want to be a real estate agent/broker.?

Question

As a catering manager I make over $60000/year. I want to get my real estate sales license and become a broker in 2 years. I want to continue working full-time as a catering manager until my income as a real-estate agent reaches $30000/year (part-time). After (6) months, I want to start advertising in newspapers, get my own web site and do as much marketing as an experience broker does. I am extremely good at dealing with my client and always come through for my guests. I can work long hours and love real estate. Do you guys think I am dreaming and it won’t work. Should I stay w/ catering? Do you think I will do better in real estate? I know I should get a broker to take me under his/her wings. Oh, yes…..I am 49 years old. Help! What do you think?

Answer 1

First of all you can do anything you set your mind to do. You might have to become a time manager to get everything you want accomplished, but you can do it.

Most people start out in this field doing it part time. So don't let that deter you.

Getting a brokers license in California require that you work as a licensed real estate agent for two years or have a college degree from a recognized college.

I am not familiar with the requirements of a caterer, but the demands on a real estate agent and catering to his clients are a hand full in itself as each client want to be treated as a diva.

In real estate marketing is key, In my opinion working a farm is mandatory and becoming an expert in one area, thus making friends of the potential clients as well as the commercial establishment in your farm area.

I find that publishing a news letter once a month and mailing it to my farm works miracles. Before the mailing you should take about 2-4 weekends to walk this area passing out fliers introducing yourself to your new clients. There will be some in the yard doing weekend chores.

You will also have to develop you a professional team to assist you in, an attorney, a mortgage broker, a notary public, a home insurance agent a title rep and others that you might see fit to add to this team.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

When you hire a real estate agent, you are essentially hiring the broker they work for. A real estate agent must collect commissions from their broker. The broker has gone throughfar more education, has more experience and is the person responsible for the actions of their agents. For example, if you hired an agent who is showing you homes outside your price range or homes that don't have the features you're looking for, you can complain to their broker and have another agent assigned to you. It is not necessary, though it is definitely advised to use a Realtor for your buyer representative. For one thing, you pay them nothing since the seller traditionally pays commissions. Also, you are entering a type of business transaction that you have never engaged in before, and having an expert in your corner can prove most valuable. Also, a Realtor is NOT the same thing as a real estate agent. Realtors are members of the National Association of Realtors, and are held to higher ethical standards than those agents who are not members. Ther are stiffer penalties for those who have broken the law or the code of ethics we work under. Hope this answers your question!

Answer 3

I have a cousin who is a real estate agent. He and his wife recently started a new business, but he still does the real estate part time. Even part time though, it still takes up a lot of weekends and daytime hours during the week. Based on what I know he does, I would say it is possible, if the weekend work doesn't interfere with the catering job, but you may need to give yourself longer than two years to become a broker.

Answer 4

Check your licensing laws for your state. They will be on the state government website licensing section for real estate. It iwll tell you the requirements to get licensed.

In my state you cannot get your Broker License until you have worked as a real estate sales agent for a minimum of two years. Most real estate firms will not be interested in you if you are only looking for part time work. It's really a full time job, although your current contacts from catering will certainly come in handy.

Answer 5

you should always do anything that brings you personal satisfaction, pride in your work, and a feeling of self esteem. it really doesn't matter what trade or occupation you have--it matters that you LIKE it.

now, onward: from experience and from training real estate agents, i must be 100% truthful to you. working part time in the business will NOT gross you $30,000/year. not now, in a big buyer's market whereby you have no older clientelle to send you new clients. nor will it work in a seller's market, which most likely we shall not see again until at least 2009.

i do not want to dissuade you. in fact, if you are in chicago, do tell me, because i want an agent now. but know that this business is one that takes up many more hours a week than 20! how will you handle all the calls you must make each day to get listings, and those that deal with the real estate attorneys of your clients, and the banker calls, and holding your (deliciosly, i am sure, catered) open houses? who will do your mailings, your advertising, your appointments? can you just up and leave your catering job any time during the day to meet with a client for perhaps 4 hours straight, in order that you represent them in such a fasion that you know you are doing it right? that is the only way to do this.

all this business is is service, service, service, for people, people, people, who want location, location, location. it takes a lot to SERVE People that need to rely on you to know LOCATION, correct? so how will you keep up on it?

going under the wing of most brokers will not help you. sadly, when i have practically killed myself training a new agent (this has happened to ALL of my real estate broker friends, too), off she went, to another office that promised a greater commish. but she didn't think what i gave her for our cut.

also, i want you to know that this business is one that you either love or you leave. and when you leave, leave it for good. it is addicting, however. and you MUST love people! do you?

the license classes will only teach you what you need to know to pass the license test. MARKETING real estate and working with clients is an entirely different story: you hardly remembe what you learned back then, since most doesn't apply.

and this is how you learn how to market real estate: no matter how i show you how to fill in a listing contract or sales contract, there will be something that comes up that you just don't know what to do about. the way you learn is by falling on your face. it is unavoidable, since all situations are unique.

i do have to honestly state that if i ever take another agent under my wing, i expect that she uses every element of the business that i teach her to benefit not only herself, but my office, which supports her.

whatever, i do wish you the luck of choosing that which gives you the most self esteem. good luck on your choice.

Answer 6

It sounds like you are doing well with the catering...why not grow that business?