Transition is scary however I live in a high end area.
I've heard stories anywhere from "you will not get paid for a year" to "great move".Is it better to start part time which I will keep my income but I won't have much time to learn, orrrr...do it full time to get a full grip of it with a part time job?Please answer if you have experience in this field and thanx.
2007-08-11 01:13:41 · 9 answers · asked by zoltar 1 in Business & Finance ➔ Renting & Real Estate
I am not going to lie, its a tough market right now. People who have been in the business and through this before understand that this is actually a normal market, not a down market. The people who joined in the last 5 yrs think this is the great depression because they were selling in a market where a monkey could have sold a house. You put a sign out front and 20 minutes later you had 5 offers on your desk. Now that is not a fair picture of how real estate works. Now is. You have to price your listings correctly, market them heavily, be prepared to spend a lot on ads. You also will have to really qualify your buyers because loans are folding last minute by the 1000's. A high end market could be good because you make a higher commission, but the pool of buyers is slim, and getting slimmer by the day. It is getting harder and harder to get loans, especially jumbo loans for properties in the high range. I would really do my research on what this market is all about by going and talking to offices in your area, not to people online. ( most here hate Realtors anyway)
As far as everyone saying you have to work nights weekends and holidays, they are a slave to the business. There are several books out there that tell you how to run your real estate career as a 40hr mon-fri work week. I never works nights weekends or holidays. Now I am not saying on occasion I wont show a house to someone at those times, but if its once a month I would be surprised. You need to learn how to make people work on your schedule. I encourage you to join the business, but only after you do your research and make sure this is what you want. It is not as easy as people think, and you do not make money hand over fist as most think. If you work hard, and are honest and dedicated you can make 6+ figures easily, but if not you will end up making 15-20k per year. Also don’t expect a check for your first 3-6 months.
Good luck
RE Agent,
Remax
2007-08-11 03:06:46 · answer #1 · answered by frankie b 5 · 1⤊ 0⤋
I would keep you day job. We have an agent that was just hired back in April and he has yet to sell a house! He has a family to support and a mortgage to pay. I work for ERA and they have all kinds of training on the Internet so I can learn and go to school. (I'm in college) in a few moths I have taken soo many classes it's unbelievable! It's going to take sometime you to get enough money to actual live on. And if you get a broker that really understands you feelings on the whole thing they are going to support you all the way through. You never truly do real estate part-time. Even when I'm at school sitting in class I'm doing real estate. Why? Because I'm making contacts, I'm out meeting people. Our guy with the part-time jobs has already got quite a few listings. It all depends on how hard you want to work at it. Yeah you're going to have to work weekends and holidays, but isn't it worth it? People who spend all their time telling you how horrible life as a real estate agent is are just trying to discourage you, whether they mean to or not. Just don't give up hope and work a hard as you can and you will succeed!
2007-08-11 09:16:43 · answer #2 · answered by Cookie Girl 3 · 0⤊ 0⤋
I won't bs you here. It's a tough market right now. Especialy upper end housing. Loans are harder to get. There are fewer buyers. It costs a lot of money to get started, some say you should have as much as 2 years income to sustain yourself until you start making money. This is what they don't tell you in class: you don't get the whole commission, you have to split it any number of ways, you have to pay for all of your own advertising and marketing, and with what is left you get to sustain your lifestyle, oh and pay taxes.
It's good that you have your license, but what I might suggest to you at this point is; invest in real estate rather than trying to sell it. Build your net worth through owning real estate.
2007-08-11 01:32:42 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
Plan on working every weekend and all holidays... Right now the market for buyers is not there. Glad to see that you have means and really don't need to get paid every two weeks. Monday thru Friday --hang around and wait for the phone to ring and see if a client wants to go and look at a home... Or if they want to list the home for sale... Your just like the fuller brush door to door sales person. Lots of products to sell and find a buyer to sell them.too...
2007-08-11 01:34:46 · answer #4 · answered by Gerald 6 · 0⤊ 0⤋
keep you day job! most markets are now hard on new sales people, tough finding buyers. Specialize in an area, or foreclosures for example. take time to learn your market, PRICE seems to be the key to selling in this market. Learn how to spot the bargains. good luck.
2007-08-11 02:21:45 · answer #5 · answered by marv g 1 · 1⤊ 0⤋
I would look into buying & selling apartments because of the market it's only going to get harder for people to buy a house, but they will continue renting until they qualify or save enough money for a house.
2007-08-11 04:26:05 · answer #6 · answered by tony_99g 1 · 0⤊ 0⤋
Not selling any houses. Quite a few realtors are doing other things because they are not selling any houses. Realtors are paid on commission.
2007-08-11 01:21:47 · answer #7 · answered by Gary 5 · 0⤊ 1⤋
the first few meeting will be awkard. you will gain your confidence then the slaes will begin to build.
you should do very well.
2007-08-11 01:22:20 · answer #8 · answered by Michael M 7 · 1⤊ 0⤋
crappy hours, i would assume....nights and weekends
2007-08-11 01:21:26 · answer #9 · answered by Melissa R 3 · 0⤊ 1⤋