Real estate is a career with significant rewards and many challenges. Though it can be lucrative, it requires hard work and sacrifice. Are you interested in going into real estate? Before starting your new career path, ask yourself, “Is real estate a good career?” Here are the pros and cons of being in this unique profession.
Key Takeaways
- A career in real estate provides flexibility, independence, and high income potential, but it also comes with challenges like financial uncertainty, high competition, and demanding schedules.
- Earning potential is influenced by market conditions, location, niche specialization, and experience level. Success often requires strategic planning and continuous effort.
- North Carolina real estate brokers must complete pre-licensing, post-licensing, and annual continuing education courses, making education a vital part of career growth and compliance.
- Becoming a licensed broker in North Carolina involves completing a 75-hour pre-licensing course, passing the state exam, and fulfilling post-licensing requirements. Choosing a reputable real estate school, like Superior School of Real Estate, can set you up for success.
Pros of Working in Real Estate
Why are you interested in real estate as a career? Maybe you love houses and dream of showing beautiful properties to clients. Perhaps you have an extensive network and understand that connected real estate brokers can do well in the industry.
Here are a few more benefits of working as a real estate broker in North Carolina.
Flexible work schedule
A majority of real estate professionals get into the business because they want a flexible work schedule. And it’s true, in real estate, you’re your own boss and can arrange your day so that you can attend your child’s sporting events or be home for the after-school rush. You don’t clock in and clock out every day.
Independence
Another benefit of real estate is that it’s an excellent profession for entrepreneurs and others who don’t want to be micromanaged. When working as a broker, you’ll feel like you own your own business.
High income potential
There’s no limit to how much you can earn as a real estate broker. The stronger your business skills are, and the more you put into the career, the more you’ll get out of it. Since you’re in charge of your own transactions, there isn’t a salary cap or a set amount of time you must work before you get a raise. Typically, your income will rise with experience.
Rewarding work
Imagine showing people beautiful properties every day and helping clients find their dream homes. As a real estate professional, you get to be part of some of life’s biggest moments with your clients. You can be part of helping them find that perfect home that will be in their family’s memories forever. It can be exciting and motivating.
Diverse career paths
Few people realize that licensed real estate brokers have a lot of career options. You can specialize in a specific niche, such as commercial properties, first-time buyers, military relocations, luxury properties, vacation homes, or investment properties. Some decide to go into property management, a field that requires a real estate license in North Carolina. Still others go into a related field, such as real estate education, photography, or content creation.
Cons and Challenges of Real Estate as a Career
Not every day will be rosy as a real estate broker. Here are some of the profession’s most common challenges or drawbacks – as well as solutions to those problems.
No steady paycheck
Real estate brokers earn commissions, typically a percentage of the sale price of a property. If you have a slow month, you will earn little money.
What you can do: Save for a rainy day
Have a healthy nest egg or another income source before going into real estate full time. Most people move in the spring and summer, so late fall and winter can be slow months. Save money when commission checks are flowing to help you get through the less lucrative months.
High competition and market saturation
The real estate industry can be highly competitive. Many brokers may be vying for the same clients and listings. Market saturation can make it challenging for new agents to establish themselves and stand out.
What you can do: Find a niche, network, and build your brand
Success will come when you find a niche, expand your network, and build your brand. We won’t lie; succeeding in a saturated market takes a lot of work. But, once you establish yourself as the hardest-working agent in your market, referrals and positive reviews will come rolling in.
Long hours and unpredictable schedules
Having flexible hours certainly doesn’t mean you have an easy job. While you get to take time off on a weekday afternoon to visit your child’s classroom, you might also have to skip family time on Saturday.
Most of your residential clients will want to meet with you on evenings and weekends. (This is one reason that real estate is a great side gig for those with a full-time job.) However, you (and your family) may tire of working this schedule and putting in long hours as you grow your business. Unpredictable schedules also make it harder to make plans.
What you can do: Face the realities of a real estate agent’s schedule, use tools to improve time management, and join a team
Those with an entrepreneurial spirit would rather work 60 hours per week for themselves than 40 hours per week for someone else. If this comment doesn’t make sense to you, you may want to find a real-estate-related job with a more predictable schedule.
Some of the new real estate technology tools are making the profession’s daily tasks easier and faster. You may also consider joining a real estate team to share responsibilities and have someone cover meetings or showings for you when you aren’t available.
Dealing with stressed clients
Most of your clients won’t buy and sell homes regularly, and any purchase is a significant financial decision. This can make tensions run high. Although working with people can be rewarding, it can also be stressful and challenging.
What you can do: Develop a robust real estate network
A network of like-minded real estate professionals can support you if you’re struggling with a particular client. Mentors who have had similar experiences can share approaches with you that have worked for them. Spend time getting to know other brokers in your local area. Ask them about their approach to working with demanding clients or how they care for their clients in stressful situations.
Continuous learning and licensing requirements
You’ll need to complete eight mandatory hours of continuing education each year as a real estate broker in NC (after completing your pre and post-licensing courses). While some may consider this a drawback of working in real estate, others view continuing education as an opportunity to learn more about an industry they love.
What you can do: Find the best North Carolina real estate school for your educational needs.
Keep things simple by taking all your coursework with one real estate school. This will ease your reporting and record-keeping and ensure consistency in the quality of your education. Look for schools that provide engaging content and experienced instructors to help you stay up to date on industry trends, regulations, and best practices. Investing in your education will not only help you meet licensing requirements but also enhance your skills and confidence as a real estate professional.
Income Potential: How Much Can You Really Make in Real Estate?
