Dual Career Real Estate Agent?

8 Reply

Kobe Xin

Real Estate Agent · Houston, TX · Member since 2019 · 240 posts · 155 votes

6y

@Erik Pierson

You definitely don't NEED a license to get started in investing but it can be helpful. For me, being licensed has been an incredible learning and networking tool that has really helped me naturally become more involved with the real estate industry. There are definitely other ways to do that such as attending REI networking events or even just going on BP and being active.

Joaquin Camarasa

Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes

6y

I respectfully disagree with @Russell Brazil unless you have huge savings or any other sort of passive income coming in. I understand Rusell's point, as you grow you have to do it full time. There are too many aspects in the business you need to stay on top.

When I started I was transitioning jobs so I did it full time for some months. At the beginning it is going to be slow. It will take time until your closest sphere (friends and family) thinks that you are capable to handle all the aspects of a transaction flawlessly. It will take also some time to build all the knowledge needed to be fully confident on the different objections you will face from your clients. It will take even more time for people you know and investors to respect you and refer you to others. All that time you might barely make any money. We are speaking of at least a year.

I would not recommend going full time. A slow and steady transition I believe is the safest way to go.

However, I understand how others might think differently. If you decide to work in a team and get experience faster by giving up a big chunk of your commission is another possibility. I decided I wanted to grow on my own at my own pace.

It is also lot about relationships and you do not build strong relationships within a small time frame.

Another thing to have in consideration is that I do not personally do direct lead gen (Cold calling, door knocking, etc) it all comes from friends, friends of friends and social media. If you are planning to use direct lead gen, then yes full time is the only way to go.

9 Reply

Account Closed

East Coast · Member since 2016 · 51 posts · 44 votes

6y

@Erik Pierson

Hi Erik, I think what you are asking is can you be a successful Realtor in a part time capacity while learning more about the market and investment opportunities. Yes-absolutely.

Most Brokers and the gatekeepers who want to maintain the classic 6% listing agreement will tell you you have to jump in full time or you will never make it. Brokers want you to sweat and earn so they can make passive income from each transaction. Full time Agents look down on part timers because it is just extra money for you where they sacrifice, work long hours and stress for their livelihood. It really is an entrepreneurial endeavor. Since you are posting this question here, you likely don’t have an established network that will feed you buyers and listings—which is key to making it full time. You also need a solid mentor. Much mentorship can be accessed here and in books but a broker who will invest in you is irreplaceable.

In a part time capacity, you could try it out. Work evenings and weekends and hustle. If by 3 months you don’t have your first client, you should be concerned. If you have not been to settlement between month 6 and 9, you are either not doing something right or you are not putting in the effort. By the end of one year you can evaluate your interest in continuing.

A good milestone would be one deal a month by the end of your first year (part time) which will generate 4-7k net. If you cant reach this goal part time, don’t even consider going full time.

Best!

5 Reply

Michael Kiley

Real Estate Agent · Cleveland, OH · Member since 2017 · 184 posts · 253 votes

6y

@Erik Pierson

I've been part-time in real estate sales for 23 years since my main gig is flipping and accumulating SFH rentals. That being said, getting my license has been very helpful and profitable in running my other businesses and gives me access to great deals on the MLS. I sell a few homes each year and buy a few more so I always make a profit. If your goal is to someday transition into a full-time career, I believe this could be a good way to do it. Best regards!

6 Reply

Brent Olson

Lanesboro, MN · Member since 2017 · 16 posts · 5 votes

6y

This is the exact question I was going to ask tonight. Perfect timing.

I have also been considering obtaining my real estate license in a part-time role. I currently teach and have 16 more years to go before I qualify for full retirement.

I've been wanting to get into real estate investing for a few years and thought this might be a good place to start.

Brock Crowe

Real Estate Agent · Washington, DC · Member since 2017 · 3 posts · 4 votes

6y

@Erik Pierson

I am currently licensed in DC and Maryland and I work with a team of agents based out of KW in Woodbridge va. I have been dual career for 1 year as of this month! My 9th closing will be on the 27th of this month and it has been amazing! I am putting in roughly 25 hours a week as an agent and another 30-40 hours at my other job. Be aware of some of the expenses that come with being an agent and factor that into what you would need to make to go full time. Working with a team is a great way to leverage your time and to learn the basics of the trade!

2 Reply

Ozzy SirimsiBusiness Member

Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes

6y

The one thing you should understand is it is expensive.

It is not just licencing fee, it just starts there. However, if you are ready to talk and breath real estate on your free time, reach out to your friends, actively look for listings then you can get it started.

Successful agents basically have a full time job, they constantly work until they get to a point where referrals can bring %50-%60 percent of there leads and that would take a long time.

Many of them make cold calling and door knocking to be successful.

If you really like it, you should try.

Nick Gann

Real Estate Agent · Murfreesboro, TN · Member since 2019 · 194 posts · 181 votes

6y

@Ozzy Sirimsi

Finished my license in Jan of this year. Immediately got with a great brokerage which invests a ton in training and sort of just fell into a mentorship. My now mentor, was my agent on some investment props we bought. He has decided to teach me property mgmt as well to take on properties that fall outside of his general jurisdiction.

