Quitting and becoming a full time Realtor?

Question

Without taking COVID-19 into account, what things would you recommend a new real estate agent to do if they were looking to quit their current full time job to purse real estate. I have my license but have yet to hang it with a broker yet. The biggest issue is my current job doesn't really allow me to be an agent. I work 50 hours a week and I don't typically have the flexibility to do be able to do both efficiently.

As the title states, what would you recommend for a new agent to do if they were considering quitting their field to become a realtor full time?

Dillon Y. · Answer

@Jake Davis working 50 hours a week is no problem.  As @Cameron Tope mentioned, many of the folks you're working with will also have FT jobs and cannot view homes in the middle of a workday, so you'll be relegated to nights and weekends.  And to Cameron's point as well, much of the beginning of a Realtor's career is spent making connections, cold-calling (god forbid), and getting your name out there.  It's a trope, but real estate is a relationship business that compounds on itself as you generate more and more happy customers.

So keep your job and save up for that 6 months' savings that @Gregory Schwartz called out - that's a pretty standard figure for about how long it takes to see any sort of money coming in.  Consider how long it takes to get your first client, lock them into an agreement, find them a home (or find their home a buyer), and go through the closing process.  A side hustle is another great recommendation.

Patrice Boenzi · Answer

@Jake Davis I quit my full-time salaried job and launched my real estate career. I am a mentor for new agents through my Brokerage. I have seen some characteristics that make a new agent launch fast. It is a personality and you need to have the mindset that failing is not an option. I have seen a few agents go from working full-time to being a full-time agent, but sometimes efforts divided are hard to overcome especially with a steady paycheck coming in. I see new agents struggle when they have a client, but can't answer the phone or do showings because of other work obligations. Now, I am not saying just plow ahead and quit your job. As other have said, you need to have savings and a plan because it can take a bit to launch depending on your sphere of influence and learning curve. The fastest way to launch is pick the right brokerage for you and get a mentor. You should connect with @Abel Curiel he is out your way. Buy him a drink and pick his brain. He is a great agent!!

Gregory Schwartz · Answer

@Jake Davis I just became a full time agent. Having 6 months worth of savings or a side hustle that can sustain you is super important. Here in my 5th month I’m finally starting to get busy.

Abel Curiel · Answer

@Patrice Boenzi thanks for the mention!

@Jake Davis I, too, began as a part-time agent. Thankfully, I was able to quit my job a little over a year later. I'd first recommend you stay in your job until you have 6-12 months of expenses saved up. RE deals don't close quickly and it will take time for you to build up your client base in the beginning.

As far as actionable advice for a new agent:

- Make a list of EVERYONE in your personal circle! Friends, family members, co-workers (current and past), neighbors, and anyone else in your sphere of influence from social and spiritual gatherings.

- Call, text, and email them to let them know you're in the business and you'd like to know 'Who do you know that is interested in buying, selling or investing in Real Estate'.

- Follow up with your personal circle 4-8X per year.- Create new relationships and continue to build on the existing ones. As an agent, the main leads you want to focus on are the HOT leads (FSBO and expired) and the warm leads (personal circle/sphere of influence). Focus on speaking to as many people within a specific time block each day and do it consistently. You'll build up a pipeline of folks to keep following up with who will eventually become buyer, seller, and/or investor clients.

Best of luck to you moving forward!

Abel

Cameron Tope · Answer

Jake,

I would not quit my job until I had a steady stream of clients. It will take a year or so to build up enough clientele to survive. The biggest mistake I see is new realtors think that as soon as they decide to do real estate full time that buyers & sellers are just going to come beating down their door to use them.

Realtors spend a lot of time working nights and weekends so I would try to do what you can while you're working. It's actually a huge advantage to have a steady stream of income while you are a realtor.

It would also be good to start marketing yourself. Follow Dean Jackson and Joe Polish for solid marketing tips and tricks.

Best of luck!

Quitting and becoming a full time Realtor?

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