Any Realtors here?

[sbpebbles]

This is in regards to a job...I'm not an agent yet but have looked into getting my license and have spoken with an agency looking to hire new sales executives...I know in many areas the real estate market is not doing so hot...the woman i spoke with said it's really a BUYERS market, so as a new realtor those would be my targets..the cost of the class, which i would do online, would run about $150 and the cost of the testing around be roughly another $100, of course this is a discount if i go through this real estate company..and then as long as i make one sale within 6 months I'd get the cost of the class back...My biggest concern is not wanting to go months with no income...I'm a single mom of 2 kids and my daughter does receive SSI so I do have income coming into the house but that's not MY money, it's HER money..I haven't been working for 21 months, since my youngest was born...So i figure things can't get worse than they already are as far as income but realistically could I end up going months with little or no income? Any tips or advice for someone just getting into this? yes i know it's a lot of work to sell properties and it'll be nights and weekends but the company I spoke with seems like a good fit for me..the potential for me to work from home after awhile is there..any advice, tips, helpful info would be great! thanks!

 

[emmababy]

I'm not a realtor, but a loan officer. Both are straight commission. I will tell you that unless you have enough savings to sustain the months with no income- I wouldn't do it. Lots of realtors are part time in the beginning because they need some type of money rolling in.

 

[sbpebbles]

I'm not a realtor, but a loan officer. Both are straight commission. I will tell you that unless you have enough savings to sustain the months with no income- I wouldn't do it. Lots of realtors are part time in the beginning because they need some type of money rolling in.

I was wondering if i should just do it part time, look for a regular job in addition until things start to take off...the woman i spoke with said that those who are part time don't have to pay as much to the company because you don't have an advertising fee and such taken out..

 

[Taja]

I obtained my real estate license during a previous real estate downturn--and didn't see my first commission for 10 months! So you do need other income for 12 to 18 months minimum as you build your client base.

Part-time is a possibility. The main difficulty is you need to be available when it is convenient for clients. That can be weekends, evenings, mornings... And if you aren't available, they are likely to go to someone else.

It can be a good profession long-term. Short-term is another story. I had my license for 10 years, but burned out. I don't like being at anyone's beck and call, so it wasn't an ideal profession for me. And it's worse now with cell phones--you're expected to be on call 24/7. Not my style at all!

But if you like working with people, don't mind working odd hours and fast and furiously, and can accept that many potential transactions will fizzle, it can be an excellent source of income!

 

[WheelCEO]

My family owns a rather large firm here in South Florida and have been doing real estate for 28 yrs. They also teach the Real Estate course. I obtained my license about 1 yr ago, and do it part-time for friends/family and people I meet through my business.

The average new agent makes under $4000 their first yr (In Florida). As far as costs associated with becoming a Realtor, check with local offices. This is the breakdown of fees in Florida:
-$350 course
-$85 every 2 yrs to keep license active with state
-$100/yr to the city you work in/occupational license
-$700/yr to join the board of realtors and access the MLS system (Mandatory)

Real Estate can be a VERY rewarding career and it gives you the opportunity to be your own boss and make your own schedule, however remember that it's owning your own business. If people don't know you are in the biz, how can they use you? You have to have a budget for things like business cards, magazine ads and other marketing materials. Lockboxes for homes if you have listings and here in Florida we have what they call the "Supra" which is a special lockbox, $140/yr for the keypad you need to open it. Do not depend on your office to give you leads.

I'm not sure how things are done in your state, but feel free to PM me and I'll answer any questions that you may have.

 

[TessieA]

I have had my license for 5 years and still only do it part-time. I have a full-time job also. Luckily, my full time job is flexible enough that I can take time off during the day if I need to in order to accomodate clients. I basically just work with friends and family though.

