Whether or not one can succeed/survive in this industry doing it part-time is always a good topic for debate. Emotions run high, tempers flare, feelings get hurt. Bummer.
But it really is an important question, especially TO those considering entering the field.
I've been thinking about it a lot, so I'll take one for the team and open up that can of worms yet again.
For the record, I've always been of the seemingly obvious opinion that if you're going to do something, do it 100%. And in an industry where far more practitioners fail than succeed, it only makes sense that the ones who devote themselves wholeheartedly to their career have a better chance of being one of the ones who don't fail... right?
Well, in the last few years, our industry has changed (really, Jennifer, y'think?) and it's not uncommon for a new real estate agent (or any real estate agent, frankly) to go months and months without a paycheck. And that's a tough situation to volunteer for.
So, new real estate agents approach their careers a little more circumspectly. They keep their day job (or night job as the case may be) and only stick their toe in the water... okay, maybe they wade in up their knees or even their waist. But they don't jump in. They don't fully commit. And they tell themselves that they're being practical, logical and responsible.
I get that. I really do. In a business where new practitioners might go a year before seeing their first payday, it's a tough sell to convince them to leave their regular paycheck and benefits behind.
But... practicality and responsibility aside... it still doesn't work. I know a lot of first-year agents and they run the gamut from having zero business to having more business than they can handle... and without exception, it's the part-time agents who are at the zero end... and the full-time agents who are at the more-than-they-can-handle end. (Of course, there are plenty of full-timers who are failing, but I don't know any part-timers who are succeeding).
The thing is - to succeed in a new business, you have to immerse yourself in it. Every day. All day. With all your passion, all your energy, all your resources. Sorry, but that's a fact whether or not you want to or can afford to. New agents who are succeeding are giving this career their full attention... not just sticking their toe in the water.
What's the punch line? If you can't afford to immerse yourself in your new real estate career, maybe now is not the time to begin your new real estate career.
p.s. please note that I am speaking primarily to new agents and pre-licensees here. Experienced agents with established lead generation and administrative systems can often make it working part-time. But rookies? Sorry...
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I think you are correct. It is a shame to spend so much time taking the classes, studying and sitting for the exams and paying for licensing requirements only to affiliate with a broker and then come to the office once a week or less.... There is one guy in my office that works a day job from 6am-4pm and then comes to our office and works in the evenings. Seems to be working for him as a new agent and he has a great mentor (also key). Thanks!
I would suggest to someone who wants to do this part time to partner up with a full time agents. Lenders and sellers want addendums yesterday (can you do that with another job?) and the inventory situation has us so squeezed also with buyers. Are you at liberty to pick up the phone when someone has a question on one of your listings? How will you be on high alert to pick up the phone when your short sale negotator calls you back, yea you better be ready because you can't just call them and get them "live"!
At any rate I think it is possible when you partner up and share your commission with someone who is available. I do have to say, plenty of newbies are really doing well here because they know nothing else but distressed property. There is a certain advantage on getting in to the biz right here and now in my city.
I agree with Renee- if you are going to make this change into the field as a part timer agent- get experience working as an assisstant and also working your own business... I find it irritating when I have a deal going with another agent and you can never get in touch with them because the are at the "primary" job. If you are working as an assisstant for another agent - business could and would be handled effectently and correctly.
Hi Jennifer, We agree completely. So many people enter real estate thinking that it will be easy money and they can "keep their day job". When in fact, it can be one of the hardest businesses. With a good mentor and discipline, it is possible to start part time (we know a few agents who managed that) but most fail and drop out of the business. We wish the entry requirements to get a real estate license were tougher so people make the decision to enter real estate with a little more conviction. Plus it is bad for consumers, a little knowledge can be very dangerous. Good thought-provoking post. ~Lisa
Hi Jennifer, I've been a real estate agent for less than a year, and before that I was a home stager. I started staging part-time, still working as a criminologist, but found that my staging business was suffering because it never really got my focused attention. So I quit criminology -- and yes, I had the luxury of being able to rely on my husband's income to pay the major bills. Selling real estate is so much more complicated, with much bigger responsibilities and liabilities than home staging. I can't imagine trying to get a handle on everything I need to get a handle on part-time. -- Tanya in Montreal
Jennifer - When I first started my real estate career, I tried to stick my toe in and continued to work a corporate full-time job with steady pay and good benefits. That lasted for two months before I realized, it was all or none. It hasn't been easy, but I am surviving and know for a fact that I would have left real estate had I kept my full time corporate job. Rookies need to read your post, worms and all.
