Most of us have never played much golf. Saturdays spent at open homes tend to eat into hobbies and social activities, and especially ones that take hours and require some focus between phone calls. So it’s no surprise the idea of selling their business can be really daunting for real estate agents. “What will I do? How will I spend my time once I sell?!”
I’ve been travelling Queensland these past few weeks and had more of these conversations than I can count. Lots of principals who’ve had enough of their leadership role, frustrated by staffing challenges and constant legislative/compliance requirements, and just a bit exhausted with being the boss. The fun’s gone out of it.
What’s not often talked about are the many options for life after selling your agency.
In the majority of rent roll sales I’ve made, the sellers have remained in real estate. They’ve swapped the headaches of their ownership role for these: salesperson/independent contractor working for the buyer (and still getting to sell the properties off that rent roll); BDM and in-house PM guru with the buyer; refocused their agency to sales-only and forged a strong two-way landlord referral relationship with the buyer; part time salesperson mixing their love for travel with sporadic stints of listing and auctions (when they care to stay home for more than a month at a time!).
Some sold their agency and recognised their knowledge and skills can be used in other careers: one joined a charity that holds several properties and needed professional insight that came easily to him. Another got their TAE and moved to training. I became a rent roll broker.
And yes I’ve had clients who’ve sold up to retire: Invest their sale proceeds to build a new life spending time on all those things they’ve always wanted to do; hooking up the caravan: buying a second home on the beach. One sold their agency to buy a yacht and, quite literally, sailed off into the sunset just days after settlement!
I can look back and admit I was probably always a far better salesperson than I ever was an agency owner. I held on as principal for way too long because I was too young to retire and couldn’t see a clear path forward. Luckily someone stepped in to challenge my “why” – asking if I’d considered my options. Pointing out I wasn’t really as ‘stuck’ as I felt.
Like so many of my clients who’ve sold their rent rolls, I’ve redirected all that real estate experience and expertise into a role I really love.
But unfortunately I’m still useless at golf!
If you’d like a confidential chat about life after agency ownership, I’d love to help. I’m on 0423 332 022 or rob@honeycombe.com.au