All of this on top of the fact I own a few businesses that we are now training new employees on.

It can be done! Itll mean sacrifice. But who doesn't love a good fight! No doubt as the employees take on more and learn I will have more success in real estate just because of availability of time. But you gotta start somewhere... and you dont start at the top in anything you do.

2 Reply

OP

Real Estate Agent · New Haven County, CT · Member since 2019 · 18 posts · 13 votes

6y

@Joaquin Camarasa Thanks for the helpful advice. I understand it is always slow in the beginning while trying to get your name out there. Unfortunately, since my wife and I moved here recently we don't have a large family/friend sphere so direct lead gen would really be the only way to get my name out there as well as attending open houses and networking.

OP

Real Estate Agent · New Haven County, CT · Member since 2019 · 18 posts · 13 votes

6y

@Account Closed Those are great milestones to aim toward. Thank you for the advice it's nice to have an idea of what goals I should be setting for myself if I decide to go through. I'll PM you it'll be nice to talk to someone in the area.

OP

Real Estate Agent · New Haven County, CT · Member since 2019 · 18 posts · 13 votes

6y

@Brock Crowe That's amazing sounds like you're killin' it! I'd love to connect and discuss your experience if you have time. I'll PM you!

[email protected]512-888-9122

Jordan MoorheadBusiness Member

Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes

6y

@Erik Pierson I’m going to echo @@Russell Brazil. Do yourself and everyone else a favor and do it full time or don’t do it at all. It’s impossible to give your clients the service they deserve as a part time agent. I know because I tried it, didn’t work so I sold my business and went full time.

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Lucia Rushton

Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes

6y

@Erik Pierson. I did both for a year and at times it was super hard. Clients want to talk and text during the day, they want to see properties every day of the week at all kinds of hours.

Sometimes you can control the timing and other times not. There were a couple of periods during that first year that I was incredibly busy and just above drowning with not enough hours in the day. Plus I don’t limit my area of focus and Dallas/Fort Worth is large and I will go wherever my clients need me.

I’ve since left my day job ( which I didn’t love as much as you ) and I couldn’t be happier. I am a full service Realtor and I love working with my clients.

Best wishes on making the decision that is best for you.

Brent Olson

Lanesboro, MN · Member since 2017 · 16 posts · 5 votes

6y

@Jordan Moorhead Do you think it would be possible to start out as an agent part-time and then transition more to full-time as I retire from teaching? Or am I just dreaming?

Sean McDonnell

Real Estate Agent · Surf City, NC · Member since 2017 · 648 posts · 597 votes

6y

Clearly from the responses here, there are many differing opinions. I am a fan of your thought process where you are not ready to abandon your full time job but still want to pursue being a real estate agent. I say go for it brother! You dont want to look back a few years down the road and regret not taking a chance on yourself. If you are willing to hustle and put in the time and effort now, why not at least try it? Whats the worst thing that could happen? It doesn't work out and you go back to working just your full time job? No. Big. Deal.

There are plenty of ways to make money as an agent. Maximize your personal relationships and your network. Most deals for new agent come from there.

3 Reply

Brent Olson

Lanesboro, MN · Member since 2017 · 16 posts · 5 votes

6y

@Sean McDonnell

Thanks for the response. Yeah, teaching is one of those "golden handcuffs" professions where they have you until you reach your pension age. If I was younger, then it wouldn't be an issue to walk away, but with 21 years in and only 16 left until I reach a full pension, it's hard to just leave that on the table. I'm just really interested in real estate as a "second" career.

OP

Real Estate Agent · New Haven County, CT · Member since 2019 · 18 posts · 13 votes

6y

@Sean McDonnell

So I obviously like your 2nd response much better because that is my exact thought process. "What is the worst that could happen?" The WORST case scenario is it doesn't work out and I go back to working my normal job since I still have all my credentials. No big deal. I don't buy in to the "it didn't work for me so it won't work for you mindset" because I've heard that from many people in many different situations. I am absolutely willing to hustle and put in the upfront work and if it doesn't work out it doesn't work out. Additionally, I know you don't have to be an agent to invest but I like the idea of having more market knowledge and immediate access to the MLS.

I spoke with @Account Closed on the phone this afternoon who provided some great advice from personal experience on the matter and interesting perspectives on both being an agent and investing in my market. He encouraged me and told me that it will be tough and demand time but if I'm passionate then I will make it work.

In conclusion, thank you for the advice. I love having all these differing opinions from different people in different parts of the country. I'd love to hear more about your experience as a dual career agent and what pushed you into full time. I'll PM you. Thanks!

OP

Real Estate Agent · New Haven County, CT · Member since 2019 · 18 posts · 13 votes

6y

@Lucia Rushton

Thanks for the insight! I'd love to hear more about your experience and what pushed you into full time. I'll PM you.

[email protected]512-888-9122

Jordan MoorheadBusiness Member

Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes

6y

@Brent Olson I think my comment applies here too. Nothing saying you can’t get a license, it’s just hard to do a good job when you’re part time.

