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Red Bull Agressive
Posts: 5981
   
Location: North Dakota | I have been looking into becoming a real estate agent and would love to talk to someone who's done it. If you prefer to PM me that would be fine. I'd just like some general info on what it's like, what an average work week looks like. How long did it take you to start profiting/build a reputation? What do you think are the most important qualities in a real estate agent? Is there anything you would have done differently? TIA!!! | |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | Bump | |
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| If you need a steady pay check ... don't go there ... it is a 24/7 job ... you work when others aren't ...
If you have a spouse that can support your expenses for a long period of time then go there .. if you are a socializing person with a lot of well known contacts that may be moving, upgrading or rich ... lol
You always hear about Million Dollar producers for the year ... here is the breakout in $$$'s
6% total commission is sorta the national average charged by brokers and here is the usual breakout ...
Listing broker ends up with 3%; Listing agent gets half of that 1 1/2%
Selling broker ends up with 3%; Selling agent gets half of that 1 1/2%
Which means selling a million $$$'s worth of real estate will net you $15,000 gross before you deduct any expenses and you pay your entire income tax bill with no employer sharing ... you are self employed ... Ok??
Edited by BARRELHORSE USA 2016-01-05 10:52 PM
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Member
Posts: 11
| I just started in Real Estate a few months ago and I love it! It was a scary switch to make that is for sure. My advice is have some $ saved as a cushion until business gets going for you. There are a ton of expenses to get started in the industry. I have been so fortunate in the office I am in, everyone is wonderful and positive and so supportive. I would try and find people you admire, either in real estate or not and ask them who they would use as a realtor. Find the best one that you really respect and start following them around! Real estate is definitely an industry that you can fail in easily if you are not careful. Our office has a mentor program, which has been a saving grace. I feel like I am rambling so any specific questions you have? It is a wonderful career choice and something that will always be around :) Good Luck! | |
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Industrial Srength Barrel Racer
Posts: 7268
| I am very interested in Real Estate - browse properties almost daily, just checking things out BUT, I don't think I would like to be an agent because I would guess that most of your showings would have to be after 5:00 pm and on weekends. | |
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Red Bull Agressive
Posts: 5981
Location: North Dakota | I have no spouse, and no money. I hardly make enough to survive and feed my horse so have no savings and no way to get anything saved up (I'm 21, started college, hated it, Real Estate was the only thing I could think of that sounded remotely interesting). I'm a good speaker and people tend to trust me very quickly. I also don't mind working some evenings/weekends so I have that going for me. | |
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 Extreme Veteran
Posts: 336
Location: Missouri | cavyrunsbarrels - 2016-01-06 9:53 AM
I have no spouse, and no money. I hardly make enough to survive and feed my horse so have no savings and no way to get anything saved up (I'm 21, started college, hated it, Real Estate was the only thing I could think of that sounded remotely interesting). I'm a good speaker and people tend to trust me very quickly. I also don't mind working some evenings/weekends so I have that going for me.
Please read what Barrelhorse USA wrote. First, you have the cost of getting your license and schooling. When I did it years ago (I was office manager of a large office, not actively selling, but still required to have my license). At the time, it was around $500. Next, you will have to work under a broker. You can't just go off on your own. You will have start up costs such as business cards, ads, your website (yes, you will be listed under your broker as an associate, but the majority here have their own site as well). You will have your vehicle expense - meeting and taking people to showings. Taxes - you are an independent contractor, not a paid employee, so you are responsible for all your own taxes. You will also have to pay for continuing education classes and license renewal. Insurance - again, it's all on you. There are no benefits as an independent contractor.
The commission info BHUSA listed is pretty standard. Keep in mind, the average sale is NOT going to be in the millions. You will go months without a closing. From the time a contract is accepted there is typically a 30-60 day period before closing - if all goes smoothly. You don't get paid until closing. And then you will always have those closings that fall through.
