If your goal in real estate is to make $24,000 a year, the outlook for success if bleak.
Such low expectations will certainly get you stuck in the quick sand of the low margin market. You do not have the experience to control your business to make 'low margins' a profitable market segment for you. You will end up spending the same 10 to 60 hours per transaction, and in the end have less in your pocket than the 'fry' jockey at Checkers.
Take a week or two and chat with a few agents AND brokers and talk about the ways one can make money through real estate. Identfy existing resources and access you can leverage or new venues that can be opened for you through your planning. When you identify the segment that resonates with your dream AND existing market conditions, then you have a clue where to begin, how your money will be earned, who willl be paying you, how much you will be paid and what is the potential growth for your business. Would you open a sneaker store without knowing EXACTLY the same information?
95% of newly minted agents say, "I've got may license, now what?" Two years later, they are doing something else.
There is NO EASY MONEY! The less you make, however, the harder life is. Do your home work as I describe, set your goals at no less than $250,000 Gross a year, then plan accordingly. You will understand these numbers ONLY when you actually do the homework.
NOTE: As you go about completing your homework, have an agent or broker show you how much revenue you must generate to take home $24,000 and pay all the associated taxes and insurance. Your really, really, really need to think bigger.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
Also, many people start with rentals - and accumulate 6 months emergency fund first, then go full time.
Hope this helps,
Irina Karan 305-904-2355
Beachfront Realty, Inc.
I would recommend visiting a few real estate offices and talking with a few managers/brokers and agents to explore if becoming an agent is a wise step for you. Out of personal experience, it helps to have a chunk of money to cover your expenses for the first four to eight months. In addition, when I first got into real estate, I often found myself work 6-7 days a week, by choice, in order to be successful. No matter what you do, take your time and make sure you know what you are getting ready to partake in.
Is it fairly easy to take home $200, $2,000 or $20,000 a month? NO. It's NOT easy. But it IS done.
The difference in the amounts, again, depends on YOU.