Advice on Real Estate Career (English: for sale, foreclosures, insurance)

[locean]

Ok, I know there's at least one professional on here, and probably a lot more, so I'm hoping you can share some insight on becoming a realtor in the Indy area.

I am very good at working with people, have a knack for sales, have a good gut instinct for the value of homes, and am addicted to the MLS listings! I can work with numbers, follow up with paperwork, and have a flexible schedule, so what else do I need?

Is it important to "know" a lot of people to get your career off the ground, or can simple advertising do the trick?

What are your thoughts on companies like Carpenter and FC Tucker who have real estate schools, or offer training?

Lastly, I know the economy is bad and foreclosures are hideous, but is it ridiculous to think someone could start out at this point and time and actually make any money?

[GreatGreenvilleGuy]

It takes something else to be a realtor. You have to be patient. You don't have to know alot of people, but if you don't then you need to be ready to leverage whatever you can do to get leads. Open houses, calling on fsbo's and expired listings. You need to build a database and stay in touch with it, whatever angle you take. People always will be buying and selling. And there will be more investors and buyers looking to snatch up foreclosure deals, etc. and you can work with them as well. It's a good market for buyers.

[Michelle Morris]

I LOVE MY CAREER.
I used to teach middle school English. I decided to stop teaching and do something that I loved, and so I got into real estate and I'm so much happier. I chose Carpenter for a number of reasons, but the biggest thing for me was the training and the advertising they do. I didn't have any idea of HOW to be a Realtor. The RECP licensing class taught me how to pass the licensing test, but Carp. taught me how to prospect, write up contracts, negotiate, etc.

The previous poster is right that you need a lot of patience, but you also need money. I would NOT be able to do this if it weren't for my husband. He has the "real" job. Not that I take this as a hobby, I do work really hard, but if I have a slow month, I know we'll be ok. It takes money to take your classes, get your advertising going, buy e&o insurance, pay MIBOR dues and Tech fees... there has to be money. Not only that, but there is no guarantee that you will make anything right away. You will feel like you're paying and paying and paying but not making anything until the train starts rolling.

I'd love to talk to you more about the pros and cons and why I chose Carpenter, if you have questions.

[locean]

Thanks to both of you for the info.

Michelle, I just sent you a PM.

[Southside Shrek]

I wonder why Carpenter instead of FC Tucker. Tucker has its own mortgage company, title company, Homelink home improvement/repair service network with contractors squeezed to work at a significant discount, etc. Tucker has built up quite a remarkable full service operation.

[Michelle Morris]

Actually, SSS, that's one reason I didn't choose Tucker. I prefer to refer my clients to the BEST service providers that I can find. I don't want to feel bound to my company. Not that a Tucker agent is required to only use their company mortgage or title people, or that those people might not be the best, BUT I don't feel right about that type of "monopoly". Also, I"m not sure about this but I heard that Tucker agents are charged some sort of transaction fee at closing. I'm not sure if they have to pay it each time or if they have their clients pay it or how it works really, so you would need to ask someone else about that.

I don't want to say bad things about other companies, so please don't take it like that. I am just speaking on the reasons why I chose what I did.

[Southside Shrek]

Michelle
I would agree with you about some of the dangers of a monopoly type situation and also the potential for conflicts of interest with the Big Boy making a sale and Big Boy's title company handling the title insurance for a Buyer.