Honestly, from what you have described as your situation, I wouldn't encourage this move. If real estate interests you, perhaps you could get a job in a real estate office (like mine was, as office manager), and sell on the side? That way you would have a guaranteed paycheck and get your feet wet as a sales associate. YOU WILL NOT MAKE IT AS AN ASSOCIATE ONLY. Many agents, especially new ones, will go months between sales. There is a fairly substantial cash outlay, and very uncertain income.
Another idea...I was a licensed title and closing agent. That is still working with real estate and customers, often requiring even more people skills as closings can be emotional events. You would still need licensing and continuing ed, but you would have a steady paycheck.
Not trying to be a Debbie Downer, just wanting you to see the big picture. I have seen many, many young people get licensed and join a broker, only to realize it's not the big money, set your own hours, shiny star they are expecting. Sure, it's a great career and many are successful. But without a cushion and no backup source of paying your bills, you might want to look at other options. | |
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Extreme Veteran
Posts: 336
Location: Missouri | cavyrunsbarrels - 2016-01-05 12:39 PM
I have been looking into becoming a real estate agent and would love to talk to someone who's done it. If you prefer to PM me that would be fine. I'd just like some general info on what it's like, what an average work week looks like. How long did it take you to start profiting/build a reputation? What do you think are the most important qualities in a real estate agent? Is there anything you would have done differently? TIA!!!
In answer to getting started, what to expect...in this area brokers assign agents "floor days". During floor days any calls that come in where a specific agent isn't requested, the call goes to the agent on the floor. How many of those days a month depends on the size of the office, of course. Spring market is the busiest time usually. Most new agents spend their time getting to know properties on the market, working on getting listings, and inquiring amongst friends if anyone is looking for a home.
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Red Bull Agressive
Posts: 5981
Location: North Dakota | dianea - 2016-01-06 10:12 AM cavyrunsbarrels - 2016-01-06 9:53 AM I have no spouse, and no money. I hardly make enough to survive and feed my horse so have no savings and no way to get anything saved up (I'm 21, started college, hated it, Real Estate was the only thing I could think of that sounded remotely interesting). I'm a good speaker and people tend to trust me very quickly. I also don't mind working some evenings/weekends so I have that going for me. Please read what Barrelhorse USA wrote. First, you have the cost of getting your license and schooling. When I did it years ago (I was office manager of a large office, not actively selling, but still required to have my license ). At the time, it was around $500. Next, you will have to work under a broker. You can't just go off on your own. You will have start up costs such as business cards, ads, your website (yes, you will be listed under your broker as an associate, but the majority here have their own site as well ). You will have your vehicle expense - meeting and taking people to showings. Taxes - you are an independent contractor, not a paid employee, so you are responsible for all your own taxes. You will also have to pay for continuing education classes and license renewal. Insurance - again, it's all on you. There are no benefits as an independent contractor. The commission info BHUSA listed is pretty standard. Keep in mind, the average sale is NOT going to be in the millions. You will go months without a closing. From the time a contract is accepted there is typically a 30-60 day period before closing - if all goes smoothly. You don't get paid until closing. And then you will always have those closings that fall through. Honestly, from what you have described as your situation, I wouldn't encourage this move. If real estate interests you, perhaps you could get a job in a real estate office (like mine was, as office manager ), and sell on the side? That way you would have a guaranteed paycheck and get your feet wet as a sales associate. YOU WILL NOT MAKE IT AS AN ASSOCIATE ONLY. Many agents, especially new ones, will go months between sales. There is a fairly substantial cash outlay, and very uncertain income. Another idea...I was a licensed title and closing agent. That is still working with real estate and customers, often requiring even more people skills as closings can be emotional events. You would still need licensing and continuing ed, but you would have a steady paycheck. Not trying to be a Debbie Downer, just wanting you to see the big picture. I have seen many, many young people get licensed and join a broker, only to realize it's not the big money, set your own hours, shiny star they are expecting. Sure, it's a great career and many are successful. But without a cushion and no backup source of paying your bills, you might want to look at other options.
