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Old 02-27-2007, 12:09 PM
 
Location: NC
2,263 posts, read 3,717,407 times
Reputation: 2215

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Hey everyone,

I was wondering if anyone has worked as a realtor as a part-time or even as a second job. Before you scratch your heads or wonder if I'm a dork, let me explain why I'm asking this:

I just have so many interests...I guess I was blessed with an open mind because I've wanted to take part in just about every occupation. Real estate is a field I have wandered into since I've fallen prey to shows such as Property Ladder and Flip That House. I would love to flip a house one day, but I would also love to be that person who introduces a newlywed couple to their first home together, or that family that is upgrading and moving to a new land. I recently applied to return to school for a second Bachelors Degree and will probably go straight into a Masters program when I finish with that. The goal is to be finished with college altogether by my 30th birthday...I have a little more than 5 years to do that, so hopefully all will work in my favor *knocks on wood*

If I were to go into real estate, it would probably serve as a second job because there's never that promise that you're going to even bring home the bacon for a while. Fortunately, I happen to live in one of the hottest real estate markets in the country for the time being (Charlotte, NC), and it doesn't seem to be cooling off anytime soon...so I am cool with working full-time and working with maybe a family a month or so...

Has anyone ever done this successfully? Would I need to work full-time in order to even promise myself one potential client? Anyone have any experiences they can share? I'm not 100 percent sure I'll even go into the field, but I am sure interested in learning more. Thanks for your time and I hope to hear from someone!
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Old 02-27-2007, 12:25 PM
 
3,632 posts, read 11,088,478 times
Reputation: 1185
Well, you will find different opinions on this. Before I became a realtor I worked with many full-time agents looking for a home to buy. They all sucked! The thing with full-time agents is that they depend on you buying a home, so they tend to be more pressured. That was my experience.

I work a full-time job that is very flexible, so I can do RE without too much of a problem. Now if I was on a time clock, that would be a different story. It would be DIFFICULT! You need to have time to do things for your clients. Showing properties, scheduling and being at inspections, going to the title company, etc. These are not things that you can do on the weekends or at night so much. If you can't leave your job early in the afternoon or go in late, then I'd say don't do it. It will be stressful and your client won't like it.

Also, since I have a paycheck coming in already, I don't *need* the sale as much as a full-time agent, so I don't put much pressure on clients and they like that.
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Old 02-27-2007, 12:27 PM
 
Location: Burlington VT
1,405 posts, read 3,321,545 times
Reputation: 523
Terrific question, manofbess -

Real Estate is a very easy business to enter, and even easier to get out of. That's because there's so much to it that simply isn't visible to anybody who hasn't got a few years in. Most people who've gotten Real Estate licenses aren't practicing today, because it's very easy to go broke and fall by the wayside.

It takes a lot of money to get started, and it takes many years to create sources of business which will reliably result in enough clients and customers. In fact that's one of the chief things that isn't obvoius to the new real estate licensee - your primary occupation for many years is most likely to be FINDING business, not conducting business. And whenever you find yourself conducting business (woo hoo - buyers to show property to all weekend!) the process of aquiring new business stops.

There are ways around this (including some most people would never dream of) but they require a real committment of time and money for a few years - and this is extremely unlikely to happen part time. You can do something else part time - but Real Estate is going to take time, effort and money you didn't know you had...

Please feel free to let me know if you want more ideas.
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Old 02-27-2007, 03:14 PM
Status: "No, I am your favorite agent." (set 5 days ago)
 
Location: South Metro Denver for 25 years
8,668 posts, read 19,313,007 times
Reputation: 4399
There is only do or not do. Try is a word that means maybe if I fell like it, and it's okay if you don't feel like it.

How are you going to attract prospects?

The only successful people I know in this business are teachers...they are free every holiday, weekends, afternoons and all summer during the busy season.
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Old 02-28-2007, 09:46 AM
 
Location: NC
2,263 posts, read 3,717,407 times
Reputation: 2215
Thanks for your responses, all. I guess this is a controversial question and there's a mixed consensus. If there are some, like you, sablebaby, who can handle doing this PT and working FT, then it can't be impossible.

