The Real Estate Law Podcast

6 - How To Be An Amazing Part-Time Real Estate Agent

May 07, 2019 Jason Muth + Rory Gill Season 1 Episode 6
The Real Estate Law Podcast
6 - How To Be An Amazing Part-Time Real Estate Agent
Show Notes Transcript

In this episode, we're discussing the qualities that make the most effective part-time real estate agents.  If you're considering a side hustle in real estate, this is a quick 20-minute listen that will position you with the greatest chances of succeeding!

People from which professions and phases of life make the best part-time agents?
What are a broker's most valid concerns about commitment and client service?
How does training and mentoring factor into your recipe for success?
How do you balance consistency with flexibility?

You'll hear it right from the perspective of a broker who has worked with (and across from ) both part-time and full-time agents.

Learn all of this and more!

Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast!  

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You found the Real Estate Law Podcast, because real estate is more than just pretty pictures and law goes well beyond the paperwork in courtroom arguments. If you're a real estate professional or looking to build real estate expertise, then welcome to the conversation and discover more at real estate law, Welcome to the Real Estate Law Podcast, episode number six. My name is Jason Muth and I'm Rory Gill. Hey Rory. Hello, how are you? Good. So today we're talking about part-time real estate agents and some great tips to allow people to become successful as part-time agents and some things from a broker's perspective as to what you think that part-time agents could do in order to have a great career in real estate and some of the concerns that brokers have with part-time agents. So we're going to cover both sides of everything.

Jason + Rory:

