I just got into RE about a month and a half ago and here are a few things I can tell you.
First as I'm sure you know is to make sure you have enough money up front to get yourself financial through at least the first 6 months or more.
Taking the fundamentals of RE is the first step which costs $$'s after that it's more $â€™s followed by even more $â€™s being paid out.
Research like crazy the agency you want to join. Put on your consumer hat and check the company website, are they user friendly. Got to the office does the receptionist great you in the way you would wonâ€™t future clients to be greeted. Is the office smelly (not as funny as it sounds).
When you meet the broker have questions prepared. What is your market share? how many agents have you? how many agents have you taken on in the last 2 yrs? of those who has stayed and how successful have they been. What do you attribute to their success? And why should I join you and not someone else.
Ask what is the most important thing for you, the bottom line or the education. I opted for the company that would help me with my RE education starting out. knowing that if I learn the job right the $â€™s will come. Some agencies will sit you down and say hereâ€™s your phone hereâ€™s your desk and come see me when you make a sale. My company Windermere took the time to show me how to get started and are constantly helping me out so I know I picked a top company. My broker is AWESOME!
I have shelled out a lot of money and every day I get the car it cost for gas so it is an investment. Iâ€™m happy that I joined at this time because the market is slower but to me itâ€™s all I know. There are so many, many things to learn that the time has been a blessing. As for making money, donâ€™t be put off by the number of Realtors but be encouraged if you have a good work ethic. I am blow away every day by things I see Realtors do that lose them business, such as putting listings on the MLS and waiting days to put Pictures on or important info. If you like the 8-5 job and getting a pay check each month then real estate is probably not your thing. If you have a passion for real estate and have enough seed money and are prepared to give up week-ends and listen to the proâ€™s an Joes give you tips. Then you are on the right track, but my biggest tip I would give you is do your homework first and research, research. If you want to chat at all feel free to contact me although we are in different states and things are probably different I can at least talk about being new.
P.S I LOVE THIS INDUSTRY!!!
I had a manager at a company I no longer work for, tell me I would never sell more than 10 houses in a year because he had been in the business 10 years and had never sold more than 10 in a year. Ha! Wrong thing to say to me! I ended up selling 40 houses last year and hired a buyers agent and I am having a couple of others come on board to help part time with some of the office and computer work.
I used to be bummed (for about 6 months) that I started in such a bad market. However, it is such a blessing that I did! A lot of agents come in during a good market, but when the market gets tough they don't know how to do it any more. Cream rises to the top in a bad market. I am not saying it is not a lot of hard work, but in 3 short years I have agents that have been in the business 25+ years calling me asking me how in the world I am doing it!
I think if you have enough motivation and get into a company where you are surrounded by top producing agents, you have no where to go other than up! By the way, last year I had an incredible income like I have never dreamed possible in just 3 years into the business. You can do it! I know you can! Be another success story! You are so much better to start in a bad market than good. Your skills will get sharpened more quickly! Besides that you are a professional now so you know what it takes to bring on success!
I hope you don't take this as me lifting myself up. I truly do not mean it that way. I truly, truly mean it in an encouraging way! I just wanted to share with you it is not all doom and gloom out there! There are some awesome things happening out there and now is a great time to get in and build your name.
I hope this information helps! Best Wishes to you!
I would vote that NOW is not the time for a new person to enter this profession, UNLESS, you have no need for money, and plenty of time to learn the industry.
It is hard enough for those of us who are vets to get the job done - with so many foreclosures and shortsales going on, I'd recommend this as NOT a time to get into the real estate profession unless you work under an experienced TEAM...
IF that is possible for you to do and money is no object - but learning IS......then GO FOR IT!
You just don't want to be a newbie - on your own, right now. The ROI is not worth the loss of brain cells...neither is trying to help someone with their house sale or purchase when you don't really have the experience to help. It's like being a Dr.... they say 'FIRST, 'DO NO HARM'
Hope this helps you or feel free to email or call me for more info. I know plenty of people who are looking for help, but you must be supervised and trained. It is not as easy as it looks.
Hope this helps!
