Healthcare workers are getting burnt out or being fired because of their stance on the vaccine, and it has many nurses wondering if they should make a career change to a field like real estate. How do you go from being a nurse to a real estate agent?
If you’re not looking for a total switch, you might wonder how can a nurse do real estate part-time and balance the demands of the nursing profession? Or, you’re wondering if real estate is a good career?
We’re going to talk about this topic, why nurses make great real estate agents, if part-time real estate is possible as a nurse, how to get your real estate license, and what you need to do to set yourself up for success.
Why Nurses Make Great Real Estate Agents
Nurses make great real estate agents, especially buyer’s agents, for a variety of reasons. You will be surprised to learn how many similarities exist between the nursing profession and real estate.
Client Focused Approach
The real estate agents that do well have a client focused approach. They care more about the client than the commission. A good real estate agent will take a collaborative approach with their client and focus on creating solutions that are tailored to the client’s preferences, background, and lifestyle.
This is the same mindset that is taught in nursing. It just goes by a different name. In nursing, it’s called taking a patient-centered approach. This approach is all about creating solutions that are respective of a patient’s needs, preferences, and values.
It requires a true partnership. Just like real estate does.
Since nurses are heavily trained to take a patient-centered approach — from course lectures to clinical settings — they have a strong skill that many home buyers love.
Nurses are often able to deliver exceptional customer service compared to real estate agents from other backgrounds. They often leave their clients feeling valued and cared for.
Not an easy task, in general. But a challenge a nurse can easily complete.
Both Are Professions
If you look up the general definition of a profession, it says something along the lines: “a group of people who adhere to ethical standards and training standards, and who the public accepts as having specialized knowledge or skill.”
Like nursing, real estate is considered a profession. Granted, it’s considered an easier profession.
However, real estate agents, like nurses, are expected to develop specific knowledge and skill in their industry. In addition, they are expected to uphold a set of ethical standards, as set by the National Association of Realtors.
Nurses are already familiar with being part of a profession and upholding a strict code of ethics. Making the switch from nursing to real estate is often a breeze for a nurse.
Flexible Work Shifts
As a nurse, you’ve learned to work flexible shifts and probably have a flexible shift. First, as a real estate agent, you will need to be flexible.
You could show a home at 8pm on Friday and have to wake up the next day at 7am to show a house. And then, you might not have anything for four days.
On top of that, if you’re currently working, the flexibility of a nursing career often allows many nurses to do real estate part-time or attend the needed training during the day.
Nursing is one of the few careers where people can work at the same time as building up their real estate career. It’s not easy, but it can be done. You can be a nurse and real estate agent.
Can A Nurse Be A Part-Time Agent?
Yes. You can be anything you want to be. Who am I to stop you? However, I will add that just because it can be done doesn’t mean that it should be done. Not everything is a good idea.
Let’s explore this concept a little further.
What’s Your Motivation?
For starters, what’s your motivation for being a real estate agent? Why do you want to go from nurse to real estate agent?
Are you hoping to make a full-time career transition? Meaning, you want to leave nursing completely and become a real estate agent.
Or, do you plan to do real estate part-time as a hobby and a way to decompress from the stress of your nursing job?
Your motivation is going to determine whether part-time real estate is a good idea. If you’re looking to make a full-time transition, you can do real estate part-time, but I wouldn’t recommend it as a long-term strategy.
You should have a plan for reducing your hours at a hospital and transitioning full-time into real estate.
If you’re looking to do it part-time as a hobby, you can. Just understand there is a financial cost to real estate and it’s definitely not financially the best side hustle.
Can You Make Money As Part-Time Real Estate Nurse?
The reason I recommend having a plan to transition into real estate full-time is because there isn’t a lot of money to be had doing real estate part-time.
Most assume because of the high sticker price of a home and a three percent commission that it’s a lucrative side hustle. That’s not usually the case.
Let’s look at a typical outcome when you sell real estate part-time as a nurse.
Example: a nurse sells five homes at an average price of $200,000 and three percent commission. The nurse earns a yearly total of $30,000 in gross commission income. Since they are a new agent, their brokerage will take 40% of that commission, leaving the nurse with $24,000. On top of that, the nurse will pay another $3,000 in closing fees for things like E&O insurance.
Then, they need to pay their yearly MLS fees, Realtor fees, and desk fees. This will total around $4,000 per year. Now that nurse is left with only $17,000 for those homes they sold.
Since they are considered to be self-employed now as an agent, they’re required to pay an extra 7.5 percent towards taxes that people with regular jobs don’t have to pay. This agent is left with an equivalent income of $15,725.
Given the time and money to get their license, required training time at their brokerage, and working with clients, this amount is rarely worth it.
The financial economics get much worse if you used company provided leads or went to Zillow leads to find clients. In this case, you can expect to take another 30 percent or more off the top.
In this case, that nurse would be left with roughly $8,000. A far cry from the initial $30,000 that most people assume they’re going to earn.
You will be surprised to learn how much real estate agents make.
How Does A Nurse Get Their Real Estate License?
The exact process for getting a real estate license depends on the state where you’re seeking your license. Each state has different requirements, but they all follow a similar process.
Step 1. Take real estate related pre-licensure training. This can be as simple as a 40-hour real estate class in Michigan to as complicated as the requirements of three college-level courses in California.
Step 2. Submit to a background check, finger prints, and application. You will be required to do some variation of these items to apply for a real estate license. Some states will fingerprint, while others won’t. All require an application and the requirements on the application vary by state. It can be possible to get a real estate license with a DUI, for example. Or, it may not be.
Step 3. Pass The Exam. Every state will have at least one exam that you have to pass. Some will actually have two exams. Again, it’s going to vary by state. In Michigan, there is only one exam.
Step 4. Find a sponsoring broker. In order to be a licensed real estate agent, you must practice under a sponsoring broker. You would need to work for a company like Exit Realty or Century 21.
How Nurses Can Set Themselves Up For Success In Real Estate?
Becoming a licensed real estate agent is relatively easy. Certainly easier than becoming a nurse. But, as you probably know from your experience as a nurse, course work and clinicals did not prepare you for reality.
Same with real estate. Getting a real estate license is the easy part. BEING a real estate agent is a little more challenging.
The best way to set yourself up for success is to pick the right sponsoring brokerage. This will be the biggest difference in your outcome.
There are a lot of different real estate brokers out there, so take the time to interview as many of them as you can.
Best Brokerage For Nurses
There are a lot of great real estate brokerages for nurses. It really depends on the type of nurse.
Generally speaking, the brokerage most suitable for an ER nurse looks entirely different than the one for a L&D nurse.
Some prefer a real estate brokerage with an independent, boutique feel. While others wish to pursue a career at a large big-name real estate franchise company.
Here is what we believe makes the best brokerage for a nurse (and most new agents):
No Desk Fees. A no desk fee policy keeps agent expenses down. This is important for new real estate agents. The biggest reason agents fail in their first year is because of all the upfront start up costs. If you opt for a brokerage with a desk fee, look at negotiating it to as small amount as possible. Even if that’s for a short term.
Culture. As a nurse, you’re likely coming from a place that has not-the-best culture. Maybe you were overworked, your unit manager was rude, and the nurses on your floor where unwilling to help each other. My recommendation is to look for a brokerage with a team-oriented culture. Since real estate agents are independent contractors, some brokerages have more of a dog-eat-dog culture. It’s unlikely the place you want to find yourself working at. At other brokerages, you will find a prevalent competition mindset. Your “co-workers” aren’t interested in helping you succeed.
For more great resources and tools on becoming a real estate agent, check out our Agent Hub.
