We’ve all heard the stories of wildly successful real estate agents who close one deal that’s so lucrative, they are set for the rest of the year, and in that moment, who wouldn’t begin to contemplate…could I too start a real estate career and be that wildly successful?
If you followed that daydream a little longer, you might have also wondered, could I add it to the work I already do, or would it be better to pursue real estate full-time?
At Trustworthy Title, we work with all sorts of real estate agents…those who have launched a second career, those using real estate work to fund their education, those who are in the industry part-time, and those who regularly put in 60 hours a week because they find the hustle (and its rewards) exhilarating. If you’re contemplating a real estate career, we’ve got a few observations that might help you decide what path is right for you.
You Might Want a Side Hustle If…
Those of you who are brand new to the business, or perhaps haven’t even taken classes or tested for your license yet, likely need the security of a regular paycheck while you are learning the ropes and building your business. A side-hustle approach to your real estate career provides for gradual growth and peace of mind.
Also consider the season of life you are in. Are you facing tremendous demands and pressure? Is your available time limited due to family obligations and life circumstances? The flexibility of the industry will enable you to work on your own terms and work around your other obligations.
Realistically consider what time and resources you have available for real estate, and this will bring needed levity to those dreams of quick wealth.
Many factors outside the life of the real estate agent also impact her work. When the economy takes a nosedive, as we all recall happening just a couple of years ago, so does the housing market. When owners aren’t selling and people can’t afford to purchase a home, your success will be limited, no matter how hard you work. Do your best to know what condition the real estate market is in, and this can help inform your approach and investment in your business.
In the wake of record inflation and continued high costs of living, many are also looking for second jobs to provide income stability through multiple earning streams. There is comfort in knowing that if one job falters or doesn’t yield the results you expected, you’ve got an alternative source to lean upon.
You’re Ready for a Full-Time Real Estate Career If…
Are you new to real estate, yet know a “burn the ships” approach will motivate you to achieve? Knowing you (and your family) are depending upon your success in the industry to take care of your needs can be a powerful catalyst for launching a career.
Perhaps you are passionate about the work, about helping families or business owners meet their investment goals. That passion can fuel your work and help you succeed.
If you’re ready to commit the time- and have the time available to commit- to the work, as well as the internal drive to get things done, you’re likely ready to make real estate a full-time career.
Reflecting honestly on your own personality and behavioral traits can help you ascertain whether you’re likely to thrive in a real estate career. Most successful real estate agents share these common traits:
- Outstanding communication skills
- An expansive network of service providers and potential customers
- Organization and time management
- Assertiveness
- Tenacity and resilience
- Personable demeanor
- Creative problem-solving
If these traits describe you, you likely have what it takes to succeed in a real estate career, but even if you are lacking in one area, these are all learnable skills, so if you want to pursue real estate full-time, learn what you need to know and go for it!
Insiders’ Perspective
Those who are already in the industry weigh in on forums and blog posts about what it is really like to work in real estate. According to agents, real estate is a time-consuming business, and in order to succeed, you’ve got to be available when your clients need you, whether that be midday, late in the evening, or over the weekend.
They also point out that working in real estate requires tremendous flexibility in the ebb and flow of factors outside of your control. You may show dozens of houses to a client and invest many hours in consultation, booking showings, and guiding them, only to have the client decide not to move at all. On the other extreme, a long-distance client may give you a description of what they’re looking for, you provide a virtual tour of a great property, and they’re ready to buy it, with only minimal time invested by you.
Agents enjoy the tremendous freedom they have to run their businesses as they see fit. Even under the guidance of a broker, most trust their agents to run their schedules autonomously. This has a broad appeal for those who may be in school, raising a family, or just like being their own boss.
Of course, your best insider scoop will come from real estate agents you know and those in the local community who can answer your questions and give you in-depth perspective, so meet up for coffee with one of them and glean all the insight you can, insight that will help you make the best choice for you.
A Friend in the Business
Whatever approach you ultimately decide is the right one for you, at Trustworthy Title, we stand ready to help you with your clients’ title needs after you’ve helped them find the home of their dreams. We wish you all the best in real estate and look forward to teaming up with you in the near future.