Do you like people? Are you comfortable making friends from strangers? Are you self-disciplined? Can you set goals and meet or exceed them? Are you patient & do you have a fallback or safety for the time it will take to bring home that first closing? Answer YES to any of the above & you will make the others work for you. Answer NO to any of the above & you will find yourself frustrated & unhappy all too quickly. Definitely research the firms in your area. Ours offers a Career Development Institute & continuous educational & networking opportunities. Or, you might prefer a small, intimate boutique brokerage with more hands-on mentoring from a broker. Whatever you decide, please let us know how it goes for you. All my best, Vivian
You can do a lot of reading, studying, classes, training, etc but at the end of the day, it has to be what gets you up in the morning if you are going to do it.
In Orlando, typically total home sales are 30-40k units. There are 9-12k realtors so on average each realtor does 6-8 sales per year. (35k units x 2 / 10k agents) If you only do 6 sales a year, it will be a financially troubling experience. (6 units x $225k(ave sale price) x 3%(example commission) x xx% (your share))
Better figure out before you jump into it if you have a passion or are you a statistic. I think all prospective realtors should consider being buyers and sellers of several investment properties before they make a career decision to become a realtor. The best education is experience. If you have owned property, managed propert and sold property, you have a much broader base of knowledge from which to assist others in the process.
Our best advice it to have some kind of income you can fall back on until your business skills are developed to the point of being abe to sustain you.
The Eckler Team"
Now really is a good time to get into the biz. Why? As long as you have good people skills, exceptional training, a positive attitude and support system, you can do really well. People are always moving. My advice - go with an agency that has the top market share in your area, it will give you credibility being new, offer to have open houses on new listings for tha top producing agents (they may be too busy) and have a plan. My new agents are listing and selling right now, in our area the market shines on those who work hard. Also - only listen to and seek advice from people who are making crazy money.
It helps if you are a "self-starter" and have some money to invest in your new business. You will learn a lot if you start right now.
I would not say this is a bad time to get into real estate. I would just caution you to do your homework on how you'd like to get into real estate right now. As mentioned by other's answering your question, there is a big learning curve and it's very costly to enter real estate as a career. If you're going on your own, find an office that's focused heavily on training and support. I happen to work in an office such as this and it helped me tremendously in the beginning. The skills you'll need to bring with you are great people skills, communication skills, sales skills and customer service skills.
If you don't have reserves set aside to sustain you for 6 months to a year, as well as funds for marketing and establishing your business, you may want to think about joining a team and learning the business that way. A good team leader will be able to provide you with a steady stream of leads, and you won't have all the expenses youd have if you were on your own. I'm looking for a buyer's agent right now myself. Feel free to give me a call. I'd love to speak with you!
You are also have to make sure that you are looking for a real estate company that focuses on agent training and education. Try to remember, that a 100% of $0 is still $0. Successful real estate agents are more focused on who is going to help them do more business and as a result, net more money. This is a great real estate career blog from Keller Williams, that has a ton of free real estate career training and education: http://moving-careers.com/blog
First before you've read a lot of so beautiful messages I bet you checked who wrote them: Agent , Agent, Brocker, Agent.
Now let me tell you something honest, which I took it from my mentor, a very experienced realtor. A House doesn't need a realtor to be sold. A house gets sold by itself and by its price. That's it. We all are here for big tips. We all are here for big and easy money. We are called very high educated persons. :) makes me smile; Hey everybody, that the fact we go to the board and attend those cheap courses every year makes us very educated ?!?! :) There is no realtor working for the client or for its best interest, we are here for %, if it's bigger that's definitely your dream house we often say to the buyer :), The thing is if you get in and can't make cash you're scrued cuz you'll have to pay the bosses(You'll find them later to be the broker and the board). To survive in this field you have to smile with no reason, you have to know which client worths to make an appointment and when you sell, just sell, make sure you have that think sold, cuz if you'll go by the golden rule you'll die by starvation. All this people you saw theys posts here none of them were honest to you. Few of them are even retarded, they talk about "passion". Do we need passion in Real Estate? We need to be strong and sell and buy everything for nomatter what the price is as long as we don't pay, we get payed anyway. For this job you have to be tough, cruel, no passion, that's home for your family. this job Realtor, is not supposed to even exist but since get's a lot of cash why not.
