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A Real Estate Career - Did I Make a Mistake?

I've been selling real estate full time now for over three years. Most of the time I absolutely love it. But days like today make me wonder if I made the right decision. Being a single mom on 100% commission, with no other source of income, in THIS market....well, it's a scary time.

So, what can one do? I don't ask that as a rhetorical question, I really am asking for any advice, or guidance, or words of wisdom, that anyone, Realtor or no, wants to offer.

Right now, I try to focus on the positive. Here are some of the most positive things about my career choice:

I get to spend more time with my daughter. She's 11. I can already see that 18 and college is going to be here in just a blink of the eye, and then she'll be gone. Right now, for probably a very little while longer, she'll still let me hug her and kiss her in public - although she is starting to do the "Oh, Mom!" with eye roll. Gosh, they grow up quick!
I get to combine several things I really enjoy - working with people, deal-making, looking at houses, exploring Richmond neighborhoods - and if I do it well, I make money doing it.
I have met some fabulous people.
I have had the opportunity to get involved with several organizations which have either enriched me, in education and interactions, or allowed me to feel like I am giving back to a cause I believe in.
I get to set my own schedule. For a natural night owl like me, that means I can sleep until 7:30 and lounge around in sweats with coffee and the morning paper until 9:00, without feeling guilty. And I can do a great deal of work at night, after my daughter goes to bed.

I know it's bad out there for most everyone. I see the sad story of people losing jobs, having to sell their houses, or even worse, losing them to foreclosure, first hand. I'm trying to be the Little Engine that Could, I really, really, REALLY am. But in this market, it's hard not to get demoralized or just d*mn scared to death.

So, should I tough it out? Or try to find a "real" job, with a salary and benefits?

Posted by Melissa Loughridge Savenko on 04/21/2009 09:49 AM

Comments (12)

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12 Comments on A Real Estate Career - Did I Make a Mistake?

APR

Morning Melissa - while Real Estate can offer handsome rewards, it's a business and as such takes time to develop. The key is your personal endurance and cash flow, as it would be no different than if you had Melissa's Florist, etc. Hang tough and best wishes.

Cheers

Only you can answer that question. It is a hard business to be sure and only you can determine if the rewards are enough to out way the risks.

I have a friend who left real estate because she needs the assurance of a weekly paycheck and weekends free--two benefits you cannot count on in real estate. It takes time and money to build a business and your personal situation and priorities will determine your choice.

I think you need to do what is right for you and your family right now and as you see the future unfolding. We all make the best decisions we can with the information we have available at the time.

Dear Melissa, I worked 9 to 5 job for salary and great benifits and left it, to take care of my son and to have flexibility. I'm a night owl like you and every day I used to literally cry to get out of bed by 5:00 as i had to catch train by 7:00 . Now, even though I'm not enjoying my 6 figure income, I have flexibility and time, but not regulary monthly salary. I totally understand your situation, I'm feeling the same way, but will stay more and see what happens. I can not blame on economy or anyone, as I know, due to my son, I'm not doing much prospecting as I should. If you feel, you need a job, I think you should try getting part time and continue here, till you feel comfortable to come back full time. Good luck to you.

Hi Melissa,

I'm a single Mom of a 14 year old daughter. For all the reasons you mentioned above, I have continued in this field. I hope your business turns around so this is an easy decision for you. But, you do need to have food on the table!

As several stated ahead of me, this is a choice only you can make. I know that when I had to ask myself the same question a few years back I had to weigh the pros and cons of each. The bottom line for me was that I could not figure a 9-5 that would replace the income of my RE business. I ultimately decided to dig in and change the focus of my business. It took about a year and I had several odd jobs that I did on the side to struggle through until my prospecting paid off and money started rolling back in from RE. My other saviour was my wife was able to step up and help out through the struggle.

Bottom line, it depends on your situation and your capability of generating business. Good luck to you.

Melissa:

This is a challenging market and those of us that have endured the market of the mid 80's know that this too shall pass. Commission based positions are a challange but there are many rewards to them as well. My pesonal tip is that you face every day like it is a new day and work every day to get new business. Contact those expired listings first thing when they expire, go after those FSBO's. IF your company has a relocation department, make sure that all of your local and out of area Sphere know that you can help anyone that they may know who is moving and utilize that referral network to generate referral income. Keep positive, keep working your business and you will see the fruits of your efforts.

Christine

I'm sure the thought of leaving the business for a steady paycheck has crossed the minds of many of our fellow travelers, me included. And I mean, not just single moms but just regular folks (agents) like myself. The question is, where to go? I love this business more than I hate it. So, for me, I'm going to tuff it out. But here's my advice: Get into an environment of "winning", get into coaching, and surround yourself with the "right" people.

Dear Everyone:

Thanks so much for the advice and universally positive suggestions. I DO love this job, and for a "newbie" I've been very successful to date. I think we all are having days where it feels like "one step forward, two (or three..or four...) back. But I'm going to keep my head down, my nose to the grind stone, and keep workng my sphere and my contacts. This market WILL get better, I think we all just have to have self-confidence, drive, and endurance. Thanks to all for getting me through a "down" moment and for all the great advice! MLS

I made the right choice. I love what I do even in this slow market.

You ask a serious question. This is a business, like any other, and requires consistency and serious thought about "what works" -- it does have a social component, but that isn't the sole thing to focus on. Only you can make the decision about this career, at this time. It is a personal choice. The business is cyclical, and there will always be ups and downs.

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