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My parents brought a house in NC and I came to visit. After I left NC I went back home to DC and gave my job my TWO WEEK notice. I fell in love with NC!
I am interested in going to Real Estate School here......I feel like I need more information about REAL ESTATE here in Raleigh.
I have lots of questions: What is going to happen to real estate here in the next 5 years?
How do real estate agents get paid? Is it all commission?
Real estate in Raleigh, Durham, Chapel Hill, Cary will do well over the next 5 years. In light of softening in some overheated markets, and considering our diverse economy, projected continued influx of people, wonderful climate, etc, Wake County is projected to be a top ten leader in the USA in appreciation for several years to come.
That doesn't mean 30% annually, which is a recipe for pain, but the steady rate we have historically enjoyed.
I gained my Broker's License in 2005 and I am quite optimistic about the future, near-term and farther out.
Most agents are paid all commission, when the transaction closes. You can also work as an assistant to a top producing agent to learn the ropes, and avoid a lot of the expenses involved in starting up, until you get your feet on the ground.
If you need X dollars every Friday, Real Estate is probably the wrong gig. If you want to work toward lifetime financial independence, as an independent contractor, and have good enthusiasm, good ethical grounding, and can roll with the punches, you might be onto something.
To be successful...
1. Integrity. Success without integrity is empty. To be recognized as a great agent with integrity is as fine a compliment as I could aspire to.
2. Motivation. Everything you need, resources, training, technology is readily available. You just have to really want it. The old sports cliche fits, "They won because THEY JUST WANTED IT MORE."
3. Networking and people skills. "Never met a stranger" is a great skill to have.
4. Learn to get it done and to set aside time for you and family, or it isn't worthwhile.
5. Learn "how money works."
5. Love it as long as you do it, and not one week less.
I have lots of questions: What is going to happen to real estate here in the next 5 years?
How do real estate agents get paid? Is it all commission?
What do you need to be successful in real estate?
Hmmm... according to my crystal ball....
jk. Actually, our growth projections are solid for the immediate future, as we still have population growth and job growth that fuel the real estate market. There have been some indications of a slow down - builders have spec homes sitting longer, and the available inventory has grown, but overall the numbers are still up over previous years. What you read in the paper about the national real estate market is not reflective of our market - we did not see the big bubble that major markets did nationwide, so our housing prices are not experiencing the correction that you see in other places. The biggest effect we are seeing from the national trend is that contingent contracts for newcomers are falling through as people from other areas are unable to sell their houses there.
There are some great local real estate schools in the area - my own company has a terrific school, as do others.
To get started, the best advice I received when I started out was
1. Go with the biggest/best company in the area that offers the most training. The more resources you have access to early on, the better off you'll be.
2. Be patient, don't expect to bank a lot in the first couple years. Either have a lot of savings or a part time job (or a supportive family! ) Of course it can be done faster, but a reasonable amount of time would be 3 years to really build a sustainable business where you are living off of repeat and referral clients.
The broker pre-licensing class is a 75 hour mandatory class with a test at the end, and then you must pass the state exam to get your provisional license. You must then take 90 hours over the next 3 years to get your full broker's license. Commissions and fees vary greatly depending upon who you're working for. If you're at one of the bigger companies, you'll probably be on straight commission. Go talk to some Brokers in Charge at various agencies to see who you're comfortable working with. They usually hold "career seminars" regularly to answer your questions.
To get started, the best advice I received when I started out was
1. Go with the biggest/best company in the area that offers the most training. The more resources you have access to early on, the better off you'll be.
2. Be patient, don't expect to bank a lot in the first couple years. Either have a lot of savings or a part time job (or a supportive family! ) Of course it can be done faster, but a reasonable amount of time would be 3 years to really build a sustainable business where you are living off of repeat and referral clients.
I respectfully disagree with these.
1. Biggest is not always the best. Some smaller companies work wonders especially if you can work side by side with your BIC (Broker in Charge). They can be a great help. If they have to watch over 50 agents you just become another number.
2. Either work Real Estate full time or not at all in my opinion. How can you feel comfortable giving your client on 50% of what they deserve and you are obligated to?
Thanks! I guess you have answered my questions so far, but what type of people do good in real estate? Is it a job for a parent? Single parent? Single woman? Married?
Thanks! I guess you have answered my questions so far, but what type of people do good in real estate? Is it a job for a parent? Single parent? Single woman? Married?
All of the above do well. Single parent can be the hardest, but also the most rewarding, with the opportunity to block time as you need to.
Really, you just need to be receptive to learning at all opportunities and keep the "Never say die" attitude.
My parents brought a house in NC and I came to visit. After I left NC I went back home to DC and gave my job my TWO WEEK notice. I fell in love with NC!
I am interested in going to Real Estate School here......I feel like I need more information about REAL ESTATE here in Raleigh.
I have lots of questions: What is going to happen to real estate here in the next 5 years?
How do real estate agents get paid? Is it all commission?
What do you need to be successful in real estate?
Nobody really knows what will happen in 5 years. My guess is that as long as this area receives good reviews we should enjoy average growth.
Real estate agents are 100% commission (unless someone is doing it differently out there)
Professional attitude, hard work ethic, self motivated, savings (able to pay bills when business slows down) networking/advertising abilities, honesty, integrity and be genuine with folks. You do not need these to be an agent but you do need them to be successful.
1. Biggest is not always the best. Some smaller companies work wonders especially if you can work side by side with your BIC (Broker in Charge). They can be a great help. If they have to watch over 50 agents you just become another number.
2. Either work Real Estate full time or not at all in my opinion. How can you feel comfortable giving your client on 50% of what they deserve and you are obligated to?
Just my opinion
Agreed on both points! You should definitely work side by side with your BIC, which is why I suggested talking to many to see who the OP would feel most comfortable working with. By "biggest", I referred to the training and resources available, not necessarily the size of the office. To me, that meant the most skills classes and training by people who were paid to do nothing but teach classes and train. That suits my personality, and I understand that some people want it on a more personal level. I also had a one-on-one mentor and bi-weekly sessions with my BIC as well as trainer... lots of resources at a personal level, too. Again, it suited my personality.
Full time vs. part time: I jumped in with both feet because I could. We had the resources, and I have a very supportive husband, and it's worked out very well for our family. Honestly, my husband and I discussed this very issue when I left teaching, and we agreed that since we would never hire a part-time realtor, there was no way I would consider being one! However, there are many successful agents who kept part-time jobs during licensing and training, and after 6 months or so, went full time.
Re-reading my post, it reads like I'm suggesting keeping a part time job for 3 years - if you still need a part time job after 3 years, you're not doing it right! oops! imo (which appears questionable now, haha) it takes about 3 years to build a self-sustaining business where much of your business comes to you through referrals, instead of working primarily to find new business.
Thanks for helping me clarify, you're right on target with your advice!
Coldwell Banker has a couple of franchisees.
Prudential
ReMax franchises pop up everywhere.
Fonville Morisey, the largest independent was bought by Long and Foster, but is at this time still doing business as FM.
And there are MANY smaller operations, Mom and Pops, and smaller franchises.
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