For others who say go for it FT, like you, 2bindenver, would you say it's best to go at it full force, then later on down the road maybe go PT if someone wanted to pursue that other career? That way one can build a solid reputation, references, and prospects?

I just want to see the pros and cons of doing this. Again, this is not set in stone....right now, it's just a basic idea that may or may not go into action.

I would also like to hear from some of you Charlotte-area realtors...I know you're lurking the boards and have posted in this forum It'd be great to hear from someone close to home who has an idea of how strong the market is and will be.

Thanks, everyone...I hope I'm not asking too much!
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Old 02-28-2007, 02:23 PM
 
Location: Tennessee
198 posts, read 590,434 times
Reputation: 49
From my experience, you really have to be in it full time. When I deal with part-time realtors...I can tell the difference. They are generally less confident, not up to snuff on the market....I would not want that reputation.
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Old 02-28-2007, 03:02 PM
Status: "No, I am your favorite agent." (set 5 days ago)
 
Location: South Metro Denver for 25 years
8,668 posts, read 19,313,007 times
Reputation: 4399
Default NAR Study

Study: Real Estate Is 'Dream Job' for Many
http://www.realtor.org/rmodaily.nsf/...News2007022702
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Old 02-28-2007, 03:22 PM
 
8,322 posts, read 22,481,894 times
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I went the part-time route in a "hot market" for a number of years, while also working on another full-time business opportunity.

RE can be done part-time if you have the networking connections to bring in business, and the time available to provide full service to your clients ... when you have a client to work with.

I got into RE because I was buying/flipping houses for myself, and was not satisfied with the overhead expense/service of the full-time "pro's" in the area. At the time, Colorado required that a RE license be hung at a broker's office, so I found a sympathetic broker who would have me as part of his staff at no charge to me. Of course, I had a hefty com split with him on any deals I brought into the office ... so it was "found" money for him if I brought something in. Our arrangement worked well for the deals I brought into the office.

But, as mentioned above, a major portion of the "work" in real estate is finding clients to work with. Without a client, you're not listing or showing a property which will lead to a deal/com. All of the expenses that you then incurr to then work with a client come up front out of your pocket ... vehicle, travel, communications, marketing, etc. ... without any guarantee of a return on your time and investment. Even in a "hot" market, there's still only a few "top producers" and a lot of "also-rans" in the RE business (who may or may not be making a living at it). The best producers I knew didn't need the income, having retired from other careers ... they had the time and resources to provide good service for their clients, and when they wanted to take time off, they could.

Part time RE worked for me because my other business required finding the same client base to sell my products/services. In time, however, my "main" business dominated my time/effort/energy and was more productive for me, so I dropped out of RE. Had RE been the better producer for me, I would have dropped the other service business.

Be aware that there's a lot of people full time in the business who are chasing the same group of prospects you are, but they're advertising heavily, networking in various groups, and so on. To compete with them (especially just starting out) ... you'll need a marketing "niche" or a good advertising budget to aquire clients. How you perceive your ability and situation to find and aquire clients will really determine the answer about the practicality of doing this for yourself.
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Old 03-01-2007, 12:27 PM
 
Location: NC
2,263 posts, read 3,717,407 times
Reputation: 2215
Thanks for the link, 2bindenver....it's good to know that RE is an enjoyable field, as is teaching/education, which is my next route

And thanks for your response, sunspirit, as well as the others...I'm sure others have wondered if working as a realtor PT is feasible and may not have wanted to ask, so I'm sure they appreciate your time, too! I guess for now I'll keep RE in the back of my mind and continue to read and learn about the field...I requested some literature from a RE company a few weeks ago and I'll keep it, just in case I win the lottery or something and can find more time to build up prospects and come up with the money. I've enjoyed reading everything y'all have had to say...thanks so much!
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Old 03-01-2007, 12:38 PM
 
Location: Tennessee
198 posts, read 590,434 times
Reputation: 49
I got my real estate license when I graduated college. At that point all I wanted to do was teach (which I did for 11 years). After 11 years, I was ready for a new challenge and went into real estate. At that point I had made many contacts in the community and knew the area pretty well. I had also really learned alot from working with the parents of the children, and was pretty confident..... Just thought I'd give you something to think about.
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