A brief training and licensure test are enough to start this new job.
Finding job switch possibilities with flexible hours, decent pay, and the ability to apply your abilities might be difficult. Real estate fulfills all those criteria and more.
Brandi Snowden, director of member and customer survey research for the National Association of Realtors, says most real estate brokers are second-careers. The median age of association real estate agents is 60. Only 6% began their careers in real estate.
“We see a diverse background of members coming from other industries and starting in real estate,” Snowden adds. Those planning for retirement also like the career’s flexible hours and responsibilities.
The job doesn’t need a college degree, making it simpler to transfer into than others. State-specific real estate agent requirements vary, but most need 45-60 hours of course work and a licensure test. The BLS reports that real estate brokers make $52,030 per year ($25.02 per hour).
Here’s how to become a real estate agent after 50.
1. Assess your skills and take a pre-licensing course.
Your employment experience has given you several talents that may help you in real estate, says Nicole Beauchamp, associate broker at Sotheby’s International Realty in New York City. Beauchamp worked in finance and technology and studied economics, philosophy, and statistics before entering real estate. She claims finance and economics helped her grasp real estate trends. She spoke with customers and evaluated digital tools for her firm due to her tech skills.
“2023 Profile of Home Buyers and Sellers” survey from the Realtors organization found that purchasers seek real estate agents to assist them select the ideal property (50%) and negotiate the home price (12%) and selling conditions (11%). Real estate also requires effective communication and networking, according to Beauchamp.
You may need to take a license course before or after your real estate test, depending on where you reside and the property you want to broker or sell. Your local real estate license agency may provide accredited courses.
2. Pass your license test
An encouraging buddy helped Beauchamp get her real estate license. Beauchamp referred friends to the real estate agent. At a party, Beauchamp mentioned a fine automobile outside, and the agent buddy revealed his referrals had paid for it. Beauchamp took her state’s 45-hour pre-licensing training and passed.
Government authorities in the state or territory where real estate will be sold usually provide licenses. Association of Real Estate License Law Offices lists such businesses.
3. Know your alternatives
Upon moving from California to New York, Vickey Barron, a broker with Compass Real Estate, began a new career in real estate. Moving to a new place without anybody she knew was risky. She always liked real estate and architecture and felt this would be a good opportunity to see the city. “I said in my interview, ‘I understand business, problem-solving, and people and I will figure something out through creativity,’” she says. The firm took a risk on her, and she thinks her expertise benefited. I feel that when you’re more mature and make this move and start a new chapter, it presents an opportunity.
Beauchamp adds that real estate brokers might specialize. She started as a referral agent, earning money for referring other real estate agents. Real estate brokers might specialize in communities or represent buyers or sellers. Advanced qualifications and commercial and industrial brokerage are further career pathways for real estate brokers.
4. Increase your property base
Barron understood she had to specialize to stand out in a tough industry, so she concentrated on one apartment complex. She learned everything about it, from unit layouts to history. She became that property’s go-to. She built a company base from there to grow.
Beauchamp and Barron believe that real estate is a flexible job but requires time and effort. “Getting started in real estate is not a part-time job,” Barron explains. Working two days a week will likely net you one or two property sales each year, she says. However, if you’re self-driven and can utilize the amount of instructional resources on how to establish a real estate firm, she adds the industry offers greater schedule flexibility. The “sandwich generation,” who care for children and elderly parents or relatives, may benefit from that, according to Beauchamp. She could care for her sick parents due to her employment flexibility. She warns that the firm must be properly organized.
5. Network with brokers and clients
A career change to real estate may be successful in many ways. Beauchamp prepared a business strategy before taking the plunge. She believes the method 20 years ago helped her comprehend the sales statistics she needed to make a livelihood. Beauchamp and Barron recommend saving for your first year while sales are weak.
Barron suggests studying from an experienced broker to enter into the profession. Real estate offers the chance to work alone, yet working with a team may help you develop. She also suggests adopting generative AI for business. She claims the technology speeds up client emails and other contacts. (Edit and fact-check what it creates.)
Of course, use your network. Barron focused on networking and becoming an authority on her building even if most of her relationships were in California. Beauchamp entered the company via recommendations. Repeat clientele may boost a real estate business’s finances.
If you want to switch careers into real estate, the Realtors association can help you get started, obtain CEUs and advanced qualifications, and stay current. Learn about state real estate sales rules from the real estate licensing agency.
Given the median age of real estate agents, the field’s flexibility, and the significance of a strong network, seasoned workers confronting ageism in the workplace may find a new career home as they near retirement.
