Real Estate: Full-Time or Freelance?
In India, almost every unemployed young man decides to make a buck by showing a few houses around in the hope for an easy percentage. Truth is real estate is a highly specialized profession that demands more skills than just a smooth talker can muster. So while many suggest that everyone should quit their jobs and immediately jump into full time real estate brokering, there is more to it. What appears to be an incredibly easy result for someone with little or no experience is not for everyone and certainly not everytime. Let's discuss the difference between full-time versus part-time real estate brokering.
Entering into the real estate profession on a full-time basis offers several advantages over a part-time commitment. In order to be successful you have to develop knowledge in many aspects of real estate, and spend more time focused on garnering knowledge of the industry. The more your learn, the more you earn, since you do not need to rely on other professional services or partners for help. You also learn to recognize a deal faster, which gives you more time to do more business or spend with family and friends.
As a full-time broker/Realtor, you work your own hours. Note that "full-time" may mean as little as twenty hours per week if finding deals is down to a precise art and science to you. Or, for the ambitious few you can work forty or more hours and use the extra cash flow to buy properties eve.
The great advantage of being "self-employed" means you never work for someone else and we all know being your own boss is a great asset. Then again being your own boss means being an accountant, clerk, receptionist and office boy all-in-one. At least till you start hiring ad building your own firm. Sounds like fun? It is, once you learn how to master your time and run your business. Being the master of your own life and career is well worth the other hassles of dealing with your own business.
The part-time broker holds a "regular job" until his real estate adventures bring in enough cash to quit the job, when it is not worth the income that it brings. One of the advantages of starting out part-time is that you can maintain cash flow while learning the business. It may take weeks or possibly months to find your first deal. That same deal may take several months to close. There is also the possibility that you may, on the other hand, actually enjoy your occupation. If so, continue to work at it, and broker real estate properties on the side.
The best case scenario, if you are married, is to have one spouse work a regular job. The other spouse can work on the real estate business. This is especially the case for married women that often forego a career and raise a family, only to find themselves with no means of making a living.
Sometimes with a full time job, you tend to have little free time to focus on real estate. That is why it is most important that even a part-timer learn the same skills as a full timer. So give up on your television time, lazy weekends, hobbies and maybe even some family activities to invest time and effort in education. Time spent learning about real estate will bring in rewards. Ensure that the people in your life understand your goals and your plan to achieve those goals. Share your dreams and allow them to participate in the fun process of making money.
People are lured to real estate because of the quick buck that it promises. Don't hold your breath, you won't get rich quick. An "overnight sensation" usually takes about five years. More people who take up a real estate job quit after three months because they don't treat it with the seriousness of a career. It takes months, even years for a business to cultivate customers and have a life of its own. Whether you decide on part-time or full-time, treat it like any other business.