21 Reasons Why You Should Go For A Career In Real Estate
There are many reasons why you should go for a career in real estate. And congratulations! You are reading this content as you most likely just got your real estate license or you are considering getting it. So I commend you. It is a big step. I have done it and want you to learn from the trials and errors by me throughout this site.
I have composed many real articles with real stories for you to learn from. So please browse around, take notes and build your resources!
At 21 years old what the hell did I know about real estate? Not much besides doing some building projects on houses with my pops. We built a few decks, a couple sheds, a porch enclosure and some fences on the houses we lived in.
I really enjoyed those things and I knew something was there but wasn’t quite sure. I liked fixing up real estate which is where I now spend at least 50% of my time investing. But when I first got my license I was looking at the dollar signs!! Leading us into our first reason.
The Money Can Be Incredible With A Real Estate Career
I have been to dozens of major real estate seminars. I have watched and met plenty of these superstar agents who were just cut from another cloth. I am talking about agents who were making $800,000 – $2,500,000 a year (every year).
I followed many of these guys. Mirroring what they were doing but I never achieved those levels of revenue. However, I did hit some large annual goals which led me into building my own real estate portfolio becoming financially free.
One piece of advice I have to give you. It isn’t how much money you make, it is how much you keep. I know of other agents and brokers in Florida who make a ton of money. However, they have a house that costs them $20k a month, 5 cars with car payments, boats and leveraged to the gills.
Be wise with the money you make. Consider reading our article on the income and expenses with the Survival Guide.
Also as mentioned throughout this site, and incredible read which I have read at least a dozen times Rich Dad Poor Dad. This book just keeps me grounded and never gets old. It’s an extremely easy read. If you haven’t read it, do it. It changed my financial life forever and will likely do the same for you.
A Real Estate Career Allows You To Be Creative
One reason I love real estate as a career so much is I can get so damn creative. I would watch what other agents were doing but always like to think outside of the box. Let’s face it. If you work for someone else, can you really use your full creative potential? And do you even want to?
For example, in our article on Open Houses we talk about ways to not only drive traffic aggressively but this becoming your main niche.
Come into your real estate career with an open mind. Mirror the successful. Then put your own twist on it. And most importantly monitor it. What is working and what is not working.
What will get this seller or buyer’s attention? How can I get them to reach out to me and not the other thousand agents? This is a great career for those who can really dig deep and come up with some brilliant ideas.
A Real Estate Career Beats Digging Ditches
In college I got my real estate license but was thinking about starting a house painting company. Back in New Jersey that is what I did in the summer months and made good money. However, it was long hours and back breaking work when you are on ladders and scaffolding all day.
So if you are “digging ditches” or using your hands / manual labor then a career in real estate maybe appealing.
Quick Story –
I have one agent who started part time. He drove a semi truck for FedEx. All day he lugged large boxes into commercial buildings within his route. He got to a point where his back was literally breaking.
He calls me word for word: “Steve, we got to meet up. I’ve got to get the F*ck out of this Truck!” We met up and I gave him another personalized plan on how we could get him out and become full time in 90 days. He did it. To this day, he works inside in the air conditioning and crushes it.
Think about this. What happens in your current job if you become disabled in some sense? Is it really worth the quality of life? Will disability payments cover you and your families overhead? What if you become so disabled that you cannot even drive people around to show real estate?
A career in real estate can get you out of busting your A$$ and into a non labor intensive position fairly fast.
There Is A Low Cost Of Entry For Career In Real Estate
This is really the only business that I know where in most states you can get a real estate license, sign up with your local board, get MLS and Key access and business cards for under $2,000. And make hundreds of thousands of dollars each year.
I remember when I first got my real estate license. I was broke. I gathered up just enough money to get in and my first deal I closed was like $3,000. So my first deal paid for my cost of entry two plus about $1,500 left over. It was very exciting and I saw the potential in that deal alone!
Fairly Simple To Enter Into A Career In Real Estate
Let’s face it. Most states are comparable. You get a background check. You take roughly 65 hours of class time (even online on your own time). Take a class exam. Then a state exam. Find A Real Estate Broker. Sign up with your local board and you’re in.
I honestly think it is too simple of a process in the state of Florida anyway. I think the cost should be higher and there should be either more schooling and / or it becomes mandatory to get a broker’s license after 14 months. However, there are too many different entities making too much money for that to happen. If this were to happen, it would weed out a lot of poor agents who really do a disservice to their clients.
If you are super new to this and contemplating getting you real estate license read this article as well on the Basics In Getting A Real Estate License.
