Whether you’re part of a real estate dynasty, or simply following in your parents’ foot steps and joining the family business, being a part of a multi-generational business has its pros and cons.
I recently reached out on Facebook REALTOR® forums to see what some of my multi-generational comrades had to say about their experiences. I was blown away with the feedback. I realized I AM NOT ALONE! As the responses started rolling in I started to see a pattern emerging.
Access to years of experience: This was the number one comment from almost everyone. I have to admit that I agree. To this day I still seek my Mom and Nana’s advice on certain aspects of the business. Albeit less and less as the years roll on.
First Hand Transactional Experience: Now if your forbearers are top producers, or high volume agents you will benefit from this immensely. There is no training like getting in there and getting your feet wet with real life offers and listings. For the solo agent, getting into the business and “doing it on their own” I commend you, because I learned so much from being a part of each one of my family’s deals, and the spin off which came my way.
Spin off business: This can also apply to anyone joining a good team, but the spin off business can be a LIFE SAVER in those cold late winter months when a closing is nowhere in sight. For me I always looked after family’s business when they went away in the new year, which gave me that extra bit of income during the slow months. Now I look after three to five agents’ businesses while they are away in January. This works really well for me, keeping me busy and bringing in extra earnings allowing for a great trip in the spring!
Interchangeable: If you work together you may eventually become interchangeable which can be good but can also be a bit frustrating. Luckily for me, no one is going to mistake me for my Nana or mom…at least I hope not!
Good Connections: This is a no brainer. There is an automatic trust that comes from having a good relationship with other REALTORS®. Every deal is easier when you like the person on the other end.
The “Shadow”: Difficulty getting out of that inevitable “shadow” of the person who has come before you. This was a prevailing issue for every one of the respondents, myself included. Luckily if you work hard to become the expert this won’t last too long.
Bad Relationships: As I mentioned before you can benefit from the good business connections, but you may also inherit any negative relationships as well. Remember though, that you’re in complete control of this. As my Nana always says, “kill ’em with kindness!”
I couldn’t write this without at least consulting some veterans to see what their biggest draw backs/frustrations were on their end. I asked my Mom what was her biggest frustration with me being in the business and she said without a doubt training and teaching. “Kids don’t listen.” Sorry mom!
So if you are planning on expanding your Real Estate practice to include your family members, or maybe you see that they have what it takes and want them to have their own Real Estate career, go for it! You won’t regret the choice!
John-Ross Parks, YPN Committee Member and OREA YPN Guest Blogger