The real estate industry in Canada is a booming industry. Yes, real estate accounted for over half of Canada’s economic growth in 2016, that accounted for over 12.5% of the country’s total GDP. It is no surprise therefore, that there has been a significant increase in the number of people in real estate.
Real estate is an attractive industry to prospective investors or career persons because of the seemingly endless quantity of real estate currency- land. Before choosing to become a participant in the real estate industry, the pros and cons of entering the world of commercial, industrial and residential real estate must be weighed.
Pros of Working in Real Estate
Real Estate is Perpetual
There will always be real estate to manage. The various sectors of real estate have the ability to continuously provide avenues for dealings. Even in periods of economic downturn the real estate industry remains a viable sector- reduced sales may occur but there are still sales.
You Are In Charge
The vast majority of real estate agents are self employed, working individually with no corporate management. This business style allows you the flexibility to work on your own terms and instill your own management and business style.
High Repeat Hire Rates
A study has shown that most buyers of real estate conduct their business dealings through one agent. Your clients are likely to come back to you for further real estate investments as using a trusted agent leads to ease of transaction.
Unlike a normal 9-5 job, your earnings are not capped by salary or other financial caps. You earn as much as you work, you have leeway in setting your fees. The benefits of working in real estate are largely related to the job flexibility and unrestricted earning capacity.
Dangers of Working In Real Estate
Despite the listed benefits which may seem attractive to prospective real estate agents, there are real dangers that come with working in the real estate industry. The following are some of the biggest points to consider before making a career choice:
Safety of realtors has become one of the biggest concerns of industry stakeholders. There have been reports of criminals posing as prospective buyers attacking realtors who take them on a tour, usually alone, of properties on sale. The risk of attack is one that is constant as there is little to no background checks conducted on individuals who wish to view available properties.
The increase in people making career choices in real estate has made the struggle to secure a sustainable income tasking. A newcomer has to compete with not only fellow newcomers but also with established realtors. The need for networking and creating a reputation for yourself is emphasized particularly in this industry. Established realtors are the first choice of many customers as they have built a relationship based on trust and efficiency. The early beginnings of a real estate career may be spent on building your portfolio and securing long term clients.
Catering to your clients needs entails dealing with various requests and orders. The flexibility discussed as one of the benefits of working in real estate is, in reality, a double-edged sword. Clients may sometimes make unreasonable demands simply because you do not have established working hours. The stress of managing real estate can be draining at times.
Getting into real estate industry can be a great career choice. You just have to consider the pros and cons of getting into the business and then make your choice. Real estate can be a profitable market, you only need to maneuver it the right way.
Andrew Weaver Is a Licensed Realtor serving:
- Wasaga Beach
- Clearview Township
- Tiny Township
- Essa Township