General Area in Buffalo>Question Details

Rjn207, Other/Just Looking in New York, NY

What are minimum hours required for part time real estate work?

Asked by Rjn207, New York, NY Thu Jun 19, 2008

Hi. I am an attorney, and I have a full time job. As my membership in the NY bar permits gives me a relatively easy path to become a licensed broker, I would like to learn more about doing real estate work to supplement my current income. As i have a full time job, I could only spend some nights and weekends on real estate. Is it possible to do this? What sort of commission could I expect? Any recommendations for good places to begin this sort of part time work? Thanks!

Help the community by answering this question:

Answers

4
There is no such thing as minimum hours in real estate. It is unlike a 9-5 profession. It's more like 24/7. That is, if you consider yourself a professional and what to be successful.

Your knowledge would help alot because of your law background.

However, how will you find sellers? How will you service your sellers? How will you answer phone calls and internet inquiries from buyers and agents wanting to know more about the property? How will you show the property listings to agents? To buyers? How will you place advertising for you property listings? How will you have open house? How will you find buyers? How will you take buyers out to look for property? How will you handle escrows and closings?

There is more to this business than meets the eye.

Of coarse you could sit someones open house in the HOPE that you find a buyer or seller for that matter. Or send mailers to everyone in your market area. Or knock on doors. When you find a prospect all the "How will..." questions come up again.

Do we get paid for giving our professional opinion? Do we paid when out showing buyers property? Do we get paid when sitting an open house?

Real estate is probably the only profession where we get paid ONLY WHEN THE TRANSACTION CLOSES. Which means we do alot of work before we earn our fee. And sometimes the deal falls apart.

Being "part-time" is a diservice to the client. The days of the "housewive" agent are gone especially in large metropolitan and suburban areas.

I am in this profession because I love homes and I love helping sellers move to their next destination and I love helping buyers find a castle to come home to.

Yes it can be lucrative but it also requires patience and tenancity.

And as in life, 10.0% of the agents earn 90.0% of the income. There is a very high fall out rate for those entering this business because they think it is so easy.

Good luck in your endeavors.
1 vote Thank Flag Link Thu Jun 19, 2008
Frank's response is SPOT ON. Wow.

I can attest to everything he's said. I'm in this business fulltime and in this market - let me tell you - it's not the time you spend in the business - it's what you do with the time that counts. BUT - in this market - it's very difficult. I had three transactions fall apart this month. I was supposed to have 2 closings in the end of May and one in June. All fell apart. My last closing was in April. OUCH.

But you pick yourself up and keep going. I now have another fast all cash closing scheduled for the first week in July and I just reduced all my inventory on my listings - over 130,000 (that hurts but it hurts the homeowners more). The key to this business is winning over buyers, keeping a solid prospecting regimen going AND SERVICING YOUR CURRENT CLIENTS to the best possible degree.

So "part time" really doesn't exist in this business, unless you plan to work your sphere of influence (family and friends) and leave it at that.

You've got to have tough skin and a focused mental attitude. I don't care what person says it's "easy" - in this market - it's not. The ones who say it's "easy" are the ones with a SOLID client list that continues to repeat business.

I'm doing okay only because I WORK - really hard and I'm always looking for ways to improve my business.
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Thu Jun 19, 2008
I have a team of Realtors that work full time jobs. They do real estate evenings and weekends. I am their weekday arms and legs and the relationship works just fine. You might want to find a Realtor to work with and reach an agreement that is a win/win for both of you/
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jun 19, 2008
THERE IS NO MINIMUM HOUR REQUIREMENT BY THE STATE EACH OFFICE HOWEVER MIGHT HAVE THERE OWN POLICIES ON AND COMMISSIONS ARE NEGOTIABLE ON ANOTHER NOTE WE DO HAVE OPENINGS AVAILABLE AND TIMING IS FLEXIBLE IF YOU ? LOOK US UP AND GIVE US A CALL YOUR CHOICE REAL ESTATE GROUP
0 votes Thank Flag Link Thu Jun 19, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer