By Mike Bodeen · 16 June 2025
Part One – How I Managed
Last month, a close friend asked if I would chat with a distant relative of hers who was considering relocating from the Southeast to Phoenix to start a real estate career. A few days ago, I had coffee with another good friend, who similarly asked if I could talk to a young friend of his who’s a current real estate licensee here in the valley but struggling to make a living. Would I offer him some tips about making it in “the business?”
My short counsel to both is and will be the same. “Don’t give up your day job, and if you don’t have a “real” job, you should strongly consider getting current employment while you’re trying to make a go of it.
Mike, that’s not very encouraging. Hmmm, correct. Five years ago, I would have been more encouraging. But “the times, they’re a-changin!’ Thank you once again, Mr Dylan.
My real estate career has been fulfilling, challenging, yet wonderful – even though I’ve not made the kind of money that other high performing agents have made. In most years, I often worked many hours, 6-7 days per week, with numerous financial highs and lows. There were really good financial years but a number of just awful years, like ‘82-‘85, ‘01-‘03, ‘07-‘09, and these past few years are the worst since 2009. (See Chart below)
How did I survive the ups and downs? First and foremost, by the grace of God.
“But in doing a really good job, our clients remember us. They refer others to us. And they return to us for their next real estate adventure. Referrals …have been the backbone of The Bodeen Team business…”
My career has been relationally based – not geared to the numbers. I enjoy my clients, many of whom have become good friends. But there’s been a price. I’ve worked long and hard for a number of clients which never resulted in a dollar. It’s the risk of our business. The kind of risk we take on merits bigger pay checks. Not many are willing to work long hours, puting time, energy and money into their business with a high risk of financial, emotional and personal disappointment.
There were times when I’ve had to sell my own home to stay afloat and provide for my family. If I had anything else I could do, I probably would have left to do that. I’m thankful this was my only calling.
It’s been a blessing that my wife, Karen, has seldom had to work outside the home which enabled her to raise our kids full time. In this sense, I’m an outlier in the industry. Now hear me, please, we know of many wonderful two bread winner families that have raised incredible kids – and they’re awesome parents! And yes, waves of envy have at times, swept over me.
Commission real estate sales offer the satisfaction of working until the job gets done. We don’t get paid until the goal, the closing, has been achieved. In a strange twist, when Realtors close the deal and accomplish the goal, we’re let go. On to find the next job.
But in doing a really good job, our clients remember us. They refer others to us. And they return to us for their next real estate adventure. Referrals, which have been the backbone of The Bodeen Team business, are a huge blessing to us. Thank you, clients and friends!
Next Week – Part Two: The personal and professional keys for a future Realtor’s success.