Boston, MA · Member since 2014 · 10 posts · 11 votes
Are there any agents on here who also have other full time jobs? I am currently working but my job will be doing some layoffs at the end of July. I am starting my pre licensing course this month and plan to take the real estate exam by the end of June. I have been debating about whether I should start looking for another job then work a full time job and be an agent while I am getting my feet wet or should I use this as an opportunity to jump in head first and focus all my energies on being an agent. If there is anyone who does both how do you balance your time? How do you make yourself accessible to your buyers and sellers, find time to market and search for new leads and keep your pipeline flowing? Right now I do not have a family of my own so that will not take up any time which I think is a plus for me. What are the pros and cons?
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
12y
I strongly disagree with the advice to be a full time agent or not be one at all.
The failure rate for real estate agents is hovering around 80%. It takes time to develop your business.
Get your license and start working with clients while keeping your full time job. You will know when the time is right to transition into being a full time agent.
When I started I had a full time job as well. As for balancing your time there isn't much to balance you just work A LOT. If your hungry enough it can work out well for you.
Even being a full time agent that does not mean you will be able to drop everything to see a home with a client at any given point in time. You may have other clients scheduled for that time as well.
Wholesaler · East, TX · Member since 2012 · 88 posts · 61 votes
12y
I can tell you that being a realtor part time will not make you a good realtor. My realtor despises part time realtors. If you have a client that wants to see a house when you have to work your other job, what will you do?
Real Estate Broker · Triangle Area, NC · Member since 2012 · 587 posts · 214 votes
12y
My suggestion is either be a full-time Realtor or don't be a Realtor at all. I dealt with a part-timer once when selling a house and it was a miserable experience. A part-time real estate agent simply cannot fulfill their duties to their client.
Boston, MA · Member since 2014 · 10 posts · 11 votes
12y
Thanks guys @Thomas Mitchell That is what I was leaning towards because if I put myself in my client's shoes I wouldn't want a realtor who was part time either. I'm going to make sure I have a good savings stash set aside so I will have a cushion as I get the ball rolling and get some a few deals going.
Property Manager · Hoffman Estates, IL · Member since 2013 · 10 posts · 25 votes
12y
I disagree, most retail buyers look at homes night/weekends. There are many successful agents that work those hours. An agent can decline working with an investor that would need to see a property at a moments notice. Plus agents that work a full time job are less reliant on the commission and may be less pushy wen it comes to making a sale. As for marketing, this can be accomplished after business hours.
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
12y
I strongly disagree with the advice to be a full time agent or not be one at all.
The failure rate for real estate agents is hovering around 80%. It takes time to develop your business.
Get your license and start working with clients while keeping your full time job. You will know when the time is right to transition into being a full time agent.
When I started I had a full time job as well. As for balancing your time there isn't much to balance you just work A LOT. If your hungry enough it can work out well for you.
Even being a full time agent that does not mean you will be able to drop everything to see a home with a client at any given point in time. You may have other clients scheduled for that time as well.
Boston, MA · Member since 2014 · 10 posts · 11 votes
12y
@James Wise realistically how long do you thing it will take to develop a solid business as an agent. One of the main reasons I wanted to keep a full time job was for financing purposes. I plan to buy a multi family sometime next year in which I would occupy one unit and rent the other/s. I know that either part-time or full time it is going to take a lot of hard work which doesn't bother me at all. Are there any good books you can recommend for me to pick up? I want to gain as much knowledge as I can before I start with clients.
@James Wise realistically how long do you thing it will take to develop a solid business as an agent. One of the main reasons I wanted to keep a full time job was for financing purposes. I plan to buy a multi family sometime next year in which I would occupy one unit and rent the other/s. I know that either part-time or full time it is going to take a lot of hard work which doesn't bother me at all. Are there any good books you can recommend for me to pick up? I want to gain as much knowledge as I can before I start with clients.
How long it will take will really depend on several factors.
