Working in the Real Estate industry is rather lucrative but comes with its challenges. In a climate like Nigeria with lots of horror stories from home-seekers about their experiences while searching for a home would give the impression that Agents are all bad with no good, but as we know in every occupation we have great and not-so-good individuals. So let us run you through the pros and cons of becoming a real estate Agent.
- 1 Pro: You have the opportunity to build a massive network
- 2 Con: You aren’t trusted by the general public
- 3 Pro: You have the opportunity to make lots of money
- 4 Con: You have no safety net in the slow periods
- 5 Pro: You get to help make dreams come true
- 6 Con: Buying and selling can be stressful for clients
- 7 Pro: You have the flexibility to choose your own schedule
- 8 Con: Without set hours, you might end up working more
Pro: You have the opportunity to build a massive network
Depending on the individuals you serve, you can come across individuals who would make major changes in your life and this could set you up for life forever. You could serve the 1% of the 1% and become one of the most sought-after agents in your neighbourhood.
Con: You aren’t trusted by the general public
As mentioned earlier, lots of Nigerians already have a certain perception of who and what Real Estate Agents are. We can not entirely blame them because there have been stories of agents who have done terrible things to desperate home-seekers. You need to be able to stick to your word and make sure whoever crosses your path would be able to come back or even better, refer you to someone else.
Pro: You have the opportunity to make lots of money
This is relative, as it depends on the type of properties you have access to. It also depends on how long or short the sales trail is. If there are more people involved in the sale of a property, there’s a tendency to share the commission with tons of people. With this, try to find properties which don’t involve too many people or one with high chances of massive profit.
Con: You have no safety net in the slow periods
If you’re solo, you’re not earning a salary from an employer; and if you work with an agency, your earnings could be based on your transactions each month. If you have a slow month, your takeaway is less. The job is based on commissions, so if you’re not selling a property, you most times won’t automatically get a great pay-check. In this case, you can create emergency savings to keep you afloat during the bad times.
Pro: You get to help make dreams come true
Imagine helping customers find their ideal homes while showcasing stunning houses to the public every day. With your clients, you get to share in some of life’s most important moments as a real estate agent. You can play a role in assisting them in locating the perfect property that will live on in their family’s memories for all time. It might inspire and excite you.
Con: Buying and selling can be stressful for clients
The majority of your clients won’t frequently buy and sell or even rent homes, as any purchase is a major financial choice. Even though working with people can be rewarding, there are times when it can also be stressful and difficult. Mentors who have gone through similar situations might share strategies that have been successful for them in the past with you.
Pro: You have the flexibility to choose your own schedule
A majority of real estate professionals get into the business because they want a flexible schedule. This would be possible if you’re a solo agent. If you decide to be solo then you have the freedom to choose your schedule and don’t have to work around the clock unless you choose to.
Con: Without set hours, you might end up working more
Having flexible hours certainly doesn’t mean you have an easy job. Many real estate agents usually work round the clock and it goes beyond a regular 9-5, to weekends, late evenings and so on. You need to be able to find a balance so that your personal life isn’t suffering too much from your busy schedule.
Before you get started on your real estate career, weigh the pros and cons of becoming a real estate agent. Take time to think about how you will overcome some of the challenges of this rewarding industry. The pros are enough to attract many people to the industry, but it’s the professionals who can defeat the cons who have real staying power.