I am going to go into real estate for a while. I have always been very interested in it, and am having a very hard time figuring out what to pursue after my bachelor degree. So, I want to be a realtor for a while to see how I like it.
How much money do you think is a possiblility.....I know it varies a lot.
THese things might help: I live in Florida(close to the ocean)
-big city
-very expensive houses
2007-07-06 13:48:50 · 8 answers · asked by Nicole S 1 in Business & Finance ➔ Renting & Real Estate
Good evening Nicole. While I think everyone has already stated that a Realtor is 100% commission in just about every Real Estate brokerage shop around and your income level will be completely based on you and how hard you work and this is completely true. The amount a Realtor makes is truly different for each and every Realtor. While there are Realtors making 6 figures, most of them have been doing it for a long time and it has taken a long time to figure out how to do it, build up a long network of referrals and referral partners and a lot of time and effort. There are thousands and thousands of Realtors who make under 20k/year as well. With all of that said, this really is a tough time in the real estate industry for many seasoned pros as well as very hard working "rookies". There are more homes out there than there are buyers in most areas. Houses are being foreclosed on at record pace and the real estate industry is really tightening up on lending guidelines. There are many Realtors that are changing industries and downsizing right now. It takes awhile to start off being a Realtor to start making some money. Even if you get lucky and get a few deals right away, it could still be 60,90 or even 120 days until you close your first deal (and possibly longer). This is a long time to go without a paycheck. Be prepared and know that the first year will be tough, very tough. Good luck and I hope it works out for you.
2007-07-06 14:30:05 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
You are in a very very very competitive market.
There was a study done on what real estate agents made on average.
I think the last study showed that it was about 3,000-4,000 per year (not month). You have to understand this is a sales based position. You decide what you make, I would say the top 5% make 90% of the money.
Its a sales job when we recruit people we recruit sales people, its not an easy job for your first 10 years but if you keep at it, you will live off of referrals for the most part.
Market changed a little bit my girlfriends ex husband was making on average 200,000 a year for 8 straight years.
He made 25,000 last year. I dont know how he could fall that far, but it goes to show what can happen. Im not trying to discourage you but wanted to let you know just getting your license doesnt do a damn thing other then give you a license.
You are jumping into the deep end of the swimming pool full of sharks. You better be great at sales. They will never fall in your lap, especially in that market. Sales are down and its a blood bath out there, you wont get anything for free.
I wish you the best and if you are great at it, when I say great at it I mean sales, not being a real estate agent... Well the cream always rises to the top.
Take the top 5% of real estate agents, top 5% Funeral sales directers, top 5% insurance agents, top 5% water cooler salesmen.
Switch their jobs all of them will still be in the top 5% of the new job.
2007-07-06 14:22:12 · answer #2 · answered by financing_loans 6 · 0⤊ 0⤋
Depends if you know the difference between hard work and smart work. You need tools, know when to ask not just questions but smart questions, and you automate everything you can (use computers) and let people do the rest. Example. MLS is ok, and most agents will lie and tell you that only they can pull up re info. They just want your business, dont blame them becuase most of them know what they were taught. (Nothing against agenst and realtors) So I give you zillow.com and trulia.com, cross reference addresses with google earth. earth.google.com and also use your local courthouses and building dept info thats online. You can also pay a fee to be directly linked into the system from your laptop. Replacing 99% of what realtors do, and appraisers do. You can get general ideas of what things cost and have sold for. Great leap ahead. Next, look for HML's Hard Money Lenders and dont be afraid fo do commercial deals or mulltifam deals. Two fams are best becuause alot of times they can be converted to three fam. You can also get a loan for $400K and the asking price is $325K. Guess who keeps the rest? YOU! Thats how people get paid at closing. Also never refi, always get checkbook loans. Save all them closing costs As you can see my angle is investor. selling homes ONLY is for the birds. Buy and sell, flip and invest. When you buy and keep buying earning money on EVERY CLOSE. You will start to delve into investing and other avenues. Also noone will tell you but you can buy 5 homes at one time. If you get cash on every closing say $20K thats $100K. It can be done, I made $135K in 2005 on one deal at closing. Thats rare but $80K isnt, 60, 50, 40, 30, 20 and below isnt. Hook up with developers and ask them to contact you first when they are going to be finished with new construction 2 fams. You may be able to buy ahead of time by having them keep earnest money ($5000) as a way of saying please call me when you have your CofO (Certicicate Of occupancy) that way you can buy first and most of them will have equity in them.
2007-07-10 13:43:57 · answer #3 · answered by sircarpediem 3 · 0⤊ 0⤋
If you speak averages, plenty has to do with which nation you're in. In the US The maximum cash is shared among the Electrical Engineer and Chemical Engineers, Civil and Mechanical Engineers make an identical quantities, ultimately there are Industrial and Petroleum Engineers. In international locations which might be top technological know-how you discover it is identical. In international locations that depend closely on oil creation the Petroleum and Chemical Engineers are first. Countries like Indonesia do not look to significance any variety of engineer. There engineers are visible as overpaid preservation guys.
2016-09-05 17:20:22 · answer #4 · answered by oplinger 4 · 0⤊ 0⤋
1) Real estate is the highest paying hard job and the lowest paying easy job.
2( You will never work as hard as you do in the first two years.
3) I am a believer in prospecting.
2007-07-06 23:07:52 · answer #5 · answered by Willems_grandpa 3 · 0⤊ 0⤋
it all depends on much you hustle most are all commission base salaries if you don't produce you won't have to worry about that carrier choice. just do your best you can expect a better than average salary.
2007-07-06 14:00:59 · answer #6 · answered by robert s 3 · 0⤊ 0⤋
In 99% of RE brokerages, you are self-employed, so your "salary" (100% commission) depends on you.
2007-07-06 14:00:12 · answer #7 · answered by godged 7 · 0⤊ 0⤋
Go to Salaries.com to see what local pay is. Or you can also check out DOL.gov
2007-07-06 13:57:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