Many seniors love the idea of continuing to earn extra income during their golden years, but the thought of tying themselves to a desk once again makes them hesitant to return to work. Today’s active retirees prefer freedom and flexibility in the workplace – after all, some relish the idea of missing family vacations with grandchildren.
So what types of careers are best suited to the needs of today’s older adults?
An ideal sector for many is real estate. Unlike the traditional 9 to 5 job, real estate agents work a flexible schedule. Many brokerages have certain rules that determine how many hours individual employees must work, and how much or less a senior in the field can earn depends mainly on how ambitious they are.
If you want to earn extra income in real estate after hanging up your apron at your day job, here’s what you should know about entering this type of career.
What requirements must you meet?
Licensing requirements for real estate agents vary by state. Some states, such as California, require more than 100 hours of classroom training before you are eligible to sit for the licensing exam. [1] Others, such as Pennsylvania, require about half the seat time but require new agents to become licensed under the direction of a broker.
A real estate sales agent works under a broker, but in many cases, the relationship differs from the standard boss-employee. The broker is there to review contracts, clarify terminology, and help new agents avoid costly mistakes. However, they rarely manage tasks such as scheduling work hours, unless you choose to work for a new home builder that requires a property to be opened during certain hours.
All real estate agents must undergo continuing education courses to maintain their licenses. When you decide to interview brokers, ask the following questions: What opportunities exist for continuing education with your firm?
Not all brokerage houses offer classes, but some do. This can be a key factor in deciding which company is the best fit, as in-house courses save you money.
The costs associated with becoming a real estate agent are lower than occupations that require a university degree. However, if your firm doesn’t offer it in-house, and if you want to use the official title of Realtor, you’ll need to pay for schooling, continuing education, and fees to the National Association of Realtors.
What Opportunities Are There for Realtors?
There are many ways to make money in real estate. Many agents choose to specialize as either a buyer’s or seller’s agent, and some states, such as Colorado, require licensing to do so.
Buyer’s agents primarily work with clients to locate a suitable property, show it and negotiate on their behalf to get the best deal. Seller agents, in contrast, prepare properties for showing, run open houses, and advise sellers on the best terms for them.
This type of arrangement creates a great deal of flexibility in scheduling – your schedule is determined by the client’s needs. It requires the discipline that older adults have acquired over a lifetime. [2]
With no boss to boss you over, some people will chastise you for canceling the open house. However, if you miss out on an opportunity to make a sale because of your absence, your pocketbook will be empty and your customers will start to lose their trust.
Another way to make money in real estate is through property management. A property manager is a licensed agent who manages rental units for clients who live out of town, own multiple locations, or lack sufficient time to deal with rent collection and maintenance issues. . [3]
Tenants often prefer working with management companies and will pay a premium knowing that their concerns will be handled in a timely manner, and owners get more free time – a true win-win.
Another opportunity for budding real estate agents is working with a new home builder. While this limits the inventory you have available to sell, it’s a great advantage to bring customers to you instead of working to build a base. [4]
You often have a little less flexibility in scheduling with this type of option, as builders need to model properties during certain hours. However, you’ll work fewer hours on average than in other businesses, and you can earn quite a bit of extra income.
If you find that you are passionate about the field, you can pursue your broker’s license. Requirements vary by state and usually require you to hold a real estate sales license for a specified period of time before you are eligible to sit for the test. If you pass, you can open your own firm and practice any type of real estate that suits you best.
Creating Extra Income in Your Golden Years
Earning extra income in your sunset years doesn’t have to mean tethering yourself to another desk. Real estate is one area in which you can excel at any age.
There’s no better time than the present. Get started on your exciting new career path today!
sources say
[1] https://www.kapre.com/real-estate-courses/california/state-requirements/
[2] https://www.messiahlifeways.org/blog/best-encore-careers-for-seniors-in-central-pa/
[3] https://www.nolo.com/legal-encyclopedia/landlord-hire-property-management-company-29885.html
[4] https://www.realestateexpress.com/career-hub/grow-your-real-estate-career/selling-new-construction-homes/
Are you considering a “second career” as a real estate agent? What questions do you have?
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Note by BiggerPockets: These are the views expressed by the author and do not necessarily represent the views of BigPockets.
