A career in real estate is something many Canadians have considered, and with good reason. In Ontario, the average income for real estate agents is $100,000, with an average entry-level income of $75,000. However, the obvious appeal of real estate means it is a highly competitive field, with Canada having 108,000 agents, implying one in every 245 people over the age of 19 is following the same career path.
That being said, newcomers can still attain success and potentially live the life of their dreams. Before taking the leap, though, it is crucial to ponder questions about your skills and aspirations. Here we will look at some of those questions to help guide you through what you should know about the field and yourself before beginning your real estate career.
What Are Your Strengths and Abilities?
As a real estate agent, a myriad of skills is essential for success. Possibly the most imperative is self-motivation and drive because even if you end up working in a brokerage, you must operate as a self-employed worker. Agents’ income entirely relies on commission from sales, so making sure you put in as much time and energy as necessary without facing immediate consequences is vitally important for success. Additionally, time management and organizational skills are essential to make sure you can stay on track with multiple priorities or clients simultaneously.
It is important to remember that not only are real estate agents competing with each other, but they are also competing with ever-evolving technology and the wealth of tools already accessible by any client. As a result, clients expect agents to have a good grasp of financial mathematics and interpersonal skills to justify hiring them. Buying and selling real estate is one of the clients’ most significant financial transactions and involves complicated technical paperwork. Agents have to be able to handle the math for them. The process also requires negotiations on behalf of the clients, sometimes in heated situations, and agents must handle them appropriately. Otherwise, a client’s word-of-mouth experience can severely damage future business prospects.
These essential skills can help build the foundations of a successful real estate career and are applicable in countless aspects of the job. If you believe these skills are among your personal strengths, you could be a good candidate for the real estate field.
What Are Your Priorities In Life?
The life of a real estate agent is insecure and full of unexpected challenges that require immediate attention. A considerable perk of being self-employed is creating your own schedule to fit your life. However, much of an agent’s work is outside of regular work hours because it depends entirely on a client’s free time. Not only that, but viewings and new listings can come up at any time, and a successful agent needs to accommodate. This lifestyle is not very compatible with making solid plans or an ordinary family life.
The real estate field promises high earning potential with relative ease, but it can be difficult for some people to miss a steady income source. With the complete lack of guarantees from the business, agents can even go months or years without closing a sale. A common suggestion for new agents is to start the career part-time to mediate initial costs and income gaps. It could also be beneficial to work within a brokerage at first to test your skills and possibly gain additional training. At the end of the day, though, income is solely dependent on the efforts of individual agents, for better or worse.
Many people have created ideal lives for themselves through their real estate careers despite the field’s challenges. Even building a family is attainable while being an agent, but the degree of success each person has depends on personality and priorities, which makes them crucial facets to consider.
How Sustainable Is This Career For You?
A career in real estate looks very different for a lot of people. Earning a real estate license does not have many prerequisites outside of a basic level of formal education and a written realtor’s exam, although different provinces may vary slightly. Many people with licenses pursue other careers and can make or assist in occasional sales. A license could also lead to other related jobs as a title examiner, property manager, loan officer, and more. Nonetheless, the process requires time, money, and dedication without any initial, or possibly any, returns.
Studies in Canada have shown sustained growth in the real estate market, and projections for the next decade point to balanced supply and demand in the career field. However, for individuals, job security is not assured. In studies done at Oxford University, at least 80% of jobs could be computerized, and real estate has already seen significant technological advances that both aid and threaten workers. New agents looking into the field should be ready to adapt and integrate new technologies and focus on delivering exceptional service to stay relevant.
People going into the real estate field can choose their level of involvement, commitment, and style of practice. An essential part of figuring out if a career in real estate is right for you is knowing how much you can take on and if that is sustainable for you.
It Comes Down to You.
Finding an appropriate career for yourself is always a struggle because it requires a deep understanding of who you are and what you can handle. Hopefully, this guidance about what a career in real estate demands can help you find your ideal job and build the life of your dreams. If nothing else, an exercise in introspection should exhibit your best qualities and point you down the right path.