From Classroom to Closing: A Teacher’s Journey in Real Estate
Educators transitioning from teaching to real estate is not uncommon. There are multiple reasons why some teachers choose to become real estate agents. When summer arrives, many teachers are left without salaries and need additional income. Real estate is one of the most flexible fields for individuals to earn income, therefore, educators turn to the housing market.
If you are a teacher looking for your place in the real estate industry, you might want to know how entering the real estate industry may benefit you and what you can do to become a realtor. Becoming a real estate agent is not as easy as people may think, however, it still gives you enough time to keep teaching as your primary career.
We will try to give you the answers to all of the questions you may have as a teacher curious about the real estate world below.
Why Is Real Estate Beneficial to Teachers?
The real estate industry is flexible enough for educators to become part-time realtors and still earn a satisfying amount of money. Teachers may turn to real estate for various reasons, and their motivations can be influenced by both personal and financial factors.
Supplementing Income
Teacher salaries are significantly different from each other. Many educators are looking for supplementing income to make it through the year. Especially considering the summer breaks and other school holidays that may reduce their yearly salaries. Working as part-time realtors is the most practical option for teachers to earn additional income.
Real estate has the potential to appreciate over time. This additional revenue also allows teachers to save money and build wealth. Whether it’s their goal to buy a house in the future, fund their children’s education, or create their own business.
Long-Term Financial Security
Real estate can serve as a form of long-term financial security. Teachers often have retirement plans, but owning real estate can be an additional means of securing their financial future, especially if they plan to sell properties or generate rental income during retirement.
Real estate offers various tax benefits, including deductions for mortgage interest, property taxes, and certain home improvements. Teachers may be attracted to these tax advantages, as they can reduce their overall tax burden.
Community Involvement
Teachers are often deeply connected to their communities. Investing in real estate in their local area can be a way to engage more actively in their community’s development and make a positive impact.
Moreover, educators, like anyone else, often seek to diversify their investment portfolios to reduce risk. Real estate can be a valuable addition to an investment portfolio alongside stocks, bonds, and other assets.
Flexible Hours
Whether or not a teacher has time to be a part-time realtor largely depends on their circumstances, including their teaching workload, personal commitments, and time management skills. However, if you are determined, you can make the new part-time job work.
As a realtor, you will be able to work from home most of the time. Successful part-time real estate work requires effective time management. Teachers who can efficiently balance their teaching responsibilities with real estate activities are more likely to find the time to be part-time realtors.
How Can Teachers Become Realtors?
Becoming a real estate agent once you already have a job is not impossible. Firstly, you should research the real estate industry, as there are multiple career choices available in the world of real estate. There is property management, real estate agency, home staging, etc. In our specific discussion, a real estate agency may be the best option for teachers who are just now entering the industry.
Meet Licensing Requirements
Most jurisdictions require real estate agents to be licensed. This typically involves completing pre-licensing education, passing a state licensing exam, and meeting other state-specific requirements. Research your state’s real estate licensing requirements and start the licensing process.
Complete Real Estate Education
Teachers understand the importance of education the best, therefore, you don’t need to be told just how critical it is that you complete real estate education before entering the field. There are multiple programs available online.
You could also find a local real estate course to take in your free time. These programs typically cover real estate law, ethics, contracts, property management, and other relevant topics. Successful completion of these courses is often a prerequisite for taking the licensing exam.
Pass the Licensing Exam
Prepare for and pass the real estate licensing exam in your state. The exam typically assesses your knowledge of real estate laws, regulations, and practices. Passing the exam is essential to become a licensed realtor.
Find a Brokerage
If you wish to be a part-time agent, it’s best if you find a brokerage to take you under their wing. Usually, it’s much easier to work with a brokerage than to start your real estate agency. Research local brokerages, meet with brokers, and choose one that aligns with your goals and values. You’ll need to affiliate with a brokerage to practice real estate.
Transitioning from teaching to real estate is a significant step, and it requires careful planning, commitment, and ongoing education. Be sure to consult with a mentor or experienced realtor who can provide guidance and support as you make the transition.