If you’re thinking about a midlife career change, you’re not alone. According to Zippia, a career guidance company, an astonishing 65% of American workers are actively searching for a new full-time job right now. And the average age that Americans change their careers is 39.
The societal upheaval caused by the Covid-19 pandemic only served to increase the amount of self-reflection that was already happening in the U.S. Many Americans used their increased down time to revisit their priorities, particularly with respect to control of their schedule and work/life balance. And for those who put a premium on such things, a career change to real estate made a lot of sense.
Real Estate: The Perfect Midlife Career Change Choice
There are a number of reasons why real estate is an especially good choice for a midlife career change. Here are just a few:
Easy to Get Licensed
Real estate is one of the best career paths to transition to when you’re ready to make the switch due to its flexibility, freedom, and the fact that almost anyone can be a real estate agent. All you need to do is get your real estate license. It takes a little grit — as all things worthwhile do — but if you want it bad enough, it is definitely within your reach.
It Fits Your Season in Life
Whether you have kids or you’re an empty nester, the typical 9-5 office schedule may not be what you’re looking for anymore. Now, that the kids are older or out of the house, you likely don’t need to be home on evenings and weekends as often. Getting your real estate license is the perfect opportunity to create a schedule that best fits your current lifestyle.
You Already Have Valuable Experience
As you’ll see in the statistics below (showing previous jobs of Texas REALTORS®), you can transition to real estate from pretty much any career or background. Many of the same principles you used to be successful in those careers will apply here as well.
Additionally, chances are that you’ve moved a time or two… that you’ve bought and sold a property or two. That experience alone has given you great insight into how you can be of service to the clients you’ll be working with. You have been in their shoes. Don’t underestimate your life experience. You are qualified to do this!
Making a Midlife Career Change to Real Estate: What New Agents Say
To get a better understanding of those who made a career switch to real estate between 2019 - 2021, Aceable conducted a survey target real estate agents that switched careers right before, or during, the pandemic.
Here’s some of what we learned from their survey of over 600 qualified respondents:
92% of people surveyed felt that COVID created more incentives to pivot into real estate
42% switched to a career in real estate out of a need for additional financial support
46% switched due to an increased need for flexibility due to family care
46% switched because of the opportunity they would have to help others
41% felt burned out from a previous job
45% wanted a career where they could work remotely
Perhaps, the biggest takeaway of all was that 84% of respondents were happy with their choice to pursue a career in real estate.
Find out more about why so many people find real estate to be a great career fit for them.
Making a Midlife Career Change to Real Estate: What the Numbers in Texas Say
According to the 2022 Texas REALTORS® Member Profile report:
The median age of Texan REALTORS® is 55
Real estate was the first career for only 2% of Texan REALTORS®
Previous careers of Texan REALTORS®
15% from management, business, or finance
14% from sales or retail
The typical Texan REALTOR® has eight years of experience and are certain that they will remain active in real estate for at least two more years
What should you take away from this information? The knowledge that you’re not alone, and many fellow Texans have successfully made this same transition.
One Real Estate License; Many Career Choices
Obviously, a real estate license is a prerequisite to operating as a real estate agent or broker. But is also is a great asset to have if you’re considering one of many other midlife career change choices.
Here’s a small sampling of those:
Escrow Agent - An escrow agent is a neutral third-party in a real estate transaction who is responsible for holding escrowed funds the buyer turns over between the signing of a sales contract and the actual closing on the house.
Additional training specific to escrow work is required, but a real estate license provides a great foundational understanding of the roles and responsibilities of everyone involved in a real estate transaction.Real Estate Appraiser - A real estate appraiser’s primary duty is to determine the market value of a property, usually for the lender as part of the loan approval process. An appraisal is much more indepth and comprehensive than is a comparative market analysis (CMA) prepared by a real estate agent for a client wanting to buy or sell a property.
While a real estate license would definitely round out an appraiser’s understanding of the industry, those going into this field are still expected to complete the specialized education required for an appraiser license.Foreclosure Specialist - As an employee of a lender, a foreclosure specialist will be responsible for processing the substantial paperwork involved in property foreclosure. Their smooth and timely handing of this paperwork gives the lender the best chance at recouping as much money as possible from the new buyer.
With a real estate license already in hand, the new foreclosure specialist will come to the job with a good understanding of the finance and foreclosure laws applicable to their state.Real Estate Marketing Specialist - A real estate marketing specialist is responsible for promoting the businesses and brands of the brokerages and real estate professionals they work with. This can involve the creation and maintenance of such things as brochures, flyers, business cards, websites, blogs, email lists, and social media accounts.
The old adage, “write what you know about” applies here, and there’s no better way for a marketing specialist to acquire that knowledge than by getting their real estate license.Property Manager - Property management is a niche in the real estate industry that many real estate licensees are drawn to. A property manager has the primary duty to the property owner of protecting the owner’s investment and maximizing the return on the property. They accomplish this by doing everything that properly maintaining the property and finding and keeping happy tenants entails.
Over Is the Perfect Place to Start
So, you’re not a fresh-faced college kid anymore. That’s okay. You’ve traded in a few years for valuable experience and insights that have set you up for success for this next step: a midlife career change in real estate!
Want to get your Texas Real Estate License? Begin your Pre-Licensing Course today!
Updated 11/14/22