Real estate has long been a ticket to easy money, of course the reality is VERY different.

Being part of a competitive industry that is subject to supply and demand market fluctuations means you have a fluctuating income. And, it can be challenging to stay on top of finances. As much as it is essential to prepare for rainy days, if you are not making a lot of money, this may not be possible.

The onset of Covid 19 and the economic and social implications of lockdown have brought the reality of this home to many.  Whilst some have re-evaluated their career choices and are considering leaving the industry, others took the opportunity to reflect on the way they operate in the industry.

While some people think that Agents keep every $ of commission they receive, the reality is very different. Whether you work within a franchised office, as a sole trader, or as a Principal, there are costs-for-doing business, and fee split responsibilities.  Whilst researching my book ‘How to Profit in Real Estate Business Ownership’ I found the cost to run many offices is as much as .90c in the dollar, leaving little margin for a rainy day.

During the lockdown period I spoke with many agents and business owners.