As a broker of a medium sized real estate office, I had the opportunity to meet with people who called or walked into our office asking about how to become a REALTOR®. I think I handled these people well because most I never saw again.
So many thought once they got their real estate license they were instantly going to be making thousands of dollars and be driving a Cadillac (which is not provided by the company) within a few weeks. While those goals can be accomplished a REALTOR®, it may take a few years to hit the 6 figure salary.
I enjoyed sitting down with these people and sharing the truth with them. I’d give them the pros to becoming a REALTOR®;
- unlimited income (depending on how much effort you put in)
- flexible schedule you control (spend more time at the kids events or doing things you love to do)
- feeling great in your heart being able to help buyers meet their dream of home ownership and helping sellers with the transition to their new home
I’d also give them the cons of being a REALTOR®
- you don’t get paid unless or until you sell a home, AND IT CLOSES!
- there is no insurance or retirement plan
- you have to save money for the IRS
- you must spend money to make money
- it will cost over $1000 out of your pocket to get your license (and NO we don’t have a financing plan for that)
- most brokerages charge a monthly fee to be affiliated with their company (yes you have to pay to work here!)
- handling customer complaints (you just can’t please everyone)
The majority of the people I met with, I never saw again and never returned my followup calls. They must have followed a different career path. Even the people that did move forward and get their license sometimes failed if they didn’t have the right work ethic and really WORK to find their first few clients.
Being a REALTOR® can be fun and rewarding, but you have to be ready to put in the hard work today to be successful in the future!
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