I'm considering a career change... (Real Estate)

[disneyofcourse]

To become a real estate agent! What are some good sites available online with information on becoming a Realtor? Any book recommendations so I can figure out if it really is the right job for me? I know now is not the best time to get into it but it is the best time to find out more. Any tips from the experienced? I expect that I'll have to keep lots of money in reserve before starting this type of career.

I am a very social person who likes to meet and greet. I've always enjoyed keeping track of the market, viewing homes etc. Working long hours is something I've always done. I actually went to school for Autocad Design and Drafting back before I started my current business. Then after spending all that money on schooling I realized I disliked being stuck with a monitor all day and gave that up. I run a pet business now in my current area but will be moving to the MD/DC area so it seems like since I'll be starting over(In a new area) maybe I should find something that I'll really enjoy. Hoping ofcourse that I'll be able to continue my current business at least part time.

 

[The Mystery Machine]

Hello, I am considering this also.

Here is what I may be using to prep for the test.
http://www.realestateexpress.com/

I also have someone who I know who is at a great office who I might be able to get on with.

From what I understand, someone has to hold your real estate license for 2yrs and then after that you can take the broker test so you can hold your license?

I am still learning all the details myself and I am sure they vary state to state.

 

[Lisa loves Pooh]

Personally I would interview some realtors (when they aren't busy of course.) They can then point you in the right direction for what to do in your state.

Some are great and some are not. If you can find a great on who will tell you how they succeeded, that would be best.

They can also point you in the right direction of what you need to do to be licensed in your state.

I have several friends who are realtors and if I considered the field, I'd be consulting with them.

I also have a neighbor who is one--his name is on the marquis at the real estate office for being a hot shot.

 

[FireDancer]

My mom is a Realtor and I can tell you that this is not the best time for them. A couple of things to keep in mind.

You will earn your living on commission. If you don't sell you don't get paid. If this will be the only form of income for you and you can't go a month or two without a paycheck, especially around the holidays when sales dry up, think hard about it.

It takes time to build up a customer base so the first year or so will be slow. Most customers of hers come from referrals because she sold someone a home or their home. At first you won't have this customer stream so be prepared to have to put in the time to build it.

There is usually an upfront cost outlay before you can sell a home or sell someone a home. This is anything from the expense of printing all the MLS sheets to paying for ads. The cost of gas is up and a lot of selling someone a home is driving around and looking at houses for weeks. Some brokers charge more than others for things like yard signs and websites.

I'm not trying to talk you out of it. If you are good at sales you can make a very good living. This is especially true if you are in an area that has a population growth. But it is hard work and often my mom goes months without a paycheck so be prepared for the bad that comes with the good.

 

[Angelhalo]

I work for Keller Williams in Charlotte and our agents are doing very well right now. Lots of people buying homes and the Tax credit just got extended. My boss is the team leader and thus recruiter of new agents for the office. We hire nearly 8 new agents a month and in the year I have been there, none have left.

I hope it works out well for you OP. If you have a Keller Williams, near you, check it out. We're one of the only RE companies that make you a shareholder and give you a say. You work for Keller Williams but you run your own business the way you see fit. We have Profit Share and Health Insurance as well. We also have ZERO debt, so we're financially stable and not going anywhere.



Good luck OP!

 

[Silent1CB]

The real estate agents I know personally are HURTING for income this year. Many have had to find other work to do, and still aren't making ends meet. One had to move out of her house & rent it out because she can't make her mortgage payments or taxes anymore. She's back to living & renting a tiny apartment just to have a place to sleep.

Are you sure this is something you want to take on in this economic situation? Its going to be some years still before things are back to the way they used to be.

You don't get paid if you don't sell a house. You can do tons of work for clients, but if they don't buy one & close on it, you get NOTHING.

 

[princess momma]

I have a good friend who's been a real estate agent for about 10 years. She was doing really well for herself. They built a beautiful house, had expensive cars, took lavish vacations. Her husband even left his job to join her.

Well, it has all but dried up for them. They're really having a tough time and have had to sell their cars and put their house on the market. People are just not buying in my area. They're both looking for jobs.

You may be better off staying in the pet business. I read that pets are one thing people will not scrimp on. Whatever you decide, good luck.

 

[phorsenuf]

I work for Keller Williams in Charlotte and our agents are doing very well right now. Lots of people buying homes and the Tax credit just got extended. My boss is the team leader and thus recruiter of new agents for the office. We hire nearly 8 new agents a month and in the year I have been there, none have left.

I hope it works out well for you OP. If you have a Keller Williams, near you, check it out. We're one of the only RE companies that make you a shareholder and give you a say. You work for Keller Williams but you run your own business the way you see fit. We have Profit Share and Health Insurance as well. We also have ZERO debt, so we're financially stable and not going anywhere.



Good luck OP!

I used to work for Allen Tate when I sold real estate down there.

 

[dawson5]

http://www.recrs.com/beta/prospect/requestaccount.aspx?rcid=cressy

This is a simulator/test. You do have to give it information (name, addy, phone, etc.) I did it, used fake name & phone, but gave real email to get the results. They are trying to sell a class to you but I think the simulator is realistic. I think it gave you a breakdown of your strengths & weaknesses.

 

[surfgirl]

Not to dissuade you, but... if you are moving to an area, how well do you know it ? I would be disappointed if my realtor was new - I expect them to know the area like the back of their hand. A block can make a difference...

 

[disneyofcourse]

Not to dissuade you, but... if you are moving to an area, how well do you know it ? I would be disappointed if my realtor was new - I expect them to know the area like the back of their hand. A block can make a difference...

