Is a Career in Real Estate Right for Me?

Do you like the idea of helping people find their dream homes? Are you always eager about real estate sales? If so, you should consider shaping your career as a real estate agent. In this career option, you will represent real estate buyers and sellers and help them find the right match. If you are wondering if the career in real estate is right for me, read on to know what it involves, its pros and cons, license costs, earning potential, and how to start your own real estate business.

Who is a Real Estate Agent?

A real estate agent is usually a person who represents buyers and sellers. A person usually works independently or for a firm and gets a commission every time a real estate deal is closed. A real estate agent would help buyers and sellers, perform real estate analysis, look for available property listings, manage advertising campaigns, schedule property showings, answer phone calls, and network with potential clients.

Pros and Cons of Choosing Real Estate as a Career Option


Ø  Pick Your Own Schedule

You can pick your own schedule if you work independently. You can decide when to make appointments and when to take a break for personal commitments.

Ø  Unlimited Income Potential

If you become a successful real estate agent who closes high-profile deals, you can earn millions in a year! For instance, if you sell celebrity properties worth millions of dollars.

Ø  Help People Find Their Abodes

If you like the idea of helping people find their dream home or a commercial pace for their startup, you can do that as a real estate agent. It will give you plenty of job satisfaction when people find the right property.

Ø  Better Career Mobility

When you become a real estate agent, you can be your own boss, start calling the shots and create a business of your own. You can be in charge of where your career is headed and how much you want to earn.

Ø  Become a Community Expert

People will also look you up as a community expert. People in your personal life will come to you for real estate advice and value your opinion. It will probably make you feel good.

Ø  Easy to Get Referrals

If you help people find the perfect property, they will likely refer you to their friends and family. More clients mean more earnings and business growth or career growth within a real estate firm.


Ø  Lot of Work

You might end up working long hours and work on holidays and the weekends too to close a deal.

Ø  No Steady Salary

Most real estate agents work as freelancers and earn a commission only when deals are closed. So, you might not get a salary if you don't close a deal in a month.

Ø  Slow Periods

The real estate industry is quite volatile. There might be slower months where you might not make any money.

Ø  Mostly Single Transactions

Most people buy a home only once. So, most of your customers might have only one transaction with you. As a result, you might forever chase new clients.

Ø  Huge Savings Needed

As mentioned before, you might not earn a commission for weeks or months if you don't close a deal. So, it would help if you had ample savings to fall back on during slow times or when you start your own business.

Cost of Education/Licenses to Become a Real Estate Agent in Canada

 A real estate salesperson might have to spend $7,500 in Ontario to register as a real estate agent. This figure doesn't include additional expenses like paying for your car, marketing costs, etc.

Cost of Education/Licenses to Become a Real Estate Agent in the USA

You need to invest around $2,000 to complete a course to become a licensed real estate agent in the US. You need to complete an approved real estate course, pass the licensing board's real estate exam, and complete fingerprinting and background checks. All of them will cost.

Earning Potential of a Real Estate Agent in Canada

In Canada, a real estate agent can make about $119,236 annually.

Earning Potential of a Real Estate Agent in the USA

The average base salary of a real estate agent in the USA is $94,695.

Starting Your Own Business as a Real Estate Agent in the USA and Canada

Did you know IRS recently shared that over the last five decades, 71 percent of Americans who declared more than one million dollars on their income tax returns were involved in real estate? There is no doubt that the real estate business can make you a rich person. Here are some steps that might help you start your own business as a Real Estate Agent in the USA and Canada.

1.       Think Through Professional Goals

Start by thinking through what you want to achieve by starting up the business, like XX amount of revenue by year one and XX customers by the end of the second year. It will keep you focused.

2.       Get a License

You need a license to start a business as a real estate agent. It will also help build customers' trust.

1.       Conduct In-Depth Research

Conduct in-depth research to know the market and the existing real estate businesses in your area. Know your competition and decide how you are going to tackle the competition.

2.       Organize Your Finances

Keep your finances in order and make sure you have some investors lined up or seek loans so that you don't run into financial issues during the slow season.

3.       Do the Legalities

It is also essential for you to help an experienced attorney complete the legal formalities and convert your company into a legal entity that follows the regulations and pays the taxes on time.

4.       Set up Accounting and Bookkeeping

This step will help you keep an eye on finances and know when to invest more and when to tread carefully.

5.       Purchase Business Insurance

Buy business insurance to secure your business and all its assets. Read more about business insurance here.

6.       Plan Your Sales and Marketing

The business of a real estate agent depends heavily on sales and marketing. So, you need to craft a sales plan, build an online presence, create a brand and launch campaigns to promote your business and generate leads continuously.

We hope you now know whether you want to have a career as a real estate agent or not. Talk to an existing real estate agent for an in-depth discussion too. Good luck!


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