Here at Royal Holiday Jobs we pride ourselves on giving you the best information in all kinds of employment opportunities that give you the freedom to travel as you make a living. When it comes to freedom and substantial monetary compensations, the world of real estate can hardly be matched by any other sector that is able to provide such competitive salary and such freedom of movement and general autonomous operation.
Today we want to take a look in a very broad manner, at the most commonly reported advantages and disadvantages of being part of this market, without going too deep into the specifics as we can further elaborate on those points at later articles.
You work for yourself
The good: There are many advantages to being your own boss. You can set your own schedule and forget about the 9 to 5 or punching out for lunch. The experience of being in charge of your own time and having the freedom to take vacation whenever you please and spend time with your family as much as you want is nothing but rewarding and fulfilling. There are very few things that offer as much freedom as being a real estate agent and being in total control of how you operate.
The bad: Since you are a one-person team, it means that while you aren’t working, you aren’t really making any money. Most of the time you will be working as everyone else is off because your clients will most likely be making appointments to see properties after they get out of work or during weekends. This means that sometimes you have to be away from your family right when they are off work themselves. Being your own boss means being strict and demanding of yourself, which means working longer hours than normal sometimes.
Your clients trust you
The Good: You are the expert of absolutely everything having to do with the neighborhood where the listing is located and you understand the city in general. Your clients will be asking you questions about everything from schools and safety to projected market value and where to get the best process on furniture and drapes. You are helping others realize their dreams and buy the home where they will probably spend the rest of their lives, raise their children and eventually leave behind for them, so this is a very important role you are playing in the future of others.
The Bad: Being in a position where people deposit their trust, time and money in you, can be quite overwhelming. Your mistakes can cost your clients thousands of dollars and in some cases, you could even be liable if the information you gave was wrong or careless. It is important to be able to give your customers the best advice possible while at the same time knowing your limitations and being honest with them and ultimately with yourself.
You are responsible for growing your business
The Good: The sky’s the limit. Having your own business means that you will be netting all of your income and you are ultimately responsible for growing it as much as you want. All your dedication and hard work will be evident in the size of your commission checks and the way your quality of life begins to improve. Your real estate business will be a direct representation of how much you put into it, which is great if you are dedicated, disciplined and continue to improve yourself by learning more and more everyday.
The Bad: There are many factors that can affect the market and many of them are out of your control no matter how much hard work you put into it. Competition is fierce, the stock market can affect you greatly and you have nobody to blame but yourself if you are unable to roll with the punches and pick yourself back up when the times are bad. Being responsible for your business growth means having a big burden on your shoulders in a world that will not stop for you if you take a sick day or if you decide to sacrifice some work to be with your family.
You are more than just a real estate agent
The Good: This goes hand-to-hand with the trust your clients have on you. They expect you to be much more than just a real estate agent; they want you to be a financial advisor, a teacher, a counselor and even a decorator sometimes and that is a great thing. The more that is demanded of you, the more you are forced to learn about many different things in order to stay competitive. A great real estate agent is a bit of jack of all trades and knows that these extra skills are what set them apart of the competition.
The Bad: Your customers expect you to know a bit about everything and that can be annoying at times. If something goes wrong with the house last minute, guess who they are going to call? Yeah, you.