estate is not for you. In this role you are going to be working non-traditional hours and you can certainly expect to put in work some evenings and weekends as well. Typically, the pace of a real estate deal is quick, and you must be willing to be available at times that are less desirable than others to ensure success for you and your clients. 

Pro: You Are a Part of Making People’s Dreams Come True

Being a real estate agent means you will not run short of warm and fuzzy moments. The process of buying and selling homes is incredibly emotional and deeply personal for people and you get to be an integral part in all of that. Whether you are helping a young adult buy their first home, selling the long-term home of a retired couple as they move to the next phase of life, or helping someone purchase the vacation house of their dreams, there is so much gratification that comes with each and every deal. 

Con: Intricate Annual Taxes

Many real estate agents are not W-2-style employees which is not a con in itself, but you should know that this could mean a more complicated process each year come tax time. True you might have an opportunity for work-related tax breaks and write off’s but that depends on how diligent you are about your records and accounting throughout the year. If you are previously used to filing your tax return one way, you need to understand and be prepared for the switch once you start this career. Your employer might be able to give you some preliminary insight but enlisting the help of a tax prep professional is probably your best bet.