I have a feeling that it's going to be really good discussion because there's a lot of people that do real estate part-time. Is that true? Yeah. It's a profession that lends itself to a lot of part-time people, because of its relative flexibility in terms of time commitment, and your ability to handle your own business. So we see a good amount of people from all walks of life who want to work in real estate part-time. So we should introduce you once again because people pick up this podcast at various episodes. Rory Gill, you are a broker and a Realtor and an attorney. So I am the Broker of NextHome Titletown here in Boston as well as the founding attorney of UrbanVillage Legal also here in Boston. Okay. And I know this for a fact, but you have part-time employees for both of your businesses, correct? That's correct. Okay. So, maybe we should start with understanding what are some of the things that might be attractive to you as a business owner, as a broker, in welcoming part-time agents aboard? Well, as the broker of a company, my goal is to work with all of those and to build their business to meet their goals. And it's, there are a lot of people who are counted out from the profession, for being part-time agents. But I think we've had a good amount of success with people who have other jobs or other life circumstances that lead them into working part-time. What are the types of people that you think would be really good at being part-time real estate agents in terms of where they are in their lives or in terms of their other careers? We have a few agents working with us now that have good professions that are adjacent to real estate. So the skills and everything that they're doing for their other position lends themselves very well to their position in real estate. And in many cases they're actually successful as a real estate agent because they're able to leverage the expertise and relationships that they built in other fields, related to it. So we see a good amount of attorneys who practice law who build up a good amount of trust a client base. They can do well in real estate. as well as people who have other professional seasonal jobs, like teachers, are kind of a pretty clear example of that. And same thing with parents and caretakers in general. People who are professionals in their own right, but their personal circumstances require some more flexibility with their job. So it seems to me that real estate is a very relationship driven business. 100%. It's not necessarily about knowing where to click on or what to do in a very technical sense. It's about relationships, right? And given the amount of people in the world, I'm sure that a lot of people's circles don't quite intersect as much as we'd all think. I know that sometimes when I show up at a concert or at an event and I think that, I'm one of the few people that likes this thing. Next thing, thousands of people are there. So my thought is that lots of circles don't quite intersect and the fact that they don't intersect is probably a good thing in the world of real estate. Because, somebody can be a teacher. we're here in Boston. Someone could be a teacher or south of Boston and someone could be a new mom west of Boston and someone could be an attorney north of Boston. And all of those people probably have very, very different circles of their friends, their family, their influence,p people who might want to use their services on the real estate side in the very reason that they're successful in building those relationships is because they're active in another profession or just through other commitments. Can you talk a little bit about students? what, what is your experience or what are your thoughts on, graduate students or unldergraduates, doing real estate as well? so there have been many successful students in there have been even more unsuccessful students working in real estate part-time. students' schedules are demanding, and a little bit unpredictable. So well there may be more hours in the week than at a fulltime employee. There are a lot of commitments that extend beyond normal circumstances and attentions, kind of a finite commodity. And we have lost to this quirk in Massachusetts. Really, law school students can take the test without sitting for the class as being what tests the real estate exam for salespeople. Okay. So they can simply for the exam without taking, without taking the class. So is that not the case in all states? I'm, I'm not aware of it. And actually in any other state, wait, you don't know the laws of every single state in the union, sit tight while I Google off of all 49 other states. yeah, I, I would imagine there are some other places that students were probably successful as being part-time real estate agents along with their, their careers studying, which is their job. Right? But think about this from the student perspective. They may not have the same set of relationships that are built out that other professionals who might have when they go to enter the business. So the key difference for students and any other part-time agent isn't necessarily the time that they have available to them, but it's the commitment they're going to take, into building those relationships into building their business. So students might have a different network, people that maybe are younger and looking to rent instead of buy. And that's pretty common here in Boston. You'll see a lot of brokerages that specialize in rentals, targeting the undergraduate population by hiring undergraduate agents. Right. I just think about our neighborhood. We live in South Boston. No one has southeast. there's a couple great parks here in southeast and I, I think about all the moms, dads that are at those parks. And it's, it's, it's, we kind of laugh about this, but in the city, people will, be single in this neighborhood. They'll get married, they'll have a baby able to have two babies and then they move, right? They move out of the city. It's a pretty common trend. Yes. Right. I'm sure it's a trend in many cities. as families need larger spaces to live and raise their kids, have a backyard, picket fence, dog running around, but, where I'm going with this is that the, a mom might have a very influential, a crew of people that, that, that she influences every single day just by, having their kids play together, going for lunch together, going to the park together. somebody that a student might be, completely outside of that circle. A and attorney might be very much outside that circle. Someone else doing part-time real estate who is a teacher outside of the city. Very different circles. So th th th there's no intersection. I mean, the circles really, allow these part-time agents to have a potential client base, right? And it goes for a part-time or full time agents. The best thing that you can do is understand what your circle is, where you have built up the greatest amount of trust and expertise and, really pushed that niche forward. Right? So we're talking to Rory gill with NextHome Titletown in Boston. And we're talking about part-time real estate agents. Now before we get to some of the tips that you might have for some people thinking about doing this part-time and being successful with that, what are some of the reasons why other agencies, or brokerages might discourage people from being a part-time agent or, they might kind of look the other way when a part-time agent wants to join their business? Sure. So there are some legitimate challenges that face part-time. Real estate agents and brokers do have the right to be concerned about it. if somebody is not available all the time, they may not be able to, build their education, build their expertise, put together a marketing plan and stick with it. And it might also not be able to serve the client the same, the same way in his business or client. Expect immediate responses. And if we can't provide it to them, that's going to look bad for not only the agent, but that, that whole brokerage. Very true. So let's talk about some of your tips that you have four part-time agents. What are some of the things that you think might make somebody successful if they wanted to do this alongside of different career? Sure. In the end it all comes down to their level of commitment to the profession, not necessarily the number of number of hours. So they should be able to articulate what their goal is and work with their broker to meet that goal. And even though part of the reason for doing it part-time is that you're not available all the time. You should be able to prioritize office meetings and events. You even though you're a part-timer, you need to be visible in the brokerage. You need to know the other people in the field and the