Is Real Estate a Good Career Path?

If you’ve ever watched Selling Sunset, you may think a real estate agent career is glamorous, exciting, and lucrative.

So how do you know if real estate is a good career path for you?

In this article, we’ll dive into 7 signs that may indicate if real estate is your calling. We’ll also discuss some pros and cons of being a real estate agent and offer other tips for anyone wanting to pursue a career in this exciting industry.

Signs That a Career in Real Estate Might Be Right for You

Do you love scouting out properties, watching home renovation shows, and imagining your own dream home? If you have an appreciation for homes, then pursuing a career in real estate makes perfect sense. Here are more signs that real estate might be a good fit for you:

1. You enjoy helping people.

Real estate is a people-centric business. Real estate agents foster relationships with buyers, sellers, and other agents, with the primary goal of making their clients happy. The most successful agents go above and beyond to meet their clients’ needs, guiding them through one of the most important decisions of their lives. If you enjoy helping people realize their dreams, you might feel at home with a real estate agent career.

2. You have great communication skills.

An important aspect of working with people is mastering effective communication. Much of this is understanding how to tailor your communication style to each individual. Some people crave every detail, while others may prefer you cut to the chase. If you’re a good listener who communicates clearly and knows how to read the room, there’s good reason to start exploring a real estate career path.

3. You’re a skilled negotiator.

As a real estate agent, you’ll be negotiating deals regularly with buyers, sellers, and other agents. Negotiation will be a crucial part of your job, so it’s one skill you can’t take lightly. Your ability to negotiate can have a big impact on the outcome of a property transaction and can even be the difference between a successful or failed sale. Being a skilled negotiator will help you secure better deals for your clients and earn higher commissions.

4. You’re highly motivated.

If you have the passion and motivation to work independently, a real estate agent career may be a good fit for you. But be aware that a successful career won’t happen without hard work and dedication. You’ll need to build a network, generate leads, and do whatever it takes to close a deal.

Like salespeople, most real estate agents constantly strive to surpass their own goals. If you’re someone who thrives on seeking out new opportunities, then a real estate career path is worth exploring.

5. You’re competitive.

If you’ve ever watched Million Dollar Listing, you know that a real estate career can be fiercely competitive. In the real world, healthy competition keeps you on your toes and pushes you to develop better selling strategies. Whether driven by money or bragging rights, your competitive nature will work in your favor.

6. You love to learn.

The real estate business is constantly evolving, so you’ll need to keep your finger on the pulse of this ever-changing industry. It’s crucial for real estate agents to stay updated on the latest trends, technology, and local regulations. If you’re someone who is open to learning and growing, you’ll have better success navigating a career in real estate.

7. You’re organized.

If you’ve ever purchased property, you’ve seen the mind-boggling paperwork required to wrap up a sale. You must be organized and detail-oriented to spot potential problems before they become significant.

What’s in it for You?

A real estate career can be lucrative and fulfilling, but like any job, it has its ups and downs. Before deciding to become a real estate agent, explore the pros and cons to know if it’s the right profession for you.

Pros:

• Income potential: One benefit of being a real estate agent is that the income potential can be limitless. Your earnings are directly proportional to the amount of work you put in. You can earn more than the average worker, but you have to work hard for it.
• Flexible schedule: With a real estate career, you can schedule your day around your personal obligations. Flexibility creates a positive work-life balance that may lead to greater job satisfaction.
• Helping people: As a real estate agent, you create an impact by helping others achieve their dreams. The satisfaction that comes with helping a client find the perfect home is unparalleled.
• It’s never dull: The real estate industry is fast-paced, and each day offers something new and exciting. You get to meet new people, visit different places, and learn new things about the industry.

Cons:

• Unpredictable income: The flip side of income potential is unpredictable income. There is no guarantee of a steady paycheck, and you may experience dry spells with no sales or closings for weeks or even months.
• Risk of lawsuits: Real estate agents, even those acting with utmost integrity, can face lawsuits alleging errors, negligence, or misrepresentation. This underscores the importance of having adequate professional liability insurance and business liability insurance coverage.  Consider getting a business insurance quote to explore your options and find a policy that fits your needs.
• It’s competitive: The real estate industry is highly competitive, and there are many agents out there vying for the same clients. Standing out from the crowd and getting clients to trust you can be challenging.
• People can be difficult: Even if you have stellar people skills, you’re likely to cross paths with someone who is impossible to please. Real estate career paths require patience, a thick skin, and the ability to separate your emotions from business.
• It can be stressful: Working in real estate can be both exhilarating and exhausting. You work under high-pressure situations like closing deadlines, last-minute repairs, and challenging clients. It’s not for the faint of heart!

Insuring Your Business

When you find the perfect house, you just know. The same can be said for finding the right business insurance. At Simply Business, we understand the insurance needs of real estate professionals and offer customized policies that fit your needs and budget.

Real estate insurance may include a variety of policies, depending on your business and what kind of coverage you need. Here are three core policies for a real estate business that we recommend:

General Liability Insurance

This foundational business insurance covers costs from third-party accidents, property damage, and bodily injury caused by your business. Without this type of coverage, your business may be responsible for those costs.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, covers claims that may not be covered by general liability insurance — such as the costs associated with claims or lawsuits of negligence.

Business Liability Insurance Coverage

Consider bundling general liability and professional liability insurance into a comprehensive business liability insurance policy. This can provide broader protection.  A business insurance quote can help you compare different coverage options.

Workers’ Compensation Insurance

In most states, if you have employees (even part-time or temporary), you must have workers’ compensation insurance. This policy protects your business if your employees get sick or injured while on the job.

Starting a real estate business requires a lot of hard work and dedication. Protecting it with the right insurance can give you peace of mind and help you focus on growing your business. At Simply Business®, we make finding insurance easy and quick. Get started today with our free online quote tool, designed to get you a business insurance quote for real estate agents in minutes.

Are You Sold on a Real Estate Career Path?

While a career in real estate comes with challenges, for some people it’s the perfect fit. If you enjoy helping people, value flexibility, and are ready to be your own boss, you may discover that you have what it takes to turn this dream into a reality.

If you’re serious about pursuing a career in real estate, it’s essential to protect yourself and your business with the right insurance coverage. Get a business insurance quote today to explore your options and find a policy that meets your needs and budget.

Looking for more information about becoming a real estate agent? Check out these helpful guides:

5 Real Estate Marketing Ideas That Will Get Your Business Out There

The Top 10 Ways to Get Real Estate Clients

How to Become a Real Estate Agent: A Step-by-Step Guide