Behind the 'Sold' Sign: Unveiling the Real Life of a Real Estate Agent

Riane: Hey, everyone! Welcome back to Renegades of Real Estate Podcast (RORE), where Shelby Carver and I spill the tea on all things realty. I'm Riane Hysell, and with me is the fabulous Shelby Carver. Today's episode is a deep dive into the realities of being in the real estate game. We'll share why we were drawn to the industry, the costs of becoming an agent, and what a day in the life of an agent really looks like. 

We’re also going to have a special guest join us to share real life stories and wild experiences in the business. 

Shelby: "Have you ever wondered what it's like to be a real estate agent? Maybe you've thought about selling your house, or you're just curious about the work that goes behind those 'For Sale' signs you see all around town. Well, today we're answering all your burning questions and busting some myths about real estate agents. Let's get started!"

(Segment 1: Our Journey into Real Estate)

Shelby: First up, Our Journey into Real Estate  Riane, will you tell our listeners what led you to the wild world of real estate?

Riane: Absolutely, Shelby. Choosing a career in real estate was a multifaceted decision for me, fueled by various interests and lifestyle considerations. First, the financial and social aspects of realty have always intrigued me. The potential for financial growth and the opportunity to connect with people in a meaningful way were definitely major draws for me.

However, the pivotal factor that tipped the scales toward a career in real estate was the flexibility it offered in terms of working hours. Over the last three years, I've navigated the challenges of moving to Idaho for school, actively engaging in my studies, and went from being a part-time step-mom to a full-time step-mom to my kiddo overnight. During this time, jobs that allowed me to create my own schedule became a lifeline. I needed the freedom to balance my roles as a student, partner, and parent.  

When I graduated, I was determined to maintain the flexibility that had become an integral part of my lifestyle. Being a new Realtor aligns perfectly with my busy lifestyle. I am not only juggling the responsibilities of a real estate professional but also playing the roles of a mom, a cook, a chaperone, a maid, you know, everything that comes with being a parent and a partner to someone. And, to add a bit of fun, I'm co-creating a podcast with Shelby and learning American Sign Language..

So, the flexibility in my schedule as a Realtor allows me to continue operating my life in a way that suits my active and busy lifestyle. It's not just a career; it's a lifestyle choice that empowers me to seamlessly integrate all the parts of my life while pursuing my passion for real estate. 

What about you, Shelby? What brought you into the real estate world?

Shelby: I’m drawn to real estate for many similar reasons as you.

The  flexibility to be there for my family means the absolute world to me.  Being able to pick my daughter up after school has been a huge blessing, because that’s when they are most willing to open up and talk about their day. 

Real Estate has allowed me to be there for all the school plays, games, and the sick days. Since our market slows down around the holidays, I get to slow down and spend more time at home, planning and prepping for friends and family.

I love to help people, it brings so much joy into my life and one of the most special things in real estate is helping first time home buyers find their perfect property. 

I also chose real estate because of the financial opportunities, I wanted to learn the ins and outs of being a savvy investor and to share that knowledge. I’ve wanted to flip houses since I was a kid, but there are so many ways you could get in a financial bind, and I wondered how people came up with the money to get started. I decided to jump in and start my research in real estate first hand. 

To be completely honest,  I just want to be like Joanna Gaines- Designing is a true passion of mine and if I could spend every day making the world more beautiful, I would.  Have you seen their new hotel series? It’s amazing! I love how she incorporates historic elements with modern comfort. They are so fun to watch!

Real Estate is such an exciting journey and I love that every day is different. I really enjoy the social aspect and have made some incredible friendships in these past few years. 

This career really encompasses my passions in life and there’s never a dull moment. 

(Segment 2: The Reality of Being A New Agent)

Shelby: Next, we have  The Reality of Being a New Agent

Now, let's get real about the reality of being a new agent. Riane, what were some of the surprises and challenges you faced when you first stepped into the real estate game?

Riane: Good question, Shelby. Continuing with what I mentioned earlier, anyone who has entered the Real Estate game knows that in order to be successful in the industry, yes, you have the freedom to create your own schedule, but your job highly depends and is based around other people’s schedules.

Being a new Realtor is a demanding venture that goes beyond the glossy façade often associated with the profession. Behind the scenes, it's a hustle that involves hours of unpaid work and a steep learning curve. One of the first hurdles is diving into the world of marketing – not just understanding its principles but learning to navigate and utilize various platforms and tools.

From stamping postcards and hanging door hangers to tossing business cards like confetti, the initial stages of real estate involve getting your name out there, literally and figuratively. Networking becomes a vital skill, as does the ability to balance different modes of self-promotion, such as creating videos, Instagram and Facebook posts and stories, and interactive content like polls, would you rather, or this or that. 