You Are Your Own Boss In Real Estate
“Steve, I need you to pick up a shift please. Jessica isn’t feeling well.” While in college I worked for Red Bull. It was a pretty awesome job at the time. However, you are controlled by the bosses who oversee you. Still while in college at FGCU, I got my real estate license. Once I made my first two deals I met up with my manager to resign from my position.
Well there was a twist I wasn’t expecting. “Steve, we were thinking you would be ideal to move into a managerial position where the base salary is around $35,000. Are you sure you want to resign?”
It was very tempting. However, I needed to be my own boss and a full time career in real estate would surely allow for that. I just had to go with my gut and so glad I did.
There were some tough times where I looked back and said, where could have I gone within that company. But I never allowed for myself to get into the mindset of Plan B. That is the worst thing you can do.
I encourage you, if you decide to take this leap into real estate, that you eliminate any and every plan B, C, D or X that you have in your mind. Allowing a backup will only hinder your progression.
Independent Expense Write-offs
There are tax benefits being an independent contractor. You are able to Incorporate which I highly encourage you to do if your state allows for it. You can write off business expenses like entertainment, food, mileage, travel, home office, supplies, computers, etc.
As a W2 employee, you are consider in the worst taxable position. So being independent allows you to write off all expenses associated with your business. I suggest hiring an accountant to go through all of this and to do your taxes on an annual or quarterly basis. Remember a W2 employee making $200,000 is different than a 1099 independent contractor making $200,000.
PS – I am not an accountant so please reach out to one for the appropriate tax advice in your state.
Big Learning Curve
I bet there are not too many jobs out there where you will have to learn so many different facets of a business. So if you like to learn then a career in real estate is ideal.
You will learn so many things like the art of negotiating, sales and listing presentations, contracts, scripts, incorporation and running your own business, real estate law, tax loopholes, marketing, sales, chain of title, investing and so much more.
If you are like me, you strive to get your hands on anything to build your mind, experience and curiosity. A career in real estate allows for it.
Real Estate Is Recession Proof
You maybe like what the heck are you talking about right? The real estate market goes up, down, sideways, crashes, peaks and so on. So if the real estate market crashes like it did in 2007 / 2008 you could be out of work right?
Not necessarily. I saw a ton of real estate agents and entire brokerages close their doors at this time. Kind of an eerie time for sure. But I can tell you, we did not. It took a little adapting and sacrifice and then we were able to thrive. I encourage you to read How To Survive A Real Estate Recession.
You can make an excellent living in any market so as long as you adapt to the changes. THERE WILL BE MARKET CHANGES. You can count on it! I see some of the same agents pre-recession who went to normal jobs are now back in our market in real estate. I shake my head sometimes as they will be gone again in the next downturn.
Check Out Our Course On How To List & Sell Short Sales!
Real Estate Careers Allows You To Control Your Own Schedule
When I meet with real estate agents, I ask “Why did you choose real estate?” This is the most common answer. To have flexibility in my schedule. I would say yes and no…
You do not want to come in with the mindset this will be easy. Work part time and make huge commissions. You are thinking, I can take my daughter to her rehearsals. My son to his soccer games. Have the weekends for vacations. Right?
This mindset could set you up for failure. Yes you dictate your schedule 100%. However, I encourage you to work like a dog for 5-7 years hard, be smart with your money, invest and then really have an incredible schedule thereafter. Consider checking out How To Retire in 7 Years As A Real Estate Agent.
You do not want to be the agent who makes a lot of money and then at the end of the day has nothing to show for it. Financial education is the biggest topic you should build upon. If you follow these simple steps of investing in assets and not liabilities you will have a schedule to do whatever you please.
Most of the answers are on this website…
Ability To Learn Real Estate Investing
You should invest in what you sell right? Don’t be the guy or girl keeping up with the Jones’. Learn from other savvy real estate investors. Go look at foreclosures or rehab properties. Study financials and Cash Flow.
You don’t have to sell real estate for the rest of your life. Get good at looking for the right deals with the right passive income. When the time is right, then you will be ready to begin building passive income for yourself.
Become Financially FREE. This is when your Passive Income covers your entire Overhead (Cost to live). I can tell you it is a fantastic feeling when this happens. Then you truly can be flexible with your schedule.
Consider buying your primary residence and selling it every 2 years tax free. An awesome book on this and an easy read is the Loopholes Of The Rich. Consider buying 1-2 additional properties each year to strictly flip.
You Can Have A Career In Real Estate At Almost Any Age
Minimum age depending on your state is around 18 years young. However, I know of many people who have real estate as their second or even third career.
Do you really want to retire at the age of 60 and play golf every day or sit home and knit a blanket? I don’t see myself really ever “retiring.” Why? Once your mind slows the rest of you will go. You have one life to live. So if you have multiple hobbies great. But selling real estate has become a hobby for many making big bucks.