I firmly believe that new agents with the right attitude and help can make it. I wish I knew how to attract new agents, I have been a sdales manager in many parts of mu life before. What I am known for is building a great sales force. In this business which I love, I am having a hard time getting agents. Any ideas?
A part time agent on one side of the transaction means the other agent gets to work overtime.
Jennifer,
I whole heartedly agree! I will say I kept an outsourcing job out of pure loyalty my first year....worked a full day in real estate and evenings doing books. It was really challenging....and I don't suggest it. I didn't do it for the bucks...but loyalty. I use that same energy now and my business is really growing....in fact I am experiencing some growing pains due to this tax credit. But it is a good thing. Today I will take for myself a needed day.... :)
Jennifer - One of the many issues I see for part time agents is their ability to actually represent their clients to the level their client deserves. I see it all the time, a part time agent not knowing all they should and subsequently doing a dis-service to their client. Possibly to the point where they coulsd find themselves ion a legal battle over competence.
I find myself training a part time agent who is associated with a competitor because the competing broker either can't (because the agent is part time) or simply won't make sure their agents are up to speed on what they really need to know.
We have seen more and more people picking up part time jobs to help ends meet in my area.
Jennifer, I agree with you. I have had deals lately with agents working on the other side of the transaction part time. I don't mean to be ugly, but they are doing a disservice to their clients in most cases. First, when info is needed, it is needed now. Things are asked for at 9:30 am and they are acknowledged at 6pm then runs a day late having them in. If a one time occurrence, ok, but time after time and the time is of the essence in the contract goes by the way side! It is a rough field now and the client and the transaction deserves FULL TIME!
Jennifer: I do agree with you, despite the fact that it is hard for some to go months with no income. And, in this market, it may be at least 6 months before some new agents see closings.
Jennifer-
I have been in this for three great years so far!! I jumped in just as the slide to the bottom started. Hmmmm That should answer the question about my mental stability. :-) I could not agree more with your post. I am the only one left standing in my training class and from anyone hired three years ago. You have to "jump with both feet" AND BE COMMITTED!!
"it's not uncommon for a new real estate agent (or any real estate agent, frankly) to go months and months without a paycheck."
This is a very disturbing statement because I've had slow times (I even started out in the middle of the S&L Crisis) but have NEVER gone months and months without a pay check. You are right that now may now be a good time to start and I also I think it's unwise to encourage those who cannot make it to continue.
Hi Jennifer. I have been in this career for 5 years. So, I guess I am still a newbie. But, when I came into real estate, I had just retired for a professional career demanding 60+ hours a week. I wanted something to do but not that many hours. My broker was great. He really did not want part time agents. But he asked me, what did I consider part time? I told him I wanted to have about 8 clients and service them well. I did not want to go overboard. He hired me and little did I know that maintaining 8 clients would be full time.
From my experience, I would not have been able to grow in this field by working part-time. I do not think I could have paid my Board, MLS, Office, Marketing and Direct mailing fees. eal estate part-time. To stay busy, you have to provide excellent service, be availabe to clients and customers on their schedules, work leads, and pursue expired/FBSO's. Those part-time agents whom I have worked with did not provide a level of service to their customers/clients as they should have. I lost 2 deals because part-time agents. One agent was working overtime and the other was working full -time job plus moving...neither one met deadlines! I believe you have to make a commitment and follow through.
Jennifer I have been holding back and trying not to comment on this "touchy" subject but here goes. I fully agree with you and it is extremely difficult if not impossible to be part time in this trying industry. 3-5 years ago, maybe, but not today.
Jennifer, very good as always. Part time agents and struggling agents are exactly why www.MyGreenParachute.com was created, offering an option to these agents to refer business to a full-time real estate professional while they learn the business so they can make a sound decision to continue working their previous career or jump into real estate.
This also helps the full time agent that is struggling by partnering up with the part timer to provide a new source of business.
It's hard to make it working full time as an agent in the market where I live and I've been in the business for over 17 years. It's hard to go months without income and still keep up on all the expenses. I haven't had a closing since last Dec. Makes me wonder if I'm doing something wrong.