Loving your career is important, but it’s also critical that you earn enough to meet your preferred lifestyle. Here’s what the data says about the income potential of real estate brokers in North Carolina.
Average income of real estate brokers in NC
Indeed reports that real estate agents in North Carolina make an average of $110,000. Salary.com reports an average income of $101,000, and Colibri Real Estate’s income report says that NC brokers make $124,940. Compare these figures to the median household income in North Carolina, which is $69,904, according to the Bureau of Labor Statistics.
Factors that affect real estate income
Several key factors influence a real estate agent’s earning potential, including market conditions, location, niche, and experience level.
- Market conditions: The state of the real estate market significantly impacts income. In a strong market with high demand and rising property values, brokers can close more deals and earn larger commissions. In slower markets, brokers may face longer sales cycles and fewer opportunities, requiring creative income-generating strategies.
- Location: Where a broker works can affect their income potential. Urban and high-demand areas typically offer higher property values and more frequent transactions, while rural or less populated markets may have lower sales volume and smaller commission opportunities.
- Niche: Specializing in a niche, such as luxury homes, ocean-front homes, commercial properties, or investment real estate, can help brokers stand out and command higher commissions. By focusing on a specific area of expertise, brokers can build a reputation and attract clients willing to pay for specialized knowledge.
- Experience level: A broker’s experience and track record play a major role in their earnings. New brokers may start with lower income as they build their skills and client base, while seasoned brokers with a strong reputation and repeat clients often enjoy higher sales volume and larger commissions.
By understanding these factors and strategically aligning their efforts, agents can enhance their earning potential and thrive in the real estate industry.
Other income opportunities
All of your income as a real estate agent may result from commissions you earn helping clients buy or sell properties. However, some real estate agents use their knowledge and license in other ways.
- Property management: Offering property management services is another way to generate additional revenue for your real estate business. Property managers in North Carolina must have a real estate license.
- Real estate investing: You can access great deals as a real estate broker. Some brokers take advantage of this inside information to purchase investment properties.
- Broker-in-charge: By becoming a broker-in-charge, you’ll oversee the transactions of less experienced brokers and, as a result, earn a portion of their commissions.
Long-Term Career Outlook in Real Estate
Real estate continues to be a great career choice in the U.S. because buyers and sellers are willing to pay professionals to help guide them through this sizeable financial transaction.
Yes, real estate (like other industries) is affected by the state of the overall economy and market. However, everyone needs housing, so real estate remains a vital industry.
The National Association of REALTORS® 2024 Member Profile reports that 73% of REALTORS® surveyed are “very certain” they will remain active as a real estate professional in the next two years. (An additional 19% of those surveyed said they are “somewhat certain.”) Professionals in the industry have a positive career outlook, and so should you.
Before you get started on your real estate career, weigh the pros and cons of becoming a North Carolina real estate broker. Take time to think about how you will overcome some of the challenges of this rewarding industry. The pros are enough to attract many people to the industry, but it’s the professionals who can defeat the cons who have real staying power.
Is Real Estate a Good Career for Me?
Choosing a career in real estate can be rewarding, but it’s important to evaluate whether it aligns with your personality, skills, and goals. Here are a few key questions to consider:
Are you comfortable with uncertainty and risk?
Real estate is a commission-based career, meaning your income can fluctuate depending on market conditions, your ability to close deals, and the time of year. There may be periods of financial instability, especially when you’re starting out or facing a slow market. Success in real estate requires a willingness to embrace this uncertainty and develop strategies to manage your finances during lean times.
Do you enjoy working with people?
Real estate is a relationship-driven industry; working closely with clients is a big part of the job. Whether you’re helping buyers find their dream home, guiding sellers through the listing process, or negotiating deals, strong interpersonal skills are essential. Real estate can be a fulfilling career if you enjoy building relationships, listening to others’ needs, and solving problems.
Can you manage your time and stay disciplined?
As a real estate professional, you are largely in charge of your own schedule and workload. While this flexibility can be a significant benefit, it also requires self-discipline and time management skills. From generating leads to following up with clients and attending showings, you’ll need to stay organized and motivated to meet your goals without the structure of a typical 9-to-5 job.
What do you think? Considering all the pros and cons, is real estate right for you?
Steps to Get Started in Real Estate in North Carolina
Here’s how to become a real estate agent in North Carolina.
Step 1: Complete the 75-hour pre-licensing course
To begin, applicants must complete North Carolina’s 75-hour Broker Pre-Licensing Course, offered by various real estate schools and community colleges. Choose a school with a strong reputation, excellent instructors, and flexible learning options, such as in-person, livestream, or online classes.
Step 2: Submit your license application
Apply to the North Carolina Real Estate Commission with the required documentation and fee. Once approved, you’ll receive an exam eligibility notice and must schedule the licensing exam with Pearson Vue within three years of your application date.
Step 3: Pass the licensing exam
Passing the North Carolina real estate broker’s exam requires preparation. Utilize practice exams, exam prep materials, and comprehensive reviews to boost your confidence and ensure success.
Step 4: Receive your license
After passing the exam, the Commission will review your application and issue a Provisional Broker’s License. To remove the provisional status, you must complete three 30-hour post-licensing courses within 18 months of receiving your license.
One of the most significant decisions you’ll need to make in your journey to become a real estate broker in North Carolina is the choice of your real estate school. Superior School of Real Estate licenses more brokers than any other school in NC. Our instructors are highly rated and will help you pass the North Carolina real estate broker exam and have longevity in your career.
Take the first step to become a real estate agent today by enrolling in your pre-licensing courses with Superior School of Real Estate.
