Mental Health and Owning Your Own Business

Mental Health and Owning Your Own Business

By Pamela Babcock

Commission-based careers such as real estate, with unpredictable hours and the need to juggle tasks and emotions, are fraught with challenges. The market can have peaks and valleys depending on factors like inventory, interest rates, and changes in the industry. It’s easy to see why stress and anxiety can be high.

It’s crucial for small business owners, such as Realtors®, to take excellent care of their mental well-being. After all, it’s impossible to show up as your best self with your family or your business when you are struggling with your mental health.

“As a Realtor®, we are the face of our business and our income directly correlates with our mental and physical well-being,” said Realtor® Jocelyn P. Russo of Coldwell Banker Realty in Montclair. “Taking care of yourself and maintaining mental wellness is crucial for success in real estate.”

Representing buyers and sellers in one of the largest financial transactions of their lifetime—the sale or purchase of their home—carries a significant responsibility.

“This is a people business, not a housing business,” said Broker and Realtor® Jeanne “Lisa” Wolschina of Keller Williams Haddonfield. “We have to keep in mind other people’s livelihoods are in our hands and we need to be as mentally healthy and stable-minded as possible.”

Challenges Realtors® Face

One major challenge for Realtors® is managing transactions with many moving parts, involving a myriad of people. It’s impossible to control every aspect, no matter how much you might want to do so.

“We have to trust the process, the people, and the end goal,” said Wolschina. “As Realtors®, we absorb as much of that stress for our clients as possible, but in turn, we take on too much stress.”

Realtor® Chris Ryan of the Ryan/Gregorin Team of Coldwell Banker Realty in East Brunswick said low inventory has been a big cause of stress. Realtors® who don’t have many transactions worry about paying their bills or when the next deal will come.

“Mental health is a serious issue that we have in society,” said Ryan. “As far as real estate goes, I observe agents that are worrying too much about some of the changes that are occurring and they are getting too caught up in things they cannot control.”

Signs of Trouble Ahead

Realtors® may recognize signs of trouble if they’re more irritable than usual, having difficulty sleeping, feeling drained or burnt out, or if relationships outside of work are negatively impacted, according to Courtney Morgan, a licensed therapist and founder of Counseling Unconditionally, a Louisville, Kentucky-based mental health therapy practice.

“Some of the biggest challenges that can affect the mental health of Realtors® include the lack of work-life balance, putting in a lot of effort that may not be fruitful, and having trouble disconnecting from work,” said Morgan, who has counseled real estate agents and other self-employed individuals in sales-driven positions.

Realtors® often feel the need to be “on” all the time and to respond to emails, text messages, or phone calls immediately, regardless of the time. They also may feel pressure to attend open houses and continually scour the market for new homes or opportunities.

Wolschina said when her stress is off the charts, it usually manifests in lack of sleep and loss of concentration. “I really try to get enough sleep because sleep deprivation is my kryptonite,” said Wolschina.

She tries to take a yoga class once a week and finds solace in walking and reading. It helps to have a supportive husband who reminds her to “try to smell the roses” because she works so hard.

“Sitting in my backyard with my family is my therapy,” said Wolschina.

Morgan said it’s also important to be mindful of any changes you may notice within a person on your team or in your office.

“You may look out for changes in their performance, their moods, or the way that they interact with other people on your team,” said Morgan. “If you begin to notice changes, I recommend having an open and honest conversation with them. Having a genuine, caring conversation may be the push that they need to seek out additional support.”

Steps to Consider

Morgan said two healthy practices Realtors® may want to implement include exercising at least four times a week to burn off extra energy and setting screen time limits on their phone, particularly near bedtime.

“Both of these practices may feel challenging at first as they take you away from your business; however, in the long run, this will help you to be more productive and more effective when you are working,” said Morgan.

Patience is critical to a Realtor®’s well-being. You may work months or years with a client before a transaction occurs, if at all. To address the uncertainty, Russo focuses on continuously filling her pipeline.

“By cultivating numerous potential transactions, I live with an abundance mindset rather than one of scarcity,” said Russo. “When this approach becomes a core part of our daily routine, it helps maintain mental clarity and focus.”

To maintain sanity and enhance productivity, Russo has incorporated three practices into her daily routine. She begins her mornings by exercising, then does a five to 20-minute guided meditation from YouTube or one of the many mindfulness apps available. She also has begun journaling a few times a week. Writing down challenges helps her reflect and find solutions.

“Prioritizing and disciplining myself in this way sets a positive tone for the day,” said Russo. Secondly, Russo said she’s not afraid to seek assistance, whether through an in-office assistant, a virtual assistant, or a partner. Lastly, Russo uses tools such as customer relationship management software to systematize her process and maintain a daily to-do list, which helps her work smarter, not harder.

Ryan encourages Realtors® to have a set routine, schedule, and system to feed their mind with positive thoughts and affirmations, something he espouses as a coach with the Mike Ferry Organization, a real estate coaching company.

“At the end of the day,” said Ryan, “you want to feel that you accomplished something.”

For those who feel they are at wit's end, Ryan offers this advice: “In today’s real estate world, you need to have goals—big goals. And don’t get caught up in the everyday drama of real estate.”