Should I be a realtor?

Question

Hello all, I have a couple thoughts running through my head. I am currently a registered nurse and have been working for a little over 2 years in the profession. As of 2023, I own one rental property and one primary residence which will become a rental property starting August of 2024. Throughout these purchases, I have grown to love all aspects of real estate. Every bit of the learning process has been enjoyable. With that being said, I have had interest in possibly becoming a realtor. I also have interest due to limits on nurse pay/career trajectory. I would love to here from all current realtors and why they chose to be a realtor. I greatly appreciate any feedback!

Russell Brazil · Answer

87% of people who try to be an agent fail out of the business altogether. Median pay for an agent is well below median pay for a nurse.However if you succeed you can make many multiples of what a nurse makes.Being an agent though is like starting any other small business. The failure rate is right in line with the small business failure rate. (87% vs 90%). The 2 reasons most prominent in the failure of agents and small businesses is a lack of operating capital and a lack of knowledge of how to run a business.

Tyler Lingle · Answer

Hey @Kieffer Vittetow, great question!I was a charter school teacher and made the full-time switch in 2021. My business took off through BiggerPockets / investor-friendly exposure in 2022. Now, I make 4x what I did as a teacher and love it. That being said the variable income / obsession factor is real. Barely a second goes by that I don't think about a component of my business. It's truly the fully-fledged entrepreneurship journey. It's not for the faint of heart but it's thrilling! I'd have a good financial runway of 6 months income established and a clear niche you're looking to build a client base from. The competition is THICK in our industry. If you want to talk more please reach out, I'd love to grab coffee or schedule a call!

Abel Curiel · Answer

I agree with much of the advice here!Give it a shot! You are in a high-demand field and can work anytime and anywhere. Before going all-in, I'd recommend doing 2 things:1. Be sure you have at least 6-9 months of reserves. Most agents close 0-2 transactions their first year and thats IF they work hard to speak with potential clients on a consistent basis. Imagine that... speaking with prospective homebuyers and sellers for 200-300 days out of the year and only closing 0-2 deals.2. Make a list of EVERYONE you know i.e. friends, family, neighbors, co-workers, social media contacts, local business owners, other contacts from your community or sphere of influence. This is where many newer agents get their business in the beginning.All the best to you on your journey!Abel

Julius Clark · Answer

I just made a reel about this! Here are 3 reasons I became a Realtor1) I used to be in furniture sales and loved it when people made a big purchase to chang their lives. I saw real estate as the best way to guide people through probably the biggest transaction in their life. 2) I get to control my time to make sure that the ones I love the most are cared for.3) The experience will help me when I am ready to become an investor myself. (Looks like you've already got this one down though. )

Bruce Lynn · Answer

@Kieffer Vittetow I always say nurses and teachers make the best realtors. Probably a combination of caring and teaching. Plus you are great leaners and understand real estate is a business of continual learning.Nice thing too for you, is that you have a built in network of high income earners that can afford to buy and maybe move frequently. Another weird thing to me is how many doctors hate their jobs and want to transition to real estate, so maybe you can tap into that.I'd say the next step is to study for your license and if you continue to like it, get your license, and then consider if you have time or interest to join a brokerage and start working.

Sean McDonnell · Answer

Sky is the limit if you are able to succeed as an agent! I am generally an optimist so I say go for it, worst case, it does not work out and you still can be a nurse. Best case is you work hard as an agent, build a solid business, then earn and invest more.

Christopher Jason Lloyd · Answer

I think you have the right mindset starting off. No where in there did you say that you wanted to do it as a part-time side money gig. If you LOVE real estate and you are dedicated to making a complete career move, that is the best mindset to get into this business and make the full transition. If you treat it as full time as possible getting started with the end goal of switching over, you stand a lot better chance than someone saying "Ill just do it for side money and if it takes off, ill switch." This business takes dedication and a passion for real estate. Those seem to be the top 2 qualities of most the top performers that I know.Good Luck!!!! (:

James Hamling · Answer

You know what's most amazing about being a "Realtor" @Kieffer Vittetow? It's a business one can readily start and try out, as a hobby! If wanted to try out a different business, you'd have-to leave that current secured job to do it, no 2 ways around it. BUT, in real estate you'd be a fool to do that. I STRONGLY urge you, get your license, dip those toe's in, BUT do it AROUND your current day-job. See how it goes, track everything. When you can match your current income, than it's a viable consideration. Because YES, if your going to "make-it" as a R.E. Agent, yes you'd be able to match your current hourly as a PT agent, even just a 10hr week PT agent. IF you can't manage to work day-job AND R.E. Agent PT, DONT DO IT because reality is to make it in real estate your going to have to do insane hours, grind grind GRIND for probably first 5yrs.The #1 failure reason I see in agents is from work ethic, there simply not willing to put in the work. They are looking for easy. Everything is very simple, it is, wildly simple, but DIFFICULT simple, draining, exhausting, time-demanding. Again, so many i see come in looking ONLY at my revenues and say "I want that" and I say ok, well here is Mt Everest of work you'll have to climb to get it, and they look up at it, spend a few months trying to find work arounds, than quit and go onto something else, chasing "easy". It's NOT easy, I can't say this enough, it's NOT easy. It's simple, NOT easy. So, dip toes in but do it smart, take advantage of the offering, play around PT, learn the ropes, find out all the BS behind the curtain, than once informed make an informed decision. Right now, from a outsider perspective, all you have is slogans and propaganda to go on.

Michael Diossa · Answer

I second this! It's all about the mentality, If you go in with half effort then the results will reflect that. Who know's maybe you do great in the field but just find it's not something you like doing which is okay too.

Christian Ehlers · Answer

Agree with Christopher here, if you just want a commission here or there definitely don't quit your nursing job. But if you want to be one of the best agents in your market and really run a business then this will be better for you long term. Yes you can make way more money as an agent if you're doing well, but the majority of agents (not usually the ones on BP) don't actually make that much and miss the security of knowing they'll get consistent income. Let us know how it goes!