Real estate is a tough job, and not everyone who becomes an agent is going to want to continue. If you're ready to call it quits, consider looking into these real estate agent career alternatives.
Nearly 4 million Americans walked away from their jobs in July, 2021, a phenomenon labeled “The Great Resignation.”
The reasons for the mass exodus are varied, according to Carmen Reinicke at CNBC.com. Some of them include:
As small business owners, real estate agents can grant themselves all the flexibility in their schedules that they want. In fact, it’s what drew them to the industry in the first place. But it may come at a cost: Less income.
Nobody seems to know the exact churn rate for real estate agents. Tom Ferry, referring to a 2014 NAR study, says 87% of real estate agents eventually leave the business.
If you’re contemplating joining them and don’t have a clear idea of what you’re looking for as real estate agent career alternatives, don’t dump your real estate license.
If you still have a bit of love for the real estate industry and want real estate agent career alternatives, consider starting your own brokerage.
Your first decision will be whether you’ll go independent or buy a franchise. That decision will depend on a couple of factors:
Naturally, these items aren’t all you’ll need to consider, but they do include the basics.
If your main goal is to increase your income, becoming a real estate broker is one way to use your sales license as a stepping stone to earn more.
“According to the United States Bureau of Labor and Statistics (BLS), in 2019, the average annual income for a real estate broker was $163,540.
Have you considered property management careers as real estate agent career alternatives? While there are many factors that can impact a property manager’s salary, the median salary is estimated at $101,956, according to the researchers at salary.com.
Many property managers also receive bonuses and benefits, such as health insurance coverage.
Let’s take a look at some of the pros and cons:
If property management sounds like something you’d like to do, the first step is to check your state’s legal requirements.
Some states require a broker’s license and some want a property manager license. Still others don’t require a license at all. To learn about requirements in your state, check out “Property Management Laws by State” at allpropetymanagement.com.
The bearer of either horrible news or lovely surprises, many real estate agents harbor a bit of a love-fear feeling for appraisers.
Still, it’s a rather cool gig where you aren’t chained to a desk for the entire workday, and that’s why it makes our list for real estate agent career alternatives.
If you’re considering becoming a residential real estate appraiser, consider the following:
Naturally, it’ll feel a bit like starting over when taking the courses required to become a licensed appraiser. Once you get it done, however, and pass the exam, you’re on your way to a new career.
Find the licensing requirements in your state online at appraisalinstitute.org.
There are several interesting career choices within the mortgage industry. Some are a better fit for those who like working with people while others are best for the number crunchers and those who enjoy remaining behind-the-scenes.
Some of these positions include:
Depending on how much college you currently have under your belt, attending law school may be one of the real estate agent career alternatives to think about.
As a real estate attorney, you may still perform many of the more pleasurable tasks of the real estate sales agent, such as advising clients who are involved in a transaction and attending closing as their advocate.
Eight states require an attorney’s involvement at closing, according to octoberresearch.com:
Regardless of the area of the country in which you’ll practice, there are other aspects of a real estate lawyer’s business. “Real estate law covers deeds, property taxes, estate planning, zoning, and titles,” according to Troy Segal at investopedia.com.
The average income for attorneys working in the real estate niche ranks third on the “Lawyers that Make the Most Money” list compiled by thelawpraticedocotor.com.
In case you’re wondering, salaries for the top three niches are:
To get your hands on this sweet gig, you’ll need to hold “… a bachelor’s degree, pass the Law School Admission Test [LSAT], complete a graduate program at a law school accredited by the American Bar Association and pass the bar examination in the state where …” you want to practice, according to Eric Ciechanowski at jobhero.com.
There is no shame in admitting that your real estate career makes you miserable. There is no rule that says you have to stick with it until retirement.
Changing careers is often cited as a life-changing decision. One that many don’t regret. If you feel like you’re in a rut, consider these real estate agent career alternatives.
Not ready to give up the gig? Consider switching to a website that takes the pressure off – LeadSites can help, learn how.
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