So you can be an energetic 18 year old or a wise 72 year old and have a blast selling real estate.
Check out this article on Real Estate Requirements in ALL States.
You Will (Should) Meet A Lot Of People Working As A Realtor
This is sales. Your job is to get in front of a lot of people and let them know about your real estate services.
So if you like to meet new people you will love a career in real estate. Literally anywhere we go, we are always breaking the ice with people asking where are they from and what do they do. In most cases, the same questions are reciprocated.
This is where you will want to tell them what they do and then ask some non threatening probing questions about their current real estate situation.
We have picked up buyers and sellers in random places as well, like kids soccer games, tiki bar on the beach and even in a check out line wearing a T-Shirt like this one from Amazon. These work so damn well!!
A Career In Real Estate Allows You To Help Others
I guess if you do not like helping other people then this career choice may not be ideal. You will really want to enjoy people and their company. This can be a very gratifying industry.
Picture the first time home buyers you just sold a house to. They are so excited to get in and decorate their third bedroom as a nursery for their expected child. It will hit home and you will be rewarded being part of a special scenario like this.
Or you have an investor who you helped to find a 10 unit apartment complex providing her and her family a 12% cap rate on their investment.
Or think about the young couple who just sold their house through you only to repurchase through you a vacant lot to build their custom dream home.
This is a business of helping people get what they want, need and desire.
There’s Always Something New In Real Estate
Has there ever been a time at your job where you are sitting there, bored to death, watching the clock tick by? I know I have. Or you drive to the same place of business doing the same 3-5 tasks every single day. Reminds me of the movie with Bill Murray – Groundhogs Day.
Having practiced real estate since 2002 I can tell you almost everyday there is some new experience.
You will preview homes in new communities. You will meet plenty of new characters. You will confront crazy. You will learn new tips, laws and procedures.
This industry really never gets boring. And if it does you can always change up your Target Market.
Enjoyment of Working With A Team
Having a team in this business is a must. So if you are a team player you will enjoy a career in real estate. Your team will consist of but not limited to mortgage brokers, title companies, attorneys, home inspectors, appraisers, pest control, construction contractors, other real estate agents and your support staff inside your office.
Ability To Grow Your Own Real Estate Team
Do you have managerial skill set? Then building a team around you maybe the ideal way to go in your real estate career. This will consist of but not limited to an administrative assistant, buyers agents, listing coordinators, marketing rep, etc. Take a look at the article on How To Build Your Real Estate Team in 12 Month.
Many inside and outside team members will become your friends. You will build that trust and camaraderie with these people really building something special. Pic of our team at Maxim.
Opportunity To Try Something New
Who knows. You may be at a point in your life and your career where you are just complacent in your job and life. Maybe you are searching for a new start. New beginnings. This could be the message speaking loudly to you. Just go for it.
I think it takes a strong person to make it in any entrepreneurial endeavor. This is a huge opportunity to really test yourself, capabilities, discipline, work ethic and desires.
A career in real estate is not for the weak. The strong will be prosperous and the fragile will filter out. Bottom line you will learn a lot about yourself if you have never been in business for yourself.
What a fantastic and exciting opportunity!!
Ability To Build A Repeat and Predictable Business With A Real Estate Career
Your Sphere Of Influence is one of the most important areas that you can stay in front of and have a predictable amount of referrals coming back to you. In that article we talk about exactly how to consistently grow it, market to it and nurture it to provide residual income for years.
What if I told you that if you marketed to this group you will get a 10% return annually from it. For example – Let’s say your average commission is $5,000. And you have 150 people in your database of people you know, that would equate to 15 transactions (10%) a year. 15 x $5k = $75,000 a year.
Potential To Work From Home
Yes hundreds of thousands of successful real estate agents work from home. You have to have a very disciplined mentality for this. It will be easy to make lunch and then start cleaning your entire house. You will want to steer clear of this.
Working from home has many advantages to saving time, saving money on gas, being available for the kids and working from a comfortable environment.
So… Is A Career In Real Estate For You?!
If you got to this point, I think you stayed engaged enough to truly consider a career in real estate. So why not? What are your excuses? What is holding you back? What do you want out of this short life?
You are in control of your destiny and I wish you much luck my friend. There is so much content, stories and resources in this site from me. A “real” real estate broker who experienced big failures and big successes in this industry. So learn from me and expedite your growth!
My goal is to keep useful articles and content coming your way. So search around, bookmark this site, read as much as you can and don’t forget to SUBSCRIBE for more FREE Real Estate Content!
To your success!!