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I know the economy is struggling and I know that the housing market is struggling just as much, but I have been debating getting into real estate and wanted to talk to people with experience in real estate about the correct procedures to follow in order to attain my license and begin a career in real estate. I have looked into some of the schools in the area and am planning to go with Spencer Training unless someone can provide reason not to. I have looked into Champions, but I have heard that they do not keep their teaching information current and I would prefer to utilize modern law and regulations in my education process. If you have other recommendations, please advise. I will be taking online courses in order to continue my daily career while finishing my license.
My main reasons for wanting to get a real estate license is simply because I truly enjoy applying a critical eye to property and researching homes, values, locations, school districts, etc... I know that it can be a slow road to success, but since it is one of the few things that I enjoy to do, I wanted to attain my license and begin working towards establishing a professional practice in real estate brokerage. I have always had a fascination with homes, building, design, layout, etc... I studied architecture at Iowa State University and as much as I enjoy the design concepts, I simply did not enjoy the engineering aspects of architecture. I almost wish I had studied interior design to allow my focus to be on design, but alas, I did not.
What I am looking for is recommendations on real estate offices, pros and cons, etc... I have a friend in real estate up in St. Louis and he currently works with Realty Executives and he has been very successful with them. He started his career with Coldwell Banker and went through their real estate licensing course and such, but after working there for 9 months or so, he realized that there was more money to be made working for other offices and locations, desk fees, admin fees, insurance fees, etc...all varied greatly between offices as well as commission payments and such. He has now been in the industry for 5 years, is the 2nd largest Realtor in St. Louis, was voted in Realtor Magazines top 30 under 30 Realtors in the US, and has two full time employees underneath him and closed over 300 properties last year. I know Realtors seem to have a certain code regarding how and what they share with people regarding the goods, bads, and down right ugly portions of businesses, but I just wanted to get a chance to possibly communicate with some more experienced agents in this area and get an idea on how you began your career, what steps you have taken to improve your career, and what you would do differently if given the opportunity. I will maintain my current position and work real estate part time to begin with. In order to learn the ropes, I will not be desperate for a check, I will not be struggling to survive, etc...
My friend who is a Realtor stated that his suggestion to begin was to work underneath an established larger unit Realtor and host open houses for them, follow up on their leads and contacts that have somewhat dried up, and basically just do the smaller grunt work for a larger Realtor to truly learn the ropes and learn the portion of real estate that school does not teach you, which is basically how to be a realtor and not just how to memorize regulations and policies. He stated that I will be likely splitting my commissions with said Realtor, but it would prove invaluable for me in the long run instead of sitting around waiting for the phone to ring. He mentioned to me that he allocated zero percent of his budget to marketing himself such as billboards, phone books, park benches, etc... His tool of choice is his website which he wishes he would have started with from day 1 and he also hosts yearly bbq's for clients and their friends and families, as well as having a free moving truck that he allows his clients to use with his name on the truck, and he used to invite people to his personal house for renovations and classes to help people learn how to perform some DIY projects in their new house, from laying tile, replacing counter-tops, etc...he would plan his activities, send out invitations to his clients, and plan a weekend to work on his house and help his clients learn how to do things themselves in case they ever planned on making some smaller renovations to their own properties.
Does anyone have any further insight into becoming a Realtor or marketing ideas that would be helpful to grow a start up business marketing yourself and your experiences and passions? I have purchased 5 homes for myself and have studied interest rates, 30 yr treasury yields, MBS, etc...so I am familiar with the economics of real estate investing and am currently studying marketing and economics at Columbia (online) to further my education that I feel will benefit me in my career change in the future. Sorry to be so long winded, but I would appreciate any constructive advice that you may offer and I am looking forward to helping people find their homes and providing an honest and fair architecturally trained eye to their property.
I know the economy is struggling and I know that the housing market is struggling just as much, but I have been debating getting into real estate and wanted to talk to people with experience in real estate about the correct procedures to follow in order to attain my license and begin a career in real estate. I have looked into some of the schools in the area and am planning to go with Spencer Training unless someone can provide reason not to. I have looked into Champions, but I have heard that they do not keep their teaching information current and I would prefer to utilize modern law and regulations in my education process. If you have other recommendations, please advise. I will be taking online courses in order to continue my daily career while finishing my license.
My main reasons for wanting to get a real estate license is simply because I truly enjoy applying a critical eye to property and researching homes, values, locations, school districts, etc... I know that it can be a slow road to success, but since it is one of the few things that I enjoy to do, I wanted to attain my license and begin working towards establishing a professional practice in real estate brokerage. I have always had a fascination with homes, building, design, layout, etc... I studied architecture at Iowa State University and as much as I enjoy the design concepts, I simply did not enjoy the engineering aspects of architecture. I almost wish I had studied interior design to allow my focus to be on design, but alas, I did not.