Another thing you need to consider are the hidden costs. I'm not sure if this is how it is everywhere, but in the Kansas City, MO area, there are a lot of extra things you have to pay for. Here are a few of them - MLS fee (which you are required to pay) $25 per month, lockbox charges, which run me around $150 per year, yearly renewal of $350. It seems like I am always having to pay out money for something.

You should check into that so you have all of the information before you make your decision. Even months that you don't have sales, you have costs. Do you have the extra income to keep paying those?

Frankly, I wouldn't go into the real estate business at this point, but that is just my personal opinion.

Good luck with whatever you decide.

 

[sbpebbles]

I have had my license for 5 years and still only do it part-time. I have a full-time job also. Luckily, my full time job is flexible enough that I can take time off during the day if I need to in order to accomodate clients. I basically just work with friends and family though.

Another thing you need to consider are the hidden costs. I'm not sure if this is how it is everywhere, but in the Kansas City, MO area, there are a lot of extra things you have to pay for. Here are a few of them - MLS fee (which you are required to pay) $25 per month, lockbox charges, which run me around $150 per year, yearly renewal of $350. It seems like I am always having to pay out money for something.

You should check into that so you have all of the information before you make your decision. Even months that you don't have sales, you have costs. Do you have the extra income to keep paying those?

Frankly, I wouldn't go into the real estate business at this point, but that is just my personal opinion.

Good luck with whatever you decide.

Yea when I spoke with the woman she did say there was monthly expenses..but if i was part time those expenses are less as compared to that of someone fulltime...i guess i need to speak with her again as far as months when i'm just starting out..I'm not expecting anyone to hold my hand and for it to be simple so maybe going in part time, getting my feet wet to see if i like it, is the way to go

 

[wmharley]

My family owns a rather large firm here in South Florida and have been doing real estate for 28 yrs. They also teach the Real Estate course. I obtained my license about 1 yr ago, and do it part-time for friends/family and people I meet through my business.

The average new agent makes under $4000 their first yr (In Florida). As far as costs associated with becoming a Realtor, check with local offices. This is the breakdown of fees in Florida:
-$350 course
-$85 every 2 yrs to keep license active with state
-$100/yr to the city you work in/occupational license
-$700/yr to join the board of realtors and access the MLS system (Mandatory)

Real Estate can be a VERY rewarding career and it gives you the opportunity to be your own boss and make your own schedule, however remember that it's owning your own business. If people don't know you are in the biz, how can they use you? You have to have a budget for things like business cards, magazine ads and other marketing materials. Lockboxes for homes if you have listings and here in Florida we have what they call the "Supra" which is a special lockbox, $140/yr for the keypad you need to open it. Do not depend on your office to give you leads.

I'm not sure how things are done in your state, but feel free to PM me and I'll answer any questions that you may have.

I was a parttimer in FL too, now on Voluntary Inactive with the state. Deciding if I go a few months past my renewal (September 30th) since I know I have until my next 2 yr renewal or else I'm doomed.

I haven't had a client in 2.5 yrs so now, I cannot dedicate much time anymore.

I hated all the fees... And for a new agent, its even worse. I spent in fees more than my 1st commission. Although, that 1st year, I was only one of 3 in the office of over 1M in sales, and the only newbie to get that. My 1st 2 yrs I busted 2M in sales. Allowed te wife stay home while I worked RE and my normal job.

Its a buyer's market, but there are plenty of times you spend a ton of work and time to have the clients strike out in underwriting, or decide not to by, or worse (2 times) leave youa nd get another person. Towards the end there, I insisted my clients sign the broker agreement form that I got paid, or else I didn't show.

For a new agent, you better be organized and have some cash to tide you over. Also, I'd suggest don't bother listing a home. focus on buyers.

 

[MickeyManiac]

I thought Real Estate was something I could do part time in the evenings, on my schedule. I was sooo wrong. It was so frustrating to have to miss my kids baseball games, school activities, etc. I quickly realized I was not happy trying juggle so much. (I also work 30 hrs week at my long time job)

Honestly, I didn't spend enough time investigating the profession. I was not prepared for all the fees. On top of that you have wear and tear on your car and you really rack up the cell phone minutes. I often joke that it was the most expensive job I've ever had.

