Today we’ll discuss the pros and cons of both working in real estate part-time and full-time.
At a career night event I recently held, I was asked by one attendee, “Should I do real estate part-time or full-time?” Given all the flexibility that real estate offers, that’s a great question. It really depends on the individual, but today I’ll explain which option I believe is the better of the two and why.
There are certain advantages to working as a part-time agent. One on hand, you’ll be able to hold on to your day job and maintain a dependable source of income. But on the other hand, it’ll take a whole lot longer for you to start making headway in your business. That’s not to say you won’t be able to sell houses, but only partially committing will delay your progress in the long run. And because you’ll be prone to making mistakes more frequently, having a mentor at your side will be so important.
As a full-time agent, time constraints won’t get in the way of your development. You’ll be able to take educational courses, make more calls, and establish your marketing brand. Plus, if you join a team, you’ll have the chance to hit the ground running and not worry about building your business from the ground up.
The downside is that you’re taking a pretty big financial risk because you won’t have any money coming in. Still, your ‘ramp-up’ time won’t be nearly as long, meaning you’ll have one or two sales per month under your belt within your first six to nine months in the business. In contrast, it could take you two to three years before your producing at that level as a part-time agent.
My advice? If you’re serious about becoming an agent, dedicate yourself to a full-time career and only do so when you have at least three to six months’ worth of savings. This way, you don’t experience any interruptions to your quality of life and you have the wherewithal to pay your bills. It’s not a good idea to be in dire straits financially from the moment you jump into real estate. Potential clients will sense it, and you’ll have an incredibly difficult time building any kind of trust and rapport.
The best thing you can do is build a nice nest egg before you get going with your career. If you have a nest egg, but it’s not quite big enough or you’d rather not dip into your savings, another option is to find extremely flexible part-time work. Uber, for example, might be something to consider. You can drive around for a few hours, make some supplemental income, and still be available for appointments or calls if need be. Whatever you choose to do, make sure it doesn’t eat up much of your time or availability.
If you have any questions or would like to discuss this further, please don’t hesitate to reach out to me. I’d love to speak with you!