Quitting my job to become a RE Agent

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Quitting my job to become a RE Agent

Account Closed
New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes

Hello BP, I am planning on resigning from my current job and pursue the career of a Real Estate Agent. I am not happy in my current position, although the money and benefits are good, I feel as if I am not reaching my full potential, and do not fill my purpose in my current field. I know I’ll be going hungry for a while, and it will set be back on my RE investing and FI journey, but I am confident I will be happier in a agent position. I currently have about 3 months of savings for expenses put back, and I plan on having that up to at least 6 months worth before making the switch. I am 23 years old so I want to make the change while I’m young, even in these uncertain times. Does anyone have any tips or advice while I go through this process of receiving my license and transitioning careers? Any insight would be greatly appreciated!

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Khalid Bryan
Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
5y

I personally got fired and had to come to real estate. zero savings, zero plan, zero support. It's NOT easy at all but I survived off my hustle. I will say though that if you have good consistent income coming in, to this day I wish I had consistency. I always advise people in your situation to not quit a good paying JOB to find another JOB. I'd repurpose the good paying job and invest a bigger portion of your paychecks. You don't want another job, you want another way to generate income. 

Put the money to work, not yourself. What if you made enough to get preapproved for a triplex? Now you started an early exit plan to be a full time investor, each year buying 1 more property. At a certain point you can quit, hire a management company and relax.

My biggest stressor is that I can do everything i'm supposed to do as an agent, put an entire deal together, and any party at any time can flake and crash the whole deal thus crashing my efforts.

NOW If your passion is being out there meeting, talking, moving and shaking, then this is for you. Every day for me is a thrill ride packed with excitement, stress, anger, and relief. Its always hectic but I wouldn't have it any other way.

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  • Steve Morris
    Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    5y

    "Does anyone have any tips or advice while I go through this process of receiving my license and transitioning careers?"

    1) Do you have cash reserves to carry you through?  Especially with comm RE since it may take a while to do a deal

    2) Can you ask someone you don't know if they'll let you sell their property?  Twitter/eMail/etc don't count since you really need to actually talk to people.  I understand mass marketing, but your competition prob has a big jump on you already.

    3) What type of RE do you want to do?  It'll help you select a firm if they list properties you want to sell and have the marketing in place for lead generation.

    3Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Steve Morris I appreciate the prompt reply. I do have cash reserves put back, and plan on having enough to support me through at least 6 months, along with my fiancé’s salary to get us through. Residential is what I’m really interested in. Communication with potential clients won’t be a difficulty, I have had experience in the past making cold calls and selling services from a previous employer. Although I have had some experience with sales, there is always great room for improvement and I look forward to learning anything that’ll help me move forward. Any material or books you suggest for new agents?

    0Reply
  • Steve Morris
    Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    5y

    On calls, books don't help that much since the impetus to keep going after 20 NOs is something learned and not taught.

    I'd get with your firm and determine what your goals and contact list will be.  Then do NOT use a script since it'll sound like a script, you'll go too fast trying to get thru all of the script and if they ask something off-script you're ill-prepared.

    Set some goals for each contact (gathering info like do you want to sell and when, what problems do you have or where do you want to go) and my biggest problem - LISTEN and let them talk.

    4Reply
  • Khalid Bryan
    Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
    5y

    I personally got fired and had to come to real estate. zero savings, zero plan, zero support. It's NOT easy at all but I survived off my hustle. I will say though that if you have good consistent income coming in, to this day I wish I had consistency. I always advise people in your situation to not quit a good paying JOB to find another JOB. I'd repurpose the good paying job and invest a bigger portion of your paychecks. You don't want another job, you want another way to generate income. 

    Put the money to work, not yourself. What if you made enough to get preapproved for a triplex? Now you started an early exit plan to be a full time investor, each year buying 1 more property. At a certain point you can quit, hire a management company and relax.

    My biggest stressor is that I can do everything i'm supposed to do as an agent, put an entire deal together, and any party at any time can flake and crash the whole deal thus crashing my efforts.

    NOW If your passion is being out there meeting, talking, moving and shaking, then this is for you. Every day for me is a thrill ride packed with excitement, stress, anger, and relief. Its always hectic but I wouldn't have it any other way.

    23Reply
  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    5y

    @Account Closed congrats on making some moves while you are young and seeing what else is out there. As you mentioned this would be something you would do full-time, and it sounds like you have reserves. If you did not have reserves I would suggest a part-time agent while you are building up for about 6-8 months, then releasing the ripcord from the job. This would give you the time to build a client knowledge base that you are doing real estate now, and they know a little more about who you are and what you do as an agent (only buyer's agent, move up or down agent, first time buyer's agent etc.).

    You have the reserves, so that is great and if you are good to go then you can become a full-time agent. I would suggest you become a full-time agent on a team for the short-term to gain leads, get mentored, and capture as much knowledge as possible as the top producing agent provides invaluable information as you work for them. The length of time you work on the team is up to you, that team will give you the ground work to how you should build your own real estate team/business.  

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  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Peter Mckernan absolutely! A ton of good information, thank you for that. At my current job there is no steady schedule, some weeks it might be 40 hours, other it might be 80 along with call-outs. That schedule is the only reason I haven’t jumped in part time because I want to give it 100% attention and effort. I am at the beginning of my studies to receive my license, so I’m looking forward to the journey!!

