Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am so pleased to find this thread today. Real Estate is positively no different than running any other business - investment, education, determination, commitment, integrity, proper service, and a good helping of a "positive attitude" all combined make the difference between success and failure. Just as with any other career or personal endeavor, the saying, "Garbage in, garbage out" definitely applies.
Having just gone through the process of listing our home (in Austin - our sixth transaction in 12 years - OH MY.. sold in 13 days ), it is quite evident that there are indeed people in Real Estate who should not be selling anything - much less selling something which represents the largest single investment most people will ever make. It is SHOCKING how many agents are inexperienced with homes in general - OR, are very experienced... yet overbearing, negative, forget appointments, and generally do not respect that their clients are not idiots. Then there are the agents who think they can simply throw their Tetanus laden sign in the yard and leave, along with their 57 other listings... hoping one finally sells. In my personal opinion, and in our specific area anyway, far too many listing agents EXCEL at selling themselves, but fail to sell houses. I may have picked this up from somewhere else... but I call it "List and Leave."
Finding the right agent this go-round was both disheartening, yet validating, considering that both myself and significant other were already planning to obtain our licenses - something we've always wished to do. So, it's been a good learning experience with regard to the general state of the profession, at least in this local climate.
Fortunately, after hiring/firing 2 agents in less than a month, we found an agent with another agency who's career literally pulses through her veins. And... the proof was clearly in the pudding. Unfortunately however, the buyer's agent was also inexperienced, and so was the agent representing the house we are leasing short-term. Good grief... 4 out of 5 agents made clear errors, were unprofessional, or made "errors" in judgment. Sheesh!
Since we've just recently sold our consumer-oriented business of 14 years, and taking into account this recent experience... in our case anyway, it's an IDEAL time. I personally look forward to bringing a superior level of client service to the profession, which was so clearly lacking in our case. Guess we'll see if the ratio of good/bad agents is the same in far NW Houston (my stomping grounds)!
And, if it takes camping out at the office 24/7 for leads, or working my fingers to the bone as an amazing assistant for a superior agent/broker... then that's what it takes.
Sounds like the old 80/20 rule is right again. 80% of the work/business is done by 20% of the agents. Only 20% know what they need to know and do what they need to do. That 80% that you were just exposed to will come in handy - just do the opposite of what they do.
Hello all, thanks for the replies. Keep em coming. I'm just getting to the point that I'm studying to take the test. I'm complaining about making $26,800 a year at my current job . That was a little frightening but I guess realistic to know that you need to be prepared to only make 10k a year? I'm not sure if I'm prepared to take that far of a step back. I got bills and debt that will eat that up in a minute. Tony, good luck, I hope it works out. AmberFlynn, thanks for the "slap in the face of reality". I guess that's something I really need to consider.
I just realized, this poll may be skewed. I opened the poll with the same question, but asked in a different way. I sure people aren't voting "YES" for the poll with the mindset of the question of the opening thread "IS IT A BAD IDEA TO TRY TO GET IN REAL ESTATE RIGHT NOW?"
Location: Issaquah & Snoqualmie, WA (Greater Seattle)
136 posts, read 328,683 times
Reputation: 116
Quote:
Originally Posted by C2H (ComingtoHouston)
I sure people aren't voting "YES" for the poll with the mindset of the question of the opening thread "IS IT A BAD IDEA TO TRY TO GET IN REAL ESTATE RIGHT NOW?"
I voted "Yes" that now is a good time. My own personal reasoning, is that since there's less to go around, and there are more "challenges," perhaps some of the people who thought it would by "easy money" will have (or have already) moved onto other things.
I voted "Yes" that now is a good time. My own personal reasoning, is that since there's less to go around, and there are more "challenges," perhaps some of the people who thought it would by "easy money" will have (or have already) moved onto other things.
I'm complaining about making $26,800 a year at my current job . That was a little frightening but I guess realistic to know that you need to be prepared to only make 10k a year?
Now, that's is just in the first year when you have ZERO clientele and ZERO experience. It's taken almost a year for people to think of me when they think real estate and I'm just now starting to get referrals and unsolicited leads. Plus the lead time is so long from start to finish, I have a couple of people I picked up when I first started that still have yet to close on a home. Hopefully next year and each subsequent year will see significant increase. You just need to be fully prepared to make next to nothing that first year - especially if you consider your significant start up expenses (most of which I did not incur due to my team structure).
I will also add as a side note that I probably only work 20-30 hrs a week in the office but am available 24/7 and have a large sphere of influence in my town - out of the 7 listings and 6 buyers under contract I have had, only 3 of those have been strangers I picked up from floor/internet inquires. Therefore, YMMV.
Now, that's is just in the first year when you have ZERO clientele and ZERO experience. It's taken almost a year for people to think of me when they think real estate and I'm just now starting to get referrals and unsolicited leads. Plus the lead time is so long from start to finish, I have a couple of people I picked up when I first started that still have yet to close on a home. Hopefully next year and each subsequent year will see significant increase. You just need to be fully prepared to make next to nothing that first year - especially if you consider your significant start up expenses (most of which I did not incur due to my team structure).
