You already know real estate is not just about selling homes. For many agents, it’s essentially running a small business. Like all entrepreneurial pursuits, this path is fraught with risks and uncertainties. The highs can be exhilarating, but the lows, especially in unpredictable markets, can test resilience. This dynamic has led many agents to opt for dual careers, especially in the post-pandemic era where traditional industry norms have been challenged.
The Rise of Dual Career Agents
While it’s true that the pandemic-era interest rates fostered a different kind of market enthusiasm, the transition to more traditional, pre-pandemic mortgage rates has prompted a shift. The ebbs and flows of the market have forced agents to seek out other streams of income to bolster their financial security.
For new agents, especially those transitioning from other careers, the dual path is even more appealing. Having another job ensures they don’t dip too much into their savings while trying to find their footing in the real estate world.
The Challenges of Juggling Two Careers
While two incomes sound better than one, a dual career comes with its own set of challenges:
- Training Gaps: Being absent from regular training sessions can make agents lose touch with market trends.
- Lead Management: Quick responses matter in real estate. A delayed reply can often mean a lost client.
- Client Commitments: Whether it’s home showings or answering client questions, availability during standard business hours is crucial.
- Perception Issues: If your network thinks you’re out of the game, they might choose another agent.
- Motivation and Burnout: Managing two roles can be draining, sometimes forcing agents to choose one over the other.
Tips for Making It Work
If you’re considering or already juggling a dual career, here are some strategies to ensure you stay on top:
- Stick to a Schedule: Dedicate specific hours to your real estate responsibilities. Whether it’s early mornings or evenings, be consistent.
- Maximize Tech Tools: Use your Customer Relationship Management (CRM) tool to manage and nurture leads.
- Embrace Automation: Whether you’re following up with leads or reaching out to past clients, use automation tools. If you want guidance, consider resources like sGrow’s e-book, The Art Of Staying Top Of Mind.
- Seek Flexible Training: Platforms like sGrow offer evening workshops that blend real estate with small-business strategies.
- Collaborate with Fellow Agents: If you can’t make a showing, have an agreement with other agents to cover for you.
- Hire a Professional Accountant: A good accountant can help streamline your finances, especially when managing two sources of income.
- Honesty is Key: If you can’t serve a client effectively, refer them to someone who can.
The dual career path is not for everyone. But for those willing to put in the effort, with the right resources and a resilient mindset, it can pave the way for lasting success.
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