A question about real estate.?

Question

I'm interested in pursuing a career in real estate. What is a realistic income to expect? Is it difficult to be a real estate agent? What are the pros and cons?

Answer 1

Its essentially a sales job where there are several people and several personalities working together for a common goal even though it may seem like everyone is going in a different direction.
Because purchasing a house is very emotional for some people you have to learn how to remain calm and even tempered when things appear to be falling apart.

You have yourself- the realtor, the loan officer, the mortgage company, the loan underwriter, the inspectors and appraisers, the customer, and the friends and family of the customer. They will all have different expectations. The better that you are at managing the madness, the more you will enjoy it.

Its a lot of time, effort, and hard work involved but it pays very well. If you are diligent enough you can expect to easily make $100,000 a year. Because people back out of the deal so often it is important to keep working regardless of how good you think you are doing. The average realtor that gives up after a few months is the guy who will get 3 deals in his first week with a commission that totals almost $8000. He will count that money before the deals close and figure that he has made enough money this month and now he can take it easy- Then when 2 of the 3 deals fall through and the third one only yields a $1200 commission, he frantically tries to get more business in less time so that he can recoup all of his costs associated with being a realtor. Then on the 1st of the month he is barely making ends meet.

If you are not interested in making over $100,000 a year, this type of work is not for you. People will say that they would like to make that kind of money but once they get that first $8000, or $12,000 commission check they either get lazy, quit, or just try to "coast" on that money until it runs out.

If you manage to bring in 4 million dollars in deals this week, do the same thing next week and the week after. You cannot quit or take a break within the first 8 months to a year of being a realtor. Building a good name is too important to you.

Answer 2

Its not difficult to become a real estate agent, but it takes a lot of hard work to make money at it.

You basically work for yourself, and must pay your broker for advertising and other expenses associated with selling property.
Agents are not paid until the sale closes, no matter how much time and effort they put into a transaction.

Deals can fall apart because the buyer has trouble getting financing or selling an existing house, and in these cases, you get nothing.

The Internet has also changed the real estate business, and is putting pressure on agents to lower their commission rates. A lot of data that used to only be available thru real estate listing services can now be found on line for free.

One of the positives of this career is the income potential is unlimited for a person with excellent business, interpersonal and financial skills as long as they have the ambition and drive to do the work.

Answer 3

Real estate is a people business and you have to be willing to put yourself out there. Networking is essential and a willingness to put your client's needs and demands ahead of yours is tantamount. Dedication, education and perspiration are the keys to success.

Traditional brokerages aren't for everyone. If you are interested in an alternative email me.

Answer 4

I heard that you don't need a college degree to do it; however, it's always the best to go to college. If you don't go there, you can sign up for training school to get a certification.

Answer 5

It is a highly competitive industry ............I would think very hard about this career choice .

best regards !