mdarlingbrown, Renter in North Plainfield, NJ

What is everything you need to know about how to enter the real estate world that you should know before persuing it as a possible profession?

Asked by mdarlingbrown, North Plainfield, NJ Tue May 1, 2012

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Not sure I can tell you everything, but here are a few things to know.

It's a hard way to make a living from the start, experience comes slowly because you won't be selling that many homes.

From writing an offer it can take 1-2 months before you get paid.

You have to be ready at the drop of a hat to change your plans to work around your clients. If they want to see homes Saturday when you had family plans, your plans change.

No steady income. One year you can do well and the next you are not. You will haul people around at $4 a gal of gas for days and never hear from them again.

New agents get stuck on desk duty answering hundreds of calls for other agents.

Someone is always trying to get you to buy this, try that and subscribe to this and in time you find out it was all a waste of your money. Experience again is key.

There are good things too, don't get me wrong but many people don't really understand how little a new agent is probably going to make for the first 3-5 years.

You are a independent contractor so you buy your own insurance, gas, etc and it adds up.

Good luck, go in with eyes wide open.
2 votes Thank Flag Link Tue May 1, 2012
It is really quite simple.

Did you scratch your chin and say to yourself, "I think I will try Real Estate"

Or did you say to yourself, "I think I want a full time career in Real Estate. I think I have the tools to guide people through one of the most stressful events of their lives and make sure they are represented properly."
1 vote Thank Flag Link Tue May 1, 2012
This a great profession . First and foremost though, it is a sales job. That means reaching out to many people on a regular basis to see if they are interested in buying/selling/ leasing real estate. That is what you need to do the majority of your time when you start in the business. You need to have a business plan that includes this and other activities and you need a coach/manager to guide you and hold you accountable to your plan. If you follow this you have a high probability of getting houses sold and making this a profession. If you don't follow this, there is a high probability that this will feel more like a hobby than a profession since you won't consistently be making money. Feel free to call me if you would like to discuss this further and I wish you the best with your decision. I can be reached at 908-500-0116 or c21newbeg@aol.com.
1 vote Thank Flag Link Tue May 1, 2012
Wow. Where do I begin?
1. Are you prepared to do it full time, and give it several years without making a lot of money?
Most people think they can keep their current job, and do real estate part time as they build their business. Or you have the stay at home moms thinking they can do it part time to make some extra cash. That doesn't work. It needs to be a full time effort.
2. Are you prepared to work days, nights and weekends? It's not as easy as getting your license, joining an office, work 8-5 and just let the business roll in. You have to CONSTANTLY work at finding leads. You have to constantly market yourself. You have to constantly search for new ways of finding business. Finding the business is half the challenge (or maybe 70-80%). The other half is getting through transactions.
3. Are you prepare to ride the ups & downs? I'm not even talking about the market! This business has many day to day "ups and downs". You'll be flying high one day when you put a contract on a home for a buyer and they are so appreciative and thankful. Then you crash & burn the next day when there are issues found on another house with other clients, and they back out of the deal. And it gets worse when they look for someone to blame, and it's YOU ! (and you obviously have nothing to do with the structural issues on the house!) Seriously. It can be a rough spot to be in.

Don't get me wrong. I love my job. But, it does have its drawbacks and it's not for everyone. I'm a fairly new agent (4 years) and still adjusting to the ups and downs. The good news is that each year gets better, and you're constantly learning and improving the way you do business.
1 vote Thank Flag Link Tue May 1, 2012
There are so many factors surrounding the real estate industry profession!

I think #1 is being educated & continuing education. Just like going to college for a four year degree...
Education never stops!

#2 - you have to be passionate about this industry. It can be very rewarding at times, and extremely difficult the next.

#3 - I think researching and talking with successful, experienced agents is key. Find a mentor and learn as much as you can.

#4 - You can never learn "everything" about this profession as it continuously changes.

Just understand it's a huge investment of time and money to start - but can be so rewarding once you see what a great service industry this is!
1 vote Thank Flag Link Tue May 1, 2012
Couldn't agree more with Bill - hard work is essential. I love what I do and am achieveing success but I work like a dog to achieve it. Anything short of that would yield little.
0 votes Thank Flag Link Fri May 4, 2012
Success comes through hard work, determination, and sacrafice.......if you are looking for "easy street" consider other options.
0 votes Thank Flag Link Thu May 3, 2012
Start your career with a brokerage that offers top notch training - both formally and "on the job" through mentoring and supportive management. Activites yield results, so take action, very day to further your career. And be sure that you have a cash reserve - though some people have early sucess, it is very possible that you may have many months without earnings as you learn your trade.

Good luck to you,
Jeanne Feenick
0 votes Thank Flag Link Thu May 3, 2012
Thanks to all of you who answered my question!
0 votes Thank Flag Link Wed May 2, 2012
You should be very passionate about real estate in general and enjoy working with the public. As long as you are willing to treat people the way you would like to be treated, you should have no issues.
0 votes Thank Flag Link Tue May 1, 2012
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