Pros and Cons of A Part-Time Real Estate Career
When you make the decision to get into real estate, one of the biggest aspects to consider is whether you should make it a part-time or full-time career. After all, career changes have their risks and rewards, and this is a major source of income for you. Before starting, consider the pros and cons of a part-time real estate career.
Pros of A Part-Time Real Estate Career
Safer for New Real Estate Agents
We’ll be straight with you – business will be slow when you first become a real estate agent. It takes time to build up a reputation, find your feet, and develop a solid business plan. But you still need a source of income for your daily expenses.
This is why starting your real estate career as a part-time agent is smart. You can treat it as your side hustle while still working elsewhere to make ends meet. Plus, depending on where you work and what you do, you won’t have to worry about finding your own healthcare. These safety nets can be essential for a new real estate agent.
Can Save You Money
Even if you aren’t juggling another job, being part-time could still be the right choice for you. For example, if you’re a parent with young children, you might have to consider daycare costs. You might find it’s more financially sound to only work part-time so you can stay home with the kids.
Sure, you’ll be losing out on some potential sales, but you’ll have to weigh those sales against the monthly cost of daycare. In Massachusetts, the average annual cost of infant daycare is $20,913. That’s a $1,743 bill every month for one child! So unless you’re particularly established and making major money selling houses, you might consider part-time real estate work and saving the daycare cost.
Cons of A Part-Time Real Estate Career
Limited Availability for Clients
The most important part of a real estate agent’s job is meeting with potential home buyers and showing them the houses you’re selling. This means being available for appointments that will work best for clients. When you’re only part-time, this can be tricky, especially if you are juggling a second job or childcare. It can be done, but you’ll have to plan carefully.
As we said, when starting out as a real estate agent, it might be a good idea to be part-time while continuing to work at your original job. The downside is that while this might be good for the bills, you could end up overworked as a result.
Burnout is a problem for a lot of Americans, and when you work multiple jobs, it can be far more likely. So if you can afford it due to having enough clients and income, it might be better for your mental health to only focus on your real estate career and make that your full-time job.
Ultimately, when deciding whether to go full-time or part-time for your real estate career, the choice comes down to which option will work best for your lifestyle. New real estate agents might be better suited to part-time while they get established. After a few years, evaluate your success and consider going full-time to make the most of your new career.