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 have been out of college for 6 years and am considering real estate school to get my license in TX. I understand that the Real Estate Market is having prices at the lowest its been in 7 years. While I've done some research, I'm not sure. The real estate market may not exactly be "booming" but is it still a good investment? Hopefully the market doesn't stay bad forever.
Thanks for the replies. DeMenscha, that's actually the way I'm trying to look at it and that's what's keeping me motivated. I needed to hear that, Thanks alot.
Yes and no. There are currently two types of realtors right now in Houston - swamped and absolutely idle. Although the market is still busy - it seems to be concentrated with the same agents. It may not be the ideal time to come in without a client base. In addition, Houston is an extremely complicated city. We don't have a wrong side and a right side of the tracks - nothing so simple. It's more like a patchwork quilt, good and bad areas side by side, splotched over the entire Greater Houston Metro Area, which covers almost 900 square miles. Throw in the fact that you do need to know which areas appreciate and which areas do not - which areas flood - what is the commute time from each area to work locations, regarding distance AND traffic patterns - which are in which school district - and you can see why some realtors do well and why others flop. Some are too new to the region - others have always been the uncurious type - and do their clients a disservice by even being in the business, to be frank. About 1/4 of all Houston agents make up a revolving door - they hang on long enough to lose a lot of money and have to bail out by the second year. There is another large group that dwindles by attrition every year - the veterans of 20+ years that seem to be stuck back in the old days, and fight the ever changing technology that is forced upon them, and can't keep up with the changing dynamics of the city.
Getting a real estate license and keeping it active is not cheap here. Without an income coming in, it will just be a money drain. It might be something to consider at a later date, after you start to get a handle on the city. I hate that this is so pessimistic, but would hate to see you lose the money if you can't afford to.
I'd say it's all up to you. Realtors are still making money even in this economy. Personally, back in 2005, I managed to get about $40,000 in debt going into the business. But I should have known better. I am not a back-stabbing, back-biting, cut-throat kind of sales person. Not that ALL realtors are, just most of them.......
I think this would be a good time to come into the business. I say this because you'll get to really learn what it takes to market property when the DOM is high and you'll also see how the "veterans" stay afloat during the slow times. Be sure to partner up, even working for minimal income as a licensed assistant for an experienced agent or a few of them.
I think this would be a good time to come into the business. I say this because you'll get to really learn what it takes to market property when the DOM is high and you'll also see how the "veterans" stay afloat during the slow times. Be sure to partner up, even working for minimal income as a licensed assistant for an experienced agent or a few of them.
Excellent advice. I concur with the majority as well. If you can afford it, now is just as good a time as any. I got my license in September, an even worse market than it is now, but I figured it would be easier to learn when times were slow so I would be prepared and established when the upturn hits. This works for me because I don't 'have to work', my family isn't dependant on my income. You need to be prepared to make next to nothing your first year (when my 1yr ann hits in about 2mo, I will have only netted about $10k, if nothing else closes before then). You also need to be prepared to work your tail off, taking every floor duty time offered, working nights/wkds, Sun open houses. I minimized expenses and maximized learning potential by joining a team, works great for me.
I also think that so much of this business can be emotional. If you are a high-strung, easily stressed person, this may not be the career for you. You've got to be self-motivated and optimistic to keep on keepin on especially in the lean times. There are a bunch of agents in my office that are rarely seen and then complain about a slow market and having to get second jobs. I truly believe that if you love what you do, are willing work hard, provide the utmost customer service, and are good at what you do, regardless of what career you choose, you can be successful. Good luck in whatever you choose!
I think this would be a good time to come into the business. I say this because you'll get to really learn what it takes to market property when the DOM is high and you'll also see how the "veterans" stay afloat during the slow times. Be sure to partner up, even working for minimal income as a licensed assistant for an experienced agent or a few of them.
Actually, this excellent advice. The ones that are swamped need help - and good help is hard to find. Add in what AmberFlynn said about the type of agents that are not busy and the laziness that they show - and you can see why #1) they don't have any business - and #2) why they can't even be good assistants. I have had several non-busy agents offer to be my assistant - I just don't want to hire people that have already shown that they don't like to work. So many people watch House Hunters on HGTV and think "Wow, I could show one house a day and make 3% on a $300K home (or more)". If only....
Or, as AmberFlynn said, if you don't really need the income now and will use it as a learning time and have the money to invest in that, you could strike out on your own - it's just that so few people are in that position.
As to most realtors being cut-throat and back-stabbing - that's what all failed agents claim. I personally am not - and I deal with a lot of honorable agents. There are a few unscruplous people in every line of work - it is satisfying when Karma finally gets them. I see lazy more than I see dishonest.
Location: Issaquah & Snoqualmie, WA (Greater Seattle)
136 posts, read 328,683 times
Reputation: 116
Looking forward to my New Career!
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.
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.
Looking forward to my New Career!
