Why Should You Become a Real Estate Agent Now?
Have you ever thought about becoming a real estate agent? Now may be the perfect time to get started. Real estate is a thriving industry, with ample room for career growth even if you’re starting with zero experience. So what makes now such an exciting time for aspiring real estate agents?
Ease of Licensing
One of the biggest factors is the ease of getting licensed. These days, you can earn your real estate license online from the comfort of your home. Different states have different laws and regulations for real estate agents, but they all follow a similar formula. You should enroll for the relevant courses like Mortgage Compliance and Continuing Education.
If you have a hundred hours or so to spend on coursework and a computer with an internet connection, you can become a formally licensed agent.
The Current Real Estate Market
This is also a great time to get started because of how hot the real estate market is. People are desperate to buy homes, making them disappear after just a day or two of being listed, even in previously slow areas of the country.
There are a few factors motivating this:
- Low inventory. There’s a finite amount of homes available, despite the fact that an increasing number of people are interested in buying them. This imbalance of supply and demand has led to a surge in prices and activity.
- Low interest rates. Mortgage rates are remaining consistent near historic lows. This makes the market particularly attractive to buyers, who can borrow more money without breaking their monthly budgets.
- Remote work and mobility. Due to the COVID-19 pandemic, more people are working from home. This had led to increased mobility, as people can hypothetically work anywhere and still do their jobs.
Resolving Unemployment Woes
The economy isn’t doing particularly well, mostly because of the number of businesses that have temporarily or permanently closed due to the pandemic. If you’ve recently found yourself out of work, or if your hours have been cut, this could be a perfect opportunity for you to get back on your feet.
Projected Demand
The demand for real estate agents isn’t likely to go away anytime soon. While this “hot” period of real estate activity will eventually fade as the market naturally evolves, people will always be buying and selling homes. If you have a license and a bit of experience, you’ll be able to keep finding new clients and making money.
Nothing to Lose
There isn’t much to lose by trying to become a real estate agent. If you decide this career isn’t a good fit, or if you discover a different opportunity, you can transition away without any major losses. You might be out a few hours of your time, if you spent it in courses, or a few hundred dollars, but neither of these factors will hinder you from moving on.
Are You a Good Fit?
The real question is whether you’re a good fit for a career in real estate. It may be easy to become an agent, but that doesn’t mean you’ll enjoy the job.
Consider:
- Personal interest. Think about your level of personal interest. Do you have a history of watching the real estate market and studying pricing trends? Are you interested in investing in properties of your own someday? Do you enjoy the idea of helping people find their dream home? If none of these things sound appealing to you, real estate may not be the best career path for you. It pays to have a passion in this area.
- Career transitions. Becoming a real estate agent is much easier if you’re currently between jobs or if you’ve been looking for a new career. If you’re in the market for a new opportunity, now could be the perfect time to switch. Otherwise, it may not be worth quitting your full-time job to pursue something new.
- Dedication. How much time and effort are you willing to put into this job? Top-performing agents often put in many hours each week and are highly competitive with other agents. They’re also willing to work nights and weekends to better serve their clients.
- Resilience to inconsistency. Hot periods will have you working long hours and making lots of money. Cold periods will limit your income and leave you feeling lethargic. Are you confident in your ability to weather the storm?
If it seems like real estate could be a good fit for you, personally, there’s no better time to get started preparing for your career. Spend some more time researching your options, then sign up for an online class and start working your way to full licensure!