I'm not married to it. I just feel so lost and have NO IDEA what to do. In high school I got it in my head that I would own a tack store and everything would be amazing. THAT dream went out the window after my first business classes in college. I HATED IT. Nothing I've ever researched has interested me in the slightest. I hate math and am remarkably terrible at it as well as science. English, speech, history, governement I was all good at. I just don't have any interests outside of horses. Well, I guess makeup/skincare would be my second thing. I like guns and working with my hands too. Houses aren't even something I care THAT much about. Like I like that stuff but would never like, pick up an interior design magazine. My parents planted the idea of Real Estate in my head but like with every career, it sounds amazing at first but the more I learn the less interested I become. Everyone does kind of make you expect it's going to be what you said "big money, set your own hours, shiny star". I need some stability in my work life so I can do things like move out of my parents house for one! I don't want to have to stress constantly about every dollar. I will look up the licensed title and closing agent thing though. I'm pretty good w/ people. I'm not outgoing or assertive but they tend to trust me very quickly and I come off as a pretty stable presence. | |
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 Expert
Posts: 1392
Location: Central Texas | I think the real estate thing also depends greatly on where you live. I have at least 6 close friends that are agents and they all do pretty well. BUT we live next to the largest military base in the free world. So people are constantly moving in and out of our area. | |
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Red Bull Agressive
Posts: 5981
Location: North Dakota | GraciousLegacy - 2016-01-06 10:41 AM
I think the real estate thing also depends greatly on where you live. I have at least 6 close friends that are agents and they all do pretty well. BUT we live next to the largest military base in the free world. So people are constantly moving in and out of our area.
I live in Bismarck, ND so the housing market has done exponentially better than anywhere rise in the US. Even with things slowing down a little houses are still easily double what they would be in other areas. | |
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Extreme Veteran
Posts: 336
Location: Missouri | cavyrunsbarrels - 2016-01-06 10:30 AM
dianea - 2016-01-06 10:12 AM cavyrunsbarrels - 2016-01-06 9:53 AM I have no spouse, and no money. I hardly make enough to survive and feed my horse so have no savings and no way to get anything saved up (I'm 21, started college, hated it, Real Estate was the only thing I could think of that sounded remotely interesting). I'm a good speaker and people tend to trust me very quickly. I also don't mind working some evenings/weekends so I have that going for me. Please read what Barrelhorse USA wrote. First, you have the cost of getting your license and schooling. When I did it years ago (I was office manager of a large office, not actively selling, but still required to have my license ). At the time, it was around $500. Next, you will have to work under a broker. You can't just go off on your own. You will have start up costs such as business cards, ads, your website (yes, you will be listed under your broker as an associate, but the majority here have their own site as well ). You will have your vehicle expense - meeting and taking people to showings. Taxes - you are an independent contractor, not a paid employee, so you are responsible for all your own taxes. You will also have to pay for continuing education classes and license renewal. Insurance - again, it's all on you. There are no benefits as an independent contractor. The commission info BHUSA listed is pretty standard. Keep in mind, the average sale is NOT going to be in the millions. You will go months without a closing. From the time a contract is accepted there is typically a 30-60 day period before closing - if all goes smoothly. You don't get paid until closing. And then you will always have those closings that fall through. Honestly, from what you have described as your situation, I wouldn't encourage this move. If real estate interests you, perhaps you could get a job in a real estate office (like mine was, as office manager ), and sell on the side? That way you would have a guaranteed paycheck and get your feet wet as a sales associate. YOU WILL NOT MAKE IT AS AN ASSOCIATE ONLY. Many agents, especially new ones, will go months between sales. There is a fairly substantial cash outlay, and very uncertain income. Another idea...I was a licensed title and closing agent. That is still working with real estate and customers, often requiring even more people skills as closings can be emotional events. You would still need licensing and continuing ed, but you would have a steady paycheck. Not trying to be a Debbie Downer, just wanting you to see the big picture. I have seen many, many young people get licensed and join a broker, only to realize it's not the big money, set your own hours, shiny star they are expecting. Sure, it's a great career and many are successful. But without a cushion and no backup source of paying your bills, you might want to look at other options.
