Are you starting to wonder if it’s time to quit real estate?
I firmly believe that anyone can be successful in real estate. But it is a demanding and challenging industry. For some people, the trade-offs required to be successful in real estate simply aren’t worth it. And that’s okay!
Choosing to quit real estate doesn’t necessarily mean you’re “failing” or “giving up.” It simply means you’ve come to the point where you would rather pursue something that may be a better fit for you. There’s no shame in the pursuit of happiness.
But many real estate agents are extremely conflicted about quitting real estate. These agents want a successful real estate career. And they’re willing to put in the time and effort required. But for some reason, things just aren’t coming together.
Before you quit your real estate career, we have seven questions you should ask yourself. Maybe you’ll find a solution that will allow you to keep building your real estate business. Or maybe you’ll find that it’s time to move on. Either way, you’ll get a bit of clarity so that you can move forward with confidence!
7 Questions to Ask Yourself Before You Quit Real Estate
Here are the seven questions you should answer before deciding to quit real estate (or continue with it!).
1. What Are My Specific Issues with the Real Estate Industry?
Before you can decide if you’re ready to quit real estate, you need a clear idea of what’s not working.
Take just a moment to jot down your frustrations. Some of the most common issues include:
- I miss the stable income of a 9-5.
- It seems impossible to find new clients.
- I spend too much time on tasks that don’t turn into sales or income.
- I’m tired of working evenings and weekends.
- The industry politics are disheartening.
- I’m not getting enough support.
But you may have entirely different reasons.
2. Do I Have a Problem with the Whole Industry or Just with My Brokerage?
Take a look at the issues you just itemized. Are these industry-wide problems? Or are these issues within your brokerage that could be mitigated or eliminated by switching brokerages or starting your own brokerage?
Having a brokerage that meets your needs as an agent is critical to your success in the industry. Maybe you could try moving to a new brokerage before you decide to quit real estate.
3. What Would I Do Instead of Real Estate?
If you decide to quit real estate, what will you do? Would you retire? Be a stay-at-home parent? Pursue another career path? How would your alternative plan compare to real estate?
It may be helpful to create a pros and cons list for your possible alternative(s) to help you understand what you would be gaining and losing by switching paths.
4. Are My Expectations and Goals Reasonable?
If you were expecting to make six figures in real estate working part-time, you probably need to adjust your expectations and redefine your idea of success in real estate.
According to the NAR Member Profile for 2021, the average REALTOR®:
- Works around 35 hours per week,
- Earns between $43,000 and $54,000 per year (before taxes),
- And completes 12 transactions.
These statistics give you a general idea of what to expect as a real estate agent. But when you’re setting your real estate goals, you’ll want to focus on leading indicators rather than lagging indicators. This means that you base your goals on things within your control rather than on the result.
For example, what would you need to do to close 12 transactions this year? If you can typically convert 5% of your leads to closings, then you would need to generate 240 leads to close 12 transactions. If you take two weeks of vacation per year, you just need to generate five client leads per week to hit 240 for the year. So your goal would be to generate five leads per week.
With reasonable expectations and smart goals, you’re more likely to enjoy the process of pursuing those goals.
5. Am I Committing Enough Time to Lead-Gen?
Many new agents are shocked to learn how much time and effort are spent on lead generation. Even experienced agents spend a good chunk of their day digging for new leads. It probably feels like you’re always trying to find new buyers and sellers. But if you’re being honest with yourself, how much time do you set aside every day specifically to concentrate on lead-gen?
Look, if you hate generating leads (and you don’t have the budget to buy leads), it’s possible that real estate simply isn’t the right fit for you. But before you make any rash decisions, consider a few alternative lead-generation methods that are a whole lot more pleasant than cold-calling and door-knocking:
- Social media. You can gain an organic following for free leads, and you have the option to run inexpensive ads as well.
- Blogging. Ideal for agents who want to generate passive leads from website traffic! Blogging regularly (once per week or even just once per month) tells Google that your website is active and relevant. Plus, the more posts you add to your site, the more content you’re giving Google to index. This means Google is more likely to be able to recommend your site to buyers and sellers who are searching for the information you have on your site.
- A Renter-to-Homeowner Program. This is one of my favorite ways to gain a competitive advantage for first-time buyers.
Need more ideas? Check out my Giant List of 75 Brilliant Lead-Gen Ideas!
6. Do I Have the Right Systems in Place?
As a real estate agent, you’re also a business owner. And being a business owner comes with some level of systems management. If you don’t have the right systems in place, your job becomes infinitely harder.
So before you decide to quit real estate, take a moment to evaluate your existing systems, including:
- CRMs (Customer Relationship Management). Maybe you’re able to manage your CRM on a simple spreadsheet or maybe your extensive network would be better served with a robust system like Liondesk.
- Social media management. First, you need an inexpensive, user-friendly design program. I use Canva Pro, but you can try the free version of Canva to see if that meets your needs before upgrading. But planning your social content and creating your posts is extremely time-consuming. So you might choose a content creation system like DRIP that creates ready-to-publish posts for as little as $9/month. Or maybe it’s time to hire a social media manager to completely take this off your plate.
- Accounting. Again, this can be managed with a spreadsheet, but a system like Freshbooks will make your life a lot easier.
- Hiring and training admin. How long can you do it all yourself? At some point, it will make sense to hire an admin or virtual assistant. And when that time comes, you need a system to hire and train your new assistant.
7. Can I Supplement My Income by Adding a Relevant Service to My Business?
One of the most common reasons agents quit real estate is because they’re not generating enough income to keep going.
Maybe you’re a relatively new agent who needs to make money while establishing your new business. Or maybe you’re susceptible to a slow market where people just aren’t buying or selling like they used to. Either way, a supplemental income stream can help.
The ideal income stream will support your business, not detract from it. You want people to think of you as a real estate professional, so becoming an Uber driver or part-time barista could hurt your brand.
Instead, consider any of the many supplemental services you can offer as a real estate expert:
- Leasing/Property management
- Property tax appeals for homeowners
- Credit repair for buyers
- Estate sales
- New home photo shoots
- Transaction coordination
- Notary
- Real estate content writing
We found over 55 ways to make money in real estate. So don’t let a little cash flow problem keep you from your dream career.
Should You Quit Real Estate?
If you’ve been through these seven questions, and you don’t feel better about the direction of your real estate career, maybe it’s time to quit real estate. No shame! Now you can move forward with a career you love!
But if these questions have you thinking that maybe your real estate career is worth extending, I challenge you to do one thing TODAY that will improve your business. Set a new goal, recommit to lead-gen, change one of your systems, or decide on a new income stream to add. Choose an activity that will make a difference in your business and take action!
