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Real estate classes will focus on the law and code, but experience will teach you the area, the people, and what works best.
To be an agent, you will need to find a broker who will take you on. You can't be your own broker to start. A degree may be something that a broker will see as an advantage, as it is often associated with determination and focus. I don't have a degree and I'm successful in my own business, but that isn't the same as asking someone to hire you.
Even though they don't pay you a salary, a broker will be investing their time and reputation in you, so they need to be convinced that you are a good investment. You will likely be required to spend some shared floor time in the office, to show open houses for others in the office that have listings when they need help, and of course to attend networking events and meet people in the industry. All this will be while their office name is on your business card, so the hiring broker is going to want someone who will best represent them. Consider ways that you can demonstrate the qualities you mention, like "loving to work hard and accomplish things". Submit references from any work or volunteer efforts that show you are a fast learner, self-starter, detail oriented, etc.
One of my best friends is a real estate broker here on Maui. She is a very busy, very active individual, and she gets frustrated most when the agents in their office make mistakes or don't fully complete the paperwork they submit to her. She shouldn't have to do their job, they should be detailed and care enough to make her part of it easy and quick. I would suggest, if you see this through, that you be VERY careful about all your written communications, even emails. Don't go with the all lowercase style, and don't have spelling errors. Sure, here on the forum it doesn't seem so important, but when you start applying, filling out forms, sending emails... remember that any errors or casual shortcuts are NOT going to be viewed as inconsequential, they are going to reflect poorly on your future probable workload to the rest of the team.
Remember that the impression you make is going to be important everywhere. Yes, again, this is just a forum, but you are making an impression here with how you represent yourself. Someone may think you have a better chance at what you say you want, if you take the time to write in a way that reflects what you want to do. If you take shortcuts and are lax, then we strangers will think that's the way you are, and the answers you get may reflect that. Taking the time to ALWAYS put forth your best effort is a good thing to developing those skills as automatic.
It's a good sign that you are still finishing high school, and are out there asking questions and doing research now. I would guess you are already either talking with real estate agents you know in your area? You might ask them if you can shadow them for a day, to see their work, and how it's done. You could do this with more than one, because everyone has a different style and outlook. You should offer something in return, like washing their car or helping with filing or copies or whatever. Be aware that you might be a bit of a pain (all due respect to you), and be sure to ask if you can ask questions while clients are around, or should you hold them until later. Agents might be more inclined to do this for you if they know you plan to relocate and not be competition in the same area.
Very true- thanks so much for your input. I will take your advice. My aunt and uncle own a real estate buisness and she said she would love to let me shadow her for a few weeks to see what the buisness is like. You are very right about punctuation and english errors, sometimes i just get lazy on here hah. but i would never write an email with poor spelling/punctuation.
I would not want Hawaii to be my first experience in selling real estate. You should get some experience somewhere that isn't so ridiculous first.
Do you have any sale experience? It is one thing to believe in your ability to compete and excel in a ridiculously competitive, high-stakes business, it is a different thing entirely to actually do it—ask all the people that move to LA to become actors.
I don't mean to be a downer, I apologize. Just trying to give you a reality check.
What do you mean by "so ridiculas?" I thought it would be best to start your career somewhere that you plan on living the rest of your life and that happends to be hawaii..rather then starting over in new cities/islands over and over again where no one knows you...wouldnt it be easier to just go through that once?
And no, being only 16 I have not had any sales experience. Like I said in one of my previous posts, I understand that experience and a good sales reputation is something you get over time that you have to work for. No one magically wakes up in the morning and sells million dollar houses.
By "so ridiculous" I mean that the real estate market in Hawaii is completely saturated. You aren't the first person to think they'll make a million dollars selling houses in Hawaii.
That you're 16 says a lot. How much have you really looked into real estate as a career? The vast majority of people that go into don't ever make good money. A market like Hawaii is even worse. You need more than just willpower and a pleasant personality (honestly, who doesn't think they could be an excellent salesperson if they applied themselves?).
Again, not trying to be a downer, just trying to give a reality check. I have a lot of connections in SoCal (a similarly inflated housing market) and know a lot of people with dollar signs in their eyes that just crashed and burned (and this was well before the housing market collapsed).
By "so ridiculous" I mean that the real estate market in Hawaii is completely saturated. You aren't the first person to think they'll make a million dollars selling houses in Hawaii.
That you're 16 says a lot. How much have you really looked into real estate as a career? The vast majority of people that go into don't ever make good money. A market like Hawaii is even worse. You need more than just willpower and a pleasant personality (honestly, who doesn't think they could be an excellent salesperson if they applied themselves?).
Again, not trying to be a downer, just trying to give a reality check. I have a lot of connections in SoCal (a similarly inflated housing market) and know a lot of people with dollar signs in their eyes that just crashed and burned (and this was well before the housing market collapsed).
Well, in order to NOT become one of those people that crash and burn... any advice? What did they do wrong that caused them to fail? You are not being a downer and I really appreciate your input. I asked for the truth and that's what you're giving me. If this career is right for me it will work out, and if it doesn't then it doesn't. All I can do is work my hardest, do my best, and learn as much as I can about the business.
Well, you're starting to convince me, as you've already shown tenacity, an even-tempered reaction to criticism, and you ask questions to help self-improve. Keep at it.