Math is necessary as a closing agent, as well as somewhat assertive LOL.
My personal opinion...being a grown up just sucks not matter what you do.
From what you have said, liking people, not a fan of math, somewhat interested in real estate...a real estate office might be a good place for you to start as office staff. Always something new, guaranteed pay, possibly benefits, and the chance to not only see what being an agent looks like for "real", but a chance to meet people in tons of different fields. Without that degree or a super solid resume, it's going to be tough getting any kind of job off that bat that will let you not worry about every dollar. Just keep an open mind, bust your a$$ whatever job you take, and see where it leads you!
Good luck! | |
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Red Bull Agressive
Posts: 5981
Location: North Dakota | dianea - 2016-01-06 11:28 AM cavyrunsbarrels - 2016-01-06 10:30 AM dianea - 2016-01-06 10:12 AM cavyrunsbarrels - 2016-01-06 9:53 AM I have no spouse, and no money. I hardly make enough to survive and feed my horse so have no savings and no way to get anything saved up (I'm 21, started college, hated it, Real Estate was the only thing I could think of that sounded remotely interesting). I'm a good speaker and people tend to trust me very quickly. I also don't mind working some evenings/weekends so I have that going for me. Please read what Barrelhorse USA wrote. First, you have the cost of getting your license and schooling. When I did it years ago (I was office manager of a large office, not actively selling, but still required to have my license ). At the time, it was around $500. Next, you will have to work under a broker. You can't just go off on your own. You will have start up costs such as business cards, ads, your website (yes, you will be listed under your broker as an associate, but the majority here have their own site as well ). You will have your vehicle expense - meeting and taking people to showings. Taxes - you are an independent contractor, not a paid employee, so you are responsible for all your own taxes. You will also have to pay for continuing education classes and license renewal. Insurance - again, it's all on you. There are no benefits as an independent contractor. The commission info BHUSA listed is pretty standard. Keep in mind, the average sale is NOT going to be in the millions. You will go months without a closing. From the time a contract is accepted there is typically a 30-60 day period before closing - if all goes smoothly. You don't get paid until closing. And then you will always have those closings that fall through. Honestly, from what you have described as your situation, I wouldn't encourage this move. If real estate interests you, perhaps you could get a job in a real estate office (like mine was, as office manager ), and sell on the side? That way you would have a guaranteed paycheck and get your feet wet as a sales associate. YOU WILL NOT MAKE IT AS AN ASSOCIATE ONLY. Many agents, especially new ones, will go months between sales. There is a fairly substantial cash outlay, and very uncertain income. Another idea...I was a licensed title and closing agent. That is still working with real estate and customers, often requiring even more people skills as closings can be emotional events. You would still need licensing and continuing ed, but you would have a steady paycheck. Not trying to be a Debbie Downer, just wanting you to see the big picture. I have seen many, many young people get licensed and join a broker, only to realize it's not the big money, set your own hours, shiny star they are expecting. Sure, it's a great career and many are successful. But without a cushion and no backup source of paying your bills, you might want to look at other options. Math is necessary as a closing agent, as well as somewhat assertive LOL. My personal opinion...being a grown up just sucks not matter what you do. From what you have said, liking people, not a fan of math, somewhat interested in real estate...a real estate office might be a good place for you to start as office staff. Always something new, guaranteed pay, possibly benefits, and the chance to not only see what being an agent looks like for "real", but a chance to meet people in tons of different fields. Without that degree or a super solid resume, it's going to be tough getting any kind of job off that bat that will let you not worry about every dollar. Just keep an open mind, bust your a$$ whatever job you take, and see where it leads you! Good luck!
I would be open to going back and getting a degree if I could find something I didn't hate but I didn't see any sense in wasting money on the degree I was going for. | |
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Super OT-Anyone Here Involved in Real Estate?