I lived within 20-30 minutes of the area I am considering moving into for many years but never actually inside DC. I left once I finished High School/college and moved south. Its been a long while but It has always a goal of mine to move to the area. When I left the housing market was pretty much insane and at its peak. Single Family 1100sq home for 450-500k+ No thanks! I have kept a pretty track of the changes in the area but yes I am still learning areas.

 

[disneyofcourse]

Great Info! Thanks

I've always pretty much worked only on a commission pay rate for my working career. Its made me stick to a budget because as you said you get those dry months. You save up money while its good!

My mom is a Realtor and I can tell you that this is not the best time for them. A couple of things to keep in mind.

You will earn your living on commission. If you don't sell you don't get paid. If this will be the only form of income for you and you can't go a month or two without a paycheck, especially around the holidays when sales dry up, think hard about it.

It takes time to build up a customer base so the first year or so will be slow. Most customers of hers come from referrals because she sold someone a home or their home. At first you won't have this customer stream so be prepared to have to put in the time to build it.

There is usually an upfront cost outlay before you can sell a home or sell someone a home. This is anything from the expense of printing all the MLS sheets to paying for ads. The cost of gas is up and a lot of selling someone a home is driving around and looking at houses for weeks. Some brokers charge more than others for things like yard signs and websites.

I'm not trying to talk you out of it. If you are good at sales you can make a very good living. This is especially true if you are in an area that has a population growth. But it is hard work and often my mom goes months without a paycheck so be prepared for the bad that comes with the good.

 

[disneyofcourse]

I work for Keller Williams in Charlotte and our agents are doing very well right now. Lots of people buying homes and the Tax credit just got extended. My boss is the team leader and thus recruiter of new agents for the office. We hire nearly 8 new agents a month and in the year I have been there, none have left.

I hope it works out well for you OP. If you have a Keller Williams, near you, check it out. We're one of the only RE companies that make you a shareholder and give you a say. You work for Keller Williams but you run your own business the way you see fit. We have Profit Share and Health Insurance as well. We also have ZERO debt, so we're financially stable and not going anywhere.



Good luck OP!

I will check for a Keller Williams office and contact them.

 

[Minnie824]

I'm joining in on this thread, possibly in the same boat...my job may possibly be going away next year, and I really need something flexible in hours. I had passed the real estate exam once (would need to retake it) and am thinking of getting into this as well, if I were to lose my job. Good luck to you! I want to keep reading this thread for more good advice as well.

 

[Hillbeans]

I took my NJ R.E. exam and classes a few years ago - mostly because I wanted to get the referral commission on a home we were selling and then buying. I know in NJ the market is saturated with agents and I do not have the personality (ie, really pushy) to make it or even try it after I saw how it was. Not all agents are pushy but most need to do lots of mailings and put in lots and lots of unpaid time before that first sale. The time and money you spend driving customers around to look at houses is all on your dime. Not trying to turn you off to it, I am sure there are people making $$ in it, but don't expect any profit for at least a few years.

 

[Disney Doll]

DH is a realtor and I have known him for 21 years, been married for 18. he became a realtor shortly before we met, so was pretty new to the business and still building his clientele.

My observations:
~It will take you at least a good 2-5 years to build up a pretty good client base, and that will also depend on the area you live in and how the overall real estate market is. So, if you cannot afford to be without an income for a period of time, then it is probably not a good choice. DH & I lived off my income and banked his for the first couple of years we were married, because his income was not great, so we just thought of it as savings.
~Always behave in an ethical manner. It will take you longer to start earning money but in the long run you will benefit. The slimy guys earn money more quickly, but their bad reputation ultimately brings them down.
~It is becoming less and less a job you can do part time. The days of the lady who wants "dabble" in real estate, and sell a couple of houses to earn a little extra cash, are pretty much gone. There are many rules and regulations, and if you don't keep current, you could risk legal action. Yes, realtors do get sued. Thankfully DH never has, but he has been full-time for many years and is quite good at what he does. He does carry liability insurance though.
~The hours are flexible. But, you also have to be available for your clients, so it means some evening and weekend commitment.
~Generally there are no benefits (ie-health care, retirement) offered to realtors who are sales agents. If you get into management, there can be benefit packages like a more "normal" job. But a realtor who is a sales agent is considered an independent contractor. When DH was a sales agent, I carried the benefits through my job. He got in to management and then he got a benefit package. NAR (National Association of Realtors) has been fighting for years to be able to offer benefits through NAR to sales agents, but has been unsuccessful.
~Speaking of NAR, that would probably be a good website to go to. Your state probably also has a state association of realtors...I'd check out their website as well, as it would probably give you some good info about the real estate conditions in your state.

Good luck. I will tell you that DH has loved his career, but he made a decision to make it his career, worked at it as such and is now reaping some of the benefits of thatm, even in a less than stellar market. He has a reputation for being good and ethical which has served him well.

 

[DawnCt1]

I was a real estate agent in the early '80s. It wasn't that difficult at the time. I took a $350 course at the local community college and passed the exam. My motivation? I had friends who had an agency. I had a cousin who was a broker for another agency. I had to list my house and buy another so I didn't want the dilemma of who to list with and I wanted the freedom to go house shopping without an agent and to earn my own commission. I didn't intend to "work" with the license. My friends however were campers and they loved to go away for the weekends. I would cover their phones from my house and for 2 years I made more than enough $$ to pay for our World Vacations at WDW for 9 days each. I never joined the MLS because I wasn't working enough to justify the expense. Finally they caught up with me and so I turned in my license. By then the hot market cooled off and the only way to really do well was to work 50 or 60 hours a week. I had no interest in that. My $350 investment paid off. I listed with my own agency but ended up selling my house on my own and gave them a $1000 for advertising and I bought my house from another agent who was selling hers with no commission added on or I should say, with the price set 6% below market.