Prospecting the idea of becoming a part-time RE agent.

7 Replies

Hi everyone,

This is my first post on any forum ever so here it goes.

I'm new to the world of RE. I've recently read Rich Dad Poor Dad, Think and Grow Rich, and The Book on Rental Property Investing (In progress. About 1/3 in). These books have flipped a switch in my head as well as sparked a mild anxiety attack I've identified as the mysterious "hunger" I've heard do much about.

I realize now my current job isn't enough to kickstart my portfolio to achieve my goals. I'm comfortable but thats about it.

So here is where I'm at in my head (feel free to educate me):

Pros

-Becoming a RE agent would put me smack in the middle of the world of RE

-Income is based on my abilty to hustle. (Hunger is not a problem.)

Cons

-Income will not neccesarily be immediate. I have to close a deal first. (This is why I say part time. After the first close or two I would ideally switch to full time)

I work nights at the moment leaving 9 am to 3pm open for me. So my question to this fine forum is this: Is becoming a part-time RE agent possible? I don't know much about being a RE agent but I have no shortage of books and patience.

Thank you,

Daniel of Baton Rouge

@Daniel Vincent

Sure you can become an agent, most agents just help people buy retail houses to live in. What are your goals and how can you reach them? Is being an agent really what you want.

@Lee Ripma

Thank you for your time and the quick response.

My goal is to build a rental property portfolio with strong enough cashflow to live on in ten years or less. Even if I can live on it, that doesn't mean I'll quit whatever job I have. I would like to help others with their homes or investments too while still building up my own. So looking into becoming a RE agent made sense to me. It would give me extra money to pour into my business and build up my assets while giving me a great position to build a network.

@Daniel Vincent I don't think doing it part time works over the long run, but to get started, it also can't hurt to try it this way until you can build up a little financial cushion. The problem I see in your plan is that RE is very day and night. If a new home hits the market, and they want to see it when they get off work at 5:00, you won't be available.  I would suggest starting by working on a team or a brokerage that offers a ton of training and has a helpful culture.  Partner with an agent who could be available in the evenings.

@Daniel Vincent it's 100% possible to be a part time agent with the right support.  Plus, you can make commission on your investment transactions!  The hard part isn't becoming licensed, it's actually lead generation. That's why it's best to decide to focus on a specific strategy or join a team that provides leads in return for a commission split to start out.  Hopefully that's helpful.  Because you have day hours open, it's more realistic for you than for most.  I work during the day so I have to take time off to hustle. But I don't take on that many clients at one time so it works for me. Best of luck!

Welcome @Daniel Vincent ! I'm here in Baton Rouge as well. I started investing first, then got my realtor license a few years later. I would encourage you to ask yourself WHY you are thinking about getting your license. If the main reason is to simply learn more about the local market and get involved in the real estate world, there are plenty of other resources to do so (we have a great local REIA, plenty of real estate events--although that's on hold at the moment, and lots of local investors willing to meet and share info). @Charlie Cameron hit the nail on the head when he said that the hard part isn't getting your license (that's relatively cheap & easy), it's lead generation. I've found some success as a realtor (somewhat accidentally) because I was already involved in the local real estate world and had built up a network. I personally got my license because I wanted access to the MLS and other resources, plus I had trouble finding an investor-friendly realtor to work with. I looked at it more as a tool and didn't expect to gain any significant income from it, so when that came it was just an added perk.

If you WANT to have a career as a realtor and that appeals to you, then go for it!  But it will be a lot of up-front and on-going work to build up a network and get business, so make sure it's something you really want to do. If you're just looking at it as a stepping stone to investing, I don't think it's necessary.  Hope that helps!

Thank you @Charlie Cameron and @Amy Verges for your time.

Your insight has been very helpful. The earning potential of a real estate agent is very attractive. But what inspired me to start looking into the idea in the first place is that it would be the start of me "minding my own business" (Rich Dad Poor Dad) in a way. I've learned a ton just over this weekend and so far I love the idea of being an agent. Lead generation will be tough but it doesn't scare me. I've hit this tipping point where I am more scared of not trying than failing. 

I hope to see you around, @Amy Verges. I will most definitely be joining our local REIA whenever they open things back up.

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