By: Christopher Toste
4 Things You Need to Know Before Jumping Into Real Estate Part-Time
Tags: Real Estate, Toronto, Realtors, Home Buyers, Home Sellers, Real Estate Market, Homes, GTA, Selling a Home, Home Selling Tips, Top Rated Realtor in the GTA, Buy Real Estate, Buy Home, Houses for Sale, Neighbourhood, Community, Part-Time Realtor, Full-Time Realtor, Commitment, Flexibility, Registered Realtors, Issues, Expectations, Lack of Experience
Many of us know someone who is a licensed realtor in our circle of family and friends. In these cases, many of the realtors work on a part time basis. I often receive requests from part-time realtors for advice, and my answer is always the same; I love my job and I could not imagine doing anything else for the time being but this is not a part-time gig.
The challenges a realtor works through on a day to day basis, along with the experience of time spent on finding and closing deals is what truly sets the full time real estate professional apart from the realtor on a part-time base. With the recent hot market, Ontario has seen the number of registered realtors double and many of those are part-time looking at cashing in on the market.
Here are four issues that you can possibly run into when working as a part-time realtor.
Finding a broker that is willing to commit to you when you are not willing to commit to the business can be an issue. You need the time to focus on market trends, values, and inventory and sold listings. Many brokers will find it hard to justify the potential loss in profits by having sales representatives only half into the market.
Scheduling will be a challenge; whether you are talking about appointments or offer presentations. With an aggressive market that we had, a realtor needs to stay on top of it all and quickly. Meaning the turnaround time needs to be on point and communication needs to be promptly with clients. Many times, a delayed reaction could mean missing a client’s dream home opportunity. It is important that a realtor is available to a client at all times. With a part time realtor, their schedule is not as flexible.
- Accessibility and Flexibility
A part-time realtor may not be able to fully serve a client and will have to bring in a colleague to help, which means sharing your income. With lack of experience comes with an array of issues such as not being able to see flaws in a house for your clients when buying and not having the negotiation skills to best help your clients. In addition, not knowing protocol or proper real estate etiquette can also affect the sale or buying process. Every deal is different, and lack of experience can have a negative impact on the outcome!
- Lack of Experience
Unrealistic expectations happen often and burn out happens quickly. The real estate industry requires long nights and weekends. It is hard to find a balance with friends, family, spouses and personal life. This could mean that clients could be left behind if a realtor decides to leave the industry.
At the end of the day, the full-time experience can make all the difference in the world to you as the client. As a full time, realtor and proud member of the elite, feel free to contact me if you are looking to buy or sell as I would be honored to help you!