The value of your time

By
Real Estate Agent with Coldwell Banker Dynasty

   As real estate agents we see our time as valuable. No matter how poor or rich we are we all have 24 hours in a day. The rich people just know how to make better use of their time to multiply their money.

   Last month while at a large real estate conference, the coach was having us do some math on how much more money we would make if we focus learning the Expired script and add 2 - 4 expires per month to our transaction. After dividing our additional annual income to the time to master the expire script (about 3 months at 10 hours/week), most agents there could be make from $240/hour - $1600/hour just by mastering the Expired script and add 2-4 expires per month. Don't know about you, but I am up to spend my next 3 months to master something if I can make that hourly wage in real estate afterward.

   Interesting enough, I was at a restaurant last weekend and my waitress is an agent that attended the conference. My question to the waiter is, wouldn't it be better use of her time to improve his real estate skills so he can make more money as an agent? Her response was that it sounds good, but she still have a family to feed. She would rather get the $10 + tips as a waitress than spend the next 100+ hours earning $0.

   She is not the only agent that feels this way and could be one of the reasons why some agents work part-time in real estate doing something that would pay then $30K, $50K, or even $100K or more per year on a 8-5 salary job sitting behind a desk.

   How much would you consider your time worth? Would you consider leaving real estate if you were offered a salary job of $220,000 a year? Something that I am considering right now.

 

Comments (4)

Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Song, Money isn't everything, but its definitely a strong consideration.  If the job offer is something you would enjoy doing, be legal and ethical, I'd feel good recommending someone take it.  Real Estate is a great career, but it's subject to economic ups and downs, whims of banks and sometimes fickle clients.  It will also still be here if that job doesn't work out. 

Apr 12, 2010 06:28 PM
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

It comes down to security vs independence. A known $220K a year is a respectable income for most people (actually higher than a pilot, and even some physicians). Do the same thing - compare how many hours worked for that, and your needs. And pray for wisdom.

Apr 12, 2010 06:49 PM
Renewal Zone
Palmer, LLC - Phoenix, AZ

Maybe the "Ben Frankin close" is what you need right now.  A list of pro's and con's will help you put it all in perspective and maybe guide you to a better decision.  Just a thought...

Apr 12, 2010 07:05 PM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Good post - thanks for sharing and good luck!

Apr 12, 2010 10:01 PM