Expert: Diann Tonnesen - 8/5/2011

Question
Dear Diann,

I have been a SAHM for 9 years and prior to that, was in sales (telecom, business info/marketing info sales). I was successful at both, loved sales but am looking for a career where I can set my own hours more since my children will be in school full day 7:30 to 3. I am a go-getter, ambitious and not afraid to put myself out there or market myself. I am excited about the prospect of having my own career again! (I read your bio - I also have a BA in Journalism :)

I live in northern VA - where real estate has continued to do well despite the economy. I am also blessed with a MIL who is a top producing R.E. Agent in a close-by state and has been for many years. I have researched some of the classroom courses for real estate and they are often 6-10 pm 3 nights per week. Not ideal with 2 young children in sports and with homework. I have taken online courses before in writing & publishing and done very well. I am disciplined, dedicated and bright and I am leaning toward doing my real estate classes online.

I have three questions : First, I was wondering what your opinion is regarding online vs. classroom. While it would be nice to have classroom buddies and a professor to answer questions, I have found a mentor at an agency locally that I may work for at some point who I am sure can answer questions I have. I also have my mother in law too.

My second question is regarding the hours: I plan on doing this part time to start. I hope to do the bulk of my "marketing", canvassing and hopefully some floor time during the day to maximize when my children are in school. I also have pets of my own to care for during the day (horse and dogs) and the ability to work from home is very attractive. I know some weekends and evenings are necessary, but one realtor I spoke with told me the days of driving families around for an entire day looking at homes as somewhat gone by the wayside due to technology, clients looking more online. So my question is, am I mistaken thinking I can maximize those daytime hours, show homes/do tours during that time? I am perfectly fine doing an open house on a Sunday (even for other agents to get my feet wet)

And finally, 3rd question: How/when can I start making money? I know listings are the obvious answer, but as an apprentice or starter, do agencies have programs where I can partner with an experienced agent, help them, and earn some commissions handling things they pass over to me? I know my MIL often has new agents handling her open houses which I would be fine doing. They then get a cut if the home sells as a result of an open house visitor.

Thank you so much! I hope this can become a wonderful career for me. Best regards, Linda

Answer
Dear Linda,

I can tell by your message that you have a wonderful personality and would make a great agent! And I am certain you would probably have no problem taking the online courses and passing the test for licensing.

In addition, many firms do have mentor programs that partner rookie agents with experienced agents. A busy agent can always use a helping hand to run errands, attend inspections, process paperwork, etc. Whenever we hire a new agent, we try to pair them up with an experienced pro and both usually benefit immensely.

However, that being said, real estate is not just a career - it is a lifestyle. Clients expect you to be on call 24/7. (It is a total myth that you can set your own hours in real estate. Yes, you can set them, but that won't be convenient for your clients.) Many people can't look for homes during working hours - they want to go out after work, just about the time you would be trying to take the kids to practice or do homework. They will call you at all hours of the day and night and expect you to drop what you are doing. And there is a lot of prep work to do before you even put a client in your car. You have to research listings and preview them to do it right.

It is extremely difficult/impossible to try and do real estate part time unless you are fine with closing only a few deals a year. I would totally disagree with the agent that told you the days of driving people around all day are over. Technology merely gives them the tools to look at ALL their options and they realize how many more they have than they did in the "old days" when agents actually controlled what they had access to!  

Most brokers will hire anyone with a license who is living and breathing just to get those few extra deals a year. They are looking for volume, and the more bodies the better for them. Sadly, the vast majority of agents do not make a living at real estate. (Check out the average income of real estate agents in your area. I think you will be shocked.) About 20% of all real estate agents do 80% of the business, and they put in long work hours to do so.

Personally we don't hire part time agents - we are looking for quality over quantity. Most of our agents put in 50 to 80 work weeks. As a result, they are all actually making a living. And think about it from the client's point of view - would you want someone who is part time helping you make the biggest purchase of your life? Or would you want a full time dedicated professional?

Don't get me wrong, real estate is a GREAT career and can be lots of fun. There is nothing more satisfying than handing over the keys to someone's new home and watching the smiles on their faces. But it takes a ton of work to do it right. And you sound like the kind of person who wants to do an amazing job. You won't be able to do it the way it should be done without the kids taking a back seat. And I can tell that is just not you!     

I am sure this is not the answer you were looking for, but it comes from the bottom of my heart. You will be frustrated and overworked and neither kids nor clients nor you will be happy. Once the kids get to high school age and are driving themselves (and they don't want you around any more because that is just SO embarassing!) would be the perfect time to go into real estate. Perhaps in the meantime you could find top producing agent and be a paid assistant with set hours. (A great assistant is worth gold to a busy agent.) Not particularly exciting, but that would give you the knowledge you need about the industry so that when you are truly ready, you can rock and roll.