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Joseph Ranola

Real Estate Broker · Staten Island, NY · Member since 2017 · 101 posts · 43 votes

6y

@Erik Pierson

It’s very difficult to get any sort of momentum going if you’re working full time somewhere else. EVERYONE has their real estate license, and EVERYONE “has a guy”. That being said, look back over the last 5 years of your life- has anyone you know sold their home? You could’ve been their agent.

I’m a police officer in a specialized unit working 50+ hours per week and I also hold my real estate license for the last year and a half. So far I sold one home, I was a buyers agent (for my own home- got paid to buy my own house!) and I just listed a condo for sale last week and we just accepted a full priced offer.

The home I sold was my cousins and this condo I just listed was one of my coworker’s parents. They’re going to use an agent anyway, so why not you? My commission was around $9,000 on the first one and is going to be about $8,000 on this one (plus I made $6,000 when buying my own house)- not bad for something that I spend zero time on outside of when I have a listing. Even so, when you do have a listing it’s not much work (if you set it all up right from the beginning). It’s really nice when those checks come in!

Because I work so much it is impossible for me to be on the same grind that full time agents are on. I can’t be out there trying to get clients because I’m always working. That being said, having my license just so that I can be the agent when close friends/family sell their house (I give them a discounted commission rate and make the process as easy as possible for them so we both win) has been more than worth it for me- potentially an extra $23,000 over the last 18 months! When I was 20 my grandfather died and we sold his Brooklyn home for 1.2 million......some random person made a $30,000+ commission off of that, meanwhile I was washing cars at a lexus dealership and I think I brought in $20,000 for that entire year....that commission could’ve been mine if I had this license, and I could’ve not even worked all year!!

You also learn, from start to finish, how real estate deals are executed which obviously helps when interested in investing.

Good luck!

5 Reply

Ika Sargeant

Real Estate Agent · Reston, VA · Member since 2017 · 296 posts · 163 votes

6y

Being an agent is incredibly demanding, I think that is why some agents here say you have to do it full time. I am a full time agent and I think its been incredibly helpful for me as a real estate investor. You accumulate a lot of knowledge about all things real estate. You also will know what sort of questions to ask if you are doing a deal. For me the bigger question is; if you are working with a buyer or seller as a part time agent, are you able to serve them well? If you would like to go in as a part time agent- I suggest you partner with another agent who can work with you when you have a deal.

Shaun Roark

Austin, TX · Member since 2017 · 15 posts · 2 votes

6y

I *almost* have the same question, but I'm looking at being done with a project I'm on at work in about 18 months. I don't want to burn any bridges in my current industry by leaving mid-project, so I was wondering if anyone out there has any ideas for how to "gear up" part-time to eventually go full time as a real estate agent in about 18 months.

Rob Massopust

Real Estate Broker · Santa Ana CA [South Coast Metro] · Member since 2016 · 459 posts · 202 votes

6y

Getting your license is your first step, that will help you with your investing. What are your goals is the place to start next. Do you want to buy and hold for income or yourself or fix and flip. Can you make commissions to help you buy property, yes but thats a big time suck. Or do you want to help investors find deals or help homeonwers find that perfect house in the right school district with a cute tree in the back yard just like they had as a kid. FInd your end goal and go that way.

Here is what I would do if I was you, Keep your job, Buy a house or condo to fix, rent out or househack. If you have your license you can at least find your own properties and get a commission when you buy. Find a broker that will allow that and lets you be part time. Get an FHA loan to buy and fix up the property FHA 203k Rehab Loan. [Unless you have alot of cash you dont need that but the program is designed for owner occupied fixer types. Hold for 2 years and or repeat, you get those profits tax free as owner occupied and roll that into a bigger deal.

You need a w-2 to get a loan, so unless you are flush with cash, keep your day job, invest and do realtor stuff part time.Maybe you will pick up a buyer or two, but being a full time agent you are committed 7 days a week 12 hour days, something always needs done or a deal around the corner or a buyer etc etc. Maybe once you have your license you can do open houses on the weekend for another agent, help them with buyers etc. Get your feet wet before you jump in. Getting your license is pretty easy and only costs a few hundred. If you want MLS access and be Realtor thats about $1200+ per year, plus EnO insurance and marketing etc etc, but like I mentioned above you can find your own properties and get a commission.

Charlie CameronBusiness Member

Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes

6y

@Erik Pierson I had the same question. But I went and did it because that is what I do. Once I got licensed and joined a team, I realized that lots of us Active Duty Military guys and gals get licensed - we are already tapped in to a bunch of movers. Even if all I did was one deal a year that would cover all my expenses (check!). My total cost to maintain agent/realtor/mls/keybox etc. is $290 a month. I'm not even using my license for investing (yet) as I purchased multis first at my last duty station.

Yes it takes work to get licensed, and honestly the most important stuff you learn is AFTER the exam getting street smarts. But with right team/broker/mentor support, and a schedule that is flexible or allows you to take leave, you can do it part time. The biggest time sucks are lead generation and showing property.

You have to do what is right for you. If you like to hustle and will put your clients first, then go for it. Put the naysayers out of mind.

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