You might wonder what the appeal of real estate is for so many. Why would anyone want to be a real estate agent in Canada or anywhere else for that matter? What are the possible payoffs, and what kind of job satisfaction is there?
Well to start off with, good real estate agents can make very nice incomes even in a recession. The average commission for an agent is around 6% of the total sale of a house or other piece of property. Think about that; the average home in Ontario today sells for $250,000. 6% of that is an incredible $15,000. Sell one home every month, and you are looking at a six digit figure per year.
Now, consider the fact that in some months most good agents will sell at least three houses, and maybe even more. In addition, a real estate agent (example here) might decide to concentrate on houses which sell for above the average, meaning that there is even more money to be had. You can see how the potential dollars alone can be tempting for anyone thinking of a career in real estate.
Of course, most agents won't sell a house every month, and you have to keep that in mind. Also, you should remember that most of the time, a real estate agent will work together with other agents to sell a piece of property, splitting that commission at least two ways. Still, with the right approach most will earn a comfortable income.
There are more tangible benefits to a career in real estate than just the dollars per month, too. Think of the expertise and the foresight you can gain after just a few years on the job. They say that no one became rich on a salary, that the only way to do so is through investment. Well, real estate agents have inside information on some of the best investment opportunities of all. They know how likely some properties are to fetch high prices in both sales and rent, and can act accordingly. The expertise gained on the job can help them create a real second income stream.
And then there is the emotional satisfaction of being able to really help people out. There are two sides to every home in the real estate listings you see, the buyer's and the seller's. An agent is helping both; the one to make money, the other to find the home of their dreams. It's truly a career more rewarding than many others.
If you want more information on becoming a real estate agent and you live in Ontario, try visiting the OREA website.