Learning the ropes of being a Realtor extends to attending educational classes and conferences, understanding how to perform a Comparable Market Analysis, and becoming proficient in various apps like Realist, MLS, lockbox systems, and more. Each day may include exploring vacant houses and engaging in team meetings to stay informed and connected.

Yet, beyond the hours invested, there's a financial reality to face. It's a stark truth that in real estate, you have to spend money to make money. Often times, agents will have other side gigs to help financially support them. 

Shelby:  Riane, could you break down what costs a new agent would have to give our listeners a better understanding of what it takes to get in the game?

Riane: Yes, absolutely. Being a real estate agent means that you are an independent contractor, so you pay for all the necessary expenses. Here's a breakdown of some of the expenses you might have. The costs will vary, so you’ll want to research the costs in your area:

• Pre-Licensing Education: The cost for real estate courses required to obtain a license can vary greatly depending on the state and the institution providing the courses. 

• Licensing Exam Fee: This is the fee to take the real estate licensing exam. 

• Real Estate License Application Fee: After passing the exam, you'll need to apply for your real estate license.

• Background Check and Fingerprinting: Many states require a background check and fingerprinting to obtain a license. 

• Board and Association Memberships: As a real estate agent, you may need to join a local real estate board and the National Association of Realtors. 

• Multiple Listing Service (MLS) Access: Access to the MLS is crucial for real estate agents. 

• Business Expenses: This includes costs for marketing materials, business cards, signage, a website, photography, and other promotional activities. 

• Continuing Education: To maintain your license, you'll need ongoing education. Staying on top of industry trends and continuously refining your skills is not just encouraged; it's essential for success.

• Insurance: Errors and Omissions (E&O) insurance is important for real estate agents.

• Brokerage Fees: Some brokerages charge desk fees or other fees to their agents. These can vary significantly based on the brokerage.

• Additional Tools and Technology: This includes costs for CRM systems, real estate software, and other tech tools that can enhance your business. You may need to purchase a computer. 

In total, initial costs for becoming a real estate agent can range from approximately $4,000 to $5,000 or more, with ongoing annual expenses adding additional costs. Keep in mind these figures are estimates and can vary based on location, the choices you make, and changes in the market or in licensing requirements.

Shelby: It typically takes 30-45 days once you go under contract before you close on a property and there are many variables in between that can hinder a sale. Keep in mind, it’s not about you receiving a paycheck. It’s about your clients and what’s in their best interests.

As independent contractors, you’ll pay self-employment taxes and won’t get benefits that may be offered by an employer such as a retirement account or health insurance.

Now that we’ve covered the costs of being an agent, the biggest financial stressor can be the highs and lows of the market. Your income is unpredictable, and It’s common for new agents to go months without a paycheck when beginning a real estate career. 

Once you get going, save as much of your paycheck as possible.

Riane: Segment 3: A Day in the Life of a Real Estate Agent

"First up, let's talk about a typical day for a real estate agent. Spoiler alert: there's no such thing as typical! Every day is a new adventure. From showing homes to staging a house for sale, it's a whirlwind of activities." 

While it’s a ton of fun to tour new listings, there’s a lot more behind the scenes to being an agent. Shelby, what is a typical day in real estate really like?

Shelby: Every day is different as a REALTOR. A majority of my time is spent on networking and marketing, because getting clients is the key to success. 

We are constantly on our phones, communicating with buyers, sellers, scheduling showings and communicating with colleagues. We work nights and weekends and even though our schedules are flexible, we really work around our client’s availability. Real Estate is fast paced, so we are always on our toes.

We also spend time training, keeping up with new laws and regulations, and learning how to best serve and protect our clients.

A big part of our job is problem solving. Most phone calls are either great and exciting news, or devastating blows. Inspections can unveil expensive issues to resolve and financing can be challenging for people to secure. Sometimes a title search can reveal debts on properties or easements unknown by the seller. 

Many days are spent on the computer and others I get to spend out in the community, driving through the mountains and showing houses. 

Riane: Segment 4: Closing Thoughts

So, there you have it, friends – a sneak peek into the life of a real estate agent. 

Real estate is a journey where the path to profitability is paved with dedication, resilience, and a willingness to invest not only time but also finances. It's a challenging terrain, but for those who navigate it with determination, the rewards can be substantial. 

As we wrap up today's episode, what advice do you have for those considering a career in real estate?

Shelby: Well, that is actually our Real Estate Secret this week.

 If you want to pursue a career in real estate “Just Jump Off That Cliff!”

Make it happen. It comes with its risks, but there’s only one way to find out if you have what it takes. 

Riane: And that’s it for our content for the week! But before we sign off, we are going to end each episode with a real estate related story- the good, the bad, and the funny, so make sure you stick around!