I'm a new agent as of November. I worked Targets Flow team from 3 am till 9 am 4 days a week while getting started. I really had no choice. Fortunately I was blessed with a quick deal, quit Target and haven't looked back. I'm sitting on 1.5 million in sales and asking myself why didn't I get into this career 20 years ago. It hasn't been easy but I'm going to do this! The joke around the office is Real Estate so easy a Caveman can do it!
The issue probably isn't part time but how experienced some one is. I can think of plenty of agents who don't work full time but have many years and many deals to their credit. If they stay up on their CE, come to sales meetings, and do a reasonable number of deals each year, these agents can be terrific to do business with. It's the inexperienced or occasional part-time agent that causes extra work for the agent on the other side, potentially causes liability exposure for the broker, and may not provide the best service to the client.
I agree that it is jump in and swim or find the shallow end to go find another pool. Even for long time agents how can you do something part time and look after your clients. I have tried to show property of part timers and it is difficult to make it work. This is self employment and this is the 3rd self employment for me each of them you go at it with all you got that is how your clients expect to be cared for in any business.
Jennifer,
I can't imagine how a part time agent can adequately serve their clients.
Rich
Okay i read your post and was hesitant to post a comment...but after reading the other ones I do nto feel so bad anymore. I got in the business in August 2009. i am a little under a year in the business. I have a wife and four kids i support on what I make primarily.
I had the advantage of having six plus months saved up before i got in. My wife also went to work part time to cover the groceries while I got started. I will admit it was not easy at first. But I had my first closing 3 months later and have averaged one closing a month since then. Not a lot of money but enough to keep me a float. Fortuantely, thsi month I just got done signing my fourth contract that will close in the next 60 days and my lead generation from active rain and blogging seems to be starting to pay dividends for me.
I jumped in with both feet and was drowning initially; gradually got a foat and now am swimming. There was three other peopel who joined when I did and four others who joined within the six months prior to me. Out of the eight of us 3 kept their day jobs and tried to do this part time. None have had a closing yet. unfortuantely out of the five of us who started full time 2 still have not had a closing. And one other is contemplating getting out or getting a part time job because fo the lack of business.
i see the difference between me and them as I have put in 16 hour days since day one and all that hard work is finally paying off for me. I beleive you are 100% right that you ahve to be full time. you cannot serve your clients properly and you ahve to be on call all the time when you first start if you want to make a living doing this.
Jennifer:
I agree with you wholeheartedly, and I might add -- I don't think 40-hour weeks are full time. Not in this business. This is a 60-hours/week career to do what you need to do.
Hi Jennifer -- I would rather deal with a competent part-time agent than some full-time agent with an attitude, lack of respect, jeopardizing transactions by creating hostilities, and not following up on anything. I am NOT implying most full-time agents do this, in fact, I am not. What I am saying is that status is irrelevant as I know part-time agents who are exceptional, full-time agents who are not, and vice versa.
In the DC market, part-time agents stand very little chance of succeeding. It is so incredibly competitive. There are too many rock star agents with great reputations that work full-time +!!!
We have several agents who work part-time jobs, and those jobs expose them to many people which in turn brings them clients. I'm a retired teacher and in the winter when sales are slow, I tutor. In a school with over 100 teachers, it is a good source of leads. I have an officemate who cuts grass, and his sign on his truck brings him clients. I think the key is the job has to be flexible. I have never had an occasion where another agent had to carry me in a closing.
At Sellstate Concord Realty we have a 30 Day Quick Start training program that is designed to teach the agent how to put systems in place to generate business. We have a Call Center that generates leads and acts as the agents safety net but our focus is on teaching agents to be self sufficient and learning how to make their own rain. This I see as the biggest reason why agents fail and this can not be done on a part time basis.
When a new agent starts on board, I normally suggest that they have a 4-6 month nest egg in the bank. This isn't because I don't expect them to make money sooner, but I want to know that they have the cash to be focusing on their business and not survival. It takes money to make money and this is a hard and cruel fact of life.
If someone is going to work part time to pay the bills, they need to do it in the evening hours and save the daylight hours for real estate and keep their focus and full time availability on real estate and with their focus they will succeed.
Hi Jennifer, You're right, a part time job for rookies is probably not a good idea. Apart from anything else, as a rookie it's hard enough to get people to take you seriously without giving them a reason to doubt your competence. I also agree with Linda, working part time can have it's benefits too as a source for leads. You need to be pretty savvy at what you do to make it work though and the ability to take calls at your other job is top priority. (Tutoring and yardwork yes, working for a regular company that frowns on "private" phone calls not so much).
