In the fast-paced world of real estate, time is more than just money—it’s the cornerstone of success. Real estate professionals often face misconceptions about the amount of time and effort required in their profession. While the job offers flexibility that many envy, successful agents dedicate significant hours to serving clients and building their business. Let’s dive deep into the realities of time management in the real estate world, hearing from those who live it every day.
Time Spent with Clients: A Balancing Act
The time an agent spends with each client is far from a one-size-fits-all scenario. It’s a delicate dance of client needs, market pressures, and the agent’s expertise. Factors influencing this time investment include:
- Buyer vs. Seller Dynamics
- Client Readiness and Knowledge
- Current Market Conditions
- Property Complexity
- Individual Client Expectations
Sterling Watkins, a seasoned real estate professional, offers insight into the variability of time spent on transactions:
“I have had buyers that I worked with for 6 months to a year, suddenly up and change their minds and decide to buy in another part of the state or out of state. I have had clients that I spent 200 hours on, due to miscellaneous reasons / setbacks. Luckily, that is rare.”
On average, agents report spending anywhere from 20 to 40 hours with a typical client. However, this can range from as little as 10 hours for a straightforward transaction to over 100 hours for complex deals or indecisive clients.
Eileen Wood, a real estate transaction coordinator, emphasizes the unpredictable nature of the job:
“There is a lot of ‘background work’ to do as a realtor. Comps to run, neighborhoods to research, listings to review, etc. And the realtor MUST be up on the local news, national financial news, etc. How else can she warn you that this house you want to look at is right next to the future freeway, and cars will be whizzing past at high speeds in a year?”
The Evolution of Property Showings
Thanks to the digital revolution in real estate, the number of properties shown before a buyer makes a decision has decreased. Online listings and virtual tours have streamlined the process, allowing buyers to narrow their options before stepping foot in a home.
Jeffrey Luciano, a full-time Realtor and investor, shares his perspective:
“When I hear about buyers who have spent every weekend for the last year visiting homes with their Realtor, I don’t think ‘God, that’s a dedicated agent they’ve got!’ Instead, I think ‘God, that’s a bad agent they’ve got!’ The goal should be to help buyer clients narrow down their criteria as they gain more information and exposure to the market.”
Many agents report showing an average of 4-6 homes before a decision is made. However, some clients may view 15-20 properties or more before finding the right fit. Agents typically allot 30-60 minutes per property showing, with additional time for travel between locations.
Whit Garrett, a 40-year commercial real estate Broker, offers this practical advice:
“The only other thing I would tell you is never show a client more than 4 properties at a time. 3 ideally. 4 and up and they forget what they’ve seen.”
The Myth of the 9-to-5 Realtor
If there’s one thing that becomes clear when examining the work habits of real estate professionals, it’s that the traditional 9-to-5 workday is more myth than reality. The work hours of real estate agents are as diverse as the properties they sell:
- Full-Time Agents: Often working 50-60 hours per week or more
- Part-Time Agents: Averaging 20-30 hours per week
- Top Producers: Potentially working 60-70 hours per week consistently
- Irregular Schedules: Evenings, weekends, and holidays are fair game
Larry Allen, a retired real estate professional, emphasizes the correlation between hours worked and success:
“It all depends on how much money you want to make. I generally worked 14 hour days and did very well, six digits every year. Some companies encourage agents to not answer after 6pm, but if you are my customer and have a serious question I want to be available to you.”
Michael Cheng, a Bay Area real estate broker and developer, provides a sobering perspective on the industry’s work ethic:
“The average residential real estate agent probably works 20 hours a week. That’s my rough guess. I know tons of real estate agents who keep their license active but don’t use it at all, meaning zero hours per week. Many part-time agents only do a few deals a year, averaging no more than 3-5 hours per week. However, if you want to be among the top 10% that does about 90% of the sales, then plan to work 60-70 hours a week, every week, with few vacations and holidays since those are also prime property touring times.”
