Is becoming a realtor a good fit for you?

I know this topic has been discussed many times and the answer will be different for everyone. I thought I'd share my experience and hopefully it can provide some insight to the pros and cons of becoming a realtor.

I worked in the automotive repair industry for 15 years. During that time I bought a few investment properties. Automotive repair and my real estate investing were completely separate parts of my life. There were no transferable skills or knowledge from the automotive industry to the real estate investing world. This wasn't necessarily a problem. Your career doesn't have to be synergistic with real estate investing, but does it help? Short answer, yes.

I decided to get my real estate license while listening to Biggerpockets on a long drive home from managing one of my investment properties. To me, the pros seemed to outweigh the cons.

It was tough to find new clients at the beginning, but it didn’t take long before my real estate investing skills really helped me attract clients looking for investment properties. The real estate investing part of my life also got a huge boost. It was now literally my job to stay on top of market conditions and look for ideal investment real estate.

I began hosting meetups to help educate newcomers to the wonderful world of RI and to provide a network where experienced investors could meet other investors, share stories and partner on projects. I wrote a book to provide my clients a basic understanding of RI. The book was great for attracting people to investing, getting clients and validating my abilities with other investors.

Now I spend my days searching for ideal investment properties and matching them to clients. I’ve helped family members, friends and perfect strangers acquire assets that will hopefully lead them to a better financial future. Some clients are concerned that I’ll personally take all of the best deals for myself, but I’ve found that every investor has different criteria and rarely do I have two clients looking for the exact same thing. There have been times when I’ve found a property perfect for myself and a client. This is actually a win for everyone. I either partner with my client, or I just let them buy it and I get a commission cheque, which isn’t a bad runners up prize! There’s more real estate deals out there than I can buy, so why not help family, friends and colleagues buy them?

I love RI. It’s provided me with incredible opportunities and a comfortable lifestyle. I love hosting networking events, meeting investors, looking for deals, buying deals, structuring creative joint ventures and even rehabbing properties. All of these things are now my job and my side hustle. There’s no separation of my job and my RI. Some people might hate that. For me, I left a job that served no purpose in my life aside from an income, for a job that puts me in rooms with other investors, hunting for deals, every day. It makes me a good realtor and a more focused investor.

Are there some drawbacks? Yes. I need to disclose to sellers that I’m a realtor. I haven’t had that prevent me from doing a deal yet, but I see how it might. I also have to be careful what I tell people and how I word certain things. As a realtor, people are literally paying me for my advice and expertise, which means I’m liable for that advice and expertise. This isn’t something that concerns me either. I’ve always done my best to under promise and over deliver so that no one's disappointed.

David Osborne said at a presentation to never work at a job that doesn’t provide knowledge or equity. Fixing cars provided neither. If I owned the shop I was working in, it would have been a different story. Unfortunately I didn’t own the shop and spend 15 years of my life building someone else’s dream. “If you don’t design your own life plan, chances are you’ll end up part of someone else’s plan. And guess what they’ve got planned for you. Not much.” Jim Rohn.

Now I’m working for knowledge and equity.

For those of you that don’t like your current career but aren’t ready to jump into full-time investing, becoming a realtor is a great step, but don’t do it for the money. If you put your pay cheque first, not only will you not be a good realtor, but you’ll miss the real opportunities that being an investment focused realtor can provide. Analyzing deals, doing due diligence, researching rezoning and subdividing, meeting contractors for rehab quotes and hosting meetup groups are things you should be doing as an investor. Getting paid to do it as a realtor is just the icing on the cake.