At least, did I wake you up a little bit?
I always recommend reading a few different books.
Fantastic book - great insight - straight forward (cheap).
Good if you want really basic stuff.
To me - this is a must
Also check out the web reference - check out personal development - I HIGHLY RECOMMEND Tony Robbins - here's a link to him (but you can find it on the web reference site:
Best of luck to you!
From a market values, technological advances and financial standpoint; now is a great time to start fresh and bring with you lots of patience, ambition, determination, compassion, courage and wisdom.
I don't know your market, but I can tell you that when entering into any business, especially one based on commissions, that you have to be committed. Find a company that will provide training, operational support, marketing, and guidance.
From choas can come opportunity. Each year, I've hit a new record, regardless of the market environment. I did more business last year than the years before (and before the criticism starts, I've been a President's Club producer since my first year so I'm not talking about going from $10,000 to $20,000!). And I did it moving into an region in which I didn't know anyone and didn't know the area.
Be outgoing, be ethical, be honest, and work to separate yourself from the competition. If I can help at all, just give me a call (emails get messed up on here). Especially since you aren't in my area, I don't mind providing what little advice I can. And there are some great answers below. I'm reading over them just to give myself a pep talk (no, i'm not being sarcastic! I'm being honest). So participating on sites like this one is a great start.
My advise to you is if you think that Real Estate is a career is for you, take the pre-licensing course! You will lean so much about the industry! I got into real estate just as the market was starting to really decline and I am thankful that I am in it now, verses a booming market! Why? Well, I would rather have the additional time to learn and gain "on the job" knowledge with the market in this stature compared to getting my license, being "thrown" into a booming market where the money may be rolling in, but would I know what I was doing? You know, like a small fish in the Pacific Ocean!!! LOL!!
When I first received my license, I was so estatic because I knew that I could make $$$ in this industry. Then, a few months later....I was still waiting for that $$$!! So, I decided to take the "slow market" opportunity and further my knowledge, so that I can better help my clients! It all comes down to Knowledge Is Power.
Since I have taken the time and continued to learn, had the time to learn, attached myself to a mentor (seasoned agent) in my company, I can now say that I am doing pretty well in a declined market.
In short, all the answers here are fantastic....everyone loves their real estate career...but it is for only you to decide. I would take the pre-licensing class to see if it is really for you! Make sure you set some money aside to live on if you choose this full time! You will need it! The $$$ is there to be made, but you will have to market yourself and you cannot sit back and wait for the business to find you! Definatly research the company you want to work for! You have the choice who you work for---YOU interview them!
I wish you the best of luck and I think you would enjoy Real Estate as a career!!
Your question inspired me to write a blog post about 3 things to consider before becoming an agent.
There are many fantastic answers below as well. You should now have a good idea on what to expect.
Social Media Guru at Trulia
There's never a good time or a bad time to get into real estate. In the good times everybody's in real estate. The present market is weeding out wanna-be agents and many brokerages as well. In good times the discounters are all over the place, they are getting hard to find now. My advice would be to get woth a broker that will arrange for you to have a mentor, a team leader, someone who's at the top of the game that you can learn from and also, as you progress, contribute to their bottom line.
Good Luck in your new adventure
JD â€œDanâ€ Weisenburger, GRI
Vanguard Realty, Inc. GMAC Real Estate
All great answers you have been given by everyone.
As a Realtor in Las Vegas, I can speak for a very crazy market. I was able to get in before the boom and I'm still here. Many people got into Real Estate because it was a hot market and I can tell you a great majority of those people are no longer in the business here. During the peak years, everyone was selling and buying to friends and family and it was a big shock to many realtors when the market turned and they actually had to prospect for business. A market like this presents a challenge, however it will be a rewarding challenge as it will teach you to survive in an adverse market. Real Estate requires a large amount of discipline, make sure you are up for it.
FYI, there are also salary positions that may be available from new home builders.