Think Twice Before You Let Your Real Estate License Lapse.
Don't let your real estate license lapse because things are slow....I'm constantly communicating with real estate agents who are making the difficult decision to let their license lapse. Remember, you are a qualified professional who has a lot to offer the real estate industry. I remember back in the day....me and a fellow agent would smile at each other and say, "We have a license to make money." Well, that hasn't changed!
You still have a license to make money. The only challenge you have now is figuring out where the industry opportunities are, since listing or buying properties are on the down swing.
It may not be a bad idea to look at ways to reduce your monthly expenses. Some brokers are reducing or prolonging the payment of office fees. A number of agents are making the decision to get their broker license. This will allow them to hold their own license and not be responsible for paying ongoing office fees in a down market. Remember, you can always hook back up with your broker when the market gets better.
Did you know that most of the business and professional skills you attain as a real estate agent can be transferred into other areas besides property listing and selling? Well, YES THEY CAN!
Lets look at areas where your license and experience can really be a benefit to you in today's market:
1) Real Estate Technology Representative - When sales are down, smart, innovative business people and leaders look to good technology solutions. This in turn helps keep things moving more effectively and efficiently by embracing new I.T. products and services. Have you ever thought about the I.T. vendors who went out of their way to present their products or services to you and your fellow team members during your weekly office meetings? I definitely remember sitting through, what I perceived at the time as, boring presentations. Most of the people presenting, really didn't have a clue about what our business was about. The ones that understood usually captured our attention or made the sale.
These types of companies are still hiring account managers and sales executives. You would think, since they are developing products and services for the real estate industry, they would love to have someone like an experienced licensed realtor on the team that really understood the industry they are targeting. Hmmm.....just a thought.
I recommend you look at technology companies that market real estate web development/application services, global/national/local web referral portals, IDX services, search engine optimization services, etc. A number of these companies offer attractive salaries, base + commissions, and independent contractor opportunities.
2) BPO Business - Due to the current market conditions, REO and FORECLOSURE services are in demand like never before. Banks, lenders, and third party companies request BPOs (Broker Price Opinions) for the purpose of getting an in-expensive valuation of their property.
This can be a highly profitable business for Commercial & Residential Realtors. With each "drive-by" BPO paying an average of $50 and taking 30 minutes to complete for the average residential property and $200 and up for commercial properties, it is easy to understand how quickly this can turn into a lucrative business.
3) Business Brokering - Most real estate agents are not aware that they can do more with their business license than help people buy and sell real estate. There's this very lucrative business out there called business brokering, whereby agents assist clients with the valuation, sell, and purchase of small to medium size businesses. Most states require, "GUESS WHAT," that the agent representing either party must have a real estate license. The commission earned on business brokering transactions range anywhere from 10% and up. Right now, this industry is mainly dominated by males. Also, the majority of the small to medium size businesses bought and sold are done with owner financing. That's right! Can you image closing an awesome deal with no banks or institutional lenders at the table?
There's a reason why most states require business broker practitioners to have a real estate license....GO FIGURE... maybe it's because of the knowledge you obtained when you worked your ass off for your license!
I don't have all of the answers. I'm just attempting to shed a little light on what seems to be a very challenging time for real estate professionals. Sometime we have to think out of the box. If this information was helpful, please let me know.
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