Real Estate is my life and has been for the past 18+ years. Much of my knowledge and experience has come from working in the capacity of a real estate legal secretary, residential property managment assistant, and residential/commerical lending capacity as it relates to corporate and community banking. The interesting thought here is that there are many other agents out there with far more experience than myself in real estate who are not making any money to speak of? Not to say we are not swamped with work, it's a matter of getting what needs to be done through the various channels. There are many factors in real estate that are out of the agent's control and many influential factors come to mind.
The banking industry and compliance issues frequently change within the system nearly monthly. You're buyer may can expect to lock-in a good interest rate almost immedately and this cost money. Preforeclosures, foreclosures, and remedies like short sale deals are trapped in the underwriting process for months on end with little to know communication or update by bank representatives. Trying to qualify buyers regardless if they are AAA credit buyers or not for FHA loans is becoming complex and are also caught-up in the underwriting maze. In my opinion, It has become a game of which lender is willing to take the new loan into its portfolio. Yes, lenders are now picking and chosing their deals with a fine-toothed comb. Your buyer client may be expected to visit possibly 2-3 lenders to gain loan approval. Insurance companies are narrowing down risk as well and you may expect to bargin with them. There's more but not enough room, LOL.
There has never been a better time for agents to put on their creative hats in an effort to keep deals flowing through the pipeline while at the same time keeping them from falling apart. Real estate is no easy field to work in and will probably become the most complex eventually. I enjoy the cahos and challenge and have managed well through the shifting market thank goodness.
Having a thick skin while keeping your emotions in check is the life blood to survival in the real estate industry. Maintaining a postive and balanced attitude will eventually bring you wonderful rewards both personally and professionally.
As you can see there are many hidden challenges when dealing in real estate. Having a great mentor you can trust would be ideal. Thank you for allowing me the opportunity to be candid.
Good luck with your future endeavors!
If you are getting into the business to make a million dollars right away, then you might re-think your strategy. If you genuinely like sales and have a passion for homes and community, then I say go for it. I live eat and breathe real estate and I couldn't imagine doing anything else...
I second the advice Bill gave you about finding a mentor. There is a lot to learn and company training will only get you so far. Typically they just teach you how to stay out of real estate jail.
However, you need to keep in mind, new agents are about as welcome as Monica Lewinsky at a Hillary Clinton Birthday Party. Especially in this market. Don't let it bother you. All they see is a threat to the pie getting smaller. Just focus on creating your business.
All it takes is hard work and the ability to hang in there. It would also help if you have 2 years of income to live on while you get established.
Find yourself an old real estate road warrior who willing to take you under their wing. I did that 30 years ago and I still call him to ask his advice. Best thing to ever happen for me in this business.
Make sure you pick a good company where you will not get lost or become a number. See what kind of training program they have and what type of support they offer new agents. Take advantage of all they offer.
As a newbie, you will want to work as many open houses as you can. Great way to get in front of people and practice. Learn how to listen. You already know how to talk.
Get to the office early and stay late. Learn how to answer the phone when no one else is there. Amazing how many good calls you get, especially on days when your company is running ads.
You have picked an awful time to go into this business, but if you make it now, you will be a superstar later on. Everything else will look like a piece of cake compared to this.
I am only an email away if you need a sounding board.
Best of luck to you.
There is great opportunity here in the triangle area for real estate agents! We have one of the best markets in the country.
I work for Keller Williams and would be happy to tell you about our fantastic training (especially for new agents) and profit sharing.
Call or email me anytime!
Enough to scare you of course - but as said, the top 20% of agents do 80% of the business. If you're in that top 20%, then you would, on average, sell 17 homes a year. And, you would "probably" do better than the market average of $162K. Let's say average of $200K. Now you've generated about 100K of income to your brokerage.
Charlotte has close to 10,000 licensed real estate brokers and more are coming in every day.
Don't pay attention to that! If this is something you want to do, focus on how you can be different and set yourself apart from the crowd. Find a good qulity agent that can help get you started and really look for a solid company to work with. The biggest name isn't always the best for a beginner, so do your homework.
If you need lending help, I am here to assist as well.
The Triangle MLS has over 8,000 Realtors. Not all of them are "producing" agents. According to Trend Graphix, there are 7198 producing agents Triangle-wide. Of these producing agents, Many are part time, or minimally-producing.
I train new agents, and would be happy to set up a time to speak with you in person about the business in general. Shoot me an email if you'd like to chat.
Hope that helped,