Behind the Scenes: The Invisible Work of Real Estate
What clients see—the home showings, the negotiations, the closing handshakes—is just the tip of the iceberg. A significant portion of an agent’s time is spent on tasks that clients rarely witness:
- Marketing and Lead Generation: 1-2 hours daily on average
- Market Research and Property Analysis: Several hours weekly
- Administrative Tasks and Paperwork: Can consume 25-30% of work time
- Networking and Professional Development: Regular time investment for successful agents
Bob Gibbs, Co-Founder of The Gibbs Real Estate Group, breaks down the daily routine:
“Agents spend usually 1-2 hours a day prospecting for new people to work with. Most busy agents spend the rest of the day going on appointments with clients, servicing open escrows and negotiating with other agents on behalf of their clients. In addition agents spend time each week on marketing pieces, education, and previewing properties. Many agents also spend 1-2 days a week holding Open Houses.”
The 80/20 Rule: A Real Estate Reality Check
Industry veterans often cite the “80/20 rule” in real estate, a principle that highlights the stark disparity in success within the field:
- 80% of agents make only 20% of the total commissions
- 20% of agents (top producers) earn 80% of the commissions
This disparity often correlates directly with the time and effort invested in the business. Top-producing agents typically work longer hours and manage their time more efficiently.
Mike Lalji, with 35 years of experience in the real estate and mortgage brokerage business, provides a detailed breakdown:
“80% of the real estate agents generally make 20 percent of all the commissions in the real estate industry. These agents generally don’t have their heart in the business and are generally always looking for other job opportunities. They generally last between one day and five years in the business before they decide to quit. Their income is generally very low.
16% of all real estate agents generally make 20% of all the commissions in the industry. That means that they make a reasonable living. Say hypothetically $100000 in a major city like Toronto, Vancouver, Calgary or Los Angeles, Dallas or New York. These agents normally work very hard, around 12 or more hours per day.
The remaining 4% of the real estate agents make 60% of all the commissions in the industry. These agents are business-like at heart. They are always goal-oriented and set themselves with annual, semi-annual, quarterly, monthly, biweekly, weekly, daily, and hourly goals and action plans.”
The Art of Setting Boundaries
In a profession where the line between work and personal life can easily blur, setting clear boundaries becomes not just important, but essential for longevity and success in the field. Experienced agents emphasize the importance of establishing clear expectations with clients to maintain a semblance of work-life balance.
William Lansford Woodcock, a self-employed real estate professional, shares his strategy:
“You advise your customers that you are available to answer their inquiries 24/7/365 within a specified number of hours to return their calls and e-mails. Example: A. Overnight by ten in the morning. B. During the day within 4 to 6 hours. C. Weekends within 8 hours. D. Holidays within 8 hours. E. Vacation 1. alternate agent friend is assigned, 2. I’ll call ASAP. and so on. Believe me, customers will abide, or you fire them.”
The Technology Factor: Changing the Game
The advent of technology has significantly impacted how real estate professionals manage their time. From virtual tours to e-signatures, tech tools have streamlined many processes, but they’ve also created an expectation of instant availability.
Faun Hauptman, a 21-year veteran in Real Estate Brokerage, describes her approach to leveraging technology for better time management:
“I treat all my clients like the VIPs they are. In many cases, like family. I also establish communication channels with my clients early on. If they need something that isn’t urgent, they email me. If they need to talk to me soon, they text me. If it is urgent and can’t wait at all, they call me. This works well in my business and generally, it would suit most people in business and life to follow these rules.”
Conclusion: The Real Estate Time Equation
Success in real estate isn’t just about working hard—it’s about working smart. The most successful agents have mastered the art of time management, balancing client needs, market demands, and personal life. They understand that while the job offers flexibility, it also demands significant time investment and the ability to set clear boundaries.
Mark Mehling, a marketing strategist with over 40 years of experience, offers this unconventional yet effective time management advice:
“Use a timer. Set it for 45 minutes. Then work like crazy getting new leads, service existing customers and communicating with those who have already used you. When the timer goes off, have a coffee, soda or some other relaxation. Wander around the office and bother other agents – but never let anyone interrupt your 45 minutes.”
For those considering a career in real estate or looking to boost their productivity in the field, remember:
- Be prepared for long hours and irregular schedules.
- Develop strong time management skills.
- Leverage technology to increase efficiency.
- Set clear boundaries with clients.
- Continuously educate yourself about market trends and best practices.
- Network and build relationships within the industry.
Real estate is not just a job—it’s a lifestyle. Those who can master the art of time management in this dynamic field will find themselves well-positioned for success, both professionally and personally. The key lies in finding the right balance between dedication to clients and maintaining a sustainable work-life equilibrium.