I made the leap a few years ago and have no regrets. Yes the industry has changed a great deal over the past year, but for me, here is the bottom line. If you are the kind of personality that loves being your own boss, are motivated, organized, like working with people, detail oriented, and can generate your own clients, have at it. It is a great business and lifestyle. But if you are getting in because you expect to make $250K next year, you are sadly mistaken. It is quite difficult getting started. If you are getting in because you love the industry and are willing to stick it out through several years of getting ramped up, welcome to the club. If you are getting in to get rich quick, you will be out of the industry in the first few years.
When I got into real estate way back in 1979 the interest rates were 18-19%. People told me that it was a terrible time to get into the business. Well, almost 30 years later I can tell you it has been the best career I could have ever wished for. In markets like we have now, agents who take their careers seriously still are doing business. Sellers and buyers need a good agent more than ever when there are challenging markets. I would recommend that if you are interested in becoming a real estate professional that you find a company what can offer you some real training - take advantage of every opportunty to stay at the top of your profession. Kenny, real estate can offer you benefits no other profession can - job security, flexibility for your family, and no limits to your income. Good luck. PS I taught prelicense school for 10 years and if I can answer any question let me know. Our laws in Georgia are probably different then in your state - but maybe I can point you in the right direction.
Normally I would say go for it. However you need to know a few things about the atrition rate. In good times fully 80% of new agents leave the business within the 1st two years then half of those remaining are still here at the 5 year mark.
Of those remaining past 5 years the old 80/20 rule kicks in. 20% of the agents are doing 80% of the business.
Add to that, one of the most sucessful title agencys in our area just closed it's doors because business is so bad.
If you have someone at home that can feed you for the first 5 years and you have a high level of drive and you have STRONG people skills and you don't mind puitting in 12 to 18 hours a day and you are willing to prospect for business every day and not take a day off for the foreseeable future, then real estate is for you. To anyone else I always use the line given to our class back in Minnesota ....learn to say "Do you want fries with that?"
JD "Dan" Weisenburger, GRI
Vanguard Realty, Inc. GMAC Real Estate
I would have to say it depends on what kind of niche you create on whether you can make $150,000. If you are selling homes above $500,000 it will be a lot easier than selling homes in the $80,000 range. A good agent can make over $150K especially if you have a plan and some financial reserves to get started. Marketing is key in Real Estate. To many agents come in and wait for the company phone to ring to find clients. You have got to get YOUR phone ringing. Also, make sure everyone you know is aware of your career change. Then remind them of it often. Not in a hounding way but in a way that they want to help you succeed in your new venture. Good luck. Send me an email and I will invite you to join a network that will give you a great background on the industry and it is free to join. James.email@example.com
Glad to see you're not out to get rich quick. Some would argue that this profession is geared to go broke quick!! (Perhaps that's why the boss is a broker)
By the way, since I saw your recent answer to our discussion i will mention this only because i actually hear professionals use the term incorrectly We are REALTORS two syllables REAL-TOR. When I hear agents use REAL-I-TOR and REAL-A-TOR it's the same as someone scraping fingernails on a blackboard OUCH! And beleive it or not, at one time I actually worked for a company where the broker ordered signs that read "REALITY" That word is pronouced RE-AL-I-TYjust like those fake TV shows.
Just my 20 bucks worth (that's what it takes to make 2 cents worth now)
JD "Dan" Weisenburger, GRI
Vanguard Realty, Inc., GMAC Real Estate