To get started in this new career you only need to complete a short course and pass the licensing exam.
Finding career options with flexible hours, the potential for good earnings, and the ability to use the skills and abilities you've honed over the years can be difficult. However, there is an option that meets all of these requirements and more: being a real estate agent.
Most real estate agents — whose role is to assist sellers and buyers in real estate transactions — come to that activity as a second career , says Brandi Snowden, director of member and consumer research surveys for the National Association of Realtors ( NAR (in English). In fact, the median age of all real estate agents who are members of the association is 60 years old and only 6% say that the real estate market was their first career.
“We see that the experience of people who come to real estate from other industries is very diverse,” Snowden says. And the career's reputation for offering flexible schedules and workloads also makes it attractive to those beginning to plan for retirement.
Additionally, a real estate career does not require a college degree, which can make getting started in it easier than getting started in some other professions. Requirements to work as a real estate agent vary by state, but generally, you will need to complete 45-60 hours of study in a real estate course and pass a licensing exam. According to the U.S. Bureau of Labor Statistics, real estate agents earn an average of $52,030 per year ($25.02 per hour).
If you're interested in exploring a career as a real estate agent after age 50, here's how to get started.
Also Read: Virtual Assistant For Real Estate
1. Analyze your skills and complete a pre-licensing course
Throughout your work experience, you've developed a variety of skills and abilities, and many of them can be advantageous in real estate, says Nicole Beauchamp, associate real estate broker at Sotheby's International Realty in New York City. Beauchamp came to real estate from a career in finance and technology, with academic training in economics, philosophy and statistics. She says her knowledge of finance and economics helped her understand real estate market trends, and her technology skills helped her communicate with clients and evaluate technology tools to integrate into her business.
According to the Realtors association's “2023 Profile of Home Buyers and Sellers” report, what buyers look for most in real estate agents is help finding the right home (50%) and help negotiating the price (12%) and terms of sale (11%). Beauchamp says strong communication skills and the ability to network are also valuable tools in real estate.
Depending on where you live—and where the properties you want to sell or negotiate are located—you will probably need to complete a licensing course, either before or after completing the real estate exam. Check with the real estate agent licensing agency for your region to identify certified courses.
With the combined cost of licensing courses, real estate license application fees, the licensing exam, and any background investigations that may be required by the state, you should expect to spend at least $500.
2. Pass the licensing exam
Beauchamp initially obtained her real estate agent's license because she was encouraged by a friend. His friend was a real estate agent to whom Beauchamp regularly sent other friends who needed his services. One night when Beauchamp held a meeting at his house, he pointed out a luxury car parked outside. Her friend — her agent — told her that the clients she had sent him had paid for that car. Beauchamp decided to take the 45 hours of pre-licensing class her state required and passed the exam.
Licenses are generally issued by government agencies in the state or territory where the real estate will be sold or purchased. The Real Estate Licensing Legal Studies Association publishes a list of these entities.
3. Know your options
When Vickey Barron—now a real estate broker at Compass Real Estate in New York—moved from California to New York, she also decided to start a new career in real estate. It was a bold decision, considering that she was moving to a place where she didn't know anyone. She had always had an interest in the real estate market and architecture, and she thought that this would be a way to get to know the city with “boots on the ground.” “In the interview, I said, 'I understand business and problem-solving and I understand people, and I will find some creative solution,'” she recalls. The company took a risk in taking her on, and she believes her experience helped. “I really think that when you have a little more experience and maturity and you make this transition, and you open a new chapter in your life, an opportunity really presents itself.”
Real estate agents can also specialize within their profession, Beauchamp says. For example, she started out as a referral agent and charged for clients she referred to other agents. A real estate agent may represent buyers or sellers, or specialize in specific neighborhoods or regions. There are also advanced certifications and various career paths that agents can pursue if they wish, such as being a commercial or industrial real estate broker.
4. Develop your real estate base
Barron knew that to differentiate himself in a competitive market he would have to specialize. Therefore, he focused on an apartment building. He got to know every detail of the building, from the floor plan of the units to the nuances of its history. By doing so, he became the go-to person to buy or sell on that property. From there,
Beauchamp and Barron agree that while real estate can be a flexible career choice , it is something that requires time and effort. “Starting out as a real estate agent is not a part-time job,” Barron says. She estimates that working one or two days a week probably only sells one or two homes a year. But if you're a motivated person and can take advantage of the great educational material out there on how to set up a real estate business—and apply the lessons—she says the degree offers the opportunity to have more control over your schedule. Beauchamp says that can be especially important for people in the “sandwich generation,” who are juggling child care with caring for parents or other older relatives. In her case, the flexibility of her career allowed her to care for her parents when they were sick and needed her. However, she cautions that you still need to structure the business correctly.
5. Build relationships with real estate brokers and clients
If you decide to get started in real estate, you can create the conditions for success in several ways. When Beauchamp decided to take the leap, he sat down and created a business plan. That was twenty years ago, and she says her process helped her understand the sales numbers she would need to achieve to make a living. Both Beauchamp and Barron say it's also a good idea to have savings to help cover the first year, when sales may be slow.
Barron adds that learning from an established real estate broker can be a good way to break into the industry. While the real estate market offers the opportunity to work on your own, being part of a team can be helpful in establishing yourself and getting familiar with the business. He also recommends using technology, such as generative artificial intelligence , to help you in business. He says the technology can help create emails and other customer communications more quickly (you just need to make sure you edit and verify what the AI generates).
And of course, make your network work for you. Even though most of Barron's contacts were in California, she was able to focus on networking and becoming known as an expert in her building. Beauchamp's referrals to other agents are what initially introduced her to the business. And returning clients can help put a real estate transaction business on solid financial footing.
If you're thinking about planning a career transition into real estate operations, the Association of Realtors offers resources to help you get started, earn continuing education credits and advanced credentials, and stay up to date with trends. Contact your state real estate licensing agency and learn about the requirements for selling real estate in your state.
Considering the median age of real estate agents today, the flexibility the career offers, and the value of a robust network, seasoned professionals who face age discrimination in the workplace could find a new career opportunity that greets them with open arms as they move—and transition—into retirement.