You can get sales experience at even this "early" age. I'm sure your school has fund-raising events. If not your school, then your church or a local good cause. Figure out how to sell successfully, and take notes on what does & doesn't work. Keep track of your sales, especially if they are remarkable compared to others. I will tell you a BIG secret to great sales... just ask. Most people don't sell well because they talk themselves out of asking. You won't make every sale you ask for, but you sure as heck will make zero on the ones you don't even approach.
You'll need to learn how to brag, and also how to prove your claims. If you're selling fundraisers for your school or cause, get something in writing to prove how well you did. Accept praise, and then be bold and ask people if they would be willing to write it on their letterhead, and tell them why. They will probably be honored that you would consider them a recommendation. File all those for later.
Our President was a community organizer. You can do this too. If you can get others to buy from you, or to enroll in a cause with you, then you know you have the talents that will serve you with the career you want to pursue.
Charisma counts for a lot. Know someone who seems to draw everyone to their side? Observe and practice. Be interested in people, and they will find you interesting. Don't be concerned with what people think of you, instead let them know how well you think of them. Be kind and respectful and personable, and you will get the same in return. All these must be genuine, but some take practice to be the first reaction to tough situations.
I can tell you what happened to those people. Reality stepped in and educated them. Becoming a realtor is not like going through medical school and becoming a heart surgeon. There are no guarantees. Sure, successful realtors may have certain positive traits that unsuccessful ones have. But I will guarantee you, there are millions of realtors out there right now that have everything it takes and are not getting new clients and not selling houses for the clients they have. It's not what they're doing wrong. Failure is inevitable for most realtors because it's a career built mostly on chance.
Are you a realtor who gets a bunch of clients right away or one that struggles to find people willing to trust a rookie? Do your homes sell quickly or sit on the market for over a year? Most of the time, that is out of the realtor's hands. If the client wants a certain price, the realtor has to go with it, even though it may be way overpriced for the market.
In a relatively stable market, I tried to sell my house which was very clean and showed well and was priced $20k under appraisal, and it ended up taking 2 years to sell it. My realtor was great and did everything he could to get an offer. We had groups of realtors coming in and assessing the house and giving tips, and they all said it was beautiful and couldn't understand why we hadn't gotten a solid offer. For whatever reason, it just took a long time to sell. On the other hand, my sister and brother-in-law listed their house about the same time. It was not as nice as mine. Their realtors were terrible. I had to come over and take better pictures for the listing because they were so bad. They got a full price offer from a crazy out-of-state investor in the first 30 days. It made no sense, but that's the way the real estate business goes.
These days, it's even worse because a lot of property values have gone down significantly. That means even if the homeowners want to lower the price to sell their house, they can't afford to unless they can work out a short sale with the bank, and that is a LONG process. A long time to closing means a long time without cash for you.
What happens when you have a few properties listed, but aren't getting any offers, and you need to pay your rent? I know you said you'd have $26k saved up by then, but trust me, that's not "a ton" of money in Hawaii. It will disappear quickly with no consistent income.
I don't mean to discourage you in any way. I think there is a way to make it happen. It would definitely mean starting at the bottom, like you said. Real estate is mostly about being a people person and having great connections. If you're someone people enjoy talking to and feel comfortable around, that's a great start. If you can get connected with a brokerage where you can find a good mentor, that will help a lot. They will let you sit at their open houses and do all the grunt work, but you'll gain a lot of knowledge and experience. Get another job at the same time and live off that income. Don't budget off of any "possible commissions" for a long time. You can make it work, but you're probably choosing the toughest location possible. Be ready to compete, because thousands of realtors with tons more experience and sales than you have already headed to Hawaii thinking the same thing you have.
Quote:
Originally Posted by Lonamaka
Well, in order to NOT become one of those people that crash and burn... any advice? What did they do wrong that caused them to fail? You are not being a downer and I really appreciate your input. I asked for the truth and that's what you're giving me. If this career is right for me it will work out, and if it doesn't then it doesn't. All I can do is work my hardest, do my best, and learn as much as I can about the business.
I can tell you what happened to those people. Reality stepped in and educated them.....
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This exactly.
I would say the same things to anyone pursuing this kind of job: someone moving to LA to become an actor, someone moving to NYC to become a musician, someone moving to Honolulu to sell real-estate. There is a huge amount of luck involved with this, no matter how talented, experienced or well-trained you are. The supply of people with the exact same idea as you far outstrips the demand for actors, musicians or high-priced realtors.
You can work harder and longer than anyone else in the business and still fail. That's just the game.
In other words, hope for sunshine but prepare for a freaking hurricane.
Thank you so much to everyone for taking the time to answer my questions. I will admit some of it sounds discouraging, but I think a lot of the advice was very helpful and will help me to set some realistic goals for my future.
The other thing to mention....how many people are comfortable going through an 18-year-old to guide you through the buying a house process...?
To me, I kinda prefer someone AT LEAST in their 30s...at least. Not that people under 30 wouldn't be able to show you and such, it's just that my first intuition is I'd be getting a serious show pitch without much substance or sense of the real world - particularly with such an enormous investment/decision.
Don't know if others feel similar though...but that was my first thought when reading this.
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