    1Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Khalid Bryan thank you for the feedback!! I have reached a breaking point with my current employer, and know it will take me time to reach my goals as far as reaching FI through rental properties. That being said, I’d rather take a pay cut at first and be hustling working on and for myself, than stick with my current employer and take the strain. I know it won’t be easy, but I’m looking forward to it!

    1Reply
  • Khalid Bryan
    Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
    5y

    Then youre on the right track. I'm in South Florida, I'd love to make a referral network with you.

    1Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Khalid Bryan absolutely, I’m out of the Dallas, Texas area. I’ll definitely be in touch. Appreciate your insight, Khalid!

    1Reply
  • Victor S.
    WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    i get where you're coming from, but you still have to have a plan of some sort, not just "i'm not happy, so i need a fresh start." 3 or 6 months savings is inadequate for what you're thinking of doing, imho. what if an emergency happens? that could wipe you out in one go. what steps have you taken so far to make this transition realistic and achievable? i'd connect with as many agents on BP in your area as you can to get their realistic take and guidance. with inventory being this low right now, your competition is insane out there.

    best of luck.

    5Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    5y

    Id suggest 1 year livings expenses plus $15k to commit to the business.  

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  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Russell Brazil thank you! I’ll definitely take that into consideration. Appreciate the insight.

    0Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Victor S. Thank you for the insight. I’ll definitely take that into consideration. I have been in contact with some agents in my area the last week, as well as studying information on the market right now. I plan on doing a lot more research before jumping in. I appreciate your time!

    0Reply
  • Kobe Xin
    Real Estate Agent · Houston, TX · Member since 2019 · 240 posts · 155 votes
    5y

    I love your attitude and drive to make something better for yourself. The biggest obstacle to a great life is a good life. 

    If you don't mind me asking, what is your current job?

    0Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Kobe Xin I currently work as a substation electrician.

    1Reply
  • Nate Sanow
    I​nvestor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Dalton Dykes

    I did a version of the same thing - although most of this year had an investor focus. Good luck to you!

    1Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Nate Sanow thanks Nate, to you the same!

    1Reply
  • Frank Hinck
    Rental Property Investor · Minneapolis, MN · Member since 2020 · 540 posts · 285 votes
    5y

    @Dalton Dykes

    I’d keep the FT job for 6 months while starting as an Agent to provide yourself air cover while starting out, getting your name out there, letting everyone you know what you’re doing, figure out your farm area.

    2Reply
  • Guillermo S.
    Member since 2018 · 10 posts · 3 votes
    5y

    @Dalton Dykes I’ve been studying and taking my courses these past couple months and about to take my exam. I’ve been doing market research on the area I want to specialize by researching and going to open houses on the weekend. I also started my social media accounts and share the houses I see at the open houses as well as some I find online and have gotten a decent following on IG and got viral on tik tok. Not necessarily a must but in the long term I think it will help. Right now I’m focusing on making a website that will generate a steady flow of leads and is SEO optimized as well as making my business plan for how I will conduct real estate as an agent. Best of luck

    1Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    I burned the candle at both ends when I was transitioning.  For me, it was the right decision.  

    1Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Guillermo Sigala thanks for the information. You seem like you’re really grabbing the bull by the horns, something I aim to do! I’ll be sure to use those practices in my transition. Best of luck to you!

    0Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Ian Walsh that’s pretty much the strategy I’m going to have to do, and just knuckle down on both ends. Glad to hear it worked out for you!

    0Reply
  • Account Closed
    OP
    New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
    5y

    @Frank Hinck I appreciate the insight! That’s the direction I’m leaning towards as of now, although my schedule is pretty unforgiving right now. Looks like a lot of long nights for me! Thanks,

    0Reply
  • Angela Headlee
    Member since 2019 · 1 post · 6 votes
    5y

    Dalton, I appreciate your ambition. I am old. Real Estate is my final career. (Sounds morbid, I know!) I say this because I wish I would have started in real estate when my kids were young because it takes time to build a successful real estate career. It takes 5+ years to build a real estate 'business.' 

    Here is my advice to you:

    1. Treat this as a business, because it is! Create a business plan and revisit/revise/reform it every year.

    2. Continually learn. This is an ever changing industry - laws and documents change daily.

    3. The last people you can count on are your family members for deals - sad but true! They will disappoint you.

    4. Create a system.

    5. The old saying 'you have to spend money to make money' is true but spend your marketing dollars wisely.

    85-90% of agents fail within 5 years. Don't be part of the statistic.

    Best of luck to you on your new adventure!

    6Reply
  • Charlie MacPherson
    China, ME · Member since 2014 · 3k+ posts · 4k+ votes
    5y

    @Account Closed has to say.  Staring cold in real estate sales is a slow, scary process. 

    Plan on at least 6 months without income and also plan on spending a pile of money. Licensing fees, NAR dues, MLS fees, desk fees, E&O premiums, sign and business card purchases, marketing costs, car and gas expenses, etc.

    What I hear from your comments is a serious case of the "hardly waits".  You can hardly wait to get out of your current job.  The grass looks greener on the Realtor side of the fence - and it may well be.  But it will take some time and a lot of money to get there.

    My advice is to get licensed and start slowly.  Work for a month or two part time and get your feet wet while you continue to build your reserves.  Start filling your lead funnel so that when you jump, you'll have a softer landing.

    Best of luck!

    3Reply
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