1. How hard you work
2. How smart you work
3. Your market
4. You ability to create a niche market for yourself.
For instance I specialize in helping investors all over the world buy, manage & rehab rental real estate in the greater Cleveland Ohio area. This is my niche this is what im known for doing.
5. Luck
As for the financing question. the banks are going to need to see 2 year end tax returns before they will count commission based income.
Based on the information I have about you and your plans I recommend you hold onto your w2'd income for awhile. Make sure you get your 1st few personal investment buildings in order before you take the leap.
I hear millionaire Real Estate Agent by Gary Keller is a great book, but to be honest I have never read it. I bought it on ebay once, but got an out of stock email and refund a few days later. It is something i've been meaning to buy.
Involved In Real Estate · Lynchburg, VA · Member since 2013 · 246 posts · 75 votes
12y
Listen to James, he has it right on the money.
The only thing to add is that the size of your sphere of influence matters a lot when you're starting out. If you have an extensive network of friends, family, business colleagues, neighbors etc to tap into, then you might make decent money in the first year.
If I were you I'd definitively keep the job, for 2 main reasons: real estate isn't glamorous like it is on TV and as James mentioned most people quit, and realistically in the first year you won't be very busy unless you do time intensive stuff such as cold calling / door knocking etc.
Trust me, you don't become a RE agent and all of a sudden the phone starts ringing non stop.
Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
12y
I'll second James Wise . Being a real estate agent is a lot like being a real estate investor, or any other type of entrepreneur for that matter. It's gonna take a while before you actually make enough money to support yourself. Keep your full time job while you get started. If real estate investors can manage flips and rentals while working a full time job then you certainly can be a successful agent. You just have to be willing to work at it.
Real Estate Investor · Coconut Creek, FL · Member since 2013 · 97 posts · 35 votes
12y
If your dedicated and persistent you will be successful, people always say they cant stand part time Realtors, I have found some full time are not reliable, and some part time work just as hard, it depends on the job you have, and if it allows the flexibility to go out and show properties, you can be successful part time or fulltime, you can do anything you put your mind to!
Real Estate Investor · Coconut Creek, FL · Member since 2013 · 97 posts · 35 votes
12y
@Anthony Mathews@James Wise thank you for your insight, they tell most agents to just quit their jobs and do this Full time, what they fail to mention is you need prospect for leads, and this can take some time. This is a business and you have to build it from the ground up, your broker will not give you leads. You need to go get them your self if you want to be successful. I am a new agent and I am building my database with sellers and buyers, I have that flexibility to leave work, however I will not tell someone to quit their jobs, I have two friends who looked for their house after 5pm and on the weekends because they were at work, Most people work a 9-5, @Sherrine Milton being a Full Time agent does not mean you will be successful as James Wise suggested its takes work, and if you are determine you will be successful as a part time or full time agent, no matter what but it takes work : )
Boston, MA · Member since 2014 · 10 posts · 11 votes
12y
I really appreciate the alternate perspective. My current job will be ending June 30th which by the time I will have my license. I plan to be full-time during the summer due to the fact that I will receive a pay package from my job that will will cover my day to day living for July and August. I am applying to other jobs and if something that I like comes up before the end of the summer I will take it but I am in no rush. @Jordan L. how long have you been an agent now? Have you found it hard to "pitch" to new clients in the beginning stages because of less experience or are they willing to work with you without a problem? My mother is actually a broker which gives me a great resource as I am starting out.
Real Estate Investor · Coconut Creek, FL · Member since 2013 · 97 posts · 35 votes
12y
@Sherrine Milton I have been an agent for 3 weeks, lol but I am determine. I door knock, I cold call, I do what it takes. Ask to do open houses for top performing agents in your brokerage, I got five leads from an open house. Everyday I give myself a task, I call FSBOs, door knock on my lunch break, and today true story I have a listing appointment schedule for this Thursday. You just have to be dedicated, don't give up, have a plan and you will be successful!! Watch Youtube Videos on how to be successful as a agent. Everything I'm doing I learn from here and youtube, just be persistent!!
