What are the pros and cons of being a real estate agent?
One of the biggest cons of this job is the amount of patience it requires. It may take a new real estate agent months to find their first client or close their deal. There is a lot of work that agents do before they ever see the profits, such as prospecting, advertising, and conducting open houses.
One of the biggest cons of this job is the amount of patience it requires. It may take a new real estate agent months to find their first client or close their deal. There is a lot of work that agents do before they ever see the profits, such as prospecting, advertising, and conducting open houses.
- Pro: Access to Local Market Information. ...
- Pro: Skilled Negotiators. ...
- Pro: Saves Time. ...
- Pro: Ethical Behavior. ...
- Con: Costs. ...
- Con: Difficulty Finding the Right Agent.
Long Hours
One of the toughest parts of the job is that long hours can be a significant challenge for real estate agents –– whether a new agent just starting in the business or an experienced agent. And to grow a successful business and meet the need of clients, realtors often need to work well beyond the typical 9-5.
Three common mistakes that agents make is inadequate prospecting, failing to market properties in ways that lead to fast sales, and not following up with clients. Real estate agents must be motivated because generating leads and marketing listings takes creativity and hard work.
Truth be told, many agents don't have enough experience and will never gain enough experience to develop into a true professional. There's significant turnover in the real estate industry, and the number of active real estate agents often falls and rises with the economy.
You may save some money if you handle the sale yourself, particularly if the seller is willing to discount the asking price in exchange for not having to pay an agent's commission. And you may simply prefer not to relinquish control to someone else, which is fine.
It depends on what's most important to you. If you crave a strong support system to help you get up and running, you probably want to join a team. But if you thrive on being independent—and you want to keep as much of your commission as possible—you may want to fly solo.
For new and tenured agents alike, being part of a real estate team can be rewarding. Though each team operates differently, the general consensus is that teams offer a collaborative way to grow business with the support of peers and the direction of a leader.
- They save you time and hassle. ...
- They have better sales skills. ...
- Buyers can contact them more easily. ...
- They better understand property values. ...
- You'll save money on their commission. ...
- You can negotiate the sale price with buyers personally. ...
- You can be more hands on with the marketing.
Why use a realtor vs selling yourself?
Pricing the house: Professional agents understand the local market well, so they'll know how to price your house to appeal to buyers while also helping you get the best profit. There's less risk of over or underpricing your listing.
An on-the-go work environment is something that 55% of real estate agents listed as key to their job satisfaction. Real estate is always changing and no two days are the same. Clients and properties are constantly coming and going and your tasks each day are rarely repetitive.
California: 44% New York State: 24% Florida: 7%
Getting into the field is easy. Compared to other careers, most that require a college degree, with similar earnings potential, getting your real estate license is a relatively quick and affordable process.
Uncertainty about real estate market
Every realtor is worried about not being able to sell their properties and how it will affect his or her commissions at the end of the month. This uncertainty is real and can cause a lot of stress for realtors and their clients.
But here are some highlights: According to the National Association of Realtors (NAR) failure is defined as as those who get a real estate license and then leave the industry within the first five years. According to them, 75% of real estate agents fail within the first year, and 87% fail within five years.
Depending on the source, the percentage of real estate agents that fail in the business within the first 5 years ranges between 85-90%. When you think about it, nearly 9 of 10 new agents can expect to fail, which is an eye opener.
Real estate agents often encounter high levels of stress due to the demanding nature of their work.
Fear of Rejection
The possibility of rejection can terrify new real estate agents and cause them to turn away from opportunities. No one wants to hear they aren't likable or good enough.
- Multiple offers.
- Unpermitted work.
- Easem*nts.
- Flood and fire zones.
- Oil and gas rights.
- MLS issues with images, including drone photos.
- Earnest money and deadlines.
- Who should verify details.
What is unethical realtor behavior?
Misrepresentation or Concealment of Property Flaws
This behavior is considered unethical because buyers rely on their real estate agent's expertise when deciding whether to purchase a home. By concealing material facts, the agent breaches trust, which can lead to potential financial consequences for the buyer.
In a competitive market, when you counteroffer you risk losing out on a deal. For instance, if it's a buyer's market, a seller should be cautious with counteroffers. A buyer's market is when there are plenty of houses for sale. And the homes for sale aren't selling that fast either.
If I buy a house with $100,000 cash do I have to explain where the cash came from? Cash buyers must provide proof of cash to the seller, such as a bank statement or a certified financial statement. The seller can then relax, knowing that the buyer has the required funds to complete the transaction.
In California, there is no legal requirement that a buyer has to use a real estate agent for their home purchase. A number of buyers find a property through a self-directed search, and contemplate completing the purchase without an agent.
Introverts are known for their deep listening skills, thoughtful analysis, and reflective thinking - qualities that are highly beneficial in real estate. These traits enable them to understand and meet their clients' needs effectively.
