Is it Your "Right" to Dabble in Real Estate? Well, of course it is... but should it be?

I have just experienced this on a short sale I wrote an offer on....I dont' credit her for getting it negotiated...I believe it was her Seller who apparently called and hounded the bank...when the letter came in we got a verbal on Thursday and was told that we would have a letter by Tuesday....It was Wednesday before she faxed over a letter that according to the fax info on the top of the page..it came in on Monday!!!   I was so annoyed...

It has been a hard few years....and I considered getting another  job over and over....but every time I came back to ...."if I am working some where else...will I ever get my real estate business back on a successful path?"   

I believe that dabbling in real estate part time is very difficult and frustrating for everyone....a lot of great information at team meetings is missed, and it is very stressful, especially if you are new, to not have answeres to what a lot of us find basic.   I don't know if they ever can then transition into full time agents...I think there are exceptions...don't get me wrong....but I think they are for the most part exceptions rather than the RULE!~

Thanks for a great post!

I see a middle ground here, Jennifer.  I think a good agent can dabble in the actual selling and buying of houses but not in all of the background work that goes into being a really knowledgeable agent, i.e., checking market happenings every day, previewing homes, taking continuing education courses, blogging and/or reading blogs (or whatever other form of self-education one follows), getting updates on what's happening in the mortgage industry, aligning ourselves with more partners, etc.  It's this background work that makes us good agents.

That being said, if one were to do this sort of dabbling, when we do get a listing or a buyer, we need to be able to throw ourselves into it 100% at that time.  And I don't know how people do that if they also have another job, unless that job too is also flexible.  When you've got a real live client, you can't dabble in being available. -- Tanya in Montreal

Yes it is their right. Is it a good idea NO. As long as the industry maintains the 1099 contractor business model it is going to be a fact of life.

Unfortunately some sellers just don't get it. Their brother in law has a day job and does real estate part time for friends, so they need to "keep it in the family".

Jennifer - While I understand your comment, "If someone doesn't do something very often, they probably don't have the expertise and knowledge to do it well, even if they give it their "all." ???", even if you've done something hundreds of times, that still doesn't make you an expert.

For me, this current market has been an incredible learning experience.  Having started my mortgage career in 2001, I had never seen a market like our current one.  Even though I had many years of experience and tons of mortgage transactions under my belt and was good at what I did, when the mortgage industry tanked, I struggled to keep my business afloat. I didn't have the experience or knowledge to know how to survive a down market.

If I was going to stay in business, I had to learn to change and adapt to my new reality and when I did, my business started to pick back up.  I'll never go back to running my business the way I used to.  Having survived a rough patch, I learned a better way to work and I like it and this will be the way I operate from here on out.  I would never have learned this lesson had I not made a change; I was forced to but I'm glad I did. 

"Out of adversity comes opportunity" 

Ben Franklin

What I would like to know is "where are all you terrific agents at when I am doing a deal?"  I am on the other side here.  I am a dreaded part timer.  I know, someone kill me. 

This is what I have experienced in my short time as a Realtor,

The other agent not answering the phone when I call.  Not responding to offers in a timely manner; Surprise when I follow up; Told I am too aggressive and I need to be patient; Tracking down the Buyers agent for needed addendums; Total lack of respect from those who have been in the business a long time; Not responding to counters;...etc....etc....etc....And this all from Full Time agents who are experienced!!

I can agree with some of your responses somewhat in that, it is hard to work with an agent that is not FULLY committed to their clients.  I disagree whether that agent has to be Full Time or Part Time.  In the many, many posts I have read about Full Time vs Part Time there are always comments about there are the "few" part timers that are the exception to the rule; however, I seem to have experienced it the other way around. 

It is my personal belief that whether you choose to do this business Full Time or Part Time, it is your personal level of commitment that matters.  I have chosen to do this business Part Time for now with the intent of Full Time later.  My level of commitment to my clients however, is always 100%.  I have never had a complaint from other agents or my clients on that fact.

That is the nice part about the business... And a bad part all at the same time.. I have a blog bouncing in my head that I will post soon... but I am letting the steam blow away before I do!

Jennifer: that's the beauty of our economy. People are free to choose which agent they work with. If you don't care that your agent is a part timer - so be it. I for one, would always chose a prolific and well-established agent. However, if I knew personally a part-timer who was trustworthy and sharp, I might give him or her a chance.

It comes down to competence. 

I had an issue this week where a high-octane full-timer was pracitcally STALKING me over contracts.  These go over to the legals once we have settled the terms in our area.  Calling me five times a day over a signing that was taking place by long distance and contracts that required revision was NOT going to make things go any faster.  I know time is of the essence....but me pestering the attorney is only going clog up his day and is counter productive. 

Point is - sometimes - those who call themselves professionals go overboard. "She didn't get back to me!" Yes, because you've been stalking me over issues that I have no power over several times a day for a week now! Rest assured when I know something I'll CALL..The other thing is like the boy who crys wolf - I'm not likely to be as responsive when a REAL issue comes up.

Another point - I had a real part-timer who had been in business for years work with me on a small transaction last summer.  She was WONDERFUL - she knew what she was doing - never overdid it.  Knew her business - but if she does $1million in sales a year - that would probably be a lot for her.  I've had full -timers who bully and push and shove - calling it being "proactive."  There is room for PT & FT but the bar to entry has to be raised.  that will get people who don't care about the transaction out of the picture.

Hi Jennifer,

With all the changes and diligence that must be kept to represent a buyer or a seller..the dabblers scare me and usually those produce transactions with the largest problems and unhappy clients.

Sorry, I may not be clear.  I'm drawing a line of distinction between part-timers and dabblers.  The true dabblers need to go. But I'll take a good part timer over a so-so full-timer or an overboard full-timer any day.

Jennifer - I have seen some of the strangest escrows in the past two years that I had never seen in the previous six.  For example, the other day, one of my buyers opened escrow on an FHA flipped property with <90 days seasoning and a 150k difference between the current sales price and the acquisition price.  Never had a transaction like this in my eight year career simply because up until 2.5 months ago, FHA didn't allow flipped homes.

Last month, I picked up three new clients, three generations of women who are looking for a triplex  another first for me.  Last year, I had some streamline 203k's, which are also a relatively new program for this market.  I could go on but I think you get the picture. 

The bulk of my business is FHA and dpa programs and pretty much always has been.  Even though I have years and years of experience and knowledge about my market and industry, I am still learning new programs and experiences and new ways of doing business and I love it.

Jennifer, I would submit that the industry participants, including the agents, brokers and NAR, all work to build a reputation of the industry (as they should) that is not necessarily an accurate reflection of the industry.

As long as this difference is something the paying customer base ignores, these types of concerns will remain allowed and even encouraged by the real estate industry. 

The priority is rarely the paying customer for most (but not all) of the agents.  The low odds on having repeat customers contributes heavily to this "look out for me" attitude over "take care of the customer."

Dabble is not the word for me. I either don't do it, or when I do, I make sure I'm the best..... When I started this business part time, it was not a dabbling case. I clearly knew what I was doing. But along the way, I changed course - which turned out wonderful.... No regrets. As you've known, I have no regrets starting part time. Just wished I moved on to full time sooner.