What I am looking for is recommendations on real estate offices, pros and cons, etc... I have a friend in real estate up in St. Louis and he currently works with Realty Executives and he has been very successful with them. He started his career with Coldwell Banker and went through their real estate licensing course and such, but after working there for 9 months or so, he realized that there was more money to be made working for other offices and locations, desk fees, admin fees, insurance fees, etc...all varied greatly between offices as well as commission payments and such. He has now been in the industry for 5 years, is the 2nd largest Realtor in St. Louis, was voted in Realtor Magazines top 30 under 30 Realtors in the US, and has two full time employees underneath him and closed over 300 properties last year. I know Realtors seem to have a certain code regarding how and what they share with people regarding the goods, bads, and down right ugly portions of businesses, but I just wanted to get a chance to possibly communicate with some more experienced agents in this area and get an idea on how you began your career, what steps you have taken to improve your career, and what you would do differently if given the opportunity. I will maintain my current position and work real estate part time to begin with. In order to learn the ropes, I will not be desperate for a check, I will not be struggling to survive, etc...
My friend who is a Realtor stated that his suggestion to begin was to work underneath an established larger unit Realtor and host open houses for them, follow up on their leads and contacts that have somewhat dried up, and basically just do the smaller grunt work for a larger Realtor to truly learn the ropes and learn the portion of real estate that school does not teach you, which is basically how to be a realtor and not just how to memorize regulations and policies. He stated that I will be likely splitting my commissions with said Realtor, but it would prove invaluable for me in the long run instead of sitting around waiting for the phone to ring. He mentioned to me that he allocated zero percent of his budget to marketing himself such as billboards, phone books, park benches, etc... His tool of choice is his website which he wishes he would have started with from day 1 and he also hosts yearly bbq's for clients and their friends and families, as well as having a free moving truck that he allows his clients to use with his name on the truck, and he used to invite people to his personal house for renovations and classes to help people learn how to perform some DIY projects in their new house, from laying tile, replacing counter-tops, etc...he would plan his activities, send out invitations to his clients, and plan a weekend to work on his house and help his clients learn how to do things themselves in case they ever planned on making some smaller renovations to their own properties.
Does anyone have any further insight into becoming a Realtor or marketing ideas that would be helpful to grow a start up business marketing yourself and your experiences and passions? I have purchased 5 homes for myself and have studied interest rates, 30 yr treasury yields, MBS, etc...so I am familiar with the economics of real estate investing and am currently studying marketing and economics at Columbia (online) to further my education that I feel will benefit me in my career change in the future. Sorry to be so long winded, but I would appreciate any constructive advice that you may offer and I am looking forward to helping people find their homes and providing an honest and fair architecturally trained eye to their property.
If you look at the red, you will clearly see that it's not true by looking at the blue. You have to allocate something to advertising and marketing. Especially when you are new. Even if you are a veteran, don't expect to get continuing referrals without following up with past clients or at least sending some type of mailer. They do come along, but any smart business person will allocate something to marketing. Even Coke continues to advertise, everyone knows Coke. Take that particular advice and put it in the back burner.
With that said, like almost any field, the market is saturated by agents. But what the market does need is good innovative agents. Many agents stroll along through the years by working with the uninformed buyer and entry level listings. I'd suggest learning as much as you can and actually know the markets. Try to be innovative in your offerings and target the smart consumer.
It can take years though. So be patient. Also, you might get more advise in the Real Estate section of City-Date.
If you look at the red, you will clearly see that it's not true by looking at the blue. You have to allocate something to advertising and marketing. Especially when you are new. Even if you are a veteran, don't expect to get continuing referrals without following up with past clients or at least sending some type of mailer. They do come along, but any smart business person will allocate something to marketing. Even Coke continues to advertise, everyone knows Coke. Take that particular advice and put it in the back burner.
With that said, like almost any field, the market is saturated by agents. But what the market does need is good innovative agents. Many agents stroll along through the years by working with the uninformed buyer and entry level listings. I'd suggest learning as much as you can and actually know the markets. Try to be innovative in your offerings and target the smart consumer.
It can take years though. So be patient. Also, you might get more advise in the Real Estate section of City-Date.
I guess I should have chosen my words more carefully. I meant as far as traditional advertising such as billboards, mail order fliers, park benches, etc... He does spend money on his website, business cards, his truck lease, and catering events and such. His invites to his past clients are by phone or by email. I will post in the real estate section once I attain my license and such, I wanted to get input from our local market more than a national opinion.