One thing I really struggled with was what it did to my personal relationships. I actually lost a long time friend over a listing that went bad. ( because of choices she made). Family and friends will always expect you to cut your commission for them. They don't realize how much you have to put into the business.

I don't mean to be discouraging. You just really need to be prepared that it is not an easy job. Realtors work hard for every penny they make.

 

[WheelCEO]

Realtors work hard for every penny they make.

With the amount of short sales in this market, truer words have never been spoken. Short Sales can take a minimum of 3 months, and my office has some upwards of 2 yrs., to close. You are at the mercy of the bank(s) and you have no income coming in. I know a few realtors that were top agents on the east side of town ($10 mill/yr in sales+) that are now working part time at Target because all of their deals are in limbo and/or falling apart.

 

[wmharley]

One thing I really struggled with was what it did to my personal relationships. I actually lost a long time friend over a listing that went bad. ( because of choices she made). Family and friends will always expect you to cut your commission for them. They don't realize how much you have to put into the business.

I had two.

The second was the worst. They cancelled a new home contract we had been with for almost 2 yrs (and after I kept telling him to get out because they didn't meet the deadline to build). then unbeknownst to me, he went back to the builder a few weeks later, talked with another sales person there and posed as a new buyer and bought the same danged house he was under contract before, only now it was inventory. I didn't find out until 4 months after closing when he called out of the blue to get a spare key back from an old listing of his house he refused to lower the price on, that we paused the listing so he could wait until later to sell. Found out he rented the home and that's why he wanted the keys.

that whole hassle was the worst. Karma got him as the community, after being so elaborately hyped, has about 40 homes.. entrance looks like junk, big hole in the ground where the community rec area was to be and a shell of a clubhouse, even years later. I warned but wasn't listened by him.

 

[dcldad]

Real estate can be an extremly rewarding career however, there are a lot of misconceptions. There are an auwful lot of people who become agents each year, because they think it is a sure fire way to earn a quick buck. What a lot of people dont know is a lot of these same agents leave the industry within the first year because they realize it is not as easy as it looks. It requires a lot of time and dedication to be able to service clients well. Initially as a new agent the difficulty is getting clients beyond your sphere of friends and family.

Real estate is also not an industry where you can take the class, become licensed by the state and instantly become an authority. What they teach in the classroom realistically bears no relation to the practice of real estate. The first 2 years you are actively working as a real estate agent are basincally a learning process and if you are able to cover your costs in that time then it is a bonus.

Real estate is a great industry to join and I love every minute of it and enabling my clients achieve their goals is quite a thrill and each client and transaction is different. However, a lot of time and hardwork goes into becoming successful. If your looking at this with a long term career goal which is the way to do it then you will be very successful. Just make sure you dont go into it with the idea that its a good way to earn a quick buck because sadly you will become a statistic.

I wish you the very best of luck

Nick

This is in regards to a job...I'm not an agent yet but have looked into getting my license and have spoken with an agency looking to hire new sales executives...I know in many areas the real estate market is not doing so hot...the woman i spoke with said it's really a BUYERS market, so as a new realtor those would be my targets..the cost of the class, which i would do online, would run about $150 and the cost of the testing around be roughly another $100, of course this is a discount if i go through this real estate company..and then as long as i make one sale within 6 months I'd get the cost of the class back...My biggest concern is not wanting to go months with no income...I'm a single mom of 2 kids and my daughter does receive SSI so I do have income coming into the house but that's not MY money, it's HER money..I haven't been working for 21 months, since my youngest was born...So i figure things can't get worse than they already are as far as income but realistically could I end up going months with little or no income? Any tips or advice for someone just getting into this? yes i know it's a lot of work to sell properties and it'll be nights and weekends but the company I spoke with seems like a good fit for me..the potential for me to work from home after awhile is there..any advice, tips, helpful info would be great! thanks!

