Part Time or Referral associate...good or bad ideas?

Question

So I just recently passed my real estate salesperson exam (about 3 weeks ago) and I am now in the process of trying to figure out which brokerage company I want to work for. The problem is I currently have a full time job and I can't just up and quit my job right now because I am the bread winner in my home (although my goal is to eventually quit my job and go into real estate full time when I can). I've been to 2 big name companies and they both have told me that they wouldn't be interested in taking me on as an agent unless I was willing to come on full time, which is a bummer, but understandable I guess. On the other hand, another brokerage company said that they wouldn't mind taking me on part time. Then I had a brokerage company email me today about the possibility of working for their company as a referral associate. Now I've never heard of a referral associate, but I could tell by the name what it entailed. Basically, I would get paid for referring people to my brokerage company, but I would have no dealings in anything else dealing with the transaction.

So I guess my question is should I go to the brokerage that will allow me to work part time just to get my foot in the door and then when I'm ready to go full time switch to a different brokerage? Should I start out as a referral agent until I'm ready to become full time? Or should I just wait until I can work as an agent full time and then decide? I know a lot of you probably think this is a dumb question, but I've been doing some research and I've been reading and hearing so many different things that I'm totally confused and don't know what to do. I appreciate any feedback you guys could give.

Dorian Redden

So I guess my question is should I go to the brokerage that will allow me to work part time just to get my foot in the door and then when I'm ready to go full time switch to a different brokerage? Should I start out as a referral agent until I'm ready to become full time? Or should I just wait until I can work as an agent full time and then decide? I know a lot of you probably think this is a dumb question, but I've been doing some research and I've been reading and hearing so many different things that I'm totally confused and don't know what to do. I appreciate any feedback you guys could give.

Dorian Redden

Dorian Redden · Answer

@Martha Nowlan @Matthew Teter @Monica Pina I really appreciate all of your feedback. It puts me a little at ease because I was beginning to get discouraged because I didn't think it would be possible for me to do real estate part time. However, I am very determined and disciplined, and whatever I put my mind to I always accomplish so I am ready to do whatever I have to do to make this dream come true.

Thanks for all of your responses

Martha Nowlan · Answer

Yeah you know, as I think about it more, that's not a terrible idea. If you lead gen like a pro, you'll do great in real estate full time.

Martha Nowlan · Answer

Being a full time agent is definitely the best way to really get into it. But every has a different path. I'd look around more to find an agency that is willing to let you work part time, or ask to be a referral associate and work a certain number of deals yourself. Being a referral associate will make you money but it wont' actually give you any experience with transactions. So if your ultimate goal is to go full time, you really need to be able to start working some transactions. AND that said, when it comes down to it, lead gen is the number one thing you need to get good at, so if you can spend 10 hours/week lead generating and just send all of those leads as referrals, you'll actually be getting great experience in a sense. Maybe you could ask to be kept in the loop as those referrals continue to move through.

I have another idea and will connect you with you through message to chat more.

Matthew Teter · Answer

Dorian,

To begin this is not a dumb question. Unfortunately, the real estate business is one where most people only see the path to success through full time work. This does not mean that real estate will be part time if you want to be successful which is why we use the term "dual career". That being said, I have helped a 911 dispatcher, bank manager, medical device salesperson, car salesperson, state trooper, and a mailman to name a few build their dual career to more than $4 million+ in closed annual volume. We just assisted one member of our team in doing so over the last four months and are partnering with another currently. It is more challenging, takes more diligence, and a committed action plan as well as a partnership with a brokerage that has a track record of working with agents looking to go from dual career to full time. To answer the question, you should hang your license with a brokerage that understands any true entrepreneur will not stay in one career forever and has a plan of action to assist you in making the transition from behind the desk to real estate. Remember this, those brokerages that said you can only start full time would let you start full time and then go get another job, which does not make a lot os sense. It's not as if they would release you after you started. I suggest starting now with one that can help you now that also has a track record to help agents flourish whether they are new, experienced, building a team, scaling multiple income streams, investing or otherwise.

Monica Pina · Answer

Hi Dorian,

Congratulations on passing the real estate exam! For me, it was best to get in the industry anyway possible until I could go full time. All of the different brokerages I talked to had different fees so it is important to know how much you will be paying to work and that might make it easier to decide.

Take care,

Monica