Some days, working in real estate is THE BEST! You close on a high-value deal, you get an above-asking-price offer on a listing, and an old friend calls you out of the blue to list their home.
Some days…not so much. You don't crush the open house, a buyer backs out of a sale, and finding leads feels like pulling teeth.
If you're feeling frustrated, you're not alone. Even the most successful real estate professionals think about leaving once in a while.
Does that mean you should quit real estate? Probably not. Don't let your temporary frustrations push you out of a rewarding field. There are some amazing reasons to stay in real estate!
Why Do You Want to Quit Real Estate?
Be honest with yourself: why do you really want to quit real estate? Make a list. Some common reasons include:
Closing deals takes a while, which means getting paid takes a while.
The reality of what real estate agents do doesn't line up with your expectations.
Changing market conditions means your old sales tactics are no longer working like they used to.
The recent NAR settlement has created uncertainty in the industry, and you’re just not sure how to proceed.
Sit with your list and reflect. Would another career address those frustrations or would they follow you? Would another career path offer the same benefits you enjoy in real estate?
You might realize you don't actually have to quit real estate at all. Maybe you just need a change of pace, scenery, or perspective.
5 Reasons to Stay in Real Estate
You might have a few reasons to quit real estate, but you probably have even more reasons to stay.
1. Unlimited Earning Potential
You can make good money in real estate. According to the Bureau of Labor Statistics, the average agent earns $65,850 per year (that figure includes all the part-time agents, so the amount for full-time agents is even higher). Agents in the 90th percentile earn $113,320.
Plus, there are additional income streams for real estate agents to help you boost your earnings even when sales are slow. Professional listing photography, home staging, and notary services are just a few examples. And, since they are industry-adjacent, they could land you quality buyer and seller leads. If the financial lull between sales is what's making you reconsider your real estate career, these real estate-related side hustles are worth looking into.
2. Multiple Career Paths
Maybe the day-to-day tasks of a real estate agent just aren’t as enjoyable as you expected they would be. Sure, any job will require you to complete tasks you don’t love doing. But if you’re spending most of your day on activities you don’t enjoy, maybe it’s time to switch paths within the industry.
For example, if you love working with people, but don’t love daily prospecting, maybe you would be better suited as a property manager. Or maybe you’d prefer a more professional distance from your clients, which, let’s face it, is difficult to establish when you’re literally in their homes. Maybe you’d be happier as a commercial real estate agent, dealing with retail storefronts, shopping centers, and office space instead of private homes.
With so many options in the industry, you’re bound to find a real estate career path tailored to your needs and wants.
3. The Flexible Schedule
In a recent survey of real estate professionals, 98% of respondents reported that a career in real estate provides strong flexibility. That's a hard perk to find in a lot of other industries. And recent trends show workplaces are getting stricter and less flexible in the post-COVID era.
As a real estate agent, you decide how much you’ll work and when. This is a highly attractive benefit for everyone, but especially for working parents. Kids come with a host of scheduling complications. Dentist appointment in the middle of the day? A sudden illness that requires staying home from school? Extracurriculars that you really want to be there for? Real estate allows you to be there for your family when they need you.
Is the flexibility of real estate something you’re willing to give up?
4. Constant Opportunities to Learn and Grow
Have you ever experienced the soul-crushing feeling of being stuck in a job that doesn't have room for professional growth or development? Real estate is the opposite of that.
In fact, continuing education is a requirement for maintaining your real estate license. So you constantly have opportunities to explore new skills. You might invest some time developing your graphic design skills for new marketing materials. Or you could become an expert on social media marketing. You might even decide to pursue a professional designation from the National Association of REALTORS (NAR), which could set you apart from the other agents in your market to give you a competitive advantage.
5. Rewarding Work and Lifelong Relationships
For most agents, one of the key reasons to join the real estate industry is to help people. Sure, the money, flexibility, and growth potential are all great. But helping a young family close on their first home or securing a great deal for a couple wanting to downsize for retirement is priceless.
Take pride in the human connections you've made throughout your career. These lifelong relationships are one of the main reasons an impressive 88% of agents surveyed reported being satisfied (or very satisfied) with their careers in real estate.
Invest in Your Real Estate Business (and in Yourself)
Don’t allow some temporary uncertainties or challenges to rob you of a career with such high satisfaction rates. Invest a little time in exploring your exact concerns about your current position in the industry, and ask yourself if you’re willing to give up the many benefits of real estate for a different path.
If you decide to stay in real estate, consider a few ways you can regain your enthusiasm for the industry. For example, you could enroll in a continuing education course or specialty training course to learn a new real estate skill. Or you could revisit your real estate business plan to look for exciting new niches or marketing methods.
With unlimited opportunities, there’s a fulfilling career in real estate for everyone!
Updated 04/22/2024