I will also add as a side note that I probably only work 20-30 hrs a week in the office but am available 24/7 and have a large sphere of influence in my town - out of the 7 listings and 6 buyers under contract I have had, only 3 of those have been strangers I picked up from floor/internet inquires. Therefore, YMMV.
Hopeully I'm not prying and I understand this is just the first year, but how do you get by even on the first year? Do you have a primary job or living of loans? Just seeing I still have student loans, car note, credit card bills, and just everydaly living expenses really scares me.
I feel I want to do this because I've been on the same job for more than 6 years since graduating College and am still making the same amount. I've been putting in applications everywhere: state, county, local business, Federal Government, you name it. While I'm happy to have a job, It's quite disheartening to know I haven't moved an inch. Seems everybody is looking for raw, hardcore experience over education and really, it all comes down to being about who you know. While Real Estate is hard work, the earning potential is probably one of the greatest, but that's only one side to the story.
Location: Issaquah & Snoqualmie, WA (Greater Seattle)
136 posts, read 328,683 times
Reputation: 116
Quote:
Originally Posted by C2H (ComingtoHouston)
Hopeully I'm not prying and I understand this is just the first year, but how do you get by even on the first year? Do you have a primary job or living of loans? Just seeing I still have student loans, car note, credit card bills, and just everydaly living expenses really scares me.
Perhaps this may help...
Think of becoming a Real Estate Agent more like opening and managing your own business, rather than a job. Think of it more like buying a franchise like a Subway, or McDonald's. On a much smaller scale of course, becoming an agent is no different.
As with any business, it requires investment - you are a "brand," and thus you will require investment and promotion - almost forever.
Of course, you wouldn't risk opening up a franchise or any other small business if servicing debts or having a certain level of income are a priority. Rather, you would get into it knowing that you may not have any measurable "return" for 12-24 months.
Think of becoming a Real Estate Agent more like opening and managing your own business, rather than a job. Think of it more like buying a franchise like a Subway, or McDonald's. On a much smaller scale of course, becoming an agent is no different.
As with any business, it requires investment - you are a "brand," and thus you will require investment and promotion - almost forever.
Of course, you wouldn't risk opening up a franchise or any other small business if servicing debts or having a certain level of income are a priority. Rather, you would get into it knowing that you may not have any measurable "return" for 12-24 months.
Hope that's helpful.
That does help paint a clearer picture. Thanks alot.
Hopeully I'm not prying and I understand this is just the first year, but how do you get by even on the first year? Do you have a primary job or living of loans? Just seeing I still have student loans, car note, credit card bills, and just everydaly living expenses really scares me.
Don't mind one bit . I mentioned before that my family does not depend on my income, therefore, it puts me in a little different situation. My husband is the bread-winner, I've been a stay home mom all these years. We have no debt (except the house) and I chose to join a team to minimize my out of pocket expenses. If it were me, I'd spend the next year getting out of debt and saving all I could, even if that meant getting a second job, make a legit business plan, and if it's really something that intrigues you, go for it.
You are talking about starting a business. And you are indicating you may be starting from a position of financial weakness. Not a good recipe for success.
AmberF has offered good advice.
Make a plan, and get out of debt and build a war chest of working capital and cash reserves.
This is particularly important if you have no other income to count on.
The overwhelmingly most common reason small businesses fail quickly is undercapitalization.
That issue is compounded by the lack of a coherent and realistic business plan.
People who need a closing next week to make a car payment have a tendency to do stupid things. Desperate agents give off an aroma that you can smell before you see them.
The other alternative is to awaken your smoldering entrepreneurial DNA, hustle, hustle, hustle, work 20 hours a day like your hair is on fire and someone is dogging your every step, invest very little into your business, and never, ever dwell on failures, but keep pushing for success.
BTW, and FWIW, if you think getting a job is dependent on "Who you know," you should recognize that real estate is "Who you know" on steriods. Start knowing more people, more influential people, now, whichever goal you choose.
Last edited by MikeJaquish; 07-20-2010 at 07:20 AM..
Reason: dNa
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
), it is quite evident that there are indeed people in Real Estate who should not be selling anything - much less selling something which represents the largest single investment most people will ever make. It is SHOCKING how many agents are inexperienced with homes in general - OR, are very experienced... yet overbearing, negative, forget appointments, and generally do not respect that their clients are not idiots. Then there are the agents who think they can simply throw their Tetanus laden sign in the yard and leave, along with their 57 other listings... hoping one finally sells. In my personal opinion, and in our specific area anyway, far too many listing agents EXCEL at selling themselves, but fail to sell houses. I may have picked this up from somewhere else... but I call it "List and Leave."
My own personal reasoning, is that since there's less to go around, and there are more "challenges," perhaps some of the people who thought it would by "easy money" will have (or have already) moved onto other things.
