Thinking about becoming a Realtor?
Episode 4: Can I do this part-time or full-time?
We’re stepping into murky water here, so I want to clarify what I mean by these terms.
Many people want or need to keep a steady income while transitioning into real estate. This is understandable and may be non-negotiable.
Others may think that real estate can become a great side-gig, since helping out a family member or friend a couple of times a year looks like an easy way to make a sizable commission check, while keeping your current career.
Let’s look at the second part-timer first. Obtaining a real estate license is a fairly easy entry. Being a Realtor is an expensive hobby. You will have the cost of licensing, continuing education, affiliating with a broker, ongoing costs of trade organizations, MLS, databases, forms, websites, lead generation platforms, and professional liability insurance, just to name a few. Between brokerage fees and other expenses, your net commission might not be as lucrative on a one-time deal as it first appeared.
Then there is customer service. Real estate is a time-consuming business. You are working on your client’s schedules most of the time – at least if you want to be effective at finding and securing the right deals for them. Do you know real estate law, contracts, deeds, lending options, title insurance, closing documents well enough to service them professionally? These are all important considerations for you to think about.
Now, let’s take a look at you – you are a professional who wants to transition from their career into building a real estate business, but it’s difficult to leave your job for financial reasons. There are a good number of people who start a real estate career this way. Sadly, there are many who do not make it a permanent career. Those who do will almost always say, “ I wish I would have done this years ago!”
What makes this part-time transition work? Here are some key points that come from my years of experience coaching and watching Realtors launch profitable businesses that last a lifetime.
First of all, you have to commit to a long game. Then you have to commit to exactly the right activities that you would if you were working full-time in real estate – at the very outset.
Sounds like a lot of work in your off-hours? That’s right. You’ll need to set yourself up for success at the very beginning. The most critical difference maker is to align with the right brokerage. The broker, manager, support staff, and Realtor colleagues will be the support system you need to make the transition happen. Period. Find out if the brokerage offers coaching to accelerate your success.
Don’t skimp on services and resources to save fees. You are starting a business – of course this requires a capital outlay. If you don’t have the financial resources right now, you might consider waiting until you do.
Training is job number one. There are many tools and platforms, such as transaction/contract management programs, MLS, tax databases, websites, and lead generation and marketing that take time to master. Contracts, lending options, appraisals, title insurance, & property inspections require in-depth knowledge. There is a certain amount of training that is available online. Most of this will be provided by your brokerage, so you’ll want to know how committed they are to working with you.
I have have successfully trained and coached many top Realtors who have transitioned from another career. If you want to discuss your current situation in confidence, just reach out to me here.