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Old 08-08-2015, 12:39 AM
 
103 posts, read 200,140 times
Reputation: 94

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I am thinking of moving to Chicago suburbs to be a real estate agent. Any ideas of what the market is like Competition? Oversaturated market? Money to be made?
I live in Ohio.
Any input is helpful.
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Old 08-08-2015, 10:23 AM
 
Location: Chicago
89 posts, read 264,571 times
Reputation: 137
Very oversatured. That doesn't mean it isn't possible to be very successful and make a lot of money. It just isn't possible for the vast majority of real estate agents period, but especially in the Chicago suburbs. Heard of the 80/20 rule? In real estate it's more 90/10, if not worse.

You better have a vast network of wealthy (or at least middle class) friends/family/acquaintances who will not only use you, but enthusiastically recommend you to their friends/family/neighbors/coworkers. You have to be well-known, but also well-liked and respected professionally in the community. You truly need to spend money to make money.

If you're moving from out of state and know maybe a handful of people, lack real estate experience, and lack a minimum of $30,000 liquid assets or someone to support you and your business for the next 12 months, this is a horrible idea. If you are well-connected in the community you will move to, are an experienced and successful RE agent in Ohio, and have the $30k+, you may do very well.
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Old 08-08-2015, 02:19 PM
 
103 posts, read 200,140 times
Reputation: 94
Great points. I know a very small handful of people in Chicago and they have connections with upper-class people, family, friends, business associates, etc. However, I do not have 30k.
My second business venture would be owning a towncar service to shuttle hotel guests to O'Hare airport. I planned on running two businesses....real estate agent and towncar driver.

I am investigating how much it would cost to insure a business towncar and how much a license would costt. Im sure its expensive.

Are there any opportunities in Chicago that I can capitalize on since its such a GREAT CITY?
Columbus, OH is not happening for me.

Just not a lot of action here.
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