I always see the negative post about part time real estate agents. I want to hear from the ones that are part time and actually moving some listing.. Either 1 a year or 10, or more. I will be getting my license soon and I have a broker/friend that is one of the top sellers in my town even though its a small town. I have already had the speech about part time will be tough but I can not drop my job just yet. Eventually I would love to but for now it will have to help fun my investments.
So, any part timers want to tell how successful they are? I know the go getters are out there or maybe went from part time to full time. Some of us just cant jump right off the bat..
I'd love to hear some encouraging stories also. I am in the process of taking the classes and intend on working part time as a buyer's agent.
You can do part time, but making money is all about lead gen. That either takes time i.e. door knocking, networking, etc, or money i.e. marketing.
If you are working part time and just buying investments etc. then it can be okay. If you are doing part time deals as a career most agents are new, rusty and the broker has to step in and do the deal for them.
If you want to make some coin on the side doing a few deals a year then you can go part time. If you want to do this full time you need 6 months as living expense reserves to survive and pay for marketing, licensing, dues,, gas etc.
New home sales are back. You can try to switch doing that full time right away and churn out sales. You can do this by sitting a subdivision and selling homes there.
Most new agents only land buyers because sellers will not entrust listing a property to an inexperienced agent. Most move up buyers are selling existing homes and they are working with their listing agent to buy the new home.
So that leaves the new agents working with first time home buyers for the most part. You will be shuttling them all over creation and they will want the world on a beer budget. Many of those buyers will be flaky and not buy anything and waste your time for months on end. By the time you complete a sale with expenses, broker split, and taxes you will barely break even.
I started off about 11 years ago in the business. Now I have my own commercial firm as a principal broker. You can get there but many underestimate what it will take to be successful in this arena.
All the best.
I really, really, appreciate the advice This is exactly the answers I and hopefully others were looking for. My long term goals are to be able to go full time one day while being full time investor also.
It is so helpful to fully understand all that goes into making the transition to new careers.
thanks again for the post all !!!!!
I have been a dual career agent for most of my career. Since getting my license I have done a handful of transactions, on the side, and while working another job. I only did transactions that fell into my lap as I never prospected for them. I have decided to make a go of the sales side and prospect heavily. I work until midnight most nights, setting myself up to prospect. I still have another job, but Real Estate has become my focus. In all honesty, if you want to produce there is no way to pull it off on a part time basis. Propsecting is crucial to your success and you will have to put the work in to get the leads. Since going full time I have developed and am currently working 2 hot buyer leads, I am developing 1 warm buyer lead, secured a listing and closed one sale; all while working another non real estate job. I am dedicating alot of time developing leads and my "other" job has taken a back burner. Systematizing your business is the key to managing your time.
Thank you for the insight. I know now that It will be at least 2 years before I could think of going full time. In that time I do hope to have a few more rentals that will help with cash flow and allow me to do the transition. I am in a small town though and very competitive here.
@William Pickett maybe try looking for an agent or broker who needs an assistant to perform some real-estate related jobs to free them up to grown their business... it will be a good way to learn and earn at the same time and hours are usually flexible. Good luck!
@Guatam Venkatesan hope I did the @ thing right haha!!. I have a broker/friend that is one of the top performers in my town ready to help me as soon as I get my license. I know it will be tough but like others on here I'm sure, and others I have read about will put in the time and effort to grow his or her own business.
Really like hearing how others have paved the path for themselves, keep them coming!! the advise on these forums is priceless.
thanks @Gautam Venkatesan this time i got it.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.