Many people approach me when they’re first thinking about transitioning from a salary job into real estate. They ask me when they should quit their job to do real estate full time. So today I’m sharing my best advice about that question. Don’t quit your salary job until you have done these three things:
1. Have enough money saved up. Ensure you have enough living expenses saved to cover your first few months. Most brokerages recommend six months, but that’s difficult to do, so we suggest at least two to three months. Even if you get a contract immediately, it’ll be 60 days until you get paid, at the very least.
2. Have your business fully set up. Before you quit your job, have your real estate business set up, meaning you’re an active member of the local board, you have MLS access, and you may incorporate yourself and have business cards, a logo, and a website. Make sure everything’s ready for you to do business. It would also be ideal if you had somewhat of a pipeline.
3. Have a plan and a coach. Your business is way too important to leave to chance. You need a predictable, proven plan that ensures that if you do certain activities, you will get a specific result. You need predictable income. If you can’t write on paper exactly where your business is going to come from and exactly how much it’s going to generate within a margin of error, then you’re not ready. Then you need a coach to make sure you’re doing the right activities within that plan—activities that will produce income.
If you’re considering going into real estate or have any questions about what kind of plan or coach you need, please feel free to reach out to me via text or email. I would love to help.