Real Estate Market for new agent in Denver; Denver vs Minneapolis

[MtnJam]

Originally Posted by MtnJam

Learning some history of the area would benefit you, and potential buyers. Suggestion: Give a year's subscription of Colorado Heritage magazine to your buyers at closings.

Just to reiterate. Too many people have moved here knowing next to nothing about where they really are.

[pelov008]

Awesome well thank you all for the great responses!

One question I do have is can anyone recommend agencies to work for starting out in the Denver area? Everyone I talk to around here says Coldwell Banker or Edina Realty. The latter I know is not in the area, but heard Keller Williams is also a good spot as well.

I think I may take a trip in a week or so out to Denver to look around and make sure its the city I remember it being 5 years ago. I am really excited, but the one thing that is holding me back like some members stated is that I really dont know the area, which isnt the end of the world since it comes with time, but that would be one weakness from the start in a profession that isnt guaranteed money. So its a little risky.

But first and foremost I think its time for me to get back out to Denver and check it out! So ill see you denverites in a couple weeks!

[davebarnes]

Originally Posted by Mick_Feisty

We both tend to be more service oriented

We love service-oriented people.
"How many cocktails would like?" Service

[Pesare]

Being a real estate agent requires a lot of work no matter which company or place you are at (assuming you decide to stay in Minnesota). Even if you don't know this area that well you can learn along the way. With the improvement in the housing market they RE agents have done much better than in the past just keep in mind that there is a lot of competition out there as some RE agents have specialized in a certain area of town and get the most listings and sales. From my experience of dealing with a few RE agents over the years the one that was the best and that I ended up getting a home with was laid back and didn't push me to buy a home.

[oldtrader]

I speak from experience, as a retired long time Colorado Real Estate Broker. There are facts, you need to consider. These are well known facts in the business.

1) -- 85% of all new real estate agents, will fail out of the business no matter where you are when you start in the business.

2) -- 20% of all real estate agents, do 80% of the business.

3) -- It takes a fair amount of money in the bank, to be able to afford to go for months before your first commission happens. Most people do not make money for several months, and some never do. If you don't have a fair amount of money, don't go into the business is the best advice I can give anyone. Plan on having at least 6 months living in the bank to live off of. The lack of available money, is what drives so many new agents from the business.

4) -- It is harder work, than most people realize to get started. It is not easy. You will work long hours, with irregular times off for the first couple of years if you want to succeed. By the end of the second year if you succeed in the business, you will have learned to work long and hard and it will become part of your life.

5) -- How are you going to strange house, after house asking people to list their house with you. This is called farming, and part of the residential home business. You will have a lot of doors slammed in your face, before you start to succeed. Will this bother you? It is not a business that you announce you are in the business and run a few adds, and then sit and wait for the phone to ring type of business.

6) -- If you have a good network of family, friends, and acquaintances you have a much better chance of succeeding, than if you are a stranger in the area.

I did succeed. In all the years in the business, I sold 6 houses to owners for personal residences helping friends. I worked in commercial and investment real estate. I had 20 years experience in sales before going into the business. I spent a year before entering the business taking courses through UC, and from national trainers before entering the business.

That year taking courses like I did before entering the business, made all of this possible. Without it I may not have made it. Going into the real estate business without getting an education in the field, is like trying to go to work for Google developing software without going to college and getting a degree in software engineering.

I was well prepared to go into the business, and from day 1 - I was involved with investors. My first day in the business, I sold a small 3 year old brick apartment house to a former co-worker. Two days later I sold the one next door. A week later, I went to my first real estate marketing meeting, and exchanged a 16 unit apartment house for a large irrigated farm.

The old goal was to sell $1,000,000 in real estate in a year. I accomplished this in my first month in the business. I held the county record for sales of most single family homes in a day, selling out a small subdivision of 13 homes in 2 hours on the phone to investors. I exchanged real estate as far away as Belize and Costa Rica, and in many states.

That year taking courses like I did before entering the business, made all of this possible. Without it I may not have made it. Going into the real estate business without getting an education in the field, is like trying to go to work for Google developing software without going to college and getting a degree in software engineering.

Here are some other articles, that you should read before entering the business.

Why 90% of Realtors Fail | BlueRoof Blog- News and Opinion About Real Estate & Technology

Why Do Real Estate Careers End? - Learn About Real Estate Career Failure

Good luck what ever you choose to do.

[davidv]

I guess that someone who moves to a new city without knowing the history or the character of a place can succeed by employing the "fake it until you make it" strategy and selling to transplants who know even less than you do.

Personally, I would never hire an agent who does not have years of experience in a specific market. A home is the largest and most important purchase a person or family makes. It will tie up a person's finances for years, and it is not usually possible to get out from under bad real estate decision without losing thousands of dollars.

Good luck to you. I hope that you become successful where ever you decide to land.

[pelov008]

Thanks again for the responses!

I do have 6+ months of expenses saved up as well as a side business online that will give me a small but adequate income. I also may consult on the side 10-20 hrs a week which is basically answering emails within 24hrs, so nothing that I cant drop if I need to show a house or meet with a client.

My background experience is the telecom industry where I was ranked #2 in the country out of 22,000 employees for customer experience and when I went on to manage my own store we were ranked #10 out of the country out of ~2000 stores, so customer service is definitely something I hold dear to my heart, thus why I believe real estate is my calling.

I do understand it is an industry of the unknown and could very well fall flat on my face in a year, but like a previous member said, how will I know if I don't try?

Also its hard for me to believe that Real Estate isn't something that someone new who works hard cant do. If this was the case then there would be no real estate agents after the current ones retire. So honestly my biggest concern is the market I decide, Minneapolis or Denver and if Denver, starting off completely fresh in a new city with a new career.

So I have some thinking to do, but everyone here has been really helpful and I appreciate it. Please keep the advice coming. Ill be in Denver second week of August to check it out!