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Old 02-13-2013, 01:10 PM
 
8,780 posts, read 16,317,471 times
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Quote:
Originally Posted by Stylo View Post
That's kind of where I see opportunity. I worked with some realtors before buying my house and none impressed me in the least. Being in marketing and pitching big accounts on a regular basis, I felt like none had any presentation or speaking skills. No sense of marketing savvy. When I sold my townhouse, I did my own listing/photos (rented some lenses for my Nikon and made it look like those professional multi-million dollar listings - photos are everything), set the price myself, and just had a realtor friend post it for me. Sold in 8 days in a down market.

Thanks all for the offers, I may seek them out at some point. Or I may contact the aforementioned realtor friend again at some point, but don't want to bug her just yet as she manages a big office and is always crazy busy.

For now I just need some basic info to stew on.
But you need to understand that when it comes to making $$$$$ selling real estate, it's all about...drumroll please....LOCATION, LOCATION, LOCATION.....

Living/selling in Milford will seriously inhibit your earning ability. Commission percentages are fairly uniform. The selling price on which that commission will be factored from is definitely not uniform.
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Old 02-13-2013, 01:24 PM
 
Location: West End-Hartford
625 posts, read 1,751,509 times
Reputation: 375
To become a licensed real estate agent you have to take a 60 hour licensing class, pass an exam and then pay some fees and align yourself with a broker. You can't go out on your own and become your own broker until you've been a sales agent (read: real estate agent that works for a broker) for at least 2 years. Then you have to take some additional training, another exam and pay some more fees and become your own broker and open your own agency, if you want. I have my broker's license, but have made the decision to not run my own firm.

I left a six figure income job with health care and retirement benefits to do this six years ago. I was burned out with what I was doing in Corporate America, had an interest in real estate (I had taken the licensing class 2 years before leaving my job) and a strong business background (MBA from top 10 University and several years of management experience). I had a spouse with a six figure income that made it financially feasible to do this. I went into real estate full time and had no other jobs. It took about 6 months to realize income (and I was busting my butt).

This is my seventh year doing this and last year I was the 9th agent in overall sales out of over 330 agents working out of West Hartford. I work very hard and like what I do. It is possible to do really well in this job, but realize the first several years you will need to work you face off in order to get anywhere. Not that it is that different than anything else in life in which you want to succeed.

I'd be happy to talk with you about the ins and outs and things to think about if you want to make this career transition. Realize that you do not have a lot of flexibility with your time in this business. I am working almost all of the time, but some of that may be my personality too. It is worth it to me because I can be my own employer. This field would not be for everyone. You have no guaranteed income, no health insurance provided (you must find it on your own and pay for it) and no retirement planning. It's all on you. There is a lot of risk. But some people thrive on risk. Feel free to DM me if you want and I would be happy to answer questions that you have.
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Old 02-13-2013, 01:25 PM
 
Location: Coastal Connecticut
14,835 posts, read 18,104,766 times
Reputation: 3400
Quote:
Originally Posted by Stratford, Ct. Resident View Post
But you need to understand that when it comes to making $$$$$ selling real estate, it's all about...drumroll please....LOCATION, LOCATION, LOCATION.....

Living/selling in Milford will seriously inhibit your earning ability. Commission percentages are fairly uniform. The selling price on which that commission will be factored from is definitely not uniform.
Living in Milford would not hinder me from taking listings in other towns. Plenty of realtors do business outside their town.
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Old 02-13-2013, 01:26 PM
 
Location: Coastal Northeast
15,819 posts, read 22,129,435 times
Reputation: 5299
Quote:
Originally Posted by Stylo View Post
Living in Milford would not hinder me from taking listings in other towns. Plenty of realtors do business outside their town.
Yep. My realtor was out of Milford and he sells in Branford, Guilford and Madison.
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Old 02-13-2013, 01:27 PM
 
Location: Coastal Connecticut
14,835 posts, read 18,104,766 times
Reputation: 3400
Quote:
Originally Posted by AmyBergquist View Post
To become a licensed real estate agent you have to take a 60 hour licensing class, pass an exam and then pay some fees and align yourself with a broker. You can't go out on your own and become your own broker until you've been a sales agent (read: real estate agent that works for a broker) for at least 2 years. Then you have to take some additional training, another exam and pay some more fees and become your own broker and open your own agency, if you want. I have my broker's license, but have made the decision to not run my own firm.

