Transitioning careers: Is real estate right for you?
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It’s hard to change your career at a certain point in life. We’re creatures of habit and often, we choose to stay in our comfort zone rather than make changes that require some serious risk-taking. We overthink, we calculate, and we get discouraged because of statistics and all the news we see on social media about the crashing economy and constant market fluctuations. Especially if we’re looking to change to a career that is often subject to so many different factors, from inflation to changes in market demand. But there comes a moment when you simply have to believe in yourself, invest in yourself, and make the necessary step forward.
In terms of careers you are worth looking into, real estate makes the most promises on making capital with minimum investments. Of course, there are some things to consider, especially whether you have the right personality and that special “something” to make it a worthwhile career change. In the text below, we’ll discuss what you can expect from real estate and what’s in it for you in return if you dare to do it after all. Read on!
Inform yourself
Nothing should be done without some prior planning. Of course, making any sort of career change and jumping into the unknown requires educating yourself a bit about the topic, the market, the risks and downsides, and the many possible outcomes from one single investment. Think of the changing interest rates, the local demographics, future predictions of your country’s currency, and how global prices can affect it. It seems like a lot to take in at first, but believe us, after some time, you’ll get the hang of it. One thing you can do, and we strongly advise you to do so, is simply speak with a couple of professionals. Maybe you have a friend in real estate, a relative, a cousin, your partner, or parents. Whoever has any prior knowledge and experience, talk to them, speak with them about it and you’ll get a real picture of what the market looks like and what objectively realistic goals and expectations are in the first few months, maybe even years.
License and requirements
Of course, you can’t just go ahead and become a real estate agent overnight. There are some educational requirements and licensing to do beforehand. This is primarily for your sake so you’re legit and everything you do is completely legal. There is a pre-license course, and thankfully, with the help of the Internet, you can get a real estate certificate online and save yourself a lot of time. Then, after you’ve finished the courses, there is the final example, and then the certificate makes you a real estate agent in the eyes of the law. Those are the requirements you’ll need to fulfill on paper. In terms of staying competitive, you should constantly work on yourself and upgrade your current knowledge about the market and everything it has to offer. You’ll have to stay ahead of any law changes and market demands to stay afloat and ahead of the curve.
Are you the type for the job
Yes, as we said at the beginning, whatever career goal or change you want to make in life, you’ll first have to assess your personal skill set and some personality traits. The best way to go about it is simply to look at your current job. What are the skills that make you more than capable of doing the thing you’re doing right now? What personality traits make you stand out from everyone else?
For example, real estate agents (if you want to be a top performer in your field) have to master expert communication and negotiation skills, and you’ll need to have a high level of self-motivation to keep you going when things are not looking so good. If you’re not acting well under pressure and have been described in the past as not having the right communication skills, maybe you should consider a career where you’re more desk-bound. Something regarding IT or maybe graphic design, some sort of job that still helps your creativity and individuality while it’s stress-free and doesn’t require too much hustle.
Is it a stable income?
This part is a bit tricky. Although investing in real estate is rewarding in the long run and there is some real money to earn in terms of stability, it’s a bit different from your regular 9 to 17 job. How come? Well, the potential for high earnings is there, no doubt, but in terms of initial investment, you’ll have to play big to gain big. In other words, the bigger the initial investment, the bigger the reward later on. And although we said you don’t need to invest too much while starting off, the above-mentioned rule still applies.
On the other hand, you can always play it safe, start small, put some money into real estate, see how it goes, save some money on the side for when things go south, and if anything, you’ll gain some experience and lose a bit of money. All in all, the income is inconsistent but the earnings can be huge once you get into the game. For those who are not so comfortable with this “ lifestyle”, maybe a more regular and steady paycheck is a far better option.
Work-life balance and time management
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Oh boy, stay tuned for what’s to come. We already said being a real estate agent is not like your regular 9 to 17 job, not only because of the inconsistent income but also because of the time. You’ll have a lot of flexibility to make your schedule and organize your day according to your priorities. But the irregular hours mean you’ll have to work weekends, evenings, and even during holidays to accommodate the client’s needs and stay ahead of everyone else. So, on the one hand, you’ll have all the time to hit the gym, go out for drinks, and sleep a bit longer in the mornings, but on the other hand, you’ll probably work overtime all the time as you simply work whenever the phone rings and there is a new and daring project to pick up.
All in all, it’s a game for those who love the adrenaline, the risks, the fluctuations, the inconsistency, and the immense reward and income coming later on. It’s for those who simply love to work whenever they want without having to be bound by regular working hours. But it’s also not ideal for those who’re simply used to a different and more organized approach. The choice is yours.
