Considering the various aspects of real estate is an excellent option for those who need to take control of their future. Achieving that result, however, requires taking control of ones present by doing the appropriate research regarding such important decisions as starting your own business.
Scott has provided excellent guidance.
Starting ANY business, be it real estate, a sneaker store, vegetable stand or a vending enterprise, one needs to know:
1. The size of the local market
2. What are people willing to pay
3. Where are these people located
4. What is your access portal to these people
5. Your Cost of product sold
6. Source of product sold
7. How much of market must be captured.
8. Personal survival costs.
9. Business costs
10. (8 + 9) +30% = minimal business income
11. Income goal in 1 or 2 years.
12. How many sales (transactions must be competed to reach #10?
(until verified by agent/broker assume $5,000 per transaction)
13. How many sales (transactions) to reach #11?
14. Can you hold your breath long enough to reach #11?
Failing to complete such analysis defaults the licensee to residential real estate where they usually hang around for two years and drop out.
If you are good at spotting where the money is and agile at calculating ROI and being a deal architect, the 'emotion free' arena if commercial could be very appealing. When you get paid it's really big chucks of money.
Residential would rely more heavily on assuaging emotional conflicts through mastery of neuro-linguistics and constant, persistent, never ending marketing programs, and accepting the fact their are seven (7) organizations or individuals (of which you have zero influence) involved in every transaction that can sink every deal.
When such analysis has been completed, to the best of your ability, that would be a great time to meet with an agent or two and ask them to share their reality with you. Show them your analysis and get their take in regards to the local real estate market. Follow that with a meet up with a broker or two or three for the purpose of seeing who, if any, has a proven program in place that demonstrates you can get into deals as quickly as possible. The only number you need to see in the average annual transactions, per agent of THE OFFICE. National average is 6. An office with an effective program will know the socks off the national average. The average transaction count IS validation of their system and process.
There is always room for those who are masters of their craft.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL