Is it unwise to put my Real Estate license into Referral Status?

Question

I was told that I would be simply giving up my potential clientele to another agent for a few hundred dollars, while the other agent makes a few thousand. I am working 11am-8pm at my full time job. I was considering going into real estate part time, but just figured that it would not work. Would becoming a referral associate be wise or can I make part time sales work?

Answer 1

Working part time in real estate before 11 am & after 8 pm may be difficult. That may leave you with only weekends to meet clients & show property. If you have a family, it's going to be especially tough.



If your license is on referral status rather than hanging it to work part time, you can receive referral commissions. If you refer enough business, it can be nice bonus money to you that you would not otherwise be entitled to not being licensed or inactivating your license.



It's up to you if you can make it working part time. There are not many clients that would want to wait until after 8 pm to view homes. Sellers also may not be too keen on showings after 9 pm, if they have little ones or their agent requests them to leave the home for showings.



You have maybe until 10:30 am (depending on what time you need to be at your full time job), but many times, you can't just cut a buyer off at 10:30 am and apologize that you need to go to your "other" job. If you worked with a partner, this could work out if you needed someone to cover any appointments or clients that run over the scheduled time you have to spend with them.



Your weekends are perhaps free, but as mentioned in the first paragraph, if you have a spouse/significant other and also children, you may find yourself spread too thin. Guilt sets in as you feel you are spending more time at work and not enough time at home with family matters. You run late for soccer games, picking kids up at school, scheduling doctor appointments, etc. (perhaps you have an older child that can assist with household chores, picking up or caring for younger siblings)



It can be done, but it's not without a good stable base at home, a more than understanding spouse and kids and the patience of a saint on your part.



You can always go referral status now & things may change in the future where you have the time.

Answer 2

I suppose this might work for some, but if a person comes to you and you just refer - how many people are going to come to you, they surely are unlikely to come to you again. I think this would only work for someone with a lot of relatives. Doing real estate part time doesn't work very well for most. Clients expect their agents to be at their beck and call.



I love doing referrals, it is the easiest money going, but there is no way I can get a steady stream of them (and I have quite a few relatives).

Answer 3

Lyndsey, Go through with it and dabble for a year or 2. Most of my agents are part timers and have other full time jobs. Some of them make an extra 50,000 to 60,000 a year just doing a few deals a year. It's also a good way to learn the business without the pressure of HAVING to make it work. Enjoy it! It can be a very fun career!

Answer 4

What is the cost of keeping it in active status?

That should answer your question.

Personally I would do the part-time real estate, even if it takes 2 years to get it going. Otherwise you will be in your "real job" forever.