Is a career in real estate worth it? We look at the pros and cons
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Real estate is an ever-evolving industry that has been around for more than a century.
"It has become one of the most popular career choices for people who are looking for a lucrative and rewarding career," says Berry Everitt, CEO of the Chas Everitt International property group. "However, like any other profession, this career has its pros and cons."
In this article, we'll discuss seven advantages and seven potential drawbacks of a real estate career.
Advantages of a career in real estate
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High earning potential: Estate agents are usually paid on a commission basis, which means that the more properties they sell or lease, the more money they can earn. This income potential can be further enhanced by facilitating the sale of higher priced properties, such as commercial or luxury real estate.
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Flexibility: Another benefit is the flexibility this career offers. Estate agents can set their own schedules, work from home or on the go, and have the freedom to manage their own business. This can be particularly appealing to those who value work-life balance.
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Job security: People will always need to buy and sell properties, which means that property professionals like estate agents will always be in demand.
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Diverse job opportunities: There are many different career paths within the real estate industry, from residential and commercial sales to property management, valuations and more. This variety allows individuals to explore different niches and find one that best suits their interests and strengths.
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Social interaction: A large part of the job is interacting with customers, other agents and industry professionals. It's a great career choice for those people who enjoy socialising, networking and building relationships.
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Personal satisfaction: Buying or selling a home is often a significant moment in someone's life and you can have a direct impact by helping to make it a positive, rewarding and easy experience.
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Growth and advancement: In an industry that's constantly evolving, an agent with drive and passion has the opportunity to advance their career, expand their business and build a larger client base.
Disadvantages of a career in real estate
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Commission-based income: Estate agents only earn a commission when they close a deal. Real estate markets can be unpredictable, with agents sometimes experiencing periods of slow sales. This irregularity can be stressful.
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High competition: The industry is extremely competitive, with many estate agents vying for the same customers and properties. This can make it difficult to stand out and attract new business.
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Long hours: To accommodate a customer's schedule and availability, an agent may need to put in extra hours on weekends and in the evenings.
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Networking: To be successful in real estate, agents must be great networkers. They need to invest time and effort into building relationships and marketing their services.
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Ongoing education: Real estate laws and regulations are constantly changing, which means that agents need to stay up to date with legal requirements and undergo continuous additional training. This can be time-consuming and costly.
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Initial investment: Starting a career in real estate often requires an initial investment to obtain a compulsory qualification, registration and a Fidelty Fund Certificate, as well as marketing materials such as business cards and For Sale boards. This can be a significant financial hurdle for those just starting out.
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High-pressure environment: Real estate transactions are often emotionally charged and stressful. Deals require agents to have a level head and good negotiation skills to navigate difficult or contentious situations.
Ultimately, choosing a career in real estate is highly dependent on individual factors such as goals, circumstances, skills and experience. It's a rewarding choice for those looking for a flexible and lucrative career, but it requires hard work, dedication, and ongoing education to be successful.
Does it sound like the industry you were born to excel in? Find out more about the career options for Chas Everitt agents, here.
Not only do we provide our property professionals with the latest technology, give them access to a network of qualified buyers, equip them with tools and support, and provide ongoing training to hone their skills, but we also give them recognition in the industry, which helps to boost sales.
Check out our YouTube channel to gain some insight into the careers of our top agents, and if you're passionate about people and real estate, join the Chas family today.
Author: Chas Everitt
