For the beginning Realtor, jumping into real estate full time can be a frightening prospect, especially if you’re giving up a job with a regular paycheck to do so. After all, anyone knows you have to develop a network of contacts and clients, and it can take time to generate income from a career in real estate. It seems only natural to want to begin slowly while you still have guaranteed income from your full-time job or even just to seek sales as a way to earn money on the side. Those are nice thoughts, and ones many people explore, but the truth is it’s almost impossible to be a real estate agent part time and be successful. Here are a few reasons why.
#1 Providing excellent customer service is not a part-time prospect.
Having a career in real estate is challenging, requiring agents to be available during the day and often at a moment’s notice. Think about it: what if your availability doesn’t coincide with your client’s schedule? In the article, “Top 10 Reasons Real Estate Agents Fail,” author and Mortgage Loan Officer Aaron Kerscher writes that clients can quickly become frustrated, particularly in a hot market when you need to act quickly on their behalf, but can’t. Remember, working part time, especially when balancing another full-time job, means you won’t be able to answer your phone or return calls as quickly, and that means relationships will suffer.
#2 Time is not on your side when you’re part-time.
Lead generation takes time. So does building a referral network. So does showing properties. Even for full-time agents, this aspect of the job can command some serious footwork, and it can take months to generate income. If you’re only doing real estate part-time, it’s likely to take exponentially longer to pay dividends.
#3 Finding a broker can be tough.
Brokers provide valuable resources you need: office space and supplies, brand recognition, built-in mentors and well-developed referral and prospecting systems. But a broker’s success is dependent upon your success. If you’re not willing to give the job your all, it may be hard to find a broker who is willing to give their all to you.
#4 When you can’t meet customer requirements, another agent will have to help you.
The result: you’ll be splitting your commissions. Ouch.
#5 Scheduling can be a nightmare.
As an agent, you should seek to look at and show properties during the daytime, before it gets dark. Not only does this provide a truer view of the home, it’s also a safety precaution for you and your clients. And it becomes even more problematic as the days get shorter. So if you’re pulling an 8-5 shift at your full-time job and are hoping to show properties after hours, you and your clients will be left in the dark.
#6 Time off? Family time? Fuggetaboudit.
If you’re trying to juggle a full-time job with a part-time career in real estate, you’ll likely be working long days, long nights and weekends. Consequently, freeing up time for vacation or just a day of rest and relaxation can be difficult, if not impossible, and under those circumstances, burnout is a very real likelihood.
The truth is a career in real estate requires full-time commitment to be successful, and part-timers will face an uphill battle. If you’re not ready to go all in, it’s best to stay out of the game. The good news is for those ready and willing, a full-time career in real estate can be both professionally and financially rewarding.
Ready to make the leap to a full-time career in real estate? Contact us for more information.