 

[tinkerbelletreasure]

I had a real estate license very briefly. I basically go tmine because my then husband had oen and wasn't doing much with it and I hoped that as a team we might be able to get something going.
There are a LOT of fees! I had a desk fee. Plus a minimum advertising fee. A fee for signs, a fee for lock boxes...it really adds up!

 

[surfgirl]

What would be your primary source of new clients ? Remember, everyone knows a realtor from... church, schoolmate's parent, their own transaction.

Do you have an "in" at a large corporation that relo's people into your town ?

Do you like to negotiate ? Be the bearer of bad news?

On your free Sundays, do you like to walk through open houses ? If you do, it might be a good fit. If you've never thought of doing that, I would question if this is a good fit.

Do you read the real estate section every Sunday now ? Again... interest level here. Do you know the comps in your neighborhood off the back of your hand ?

If not, I question the desire. Those are all things I know and love to do. However, I have no interest in being in real estate... I like my weekends to myself.

If you will be a buyer's agent, expect to work Saturdays and evenings. That is when buyers have the time to look. If you can't, this isn't the job for you.

If you were about to sell your own house (most people's largest investment), would you use a brand new realtor or would you find someone in the business for years ? I know my answer....

It is a tough field to break into. You may be better off trying to find a high flyer who wants to hire an assistant to do the grunt work and take an hourly salary. That is how many people get into the business while gaining experience. The problem? Those high flyers aren't making what they used to and have let you all their assistants.

The other way to break in is to work at a model home for a builder...

good luck!

 

[marlynnp]

Yea when I spoke with the woman she did say there was monthly expenses..but if i was part time those expenses are less as compared to that of someone fulltime...i guess i need to speak with her again as far as months when i'm just starting out..I'm not expecting anyone to hold my hand and for it to be simple so maybe going in part time, getting my feet wet to see if i like it, is the way to go

You need to realize this woman is trying to 'sell' you this "job". She is not your friend.

She's the one who will be making the fees from the courses, she'll be renting you the office space, charging you to use the copy machine, your share of the receptionists salary, etc., etc.

I would bet that you will LOSE money for at least the first 6 months. At least.

 

[sbpebbles]

What would be your primary source of new clients ? Remember, everyone knows a realtor from... church, schoolmate's parent, their own transaction.

Do you have an "in" at a large corporation that relo's people into your town ?

Do you like to negotiate ? Be the bearer of bad news?

On your free Sundays, do you like to walk through open houses ? If you do, it might be a good fit. If you've never thought of doing that, I would question if this is a good fit.

Do you read the real estate section every Sunday now ? Again... interest level here. Do you know the comps in your neighborhood off the back of your hand ?

If not, I question the desire. Those are all things I know and love to do. However, I have no interest in being in real estate... I like my weekends to myself.

If you will be a buyer's agent, expect to work Saturdays and evenings. That is when buyers have the time to look. If you can't, this isn't the job for you.

If you were about to sell your own house (most people's largest investment), would you use a brand new realtor or would you find someone in the business for years ? I know my answer....

It is a tough field to break into. You may be better off trying to find a high flyer who wants to hire an assistant to do the grunt work and take an hourly salary. That is how many people get into the business while gaining experience. The problem? Those high flyers aren't making what they used to and have let you all their assistants.

The other way to break in is to work at a model home for a builder...

good luck!

The bold part is exactly why I had to recently email the real estate company and decline working for them...I need a guaranteed wage and working as an agent can't provide my family what we need right now..i would LOVE to get into an office and do all the grunt work but so far not having much luck..I'm still looking for a job period so it's just not the best thing to be an agent, as much as I know i'd be good at it..but thanks everyone for the advice!