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Im a newer agent trying to get established in the business in an area im not from; and its been tough. My biggest obstacle is not finding time i need to put into it as i have had to continue my other job as well to make money until i sell something. Ive done my best at networking but no leads yet, and getting frustrated. I know if i were to invest more time i could do better, but am in no position financially to stop working my other job.
How long does it normally take to become established in the real estate market, and how did you do it? Any advice is appreciated. Im really trying to make a go at this.
It's a tough situation if you're doing it part time. Our Broker only accepts agents who work full time because you rarely can do it correctly without a 110% effort.
There's not much of an answer for someone who only does RE part time and is just getting in the business. You might see some old timers do part time but they spent years doing full time work and building the business. We work when others don't so you've got to have the flexibility to react to the needs and time of others. You might join a group who might help you fill the gaps when you're at your other work.
People don't understand what we do is one of the toughest jobs and demands on time.
Thank you Rakin for your input; its certainly not my intention to do this part time, yet i found that after all the initial costs incurred, i found myself picking up shifts from the other job to compensate. I just have to be positive and confident that march will be a turning point for me as i focus more time on this new venture.
You could work on a referral basis only. You would continue marketing to your SOI and then refer the customer/client to a trusted colleague. Finding someone competent and reliable can be a challenge though (I have stories). You might also consider partnering with another agent and share responsibilities.
Most people are making good money in real estate in about 7 years. That's when your referral stream seems to be really steady since you have done enough business to get referrals. Motivated full time agents can be self-sufficient in 3-5 years.
I have seen new agents bar-tend/serve, run lines of credit, cash in their 401k's - all sorts of crazy stuff to make it full-time. The best second job is usually some other kind of small business or freelance work where you can set your own schedule. I don't know what your market is like but "doing floor-time" is a huge boost in my market. We floated bills on our credit cards and continue to pick up a lot of floor-time to make it work. My husband also manages rentals which is a nice stable income and a lead generator. If you switch to full-time, meet with an accountant first. Having an accounting structure where we pay our real estate expenses BEFORE taxes has made all the difference.
Most people are making good money in real estate in about 7 years. That's when your referral stream seems to be really steady since you have done enough business to get referrals. Motivated full time agents can be self-sufficient in 3-5 years.
I don't know if this true anymore. I started in 2005 and my 2006 sales that are ready to work with me have lost 25% of their equity and I'm working with mostly new people 7 years into my career. I know it will pay off, but it might be 11 years, rather than the 5-7 I had projected in 2005 when I left a corporate job.
I don't know if this true anymore. I started in 2005 and my 2006 sales that are ready to work with me have lost 25% of their equity and I'm working with mostly new people 7 years into my career. I know it will pay off, but it might be 11 years, rather than the 5-7 I had projected in 2005 when I left a corporate job.
I believe she is referring to the fact after 5-7 years you have a good contact list that regularly refers their friends/family to you.
I believe she is referring to the fact after 5-7 years you have a good contact list that regularly refers their friends/family to you.
I agree, but that's not enough. The top broker team in my office with 28 years experience has started to blog, use social media, etc. Even they are having trouble locating, within their sphere, sellers with enough equity to sell.
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