Thinking of Real Estate Part Time?
Have you always been interested in being a real estate agent? The thoughts of working a commission based job, however, scares you? This is a common theme among many people, across the spectrum, who are thinking of a career in real estate. One of the most frequent questions I get from prospective agents as a real estate education provider is, "Can I do this part time?" I must also confess that I pondered this very same question the first three years of my real estate career. I worked as a full time public school teacher and part time broker. After careful research and personal experiences, I have reached some conclusions when it comes to answering the question of part time real estate success.
The first question you must answer for yourself is what you want from a real estate career? Do you want to be your own boss? Are you supplementing an already existing job? Are you planning for retirement? When answering these types of questions, it will require you to be brutally honest with yourself. There are many myths in the real estate business and plethora of so-called "experts" out there with all the answers (and some requiring a payment for their explanations). The bottom line to remember is this: only you can understand and dictate your personal situations and goals. Personal goals MUST be defined well before enrolling in a real estate license course. If they are not, it can lead to "floundering" in the business. This in turn, will lead to frustration and ultimately quitting. Why would you quit something you have invested in financially? A real estate career involves personal investment both time and money.
For those who have been working a steady job, it is quite scary to think about giving up the same amount of money, on the same date, each month. In fact, we become "institutionalized" in our thinking when we are working for hourly wages or on a salary. If you are looking to supplement your full time job, and closing out 3-6 transactions per year, then working as a real estate broker part time would fit your lifestyle. On the other hand, If your looking to transition from part time to full time real estate, or from your current full time job to full time real estate, it will require careful planning.
The first order of business, after you have acquired your license, will be joining the right firm that will support your transition goals. This means not being pressured to leave before you are ready leave your full time job. Make sure your working toward your personal goals and not for the benefit of others. Saving at least six months or more of income you depend on, will be crucial for your success. Make sure your real estate costs do not have to come from this pool of household
money you have saved. Expenditures for your real estate business can come from closing real estate transactions. Knowing that your household bills are paid will ease the notion of financial desperation. This assurance will allow you flexibility for growth as you begin growing your new business. Just remember that working as a part time agent will require a commitment on your part to put in extra hours and keep a schedule to ensure your success (and yes this will require weekends). Once you begin to gain experience, one transaction at a time, you will know when it is finally time to transition to a new full time real estate career. Good luck!
Brad Thomas- Education Director/Instructor- The Thomas School of Real Estate. Providing NC with online real estate education,