Thought about getting into the Real Estate industry lately? Check out these 5 things that you should know before beginning your career!
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Real estate is an industry where you get back what you put in. That brings up an interesting question for new real estate agents.
Should you sell real estate part-time?
It’s possible to work as a part-time agent if you have kids, want a job in retirement, or are trying to transition from another career. In some cases, it may even be the best way to get your feet wet. You just have to know what you’re getting into before making that decision.
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How long does it take to close your first deal and get paid? About two months - if you’re lucky. That’s precisely the reason some new agents choose to work part-time.
You’ll have some money coming in until your first close, but remaining part-time could end up costing you in the long run. The National Association of Realtors analyzed income data from 2016 and found part-time realtors make $8,550 a year on average. Full-time realtors that work 60 hours a week pull in $93,400.
Clearly, the time put in translates to higher earnings.
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It’s only natural that buyers and sellers will question whether they should work with a part-time real estate agent over a full-time agent. Some will even question your capabilities simply because you choose to work 20 hours a week rather than 40 hours.
Be prepared to explain why you only work part-time and why you’re every bit as capable as a full-time agent.
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Just because you work part-time that doesn’t mean you clock in and out at a specific time. When you’re an agent you have to accept that clients will want to contact you at all hours of the day. If you aren’t available or can’t respond promptly your clients may get testy.
You can circumvent some of these issues by being clear about your availability up front. But keep in mind, in today’s fast-paced real estate industry being unavailable for part of the day could mean the difference between getting an accepted offer and missing the opportunity altogether.
Source: Unsplash @Rawpixel The best advice seasoned pros give new part-time agents is to find a real estate team to join. Working as part of a team gives you more of a safety net since others can make appointments for you or take calls when you’re unavailable. You may have to split the commission with team members, but the alternative could be no commission at all.
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Unfortunately, some brokers are less inclined to take on part-time agents. Brokers invest a lot of money on administrative services, agent development, and getting leads. They make their money back by collecting a portion of the commission. If a broker thinks part-time isn’t enough to make that possible you’ll have to keep looking.