Denise
In today's market it's impossible to be part time. Holding a deals together takes 24/7 dedication.
I beg to differ.
Your definition of being successful seems to mean having x number of deals completed within a given timeframe (even though you didn't explicitly state that), and that an agent can only accomplish that by doing real estate 24-7 (well, minus family time, personal time, sleep, etc.).
When I started back in July 2007, between that time and the end of the year, I had three deals completed. My broker was impressed, even though I was "part time".
Although the next two years weren't as productive for me, they weren't totally wasted. 2008 was spent planting seeds and reaching our to prospects, some of which have contacted me recently and I maintain contact with them in order for us to develop a relationship that will culminate in a sale, ot two, or more. 2009 was the great leap forward for me as I became active here in the Rain, learned more about RE than I had in the two years prior and, as a result of the people whom I have met and the tools I have learned, am poised to make this year a stellar year for me...even though my "goals" would not necessarily meet what some would consider success. Let's just say that if I learn anything more from my experiences as an agent, that counts for me as success...If I get more buyers and sellers, that counts as success...when deals close, that counts as success...but not from any pre-set number from others, but my own...
Sorry Jennifer,
I deign to disagree. Our market always had low volume. If you eliminated part-time transitions for newbies no one would EVER enter the field unless they had a buffer of about $400k! No - I'm not kidding. Around here you really need to market yourself. If you can't put $$$ into the business, you are toast. Even top producers are down to 10-20 transactions a year. A rookie is lucky to get a transction before the end of their first year. You also have cost of living that's through the roof. Even living VERY modestly requires about $70k a year and it takes about 5 years to "stick." I don't care what you do - that's what it takes. The amount of investment required to start full time is way too daunting in my area.
Jennifer I read every single post above mine and was dreading the fact that I was going to have to play devil's advocate but I see a handful of people including William and Ruthmarie proudly beat me to the punch. I think William expressed my sentiments exactly so I won't repeat.
I also agree with Ruthmarie as far as barriers to entry and the need to get your footing. When I started in 2006 many brokers that I interviewed said that they didn't know how I was going to "do" real estate part-time and wanted me to commit to full time. Although I didn't say it, I wanted to say "but who's going to help me pay my 3 mortgages, monthly household expenses and credit obligations ON TIME in order to keep my credit standing from going down the toilet.
I've written a few post in defense of part-time agents and I still don't understand the seemingly "hatred" or "putrid disgust" with this class of agents. I think it's disrespectful to denigrate someone because simply because their goals and definitions of success are different from those who work solely as real estate agents (notice that "solely" was used instead of full-time.
I completely understand where you are coming from. Allthough I highly resented what the brokers were telling me when I first started, it didn't take me long to realize what they were talking about. I mean no disrespect here to agents whose sole source of income stems from real estate, but I can't support putting down agents who also have other jobs simply because they have financial and other obligations that not a single so called "full time agent" is going to help them to meet.
I started in 2004, part time. I did not have another job, but had a new baby and put in about 20-30 hours week into real estate. Everyone told me you can't do this part time, you can't do this with a baby. I did nearly 5 million in volume my first year. I worked under a great mentor, held open houses nearly every Sunday and put 200% into those "part-time" hours. I succeeded as a rookie "part time." I also had a colleague at my old firm who did about the same as me, except she actually had another job as well. I had a second child in 2006, started putting more hours in in 2007 (I guess you'd call it "full time"), and have continued to grow.
Doing well in real estate is about determination, common sense, tenacity and resolve. If you have a positive attitude, give it your all when you are working, you will succeed, whether you work 30 or 80 hours a week.
I will admit that it's hard to grow, or get to the "next level" part time, but you can do a decent volume and make a respectable income part time, you just have to set your mind to it.
Let's see... a well meaning, conscientious part-time agent or a rude battle axe that reminds me she's been in the business for 30 years every 3rd sentence...
Case by case in my view. I have part time agents in my company but they work very closely with me and under strict parameters. It is all in their training and support in my view.