References
- https://www.reddit.com/r/Bogleheads/comments/18rdrcv/why_is_real_estate_investing_so_popular/
- https://www.cnbc.com/2023/09/29/this-is-the-happiest-job-in-the-world-according-to-new-research.html
- https://skillsforchange.com/what-to-wear-to-a-real-estate-interview/
- https://magoosh.com/english-speaking/how-to-describe-yourself-in-an-interview-9-methods-with-examples/
- https://realestateinvestmentstrategies.quora.com/https-www-quora-com-If-I-buy-a-house-with-100-000-cash-do-I-have-to-explain-where-the-cash-came-from-answer-John-Steve-1
- https://www.continuingedexpress.com/career-licensing-pro-con
- https://www.indeed.com/career-advice/finding-a-job/pros-and-cons-of-being-a-real-estate-agent
- https://realestatelicensenow.com/why-choose-a-career-in-real-estate/
- https://discoverpraxis.com/blog/9802/nail-interview-lack-relevant-experience
- https://www.rentspree.com/blog/real-estate-questions
- https://hoganschool.com/careers/career-interview-questions
- https://agentfire.com/9-ways-to-build-confidence-as-a-real-estate-agent/
- https://www.2-10.com/blog/overcoming-common-fears-real-estate/
- https://www.truehold.com/post/challenges-of-being-a-real-estate-agent
- https://www.investopedia.com/articles/personal-finance/080714/how-do-real-estate-agents-get-paid.asp
- https://in.indeed.com/career-advice/interviewing/how-to-sell-a-pen-interview-question
- https://oceanschoolofrealestate.com/what-makes-real-estate-a-good-career-pros-and-cons-of-becoming-a-realtor/
- https://money.usnews.com/careers/best-jobs/real-estate-agent
- https://canadian-resume-service.com/interviews/share-your-unique-selling-point-during-the-job-interview/
- https://www.forbes.com/sites/jackkelly/2023/09/14/how-to-answer-the-question-why-are-you-interested-in-this-position-in-a-job-interview/
- https://www.linkedin.com/pulse/6-engaging-real-estate-agent-intro-templates-nguy%E1%BB%85n-song-h%C3%A0
- https://www.wallstreetoasis.com/resources/interviews/why-real-estate-interview-question
- https://www.nar.realtor/membership/benefits-and-considerations-of-being-a-real-estate-agent
- https://www.flexjobs.com/blog/post/how-to-answer-what-motivates-you-examples/
- https://www.themuse.com/advice/how-to-answer-sell-me-this-pen
- https://www.cdc.gov/violenceprevention/about/copingwith-stresstips.html
- https://www.nar.realtor/magazine/real-estate-news/sales-marketing/should-new-agents-join-a-team-or-go-solo
- https://www.rochesterrealestateblog.com/10-reasons-why-real-estate-agents-fail/
- https://www.kapre.com/resources/real-estate/top-ten-traits-real-estate-agent
- https://www.progressive.com/answers/selling-home-by-owner-vs-realtor/
- https://hbr.org/2022/08/how-to-answer-why-do-you-want-to-work-here
- https://www.theceshop.com/agent-essentials/blog/do-you-have-the-perfect-personality-for-a-career-in-real-estate
- https://www.nar.realtor/magazine/broker-news/network/tips-to-keep-yourself-and-your-agents-safe-on-the-job
- https://www.edubridgeindia.com/blog/why-should-we-hire-you-sample-answers/
- https://pursuethepassion.com/why-are-you-passionate-about-real-estate-2/
- https://www.bankrate.com/real-estate/should-i-buy-house-without-realtor/
- https://www.investopedia.com/investing/steps-becoming-real-estate-agent/
- https://www.linkedin.com/advice/3/what-best-practices-drafting-purchase-agreement-vs
- https://www.indeed.com/career-advice/interviewing/interview-question-tell-me-about-yourself
- https://www.fullfeel.io/why-is-being-a-realtor-stressful/
- https://www.homesville.com/realtor-reputation
- https://sellnowiowa.com/selling/the-pros-and-cons-of-a-counteroffer-negotiating-in-real-estate/
- https://www.investopedia.com/ask/answers/101314/why-do-real-estate-agents-fail.asp
- https://www.quora.com/How-do-you-answer-the-question-What-makes-you-unique
- https://www.careerexplorer.com/careers/real-estate-agent/satisfaction/
- https://www.theceshop.com/agent-essentials/real-estate-agent-encyclopedia/best-cities-for-real-estate-agents
- https://unlocked.com/pages/how-do-i-buy-a-home-without-an-agent
- https://www.monster.com/career-advice/article/real-estate-interview-questions
- https://www.chattahoocheetech.edu/wp-content/uploads/2013/06/Six-Ways-You-Need-to-Sell-Yourself-in-Every-Job-Interview.pdf
- https://novoresume.com/career-blog/what-is-your-greatest-weakness
- https://www.rti-inc.com/blog/best-ways-to-sell-yourself-in-a-job-interview/
