Become full time agent?

[John Warren]

Hi BP Agents!

I have held my license for a little over one year now. It has been going very, very well, and it looks like I may make almost as much as an agent this year as I will from my base salary as a music instructor. My question is, should I look to go full time as an agent, or should I keep it as a side business.

Pros: I have done almost no marketing, and my business has been all relationship driven. I have even started working with people that are not in my direct circle of influence, but who are one step removed.

I also have low expenses and keep 100% of my commission minus a small fee. This has allowed me to spend very little to hold my license, and has made this year very profitable indeed for my first year!

Cons: My sphere of influence is strongest about 50 miles away where I grew up. I could get a lot of business going there, but then I have a long commute to do any work!

I have had very little business where I currently live, mostly because I have been here for only four years. However, I am settled here and will not be moving close to where I grew up.

So what would you all do? Keep the license on the side for another few years? I have a stable day job now, but I like the idea of being my own boss and potentially making much, much more income.

[Russell Brazil]

Downturns in the market dont affect good full time agents much.  The downturns tend to force the part timers and the marginal agents out of the business. The rest of us who are established are fine. Sure we might make less in a given year, but we are not struggling to pay our bills. The market crash from almost a decade ago is actually what made me make the move from being a part time agent to a full time agent, though as a part timer I was probably doing more business than the marginal full timers. 

I will say this though...it sounds like with your commission split that you may be with a smaller brokerage....during down times those places seem to get squeezed a bit more than the brand name brokerages.