Do we still want to work like it’s 1999? No, which is why agents need to ask themselves what they want their work, their lives and their compensation to look like going forward, writes Rachel Haidt.
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Labor Day may be celebrated with parades, barbecues, and an unofficial end-of-summer feeling of relief, but its essence is rooted in the struggle of working people for better working conditions, fair wages, and reasonable hours.
Recently, the agent commission The first thing that comes to mind is defining what a “fair” wage is for the value an agent provides, but that can feel bitter in post-settlement times when buyer agents have to prove their worth up front in order to get paid.
While the real estate industry continues to focus on commissions and making what they made pre-August 17th, maybe what we should be focusing on is the flexibility that real estate offers and how that flexibility can improve our lives overall.
After all, the new normal likely won’t have enough business to make everyone a full-time agent: Last year, the Consumer Federation of America released a report finding that 49% of agents sold one product. below The new home will be built in 2023. This was before the rules were changed.
So if your business is approaching 49 percent, or like many agents, is down double digits, what does your future hold? How can you continue to support yourself and your family while spending less time closing deals and more time enjoying your personal life?
Stop viewing part-time agents as professionals and become a part-time agent as a fulfilling side hustle (or even your main job). Work less, close more business, and win a new vision for life.
The good news is that in 2024, the modern workplace looks very different from that of the 1900s. My days consist of collecting keys from the real estate registry office and printing out real estate register documents.
recently, 4-day work week Increasingly prevalent, technology and effective time management allow us to get work done as it comes in, rather than sitting in front of our phones 24/7. Perhaps these rule changes are a gift in that they allow us to move away from the top-producer-or-damaged mindset (which fosters high failure rates) and seriously consider realistic careers that foster work-life balance.
As the American Dream becomes harder to achieve, let’s rethink what should be included in our work lives and how we can get there with a less hurried cultural spirit.
Are your agents making enough money?
Many Americans strive to earn enough to be considered middle class, but maintaining this constantly squeezed income bracket is becoming increasingly difficult. Inflation continues to erode progress, with wages not keeping up with the costs of basic necessities like food, utilities, child care, elderly care and affordable housing.
In 2020, Pew Research Center We launched a calculator for the middle class and the insights are extremely helpful for those who are unsure if they are earning a “market rate” for the work they do – this is harder for agents to calculate. Inventory is low in many markets and agents are saturated.
The median age is There are 55 real estate agentsThis indicates that most people in this industry have been in the industry for multiple years or joined the industry as a second or third career choice.
The median household income in the United States is $74,580. U.S. Census Data From 2022, the most recent data available. The median total income for real estate agents was $55,800 in 2023, according to the National Association of Realtors 2024 Member Profile.
The average agent earns Average Income Some would argue that to qualify as “middle class” in America, one must do the work of brokering and closing deals, and that work is done without payment up front and therefore requires adequate commission compensation.
Changing work culture
Working 9-to-5 for the same employer for 30 years is no longer the only way to make a living. When it comes to rethinking your work life, Millennials In particular, I have learned to embrace multiple streams of income and career success.
Labeling Gallup As the “job-change generation,” Millennials have learned from the poor economic situation to become independent and not rely on corporate structures for their long-term careers.
Dedicating your life to one job is no longer realistic. Data shows If you stay in a job for an extended period of time, you are almost guaranteed not to be paid market rate. Forbes Reports made by some people 50 percent reduction By staying longer at your current job, you are under-qualifying your coworkers.
of U.S. Department of Labor The report found that more Americans than ever before are working two or more jobs, and women are more likely to work multiple jobs than men.
Younger generations are driving a cultural shift as they realize that work is not their job. They are focused on living better, working less, and prioritizing self-care and rest.According to Business InsiderMillennials are willing to take a 20% pay cut to achieve a better work-life balance.
Rethinking the way we work
The outdated practice of a 40-hour work week no longer works, our country is aging, 1 in 6 Americans It’s just not realistic for those over 65. This weekend, let’s focus on honoring the evolution of work from heavy labor to flexibility.
This Labor Day, as you sip your favorite beverage, take a moment to appreciate the great work you’ve done and consider where you want to go with your life. Ask yourself how much work is enough and where you draw the line between work and home life. Perhaps taking a step back and rethinking your work week is one of the great opportunities to come out of these challenging times of change.
Rachel Heidt is a business development professional, fair housing advocate, copy editor, and former agent. Rachel is currently flawlessly executing a long-term strategy to sell permanent homes in retirement communities in Northern Virginia. Connect with her about life, marketing, and business at Instagram.