I left a six figure income job with health care and retirement benefits to do this six years ago. I was burned out with what I was doing in Corporate America, had an interest in real estate (I had taken the licensing class 2 years before leaving my job) and a strong business background (MBA from top 10 University and several years of management experience). I had a spouse with a six figure income that made it financially feasible to do this. I went into real estate full time and had no other jobs. It took about 6 months to realize income (and I was busting my butt).

This is my seventh year doing this and last year I was the 9th agent in overall sales out of over 330 agents working out of West Hartford. I work very hard and like what I do. It is possible to do really well in this job, but realize the first several years you will need to work you face off in order to get anywhere. Not that it is that different than anything else in life in which you want to succeed.

I'd be happy to talk with you about the ins and outs and things to think about if you want to make this career transition. Realize that you do not have a lot of flexibility with your time in this business. I am working almost all of the time, but some of that may be my personality too. It is worth it to me because I can be my own employer. This field would not be for everyone. You have no guaranteed income, no health insurance provided (you must find it on your own and pay for it) and no retirement planning. It's all on you. There is a lot of risk. But some people thrive on risk. Feel free to DM me if you want and I would be happy to answer questions that you have.
Thank you so much, exactly the info I was looking for. I will definitely keep you in mind as I consider this option. I may do the licensing sooner than later just to get it out of the way. Do you have to be an active agent for it to remain valid?

If I go this route, it will be quite a few years down the line when I have enough of a financial cushion to weather through a slow start.
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Old 02-13-2013, 01:28 PM
 
Location: Coastal Connecticut
14,835 posts, read 18,104,766 times
Reputation: 3400
Quote:
Originally Posted by kidyankee764 View Post
Yep. My realtor was out of Milford and he sells in Branford, Guilford and Madison.
Exactly, from Milford you could cover the shoreline from Westport to Madison, and some towns north.

Although I think I'd aim to concentrate on shoreline properties west of New Haven to start. Would be nice to have an office in Westport.

I'm also making the assumption I'll still live here years down the road, which might not be true.
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Old 02-13-2013, 01:38 PM
 
Location: West End-Hartford
625 posts, read 1,751,509 times
Reputation: 375
Quote:
Originally Posted by Stylo View Post
Thank you so much, exactly the info I was looking for. I will definitely keep you in mind as I consider this option. I may do the licensing sooner than later just to get it out of the way. Do you have to be an active agent for it to remain valid?

If I go this route, it will be quite a few years down the line when I have enough of a financial cushion to weather through a slow start.
There is no activity quota for agents. I could sell no properties for 10 years and as long as I paid my annual licensing fee and take the necessary continuing education every two years (12 hours of classes, as of right now), you're all set. You would need to find a broker to oversee your license though.
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Old 02-13-2013, 01:40 PM
 
8,780 posts, read 16,317,471 times
Reputation: 5219
Quote:
Originally Posted by Stylo View Post
Living in Milford would not hinder me from taking listings in other towns. Plenty of realtors do business outside their town.
Yes. But the one's that actually sell property are the one's that live in, or very, very close to, their office location. In the best markets (i.e.: New Canaan/Darien/Greenwich/etc.), you would need to have a physical presence(roots) in the community. I'll defer to Amy B. on explaining the "closed market" mentality of certain locales.
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Old 02-13-2013, 01:43 PM
 
Location: West End-Hartford
625 posts, read 1,751,509 times
Reputation: 375
Most of my listings are around where I live and my office. My buyer clients are in a larger geographic area because most people tend to look in a few towns.
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Old 02-13-2013, 01:53 PM
 
Location: Coastal Connecticut
14,835 posts, read 18,104,766 times
Reputation: 3400
Quote:
Originally Posted by Stratford, Ct. Resident View Post
Yes. But the one's that actually sell property are the one's that live in, or very, very close to, their office location. In the best markets (i.e.: New Canaan/Darien/Greenwich/etc.), you would need to have a physical presence(roots) in the community. I'll defer to Amy B. on explaining the "closed market" mentality of certain locales.
Not at all opposed to opening a small office in an affluent town. I certainly won't try to break the bank living there though. I wouldn't go as far as those towns though, probably Southport/Westport.
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