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Old 01-29-2012, 04:46 PM
 
33 posts, read 51,552 times
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Default Question for Nevada real estate salespersons

Hello, I am very interested in real estate, however; I have the opportunity to work as a real estate salesperson in LA County or in the Las Vegas area and don't know which market would be better to get into at the moment. Are agents earning a decent living working in the Las Vegas market? Or am I better off working in LA?
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Old 01-29-2012, 06:33 PM
 
Location: Las Vegas, Nevada
11,337 posts, read 19,271,812 times
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Quote:
Originally Posted by vceja09 View Post
Hello, I am very interested in real estate, however; I have the opportunity to work as a real estate salesperson in LA County or in the Las Vegas area and don't know which market would be better to get into at the moment. Are agents earning a decent living working in the Las Vegas market? Or am I better off working in LA?
Not a realtor, but know a few. Before the crash we had over 20,000 Realtors. Now I think I heard it's about 2,000. That may be high. Also the median price of homes in Las Vegas (thus your commission) has dropped by several hundred thousands of dollars. I'd have to think you'd do better in LA.
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Old 01-30-2012, 12:04 AM
 
Location: Las Vegas/Williston
5,714 posts, read 4,937,756 times
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Short term, cut throat, immediate benefits, hit the ground running, more stable -LA

Long term, slow grow, learn the ropes while the market is down, ready for when the market increase -Vegas
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Old 01-30-2012, 10:20 AM
 
Location: North Las Vegas
1,525 posts, read 2,180,289 times
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There are roughly 13,000 realtors, it's difficult here if you don't have referrals or good lead data base. Or if you don't get hooked up with the right real estate office. Allot of the offices lure you in with lots of promises and they don't follow through. Also you need to get into an office with a 100% web presence. If your working with a real-estate office that just caters to locals both buyers and sellers you will starve to death.

We have a 13.7% unemployment and the highest foreclosure rate in the US an most of the occupants of Las Vegas in and around the valley have bad credit due to the job loss or foreclosure or short sale.
I don't know what LA is like but if you've been in real estate before you know that there is allot of brokerages that will promise the moon and not deliver. And especially now it's much harder and allot of real-estate offices are going out of business. Some of those didn't pay the their realtors their commissions and as you know we are contractors so getting that money from a company that no longer exists isn't going to happen.
I see quit few new real-estate offices starting up all over town. They make money off a realtor through a desk fee, a monthly fee, percentage of the commission. Some are 50%,70%, or 0% of the commission.
Don't think that the office that let's you keep 100% of your commission is doing you any favors unless you have a huge data base and referrals a 100% of nothing is nothing. Your better off to go with a broker that takes more in commission and charges no monthly fees and can make sure to give you leads than brokers that haven't come into the 21st century and help agents have a strong internet presence.
It's a proven fact that 89% of all purchased properties were found on the internet. I suggest you go with a smaller brokerage that the broker is really hands on with helping you. Since your not from here you will need allot of help even if your a seasoned realtor. There are so many more problems here than other states since we are ground zero. Good luck in your search.
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Old 01-30-2012, 02:10 PM
 
33 posts, read 51,552 times
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Default Great help so far!

Thank you guys so much for your advice and comments. I am actually brand new to this game, a "rookie" if you will lol. So since most of the people of the Las Vegas Valley have bad credit, does that mean most of the buyers are people from other states that are looking to invest?
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Old 01-30-2012, 03:42 PM
 
Location: Here and there, you decide.
9,417 posts, read 14,218,755 times
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How can you say "most have bad credit"? A foreclosure or short only hurts for awhile. You only need a 640 to buy
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Old 01-30-2012, 07:17 PM
 
33 posts, read 51,552 times
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Quote:
Originally Posted by airics View Post
How can you say "most have bad credit"? A foreclosure or short only hurts for awhile. You only need a 640 to buy
I'm just going off the previous comment posted by 077 license to sell:

"We have a 13.7% unemployment and the highest foreclosure rate in the US an most of the occupants of Las Vegas in and around the valley have bad credit due to the job loss or foreclosure or short sale."
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Old 01-31-2012, 06:08 AM
 
Location: North Las Vegas
1,525 posts, read 2,180,289 times
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Quote:
Originally Posted by vceja09 View Post
Thank you guys so much for your advice and comments. I am actually brand new to this game, a "rookie" if you will lol. So since most of the people of the Las Vegas Valley have bad credit, does that mean most of the buyers are people from other states that are looking to invest?
Yes most of the buyers are from other cities and countries that is why you need a brokerage that has a huge internet presence. Getting people financed here is very difficult not impossible but very difficult and if you do have a buyer that is approved more times than not they are out bid by a cash buyer even when the cash offer is lower.

If your a newbe you will need a hands on broker that you can go to that will guide you. Unfortunately school just teaches the basics, it's up to your broker and additional on going classes to really bring you up to speed along with good ole experience.

Due to the housing crisis there are allot of problems that show up in almost every deal in one form or another and you will need to have someone help you through it. If you don't you could end up either starving out here and or in big trouble. Good luck in your search
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Old 01-31-2012, 10:06 AM
 
33 posts, read 51,552 times
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Quote:
Originally Posted by 007 license to sell View Post
Yes most of the buyers are from other cities and countries that is why you need a brokerage that has a huge internet presence. Getting people financed here is very difficult not impossible but very difficult and if you do have a buyer that is approved more times than not they are out bid by a cash buyer even when the cash offer is lower.

If your a newbe you will need a hands on broker that you can go to that will guide you. Unfortunately school just teaches the basics, it's up to your broker and additional on going classes to really bring you up to speed along with good ole experience.

Due to the housing crisis there are allot of problems that show up in almost every deal in one form or another and you will need to have someone help you through it. If you don't you could end up either starving out here and or in big trouble. Good luck in your search
When you say "a brokerage that has huge internet presence", do you mean brokerages like Keller Williams and Century 21? I know it may not be your place to give this kind of information but do you recommend any Las Vegas brokerages in particular for a newbie from another state?
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Old 01-31-2012, 10:48 AM
 
Location: Las Vegas
662 posts, read 857,647 times
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My MIL has been an RE agent in Vegas since the 80's. It's tough, business is slooow. Most of her clients are buying in cash &/or they are from out of state.
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