A new agent wonders how she can make a part-time real estate career work for her, and a broker wonders if part-timers can be an asset to a brokerage.
Hello! I just wanted to say I really enjoy your news service. It is very informative. I am new to this industry and quite nervous regarding the slow down in nature the real estate business have seems to have taken.I finished and passed my school exam and have scheduled my state exam for next week. I truly do hope that I can sell a house when I first start out.
I have to sell part time because I need my full time job right now to pay my expenses. But I really want to do this full time. But the way the housing market is right now, I don't think I can make enough to support me and my son.
Any advice you can give me would be appreciated. If not, thank you in advance for reading my e-mail and I will continue to look at your newsletter. Hope To Be An Agent
Realty Times responds:
If you're not able to give up your other job, there's no shame in that, but you have to recognize that making a success of your work is going to be harder and it will take longer.
Can you do it? Yes, you can. I'm living proof; I've been in your shoes.
If you read my column regularly, you know I rarely mention myself, but I have some experience that may help you. I was a single parent, too, and found it necessary to change jobs and take a risk on myself. That's how I went from my first career as a salesforce trainer to becoming a writer. When I was divorced and got custody of the kids, I couldn't travel anymore, so I had to take lesser-paying jobs that were unrewarding and inadequate for our needs. That motivated me to seek help and look for something that could fulfill other goals besides putting food on the table. I took classes in the morning before work and wrote at night after my kids were in bed. I sold stories and supplemented my income until I built up enough contacts, repeat business and referrals that I could write full-time.
Things didn't happen overnight. It took years for me to leave my other job and become a full-time free-lance writer. When it happened, the feeling was euphoric.
You can make it, too, because you're already doing a lot that's admirable. You're caring for your son, working your job and taking courses on the side.
The key to making it all work is to keep what you have stable so it can support you toward your goal.
Here are some ideas that may help you:
- Don't burn your bridges. Don't treat your present job as temporary. You know you're on your way out the door, but your boss doesn't. You have to demonstrate dedication just as if you intend to retire from that job. What that gives you is the stability to work toward a real estate career on your own time without fear that you'll be fired or laid off because you're heart isn't in your work anymore. Besides, when you leave, these associates will make up some of your "farm" of prospects.
- Time is a vacuum. Create a schedule where you can work on real estate and stick to it. You have a schedule for your son, your work, and your classes. Replace that class time with other real estate education, perhaps through your association or your broker.
Sit down with your broker and work out your game plan. How much time should you spend on calls? On home tours? How much should you spend on advertising? In short, where should you put your efforts?
- Become a mobile professional. If you want more time with your son and flexibility in your schedule, you don't want to be tied to a desk. When you obtain your license, take the National Association of Realtors' e-PRO course . Learn how you can do as much as possible remotely -- from your laptop, your cellphone or your PDA. That alone will buy you scads of time, and you'll start your real estate career with an important and impressive designation.
- Consider developing a niche. Working a certain neighborhood, or type of home like condos or townhomes will help you build a reputation quickly and help distinguish you from other agents. You can still do business with anyone anywhere in your state, but you don't have to waste time and money going after business that is going to be too costly or awkward for you to do effectively.
- Make your experience work for you. Would you like to make a specialty out of helping other single moms buy homes? Work with your broker on finding lenders and special programs that can help. If you don't own your own home, make that a goal, too.
- Start marketing where you are. Phone calls are nearly free. Tell everyone you know about your plans from friends to family. If anyone expresses any reservation about working with you, tell them that you'll have two for the price of one - the broker will be looking over your shoulder every minute!
- Work smarter, not harder. You support your son's school, so support the PTA. You'll meet parents, teachers and others who can use your services to buy and sell their homes. Become known as the school's real estate source.
- Don't be a pest at the office. Get up and running quickly by making yourself useful to other agents in your office. Instead of asking them questions, which most of them hate, offer to help them so you can learn from them. Offer to sit open houses with them or for them. Take advantage of floor time -- but bring a book about real estate!
- Stay current. Read Realty Times and Realtor Magazine. In my biased opinion, these are the two best sources of truly helpful articles and advice for agents out there. Use keywords like "new agent" to help you search archives. Realty Times' archives go back to 1997.
- Start putting money away.The more money you have set aside, the more confidently you can dive into your new career. You'll need money for electronics, training, and membership fees, just to get started. Then you have to pay your bills.
These are just a few suggestions to get you started. Keep us posted on your progress, and we wish you good luck in your new real estate career.