- https://www.carealtytraining.com/blogs/becoming-a-real-estate-agent-pros-cons
- https://www.indeed.com/career-advice/interviewing/sell-yourself-in-an-interview
- https://news.remax.com/heres-why-many-agents-choose-to-join-a-real-estate-team
- https://www.flcaa.com/post/is-it-difficult-to-become-a-real-estate-agent
- https://placester.com/real-estate-marketing-academy/how-write-agent-bio-10-knockout-examples
- https://money.usnews.com/careers/interviewing/articles/how-to-answer-why-should-we-hire-you
- https://www.quora.com/What-is-a-weakness-in-real-estate
- https://www.tomferry.com/blog/87-of-all-agents-fail-in-real-estate/
- https://fin.utdallas.edu/voices/finance-articles/real-estate-articles/10-reasons-study-real-estate/
- https://www.michaelpage.co.uk/advice/career-advice/job-interview-tips/why-do-you-want-this-job-examples
- https://www.investopedia.com/articles/mortgages-real-estate/11/key-reasons-invest-real-estate.asp
- https://www.indeed.com/career-advice/career-development/skills-for-real-estate-agent
- https://www.indiabix.com/hr-interview/what-are-your-strengths-and-weaknesses/
- https://www.rocketmortgage.com/learn/benefits-of-real-estate-investing
- https://sgrowcrm.com/reasons-agents-fail-and-how-to-beat-the-odds/
- https://edubirdie.com/examples/why-i-want-to-be-a-real-estate-agent-essay/
- https://www.theagencyre.com/blog/pros-and-cons-of-working-with-a-real-estate-agent/
- https://www.fastexpert.com/blog/illegal-unethical-real-estate-agent-behavior/
- https://www.realtymogul.com/knowledge-center/article/20-famous-real-estate-investing-quotes
- https://www.mckissock.com/blog/real-estate/top-5-real-estate-job-satisfaction/
- https://www.2-10.com/blog/5-reasons-to-love-your-real-estate-career/
- https://www.bostonrealestateclass.com/posts/real-estate-challenges/
- https://www.cresinsurance.com/real-estate-broker-beware-most-common-complaints-that-lead-to-litigation/
- https://www.investopedia.com/articles/personal-finance/040215/real-estate-broker-career-you.asp
- https://atlantaagentmagazine.com/2013/03/28/real-estate-agent-rated-happiest-job-in-america/
- https://www.linkedin.com/pulse/importance-stress-management-real-estate-agents-how-find-josie-rees-f6tcc
- https://www.linkedin.com/pulse/real-estate-good-investment-oparahrealty
- https://www.bostonrealestateclass.com/posts/12-qualities-you-need-to-be-a-successful-real-estate-agent/
- https://www.colibrirealestate.com/career-hub/grow-your-real-estate-career/professional-appearance-tips/
- https://www.hiration.com/interview-prep/real-estate-agent-interview-questions/
- https://www.kapre.com/resources/real-estate/1-million-first-year-selling-real-estate
- https://atlantaagentmagazine.com/2013/06/04/do-attractive-agents-perform-better-than-the-rest/
- http://www.themusiccityrealtor.com/10-reasons-i-love-being-a-realtor.html
- https://www.momentumvirtualtours.com/blog/real-estate-text-message-scripts/
- https://www.monarchstaffing.com/blog/colors-that-make-an-impression-during-a-job-interview
- https://www.linkedin.com/pulse/why-do-people-choose-real-estate-career-remax-advantage-
- https://bhgrecareer.com/bebetterblog/what-is-it-like-to-be-a-real-estate-agent/
- https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor
- https://www.homelight.com/blog/agent-real-estate-personality-types/
- https://blog.hubspot.com/sales/realtor-code-of-ethics
- https://www.investopedia.com/terms/a/appraised_value.asp
- https://www.linkedin.com/pulse/do-millionaires-invest-real-estate-wealth-building-secret-ben-lovro
- https://jetstreamtech.io/how-to-make-money-quick-as-a-new-real-estate-agent/
- https://www.ziprecruiter.com/Salaries/First-Year-Real-Estate-Agent-Salary--in-California
- https://lawprofessors.typepad.com/property/2012/04/the-importance-of-hiring-an-attractive-preferably-female-real-estate-agent.html
- https://www.indeed.com/career-advice/interviewing/what-colors-to-wear-to-an-interview
- https://joinkale.com/realtor-commissions/appearance-matters-for-real-estate-success/
- https://www.heathermurphygroup.com/realty-blog/interview-your-realtor/
- https://www.home789.com.au/tips-advice/the-pros-and-cons-of-using-an-agent/
- https://www.themuse.com/advice/what-motivates-you-interview-question-answer-examples
- https://www.adhischools.com/blog/The-Five-Hardest-Things-About-Being-A-Realtor
- https://www.edubridgeindia.com/blog/how-to-answer-where-do-you-see-yourself-in-5-years-during-interview/
