As a self-employed estate agent, you can work whenever and wherever you want. You can set your own hours and take time off when necessary. However, this flexibility comes with responsibility and risk. Being your own boss means being responsible for all aspects of running your business; keeping on top of your finances and taxes, adhering to legal requirements and compliance and keeping your customers happy.
If you’re not sure if being a self-employed estate agent is right for you, let’s have a look at the pros and cons.
Pro: Being your own boss
Being self-employed means that you are your own boss. You get to decide when and how long you work, which can be a big plus if you have other commitments and don’t want to be tied down by office hours. However, this also means that it’s up to you to stay organised and keep on top of your schedule.
Pro: Choose your ideal team
You get to choose who you work with and you have the opportunity to develop a good team to help you in your business. Even if you don’t have employees, you’ll probably have an accountant, you might outsource marketing to an agency, and you’ll almost certainly build a network of contractors, solicitors and mortgage brokers.
Pro: Set your own hours
As a self-employed estate agent, you can set your own hours. You won’t be tied down by office hours or the demands of an employer who might not understand that you need to work from home one day because your child is poorly, or you have to make that doctor’s appointment, or take your pet to the vet.
If this sounds appealing but also scary, don’t worry–being self-employed doesn’t mean working 24/7! You’ll probably find that most people who work as estate agents do so around 40 hours per week on average, although this can go up and down with your workload.
Pro: Work in an industry with high employment rates and a strong upward trend
If you’re looking to work in an industry with high employment rates, then estate agency is the perfect choice. There are lots of opportunities in estate agency and it’s expected that this will continue to be the case over the next few years.
The most recent data on employment rates comes from the Office for National Statistics’ Labour Market Statistics for January 2019.
Pro: Work with an established franchise network
A well-established franchisor can provide you with a recognizable brand, which can help you attract clients and stand out in a crowded market. Franchise companies typically provide comprehensive training and support, including marketing, technology, and business development. Franchisees often have access to resources such as office space, technology, and marketing materials, which can help them start and grow their businesses more quickly.
Starting a franchise can be less risky compared to starting a business from scratch, as the franchisor has already established a successful model and provides support and guidance.
And the cons?
Like anything in business, especially being self-employed, there are some cons. So we feel it’s important to highlight those as well as all the good parts.
The cons of being a self-employed estate agent:
- You will need to save for your own pension. When you work for someone else, they pay into your pension fund on your behalf, and this is tax-free. As a self-employed estate agent, if you want to save for retirement and get any kind of tax relief on what goes in (which can be substantial), then it’s up to you to find an appropriate scheme and make regular contributions from your earnings.
- The hours can be long sometimes. Especially when there’s pressure from clients or buyers who need instant answers or decisions made quickly because they have other properties lined up which means they won’t wait around forever. This can mean working late into the evening or even at the weekend.
- The ups and downs of being self-employed. This includes making sure you’re getting the clients in, making sure the money is flowing, and that your staff are paid on time every time.
- If they come through, which they can from time-to-time, you’re the one that they get directed to. You’ll need to deal with these in a professional and calm manner.
- Slow growth. You’ll have amazing months, and then slower months. Account for this by having a financial buffer in place.
As you can see, there are many reasons why you should consider becoming a self-employed estate agent. It allows you to set your own schedule and income while providing an opportunity for growth within your own community.
Choosing franchising to become a self-employed estate agent in the UK can offer advantages such as established brand recognition, support, and access to resources, but it also has its drawbacks such as costs, limited autonomy, competition, and dependence on the franchisor. It is important to carefully consider these factors and conduct thorough research before making a decision.
If this sounds like the right career choice for you, then now is the time to take action. Get in touch with us today
to discuss becoming a self-employed estate agent with Century 21 UK.