Becoming a real estate agent in retirement?

[Carpediem]

DW and I have toyed with the idea of getting our real estate licenses after I retire and becoming a husband/wife sales team. We both really enjoy real estate and currently own a couple of vacation rentals. Plus, we've bought and sold a few homes during our life moves. The area in which we live is a popular retirement spot so we thought we might be able to lend our knowledge and expertise to other 50+ year olds relocating here.

Has anyone else did something similar? What has been your experiences? Pros vs. cons? Highs and lows? Any stories to share?

 

[Amethyst]

Of the half-dozen successful RE agents I've known (and two were a spousal team) they all work their fannies off. All week long and weekends, too!

 

[MRG]

I know a couple of people who have their licenses. No idea if they're actually selling anything.
My sister went into the business 10 years ago. She's always w*rking, Sunday open houses, night showings..... not my idea of retirement.

 

[38Chevy454]

Sounds like work to me, even if the work is something you like to do. Also agree completely that your evenings and weekends will be taken up, and you are on the job all the time or at least availability at all times.

 

[Chasing Retirement]

I have been a successful real estate agent for 41 years, owned a large brokerage, and am looking forward to retiring from the job at age 60. If you want to be successful at the job, it takes a lot of hours and a lot of stress. Not my idea of retirement. I am looking forward to de-stressing my life. That being said, I see a lot of retirees come into the business and "dabble" at it, and at times I feel sorry for the client that has a "part time" agent that doesn't have the same level of commitment that a full time career agent has. Maybe it's different for me because I have been doing the same thing for so long? I also think it depends on your definition of retirement. For me... I'm out soon. Best of luck in whatever you decide.

 

[Amethyst]

Yep, nothing like an agent who's turned off his phone or gone away on vacation, just when things are getting "interesting" with the sale.

Most of our agents have been hard-chargers. We were assigned one guy who was a dabbler. "Here are some listings you might like - you can look up the address and drive by and let me know if any of them appeal to you." We fired him. (Not that I think OP is planning on being like that).

IThat being said, I see a lot of retirees come into the business and "dabble" at it, and at times I feel sorry for the client that has a "part time" agent that doesn't have the same level of commitment that a full time career agent has. .

 

[Persn]

In addition to the work involved, many RE markets have become persistently "low inventory." In my town even the go-getter established agents have a hard time getting listings.

My uncle was a "dabbler" after retiring from a lucrative career in corporate sales (with a big pension). He was an incredible salesman, but I don't think he made any money at all in RE.

I love all things real estate, and bought the books to study for the agent's exam when I retired in 2010. I don't think I have gotten past chapter two. I have done open houses for an agent friend of mine, and I might consider doing something like that again if the opportunity presented itself.

Besides being an agent, there are other ways to be involved in selling homes that may be more conducive to part-time work. One friend started down the path to becoming an appraiser, but found it horribly boring and quit. Photographing homes is another possibility. When we sold our home in 2015 we had an amazing photographer who took daylight and then twilight pictures for the internet listing. Those photos really helped the sale of the home. Unfortunately the "low inventory" problem affects just about everyone involved in the industry, so it is hard to get started, at least in this area.

 

[Big_Hitter]

I heard it's a stressful j*b

 

[broadway]

When we sold our home in 2015 we had an amazing photographer who took daylight and then twilight pictures for the internet listing. Those photos really helped the sale of the home.

When my mom sold her house, the realtor's husband also was a professional photographer. The photos he took were amazing.. I was shocked, because the photos made the house "bigger" and "better" than it was. It is hard to explain. The house sold quickly because it was in a desirable area with or without the good photos. However, this showed me that photos can make a big difference.

 

[hopeisnotaplan]

We have bought and renovated a couple houses in the last few years and made a decent profit. After Fire, we have considered doing the same maybe once a year, but nothing aggressive. Just thinking how much better the margins would be if one of us was licensed saving some commission on both ends. It would potentially open up properties for consideration where the numbers are too tight otherwise. No desire to hard charge the RE sales world or even dabble with actual clients, but getting a license might be a decent option for us in this situation.

 

[Carpediem]

Thank you all for the feedback. After more discussion, we've decided to pass on the real estate agent idea. The comment about the clients having a part-time agent hit home for us. Thanks again.