Tips, Pros/Cons of Being a Real Estate Broker (as a single mom)
Hi, allow me reintroduce myself. My name is J-U-L-I-E. Julie Granahan. Also known as Real Estate Travel Mom. I have been a mom for nearly 8 years, a Real Estate Broker for 10+ years, and a world traveler for my lifetime (I will let you guess how long that is).
I got the first itch for real estate at the young age of 24. I was taking classes at the local community college, not quite ready to jump full time into college, when my older sister got her real estate license. I was immature, never had a real job, and thought it looked, "fun." So, I, too, studied for the exam, and took and passed it on my first try. And then, BAM, I was a licensed Real Estate Agent with zero experience. I quickly learned it wasn't all fun, and in fact, very, very hard. I worked as an agent for two years before I decided I was ready to go to school full time to finish my degree. So, when I was 26, I quit real estate and enrolled in the University of Washington, studied Journalism, and graduated with honors when I was 29.
Four years later, I started dating a man who ran his own real estate company, so after some encouragement from him, I got relicensed. The economy was in the pooper then, though (2009, shoot, did I just give you insight on how old I actually am??), so my career the second time around lasted less than a year.
In 2012, after searching for houses with an ex partner, I decided to give real estate one last go. And here we are, in 2023 and I am still at it.
Since 2012, I have sold over $260 million in real estate, which equates to over 400 homes. I have worked for Windermere, Keller Williams, Redfin and COMPASS. I have learned new skills, I have negotiated tough deals, I have had record breaking months (sold 16 homes in June 2020), won numerous awards, established myself as local expert, and become part of a nationwide network of top producing brokers and distance athletes.
My best years, 2020-current were done as a single mom with no outside help.
I cannot imagine having any other career. I love what I do. I love my clients. I love learning. I love the thrill. I love winning. I love so much about it.
But is it the right career choice for YOU, single mama?
I do love what I do, and most of it is great, but it is challenging, time consuming, unpredictable and stressful. It is certainly not for everyone. Let me weigh the pros and cons for you.
PROS:
Flexible schedule. You don't have set hours, so you work when you/your clients need to work. This means, for me, I am able to drop my kids off at school and pick them up at the end of the day. I volunteer at my kids' school. I go on class field trips.
Simple (but not easy) to get started: study for, and pass the real estate exam, and find a brokerage where you want to hang your license. I recommend meeting with several to find the best fit. It might make sense to join a team at first to get your feet wet.
There is no limit to the amount of money you can make. It is a sales position, so the harder you work, the more money you can make.
It is rewarding work. Finding someone their first home, or their dream home, or helping them sell a home so they can move closer to family or for a dream job all are feel-good deeds that fill up your emotional cup.
It is an exciting career! You learn A LOT. No transaction is exactly like the previous one. No two people are alike. You are constantly learning about not only real estate, but also about people and their personalities.
If you like homes, you get to look at them every day.
Your clients often become your friends!
Your kids can be your assistants (if you have made friends with certain clients, it might be okay to bring your [well-behaved] kids along to a showing. I would never recommend bringing your kids to a first client meeting, however, and/or a meeting at a client's own home).
CONS:
You don't know when you will get your next paycheck. You are an independent contractor, and only get paid when you close a deal. Sometimes deals fall apart. Sometimes you don't have any active clients. It is feast or famine, so you need to prepare for this both financially and mentally. The rule of thumb is to always have 6 months of income saved.
You often have very needy clients who want to see a house NOW, and if you have your kids, you either need to find a sitter, or bring your kids.
The flexible schedule is mostly positive, but can also be inconvenient: a buyer wants to write up an offer during dinner/bedtime/something personal you already have planned. I have had to cancel plans to tend to clients. You are always on-call. You work evenings/weekends. You work when everyone else doesn't work.
Although you are working under a designated broker, you are still running your own business, which means you are in charge of EVERYTHING: medical/dental insurance, cell phone, paying taxes, marketing, finding leads, everything.
It is a very competitive industry, and some agents are not very nice. You need to have thick skin, and be willing to work very hard to break in.
Steep learning curve. Real estate brokers are the closest professionals to attorneys, and there are a LOT of forms to learn.
Can feel very isolating. You work for yourself and you often work from home
Above all you MUST have a very strong work ethic. You don't have a boss telling you when to work and what to do. It is helpful if you have a big sphere of influence, and if you don't mind telling everyone you know you are new to real estate. Everyone knows SOMEONE who is thinking of buying or selling.
Becoming a Real Estate Broker can be a great career choice for a single mom, if you have the right mindset. Remember: you get out what you put in. So, if you are willing to work every minute you can at the beginning to get the ball rolling, you will probably do just fine.
TIPS:
Find a brokerage that feels good. You want to like your designated broker. You want to know there is support when you need it. I also recommend finding a brokerage that has an office not far from where you live. Although you can work from home, being in the office around experienced agents is exactly what you need at the beginning.
Find a mentor. Find an experienced agent you can lean on while you learn the ins and outs of the real estate world. Find someone who has the time to answer your questions, lets you shadow them, and has a good work ethic.
Join a team. If you join a team at the beginning, you will be surrounded by more experienced agents and have a "boss" (team leader) who will feed you leads. Being on a team feels less scary and less isolating.
Look into Redfin as a first brokerage to work. They have a different business model: their agents are all salaried employees and receive excellent benefits. I worked here for 6 years and absolutely loved it.
I really cannot imagine having a "real" job where I have to be in an office from 8-5 every day. I love the flexibility, the room for unlimited growth, the possibility to make as much money as I want, the challenge, showing my kids I am a "Mom Boss," the clients who become friends, and all of the amazing homes I get to see every day. For ME, this is the best career choice. And my kids think it's pretty cool, too. :)
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