Jennifer:
For some people, the only way to begin in a real estate career is to have another job. I feel for them because, frankly, this is how I started. However, it is often difficult for everyone else in the transaction to deal with a part-time agent. Just the other day, an agent snapped at me that she just didn't have time to get her clients' signatures on an agreement when I needed it because it would make her late for her job that day. It was just a reminder that this is really a full-time endeavor.
I started this business part time. I would not have done it any other way. I'm not the give-up-your-job and prays that it works kinda gal. I am sure in everything I do, especially when it relates to my family's viability.
But I wouldn't take 4.5 years to take the 100% plunge. I might do it in 2 years.
Thanks for all the comments - I confess I'm on the road and haven't read every single line, but I will once I'm settled!
But for those who are offended or annoyed by the idea of dissing part-time agents, I hope you'll notice that I did not, even one time, criticize anyone for being part time (although I, too, have had bad experiences with agents who did not have time to hold up their end of the bargain. And of course, I've had negative experiences with full-timers, but that wasn't the point of this blog).
My point was not to start a debate as to whether part-time agents deserve to live ;-] but rather to ask new agents and pre-licensees to truly think before they half-heartedly enter a field where most fail. IF YOU CAN'T AFFORD TO DO IT WHOLE-HEARTEDLY MAYBE NOW IS NOT THE TIME TO DO IT.
I must admit that I'm perplexed that it's a controversial statement to say that you're probably be better off committing 100% to your new career (and your future adoring fans) than NOT committing 100%!
It's not the right type of market for part time efforts. As a broker owner, I do not hire part time agents. Why? because I do not want to do their job and mine too. We have to work even harder today than ever before. I guess if they would work on a Team it might be the exception and could work, but certainly not independently, now that is just my opinion.
Jennifer , what's really become frightening about this issue is a large number of new agents have recently entered the real estate world as dual career, with absolutely NO INTENTION of EVER going full time !!!!!!!! They will be a half baked agent their entire career, skim the cream off the top and be our industry's weakest link !!!!!!!!!
Jennifer, you know my story. But for those who don't, I was working a full-time accounting job when I got my license in 2007. I reduced my hours immediately and had the flexibility to do both for the first year. And I also had a husband with health insurance & much-needed extra income. Was I successful? The clients I had didn't know that I had other 'duties'. The other agents I worked with didn't know I had a part-time day job.
We ALL have other duties - families, pets, homes. There are full-time agents with babies who are crying for them, and they still have to let that phone call go to voicemail. This career is wonderful because of that very flexibility. Full-time or part-time...I still believe it's the competence of all parties involved that will make or break a transaction.
For the record, I've now been 'full-time' for 18 months...and I've had more business since making the break from the corporate job. So in theory, I agree Jennifer! But if I had waited until I could afford to do nothing but sell real estate, I wouldn't be here today. And I wouldn't have met some of the greatest clients a realtor could dream of!
BTW, cool graphic!! : )
Jennifer I might add that while you were very gentle in your post, far too many agents speak about part-time agents with such a vengeance. I just don't understand it. It's almost as if they feel threatened in some way. I think the greatest concern among agents whose sole income comes from real estate is that part-time agents level of service may be diminished. If I am right, then this is not a problem that is specific to agents who have other jobs. Therefore perhaps the discussion should be about service and giving 100% (which does not always mean time, but effort as well) and be inclusive of all agents.
In that same breath, there are many agents who solely engage in real estate (perhaps far more than part-time agents) that:
If the rule is still 80/20 (20% of agents do 80% of the closed transactions), then I would think that far more full time agents would dominate in the areas that they are most concerned about.
I'm with J. Philip on this one: "Let's see... a well meaning, conscientious part-time agent or a rude battle axe that reminds me she's been in the business for 30 years every 3rd sentence..."
I don't think part time agents help us or the clients the majority of the time. They do siphon off a significant portion of the business though.
I totally agree with you Jennifer!
Real estate rookies need to spend a lot of time learning about all the things they don't teach you in RE classes :
It's tough enough for us "oldies" to stay current with all the constant changes, but adding another job to the daily calendar when you are starting from ground zero makes it almost impossible to succeed.
Hi Jennifer,
I think it is extremely difficult to get started as a part-time agent. When I was just getting started I had way more to do than could be done in full-time hours just trying to learn the business, the area and develop prospects. Even getting past the initial stages, I made a flip to actually being busy with clients. I still don't seem to have enough hours in the day. I can't imagine trying to do this part-time.
