A new year is right around the corner. For many, this means a time for self-improvement, change, and new goals. However, you don’t have to wait until January 1st. In fact, for those looking to start a new career venture, now is a great time to make a switch. The pandemic has motivated many to pursue entrepreneurship and self-employment, and many have decided to follow their dreams of becoming their own boss - and real estate is a great way to enter the world of entrepreneurship. 

The Latest on Self-Employment

Since the start of the pandemic, the number of self-employed workers has risen by 500,000, bringing the total to 9.44 million, according to data from the Labor Department. Additionally, the percentage of U.S. workers who are self-employed has risen to the highest its been in 11 years. There were 4.54 million federal tax identification numbers registered from January through October this year, up 56% from that same period in 2019. 

So how many individuals are actively making the jump from a guaranteed salary to building their own business? The Labor Department states that in September, U.S. workers resigned from a record 4.4 million jobs. This coincides with the struggle that many companies are facing with finding and retaining enough employees. Additionally, according to a recent investor call with Upwork, a survey conducted in September 2020 indicated that a new type of career path is emerging, with half of the Gen Z (age 18 to 22) talent pool is actually choosing to start their careers in freelance rather than full-time employment. 

 

Why are many deciding to make the move? The pandemic has introduced a new way of living for many. Life became centered around the home, many needed to make a switch to adapt to the new normal. More people are looking for flexibility, anxious about exposure levels, in conflict with vaccine mandates, or no longer interested in pre-pandemic office life. The Wall Street Journal spoke with Kimberly Friddle who quit her job as the head of marketing for a regional mortgage company in 2020 in order to better accommodate her daughters, who were participating in virtual schooling at the time. While her employer was understanding about her situation, Friddle wanted more flexibility and ended up pursuing an opportunity that would allow her to work from home and spend more time with her children.

Why Real Estate?
If becoming your own boss sounds like a dream come true to you but you’re not sure how to get started, real estate is a great option. For those with an entrepreneurial spirit, real estate is a great venture with a relatively low barrier to entry. Becoming licensed can take just a matter of weeks, and then you’re free to join a brokerage and get started on your career. Additionally, this career gives you the opportunity to become your own boss which means setting your schedule, managing your own tasks, and building your business on your own terms. 

Additionally, a career in real estate can be extremely lucrative if you’re willing to put in the work and have patience as you’re getting started. If you invest in the time to build up your business, you can set yourself up for a career for years to come. According to Indeed, the average established realtor’s salary is $86,000 as of March 2021. This is also heavily impacted by the brokerage that you join, and the leads and support they’re able to provide you with to hit your goals. If you have the right tools, the sky is the limit for the business that you can build for yourself. 

Bottom Line

Many are making the jump to self-employment, and for good reason. If you’re like the millions out there who have decided that it's time to take your career into your own hands and build the business that you want for yourself, real estate can be a great place to do just that. With a relatively low barrier to entry, you have no limit on your potential. All you have to do is find a brokerage that will best support you in getting to your goals, and give you the tools to do so. Now is the time to break free of the bindings of a traditional 9-5 career and begin that new career journey.