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Are you considering becoming a real estate agent? It’s a decision that can bring great rewards, but it’s important to be aware of the challenges as well. As someone who made the leap back in 1979, I can tell you that there’s a lot to consider.
At first, the idea of being my own boss and setting my own hours seemed like a dream come true. Plus, the potential for six-figure incomes was certainly alluring. However, I quickly learned that the reality of being a real estate agent is more complicated than that.
The high failure rate is one of the first things to consider.
Do I want to be a real estate agent?
Eight out of ten real estate agents are out of the business within three years. That’s a daunting statistic, but it’s not the only challenge. As a real estate agent, you have to be an entrepreneur and run your own business. You’re responsible for generating your own leads, marketing yourself, and managing your finances.
Another thing to keep in mind is that real estate sales are highly competitive. Only 20% of all agents are doing 80% of the business, according to the Pareto Principle. That means you’ll be competing with a lot of other agents for a limited pool of clients.
So why did I stick with it? It was thanks to the good Brokers I met along the way. They took an interest in my career, patiently mentored me, and provided me with the tools and culture to succeed. Thanks to their support, I was able to reach my income goals and avoid some of the pitfalls that many agents face.
If you’re thinking about becoming a real estate agent, it’s important to do your research and make an informed decision. But if you’re willing to put in the work and find the right support, it can be a rewarding career choice. Just remember that success is not guaranteed, and you’ll need to be willing to take on the challenges that come with running your own business in a competitive industry.