OTOH we have a part-time agent in the office that works with a niche market. Seems to be working ok for him.
I like how you phrased this with being surprised that anyone wouldn't want to commit 100% to their success.
If we can't commit to a level of work effort and knowledge acquisition then there should be no surprise when the failure rate is as high as it is. If you look at the stats that say how little on average people make in this business and how few transactions they do you realize there is not enough room for so many people to be doing this kind of work. I think the low barriers to entry provide false hope to people that they can make this work as a secondary part of their life.
Someone recently said you need 50 transactions to be competent and while that number might be high for my situation, I agree that it's only with immersion in all aspects of the business that I can get any better at it, that I can recognize the anomaly immediately and react to that because the rest of the daily business becomes second nature.
A great phrase in early training was:
You begin as unconciously incompetent. You become conciously incompetent. Then you move into conciously competent and lastly unconciously competent. The whole cylce takes about 2 years (and it's for any job not just ours)
If I think back along 5 years now I can see how each deal added to that level of competence and it was with more of them happening at once with complications in each that I realized how much better I was at handling real estate, not just "doing real estate when it suited my schedule" This is a job and people depend upon my skill level to help them. I can't develop my skill unless I have time to commit.
Competent agents do react as though they are threatened because they are handed a cast of characters they have no control over and if the other agent has not had enough experience to recognize the signs of trouble they can tank the deal for everyone with their missteps. This harms me and harms my clients so yes, I think there is a right to fear the unqualified. Note I didn't say anything about how many hours they work.
I think I've stated this elsewhere that it still boils down to a question of quality of agent and you either have it or you don't no matter how many hours you work during the week. Whether you are part time or full time doesn't matter a whit. I juggle momhood, wifehood and the demands of my job and would do so in any profession but have to be prepared to meet the demands of this job and the financial requirements.
As far as the comments that say if they didn't have the other job they couldn't do this work then my blunt response mirrors yours. It's either not the right profession or the right time. They have to have available hours in the day to do this job as well and the hours a real estate transaction will suck up are well known! Then you need to add the time for daily education, market knowledge, seeing property every day, networking to bring in new business, understanding financial markets. Shoot, there's not enough time in the day for me to get all this done and I have no other job!
There is an enormous start up cost that won't be paid back for some time and the ongoing need to spend $$ will always be there whether it is to compete with the rock star agent or to market your seller's property. Without capital to invest there is loss somewhere, either to the seller's disadvantage or to the agent's who can't get a foothold in the marketplace they wish to serve.
If I wanted to start a bakery I'd need cash and time. Why is this business any different?
I think you are dead on in giving advice to new agents that they really look at the time commitments and understand what is involved now and in the future to be successful. Some of the "battle axes" should probably take the same look :)
I am a part time agent. Got my license in June 2009. I have another business as an insurance broker that I have run for nearly 10 years. At my busiest time of year, it is very difficult for me to work on real estate. My ulitmate goal is to do real estate full time and insurance part time, but that will take awhile. Being an insurance broker brings me residual income. Since I am the owner of my other business, I have tons of flexibility in my schedule. I am not the kind of person who does shoddy paperwork and just because I am part time doesn't mean I would change.
If I were full time, yes I would have probably had a sale by now. When I look at the people I started with who work full time in real estate, they have had transactions, but I can assure you they are not making as much money as my insurance brokerage did last year.
Not to mention that in the San Francisco bay area we have a 12.6% unemployment rate right now. Could that possibly effect the market?
I'm not giving up. I may be slow to make a sale, but when I do, I wil be very good at!
Hi Jennifer, I guess I have to say that while I would have Loved to throw caution to the wind, leave my original "career", and dive in head first, it would've been ugly for a long time. Besides the financial obligations, my wife would have flat out killed me if I did that! She's the kind of person who doesn't like the risk side of things. I, on the other hand, love a challenge and would Love to "prove everyone wrong" and throw the dice. In hindsight, I would have lost. And lost a Lot. The house, credit score, maybe even my family. I'm glad I went "part time" to start. Part time being about 60 hours a week, in addition to my other job. Watching videos, listening to audio and reading tons of books (yours included!) until well after midnight, then getting up at 5:30 for work. Spending breaks and lunch hours always on the phone, making sure everything was being taken care of. Changing clothes in my car, while Driving. (I don't recommend this, by the way). Things are pretty good now, so I really can't complain.
