Are you starting to wonder if it’s time to quit real estate?
I firmly believe thatanyonecan 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 agentswanta 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!
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:
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 tomake six figures in real estateworking part-time, you probably need to adjust your expectations and redefine your idea of success in real estate.
According to theNAR Member Profile for 2021, the average REALTOR®:
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.