Hi, I'm a old timer RE agent back in1988& 1989, when listings are still printed on phone book sized book every two weeks. Cel phone was a expensive toy, 286 computer just showed up in the computer store & fax machine was a big thing & every agents carried a pager.
The day I get my license, I had been working in my own restaurant for 10 years. Restaurant were super busy back then. Before I got my license. I pick out my farm area. Like @Patrick D; said " sphere of influence". I knew a lot of people.
I also know I can not be Buyer agent that much because buyer agents needs a lot of time & energy to show properties. I decide to concentrate as listing agent. I can always do my marketing & meet clients on weekends & nights.
Base on the above two strategy, I can afford to be a 100% agents & pay my own desk fee($400)+ hire my own assistant($800) back then.
As a matter of fact. I remembered I got my license on Friday afternoon. I had lined up a buyer the next day Sat, morning @9:00AM. I lined up 5 showings.
I was lucky, I sold my first customer @ my first day@ my first showing(house) & earned an commission of $3,600. I was so excited that I ran into a small car accident the same morning. I will always remembered that moment.
I did a lot of open house on sat & sun. I sold 97% of my own listings.
So it can be done working a job & be a full time relator. You really have to organize your time & lost some sleep in between to accomplish the work.
I opened my own brokerage two years later & left the industry in 2001.
Up to this day, I still have my restaurant & do US RE investment at the same time. Especially with the technology today, it can be done.
Real Estate Investor · Coconut Creek, FL · Member since 2013 · 97 posts · 35 votes
12y
I got into an accident after passing my state test, Lol. In life if you have will power, dedication, ambition, and a spirit to not give up you will succeed. Its great to have all advices but I am a firm believer you can do anything you set your mind to!
Investor · Jessup, MD · Member since 2013 · 437 posts · 180 votes
12y
Just joining in on the discussion, I am halfway done with the MD pre-licensing course and plan to keep my full time job while being a realtor part time. I agree that just because a person is full time or part time does not determine the quality of work. @James Wise is right on the money with his posts. Another thing, I find that listing agents are not doing as many open houses as before. Some do, but it is not a requirement. So if you decide to be a listing agent, the driving around at a moment's notice should not be a determining factor in your decision. As for me, I will not drop my hat to run anywhere. I do everything, I mean everything by appointment outside of my family. Because life can pull you in many directions if you are always running around trying to accomplish it all. What it will take to be successful is determination, knowledge, skill, ability to multi-task, and strong preparation/scheduling.
Boston, MA · Member since 2014 · 10 posts · 11 votes
12y
@Tom Yung I like hearing stories like yours. It shows that we can make things happen that we want to make happen.
I am starting my pre-licensing course tomorrow. I am mapping out my game plan for the process and all of your feedback has helped me in some way. Thanks for your input!
Longmeadow, MA · Member since 2014 · 45 posts · 17 votes
11y
It will take time to build your business and unless you have somebody to help out with bills I suggest keeping a full time job while you work on getting to a place where business is consistent. Consider yourself a full time realtor though, you need that mindest to help you succeed. I don't have a career other than real estate but I do it in conjunction with being a single full time stay at home mom of 2. As long as you manage your time and find what works for you then you can do both full time until you're secure enough in your business to transition full time. Also don't wait to start marketing yourself as a realtor, start reaching out for listings now! If you want any tips on getting started or advise on how to go about it feel free to send be a message. I just passed my 1yr mark but didn't really start working until my daughter was 2mos old last March and have already been the top listing after within my company for this region 1mo and have had to stop actively looking for new listings because I had more than I could keep up with. I'm always happy to try and help a new agent get started anyway I can!
Boston, MA · Member since 2014 · 10 posts · 11 votes
11y
Hi Ladies and Gents,
So everything at work got extended and so instead of ending in June my position ended at the end of September. So I tookthe real estate exam then and just got my license Dec 6th. I've been out of town on vacation since then. I return home this Sunday and cannot wait to hit the ground running. I will be a full time agent from the start. I will have an update in another couple of months on my progress! I'll keep you posted.
Any advice you want to share is more than welcome and appreciated ;)