Thanks for the post and good luck to everyone. Full and Part time alike!
YES yes yes. I feel the same way. The hard part is when someone wants to go full time yet cannot afford to cut the cord with the day job. You either need a savings account to keep you afloat, or a way to wean yourself off the day job.
I think Renee's suggestion is a good one, and I agree that experienced agent's are far more likely to do well part time than rookies.
I think its all about what type of person you are. If you are a hard worker who puts the time in, then you can create a decent career out of part time real estate if that is your goal. It will be very hard to transition from part to full time real estate for most people as they do not want to let go of their security of a paycheck. If you desire to be a full time agent, you really need to rip off the band-aid and jump in, otherwise I don't think you will ever transition from part time to full time.
Jennifer - great article on such a "touchy" topic! I started off 2 years ago as a part-timer but found it necessary to give it "full-time" attention.
Doing business with a part-timer is a nightmare and I don't recommend that kind of practice. I don't think that practicing part-time benefits you in any way unless you have a real solid base of leads. You tend to lose touch if you're not in there all the time and taking it seriously like a real business.
I appreciate you rpost and believe in it wholeheartedly. It is something I have been struggling with as far as continuing Real Estate - unfortunately I have two special needs children and a husband who owns his own business so needless to say even though Real Estate is my only job - it's not. Thanks for giving me the answer that I think I knew all along! Maybe Real Estate is not for me.
What percentage of agents nationwide make their total family living in this business? My guess is less than 15%. What do you think? The nice part of the business is that you can make it what you want. My wife and I are full time, but most of the agents we know have other sources of income and do not work "full time".
Bridget - I don't want to drive you out of the business if that's not what you want, but sometimes figuring out that it's time to do something else is the best thing that could ever happen to you!
Steve - If someone doesn't want to make much money selling real estate and won't be frustrated (or financially devastated) by not experiencing the success that is possible, then sure, it's fine for them to dabble (although I must agree with others that it probably doesn't serve their clients properly). But most new agents come into this business wanting to make a go of it and if that's their goal, their best chance of it is to fully commit.
But it's scary to think that it's "okay" to dabble in a career that involves such huge sums of money... hmmmmm... might be another post coming out of that thought...
Rookie agents usually go one of two directions: up or out! Either way is fine - what's unfortunate is that so many of them could have made it but didn't have the right coaching/mentoring/support networks to help them succeed.
What we learned in the licensing classes have absolutely nothing to do with real estate sales and success. Unfortunately or not - it's also easy to get into the business of real estate - $1000 (or less in some areas) and anyone can do it if they can pass the test. Let's also acknowledge that most companies will take any new agent and simply hope they succeed or at least do something every once in a while so they can make money. Most companies do not spend money training their agents (either experienced or new agents) and do not spend any money on the agents in general... they may say that they do, but when you really look at the numbers, they do not.
Rookie/New agents need to realize this and get some kind of coaching and training to really make a successful business.
As for part time vs full time - it really does depend upon that persons specific goals, but you cannot make it in this business very easily as a part timer. You haven't committed to the success and time required as a part timer - you still have an "out" and really don't have to succeed.
Success in real estate is actually very simple for a rookie agent (notice that I didn't say easy!):
1) create a business plan and develop your goals
2) implement 2 forms of lead generation (there are some inexpensive categories here)
3) block out lead generation time - critical
4) do not deviate from the plan
See... simple... not easy!
Rob - thanks so much for your long, thoughtful comment! GREAT stuff! I think you have your own blog there...
Hi Jennifer, first off, I loved your book, I joined AR just recently and was so glad to find you here :)
I think Real Estate career offers you flexibility but in turn demands certain actions that you just cannot afford to forfeit. Simple things like answering emails and jumping on the phone when it rings. Yes, we might have a crying baby, so we jump on the message left, and call back as soon as we can.
I think the major obstacle is, that you have to be "on call" all the time. With regular job, be it full time 9-5 or part time noon to 3 or whatever, you finish your hours, you punch out and you are done. You don't have to do anything, worry about anything, even think about anything. (Unless you are a teacher and have to prepare lesson plan and correct homework. But I guess you all understand what I mean ). And even if you have a great broker / mentor, you still have to think for your self, how to market yourself, how to improve. Sit and read ActiveRain archives for example, when kids are asleep, using up your every available minute.
Now, when / if you know well enough what you are doing, you theoretically can do it part time, I guess...
