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Old 02-23-2010, 12:58 PM
 
424 posts, read 1,270,149 times
Reputation: 138
Default What does it take to get into Real Estate?

We recently bought our first home and I found that I enjoyed the process quite a bit. Makes me wonder if I should think about real estate as a career once my kids are all in school (the little one is 2, so I have 3 more years to think about something/work on it).

Can anyone tell me what sort of processes one usually goes thru to get into the real estate biz? Thanks!
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Old 02-23-2010, 02:20 PM
 
Location: SouthEast MICHIGAN
154 posts, read 201,856 times
Reputation: 85
Many hours of training. Go to your states home page and check on what is needed in your state.
Good luck
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Old 02-23-2010, 02:27 PM
 
Location: SW Missouri
14,702 posts, read 16,694,123 times
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Quote:
Originally Posted by campmom123 View Post
We recently bought our first home and I found that I enjoyed the process quite a bit. Makes me wonder if I should think about real estate as a career once my kids are all in school (the little one is 2, so I have 3 more years to think about something/work on it).

Can anyone tell me what sort of processes one usually goes thru to get into the real estate biz? Thanks!
It's expensive. At least from my point of view. I got my license in 2005 and did not sell anything that year. Between the excessive fees that were charged by my local board of realtors, coupled with advertising and marketing fees, I went $40,000 in debt the first year alone. I am still digging out from that fiasco. I keep my license active for my own purposes, but I am not selling real estate now, and have not been since 2005.

Many realtors fail the first few years because they do not have enough money to keep them going while they are learning the ropes. You have to be able to support yourself for approximately 2 years without making a sale. It's not easy, and the numbers of "former" real estate agents out there bear witness to that fact.

best of luck though.

20yrsinBranson
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Old 02-23-2010, 04:11 PM
 
424 posts, read 1,270,149 times
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Well we live on only my husband's income right now, so me not making anything wouldn't be a problem, but going into debt over it would (I'm highly allergic to debt, lol!) I'll have to look into that. Thanks for the info.
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Old 02-24-2010, 08:40 AM
 
Location: SouthEast MICHIGAN
154 posts, read 201,856 times
Reputation: 85
IN W. TN the cost to be a Realtor alone is discouraging. It does take time to become known in your area. I have been a Realtor almost 2 years--still have people that have known me for years say "I
didn't know you were in real estate." Good luck!!
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Old 02-24-2010, 11:08 AM
 
Location: Simsbury, CT
42 posts, read 111,906 times
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Quote:
Originally Posted by campmom123 View Post
We recently bought our first home and I found that I enjoyed the process quite a bit. Makes me wonder if I should think about real estate as a career once my kids are all in school (the little one is 2, so I have 3 more years to think about something/work on it).

Can anyone tell me what sort of processes one usually goes thru to get into the real estate biz? Thanks!
Real estate can be a lucrative business if you are committed and put a lot of effort into growing your business. You will also have to devote a lot of time to your business and be sure to be available for clients (7 days a week). At first, like the others mentioned, it will cost you money to pay for the classes, the membership fees, promoting yourself, etc., but if you start off not depending on closings to make ends meet, you will develop a love for the business like I did. I also suggest you try talking with some brokers in different firms in your area to get an idea from them what the different commission splits, fees, etc. they offer. You might find that larger firms will require higher splits, but your monthly out of pocket fees will be less (meaning you pay when you make a sale instead of a monthly fixed fee plus a commission split). This might work for you starting off until you grow your business. You will need a mentor as well because there is a LOT to know and mistakes do happen. Figure about 4-5 years to get to the point where referrals become consistent. Prior to that, just keep in touch monthly with your "sphere of influence" and try to stay in touch (I have found facebook to be a great way to stay in touch with friends/family/clients).

Best of luck to you
Michele P., Realtor
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Old 02-24-2010, 02:46 PM
 
Location: NY
16 posts, read 23,586 times
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You actually don't have to get licensed if you sell your own properties. Some people go the "For sale by owner" route and buy/sell their own properties. "Flipping" properties can be an advantageous for people who are mechanically inclined and sell their own properties without an agent. There are many advantages of going this route unless, you do want to be licensed to list and sell other peoples properties.
With so much technology and great websites out there , why WOULD someone want a real estate salesperson when you can do a lot in the real estate industry without being a licensed agent?
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Old 02-24-2010, 02:52 PM
 
Location: DFW - Coppell / Las Colinas
17,297 posts, read 15,834,477 times
Reputation: 15805
Maybe to become a professional and actually make a living helping others buy and sale homes ?

Your best bet is to talk to a local RE company and a few agents who will shoot straight with you about getting into the business. If you want to work hard, own your own business with the potential of making a great career it could be the right thing for you.

There has been many a mom who's gotten in the business and made a decent to good income. It is tough on part timers.
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Old 02-24-2010, 07:07 PM
 
Location: Central FL
1,383 posts, read 1,904,310 times
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I would consider the work/ family balance if I were you. Are you going to check e-mails and voicemails at night? Show clients around at the dinner hour? How about spending all day on Saturday away from your family?

I used to have a license in FL but never used it. I thought about trying to get into it again once my kids are older (they are 1 and 3 now) but the crazy hours thing makes me think twice.
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Old 02-25-2010, 12:08 AM
 
Location: Pinal County, Arizona
25,100 posts, read 23,462,104 times
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Quote:
Originally Posted by Forsalebyownerguy View Post
You actually don't have to get licensed if you sell your own properties. Some people go the "For sale by owner" route and buy/sell their own properties. "Flipping" properties can be an advantageous for people who are mechanically inclined and sell their own properties without an agent. There are many advantages of going this route unless, you do want to be licensed to list and sell other peoples properties.
With so much technology and great websites out there , why WOULD someone want a real estate salesperson when you can do a lot in the real estate industry without being a licensed agent?
I have enjoyed representing sellers and buyers in helping them achieve their goals for over 40 years.

That answers your question why I want to have a real estate license.
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