end in your business. What are some of the events that might happen in the office? I mean real estate's a very, it's a traditional business, but it's very non traditional in the sense that, is, is there always a sales meeting on Wednesday mornings at 9:00 AM? so what are some of those events? They should be able to prioritize. That varies. And part of the benefit of being part in, in a good active brokerage is that you have sales meetings on occasion, to help you understand what's going on in the market. burgers take a lot of time to put together those meetings and that content and they're valuable for that reason. So if you're consistently not there, you're missing out on a key benefit for being in the brokerage and something that can help you further your business at the same time. networking events outside the Burke Ridge, they're pretty regular. That's where you meet other people and build connections in the industry and if you're just never, therefore it is going to hurt your business and your ability to be successful as a part-time agent. We were at a networking event last week, and there were tons of people there. I'm sure there was some part-time agents there as well, but many of our part-time agents were there. Right. it's a great way to learn from the speakers who are at the events. it's an amazing way to meet other people that are also doing this part-time or the developers or the people that have related jobs in the real estate world. Yep. Just because you're not able to be there Monday through Friday, nine to five doesn't mean that you don't have to be there ever. and looking around that room, there were plenty of people who were in the business part-time and they were still putting a consistent effort to attend these events. I would imagine that another good piece of advice for part-time agents is to stay connected to events in, in your community. Whether it's a, a city of, a chamber of commerce meeting or whether it's something related to a development in the neighborhood or if there was some kind of community meeting that you could have a presence at where you might see your neighbors, it's probably good to be a bad, absolutely. That the more invisible you are, the better it is to your business. In the same time, if you're active in another profession, be visible in that profession to attend, attend events in seminars and continuing education there as well. That's how you build your network and that's how you'd be successful in both professions. So let's talk about training also with part-time agents. I know that at NextHome Titletown you have a pretty extensive training program that involves both the systems and probably some tactics. I've not been through it, but I know people that are going through it right now. part-time agents probably should be available for that, correct? Right. So if you're coming on for the, in just getting started, you really do need to prioritize the orientation. Otherwise there may be bits and pieces of the brokers and things that you're missing that will help you grow your business and serve your clients. And if you just missed the fundamentals, that's going to be challenging for you to build a successful plan to meet your goals. At the same time, our training is two prong. So part of it happens in an organized group atmosphere, but most of it happens in a, in one on one meetings with me, the broker. And if you can't prioritize that, that's going to be challenged. So even though the hours that you might come in to work with me might be strange and unusual, make the time to come in and sit down and talk and set things up. So let's talk a little bit about the business. So you have a part-time agent, for example, somebody who has listings or clients. What happens when their fulltime job interferes with some of the regular scheduled, occasions where are they also have to spend time with their clients in the real estate side? Right. That's a very good question. And ultimately the responsibility lies with the agent to maintain their own relationships. So it doesn't necessarily mean that you have to be the available at Tuesday at noon to field the phone call. But it does mean that you should have a plan thought, thought through and how to, to manage your clients during that time. That might be mean having a colleague cover for you. That might mean having a transaction coordinator paid to handle some of the, some aspects of the transaction. It might just mean having a conversation with your broker to have him or her back you up during that time. It ultimately it's your responsibility to come up with a plan proactively to, to handle, clients during those times. Not that, you have some full time agents as well, but we're recording this on a day where you actually kind of pitched in and helped with a transaction or help put an offer in today. and that happens, right? I mean like if you're a part-time agent says, Hey, listen, I'm swamped with this. I have to go to this appointment. I'm my Africa to teach his class. Is there any way you could write this up for me? Like as a broker, what, what's your opinion of that? Right. I'd rather have the communication then have that fall to the wayside. Those are big missed opportunities and missed opportunities to serve our clients. Do you ever see part-time agents? Actually, you mentioned a transaction coordinator, maybe you can go into that a little bit more specifically, but would that be somebody that would be hired by a part-time agent? Yeah, so part team agent might hire a transaction coordinator for on a per transaction basis to cover some of the administrative details that go on during the process. So that will allow you as the agent to be there for the key, the key moments of the transaction. And you're still the ultimate count up. We are providing counsel to the client but the person who might need to make sure that the purchase and sale agreement gets a correct initials and signatures on it can be hired out. So my thought is, and we're kind of coming to a conclusion right here of the episode, but people who are listening to this probably are thinking about doing real estate part-time. Like my hunch is that we're going to have some people that are hearing it because they listened to all of our episodes and there are some, they're going to find it because they're looking for information about part-time real estate. And, and here you are, you're listening to this. What, what are kind of the top three takeaways that maybe you as as a broker, somebody who hires people, what would you give a part-time agent if you, you thought, here are the things you should, the top three takeaways for you to be really successful as a part-time agent. first off you should see your other profession or your other commitments as an asset in the whole endeavor. The networks and the relationships that you've built out outside of real estate are going to be essential to your success in real estate. so I would start there by by shifting that mindset. But second, it's going to take a plan and with consistent execution to, to meet your goals. real estate is not going to be available to just at the convenient times. You need to have a proactive plan to meet your goals and that needs to be communicated with your broker and your colleagues. Excellent, great advice. I appreciate that. Rory. Thank you for sharing your thoughts on part-time real estate agents. So we should say, if, if you're in the Boston area and you want to talk to Rory, how do we get ahold of you? if you are interested in getting into real estate full time, part-time or in any other way, I'm happy to talk to you. I'm at next home title, Okay. And your email address is burry gill at next home title, Perfect. my name is Jason [inaudible] and again were a

Speaker 2:

host of the real estate law podcast. We really appreciate your listening. If you've enjoyed this, we would love it if you can give us a rating. I hope it's five stars. we have received some, some ratings already so people are listening clearly. but if, if you like this, rarely ratings to go far and we'd be eternally grateful. So worry. Thanks again for joining us for this episode. Thank you. Awesome. And we'll see you next time. This has been the real estate law podcast because real estate is more than just pretty pictures and law goes well beyond the paperwork in courtroom arguments were powered by NextHome Titletown, Greater Boston's progressive real estate brokerage more at NECC, Tome title and UrbanVillage Legal, Massachusetts Real Estate Council serving savvy property owners, lenders and investors today's conversation was not legal advice, but we hope you found it entertaining and informative. Discover more at real estate law, Thank you for listening.