Anyway, it was a great discussion, and I very much enjoyed reading it. Thank you for opening your can of worms, Jennifer :)
It's my pleasure Jennifer - anytime! Yes I do and also an external site with info, downloads, etc. (www.AgentBrokerSuccess.com)
I've been a Rookie agent twice (moved after building a business for 3-4 years... oh what fun) and both times sold over $12 Million. It's actually a simple (notice I didn't say easy) path, but I do believe anyone can do it if you follow the right steps. I put together a free training series specifically for Rookies here: http://10MillionInYour1stYear.com
Good luck!
Some of you are so full of yourselves. That is the real reason the general public doesn't care much for Realtors.
One asked, "Would you hire a part-time brain surgeon?" Duh!!!
Oh yeah, real estate is like brain surgery! It is so incredible difficult how can anyone but a superstar do it?
"The part-time agent did not get the buyer's signature!" says another. This "another" should ask the buyer not to go to work that day to get the contract signed. Did you think of that??? Did ya? Better yet: there are things called computers in this 21st century. There's also this wonderful communications technology called the Internet! You can send files to be electronically signed! Holy cow the newer generations don't care for condescending, supercilious behavior. They prefer the convenience of technology. There's also this other great thing called texting. You a need another new technology called a cell phone for that.
"It's a nightmare to work with a part-timer because I'm such a sweet stud and I know it all." Suggestion: forget about that deal. You have so many deals that are worth it, why bother?
"I can't imagine how a part time agent can adequately serve their clients. They're too stupid and I'm so smart. I don't even sleep serving clients 24 hours in a day. That's why I make hundreds of thousands a year."
Did you know that part-timers even write books? I bet you didn't.
Just continue to be superstars and let the part-timers take the unworthy business you will not take.
Athletic full-timer: "I am like a barracuda in the water. I swim because I jumped in and nature took over.I'm like Aquaman."
Narcissistic full-timers: "I am God's gift to Real Estate. Part-timers are like dog poop that I accidentally run and step into."
Egoccentric full-timers:"I have so much quality service in my blood and that it is coming out of my ears. My DNA is just superior to that of those slobbering and mentally challenged subhumans who attept to work real estate part-time."
Arrogant full-timers: "My big mustache can provide better service than a dozen of part-timers put together. I spit on them. I really want to help my clients because I can rip them off and then spit on them too."
Part time or full time both really need to meet the same basic requirements.
I think that they both need reasonable availability. Neither should be available 24/7.
If you are a buyer's agent, you need to be available when your buyers need you. Most agents schedule their buyers around other appointments, so anyone can do this.
If you are a listing agent, you need to be available when your listings need you. Someone may be doing their listings a disservice if potentials buyer can't get information or through their buyer's agents.
Secondly, they both need updated knowledge or the market, forms, and proceedures.
I used to work at a big office, and we had a part-time agent who did not have a lot of availablity or knowledge. She would do a few transactions each year. She partner up on each transaction with knowledgeable agent like myself to make sure that everything was handled. This worked out good for everyone.
I would like to find a great part-time agent to help me out right now.
Hey All, I am a rookie agent but have a very part time job as a restaurant manager at night on the weekends. I have come to realize that even though I have my work week free (MON-FRI) to devote to real estate, I still need my SAT and SUN mornings free to do open houses and show clients. I feel that if someone wants to have a part time job, they should definitely put real estate as their first priority and try and keep a set schedule for your part time work that would be most beneficial when they do have clients....its a tough start but hopefully we can work ourselves out of part time....
I agree with the need to be fully committed. Its a mindset that pushes you towards success. I'm new at this so I know nothing - Ok, less than nothing. But, I would like to add that I think it is equally detrimental to go into this with the idea that "I'm going to give this 6 months, or 9 months". Like being part time, it keeps you from being fully committed. When I started, I was also working part time at another job. I worked for a couple of months at both jobs. It has been a month and half since I quit my part time job to focus on real estate, and I have seen a tremendous difference in my attitude, and my progress in learning what I need to know. Full time is the way for me.
What is full time? What is part time? I know part time agents that put in more hours then many full time agents I've seen. I am a full time agent but also own rental properties that I do repairs on myself because it saves me money and I enjoy it. Does that make me part time? The thing about this business you will never run out of work to do but the key and challenge is to make your work productive.