I didn't read your whole narrative because I have a headache and a hungry baby. If you're struggling with finances right now and will be for a few months I wouldn't recommend getting your license for real estate. Most new agents do not do too well getting clients and the turn-over rate is pretty high. The classes alone can range between $800 to $1000+ alone (not per class but overall total). Then you have numerous crazy fees to pay. If you have a significant other or you're not in need of cash, then you may be alright trying. You will have to put money into marketing yourself. The big name companies are nice, but they do get a good chunk of your commissions. Don't know if this helps, but just my opinion.
I understand and am not struggling with finances, I still have my current position and my wife is also employed and actually makes more than I do. I am getting into real estate because I want to, not because it is a way to get rich quick, because I am sure everyone can agree that it is not. It is not to say that you can not make a good salary in real estate, but you must earn that salary over time and with proper handling of your PR, marketing, sales, and personal likability and networking. I am simply trying to see where people work, how they enjoy their company, how long they have been with their company, and just trying to find any helpful information that I can intake, process, and utilize to assist me in starting from scratch in a new industry to myself. I know that it is a competitive market, and people are not going to share the secrets to success per say. But perhaps their are Realtors on here who made some missteps along the way and could possibly help me to avoid those same pitfalls.
Also keep in mind that all those sub-prime loans resetting and going under don't run out until 2012 so there may not be any kind of recovery until then.
That being said, if your smart and ambitious you can make money in any field.
Lane_change: Even if you are an expert, seasoned veteran, with an excellent reputation, real-estate is a "feast and famine" type of business. If you have a family with kids, it's a good idea to try it as a SECOND Job. Do not ever give up your main job, if you want to keep your wife happy.... or just to keep your wife :-). You will find out that most couple who buy a house are working (at least one of them), and so like to hunt for homes on weekends or evenings. So work only on your free time too.
Try it as a part-time hobby. It might bring you some extra cash. The key word here is EXTRA.
You need to have a Real Estate License of your own, which is quite easy to get. But if you are not a Real Estate Broker, and that's quite hard to get, you have to work for one. So you will be an employee, just getting a part of a commission. Your role will be mostly to show homes to prospective buyers.
Besides being very comfortable with skills like law, finance, economics and business administration,
you must have the right type of personality.
If you sell upper class homes, you must be able to handle a conversation with highly educated people, without looking like an idiot. Trust me, it is not easy.
I quote
"Real estate is a face to face business. Therefore, it is vital that you have excellent communications skills, a pleasant personality and a likeable character. A neat appearance is required and you should be able to transmit trustworthiness, honesty, enthusiasm and caring toward your client. A good memory is very helpful and excellent organizational skills and attention to detail are very important."
"What is the Expected Rate of Job Growth in the Real Estate Industry?
According to the U.S. Bureau of Labor, the number of professional real estate jobs should increase through 2016 by 11 percent. Approximately 61 percent of all real estate professionals are self-employed and many choose to work this industry as a secondary job."
I understand all of this and I do have a career that I will be keeping, and real estate will be a part time, second job for me. I was just looking for helpful insight from industry professionals in this area with any feedback that they may offer for ways to get involved in the industry short of being just another Realtor at a firm waiting for Tuesday between 2-4pm for my time slot on the phone. That is not my ideal starting point in real estate, I tend to think on a larger scale and if I can get assistance I will, if I can build a trusting relationship with someone I will...but I will create my own niche and market once I begin. I was just looking for advice on companies, schools, and missteps that others may have made and having them possibly help point me in the right direction.
I feel I have good face to face communication skills, I have been in management since college and I grew up in a military environment, so I moved a lot...and I had to learn how to adapt quickly to the different parts of the world in order to not become a hermit, sitting at home all day. So I feel I can handle myself in front of anyone from a millionaire to a ditch digger. But who knows, right. I have never been in real estate, so I guess we'll just have to wait and see.
You can't do it part time. I tried in the beginning. It doesn't work. You hear that all the time from long time agents. It is definitely true. It is an all or nothing business.
Modster is right. You get out of real estate school. The brighter people then realize they know NOTHING.
Besides learning the real knowledge of selling real estate, you have to spend a lot of time learning the intricate demographics of Houston and how trends of all kinds affect different areas. Once you have somewhat of a handle on that, you have to keep up with constant changes. You learn to view the business aspects of the city in a different way (Is KBR moving to Katy - or not - and how will that affect home prices there? Is Anadarko closing an out of state branch and relocating them here in the Greenspoint area? Is NASA going to be negatively impacted from Obama's plans?). All of that is important if you are going to give advice to people in property investment. Everyone talks about other attributes for success - but rarely is natural curiosity mentioned.
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