It is a tough question and everyone has a different point of view. Business is always the right choice to earn handsome revenue. But choosing the right line of business at the right time makes a lot of difference in your income pattern. Not everyone is made for every business.
You need to weigh your options well before you act on it. There can be times when the business works wonders for you or may break you completely. You need to know if real estate business is your cup of tea or not? This can be understood if you ponder over the below points.
•Fixed income source
Your income should be fixed to the level where you can meet ends on a monthly level without much hassle. This will give you peace of mind which is very important for work-life balance. There are times when you may get a great income but the other day it is next to impossible to find a client for your living. There is cut throat competition in every business and real estate is not different at all. So, if you are assuming to earn a lucrative amount every month and that without any hard-work, this one is not your path. Moreover, if you love to read the salary credited message every month, you might have to sacrifice on that.
•Focus and path creation
We all do not have it in us to find the right path and walk on it with ease. We need someone who is more experienced than us in the field we are trying our luck at. If we do not find such a mentor or are not able to cope up with competition or pressure, then there are more chances of us getting into losses and a declining business.
•Flexibility of work time
There is no work time in a real estate business as the clients can be very rigid. Finding a home while working can get difficult and all you get time is on weekends or on holidays which can be ruined for you. The work-life balance can get into a huge jeopardy which can get on your health and mental peace. You are in the business 24 hours a day and 365 days a year. Festivals are the time when we expect holidays but that’s the time when many like to buy a property. During peak season, you are busier.
You need a strong networking base to work such a business. You should know which house is on sale or which investor wishes to give their house or commercial property on lease. All such things will help you to create inventory for you which can be pitched to your clients. This is not the only thing required as you would need to source clients too. It is imperative to know how to do so as this is going to be your bread and butter for the rest of your life. You need to be socially active to create a network in which you can work.
You need investment in any business that you do. This helps to keep stock of things so that when an emergency occurs you are ready for it and give the best to it. You may start part time to gain some profits and then get into it on a full-time basis. But all these things can get tricky at times and you may get financially affected too.
If you are a person who does not like to run behind people to get updates and follow ups then real estate business is not for you. This is the most important part post sourcing. If you have found a client and have serviced them then you need to constantly be in touch with them to know what their decision is. You may need to push them to know what the hiccups are that they are facing and clear them to convert them into a sure shot client. It is always necessary for any business to keep a constant vigil on the clients and their movements as you may lose a client who is surely going to be converted.
If you have the knack for all this and you think you can pull it off then the sky is the limit for you, else find a new business apart from real estate as it can get you into a soup big time.
We all work for earning so that our daily needs can be supported and our family can live happily. But to get such an income if we must sacrifice our family life entirely then it does not make a point to continue such an avenue else it will take a toll on us and make us mentally unstable.