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Old 09-14-2011, 11:57 AM
 
Location: Louisville
1 posts, read 6,197 times
Reputation: 13

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I am looking for honest answers from agents/brokers. With the many declines in our economy, is now a good time to get a real estate license and start a new career and still survive? I live in Louisville and I knew alot of agents have walked away from many places because they could not make enough money to survive. I don't know what the whole story is, but can't help but wonder if the old saying "you get what you give" is not at play with many of these agents. What kind of start up fee is usually involved, besides the classes & license? Do other fees have to be paid even if you have not listed or sold anything? I am really hoping to see a housing boom in the coming months and would like to be involved. Any comments or suggestions would be very much appreciated.
thanks
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Old 09-14-2011, 01:05 PM
 
Location: Louisville KY Metro area
4,826 posts, read 14,286,691 times
Reputation: 2159
Quote:
Originally Posted by kentuckystar View Post
I am looking for honest answers from agents/brokers. With the many declines in our economy, is now a good time to get a real estate license and start a new career and still survive? I live in Louisville and I knew alot of agents have walked away from many places because they could not make enough money to survive. I don't know what the whole story is, but can't help but wonder if the old saying "you get what you give" is not at play with many of these agents. What kind of start up fee is usually involved, besides the classes & license? Do other fees have to be paid even if you have not listed or sold anything? I am really hoping to see a housing boom in the coming months and would like to be involved. Any comments or suggestions would be very much appreciated.
thanks
I am small office owner of a large franchise. I hold licensure in Kentucky and Indiana. Our office per agent business is up about 250% over last year. I know of offices where the average agent is 50% or more below last year.

I recommend you interview with several brokers. Do more of what you are doing here. Ask, then decide. Don't decide then ask.

PM me if you would like specific cost information.
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Old 09-15-2011, 03:08 PM
 
11,113 posts, read 19,477,898 times
Reputation: 10174
Quote:
Originally Posted by kentuckystar View Post
I am looking for honest answers from agents/brokers. With the many declines in our economy, is now a good time to get a real estate license and start a new career and still survive? I live in Louisville and I knew alot of agents have walked away from many places because they could not make enough money to survive. I don't know what the whole story is, but can't help but wonder if the old saying "you get what you give" is not at play with many of these agents. What kind of start up fee is usually involved, besides the classes & license? Do other fees have to be paid even if you have not listed or sold anything? I am really hoping to see a housing boom in the coming months and would like to be involved. Any comments or suggestions would be very much appreciated.
thanks

Yes! a down market is the best time to learn everything you can about the real estate profession. And again, yes. You get what you give. You reap what you sow, and so forth. If you have the disposable income to get your license join your local Board and take all of your classes and perform like a professional .... you will have a leg up in any market, good or bad, going forward. You have to realize and be prepared that your first paycheck could take a good 6 months or more.

Many find out very soon whether they are going to treat it like a career, or simply want to open a door and get paid. It just doesn't work that way.... it's a ton of hard work, rejection, and don't have a thin skin.

The rewards are there.
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Old 09-18-2011, 03:52 PM
 
Location: Katy, TX
11 posts, read 30,459 times
Reputation: 12
It is always a good time to pursue a career in real estate.
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Old 09-18-2011, 05:38 PM
 
Location: El Dorado Hills, CA
3,720 posts, read 9,976,768 times
Reputation: 3927
I agree this can be a good time to get started, but you have to have cash reserves or a second source of income. Part-time (in your spare time after your regular job) is difficult to do because it takes a big investment of time to get going. You have to be willing to show property whenever and wherever asked just to get those first few deals through. Your business will build via referrals (if you do a good job) and via your marketing, but it takes a long time for either of those methods to start making money for you.

Each broker has a different cost/compensation model, and some have different models within their brokerage. Talk to a few different brokers to figure out the costs to you. But don't just look at compensation. As a new agent, you will need a lot of training and an available manager/broker to work with you. You will also benefit if they have a source of leads for you (floor duty answering phones for sign calls or talking to walk-in clients), or whatever other source they offer.
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Old 09-19-2011, 06:06 AM
 
16,433 posts, read 22,154,382 times
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Quote:
Originally Posted by Frankie2011 View Post
It is always a good time to pursue a career in real estate.
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Old 06-10-2012, 07:29 AM
 
Location: Orlando, Florida
18 posts, read 33,568 times
Reputation: 27
Kentuckystar You could not find a better time than now to start a career in real estate. The rules are constantly changing. A lot of dinosaurs in the real estate business are not doing so well. The people that are paying attention are thriving. I just taught a class in Orlando with eleven broker students in it. Every one of these students was earning over $100,000 a year. Many agents are earning much more than that. Real estate is a constant learning process. You have to work hard. As far as I know, you always have to work hard to make good money. Get with a good company and set some realistic goals. You will do fine. Good luck.
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Old 06-10-2012, 12:54 PM
 
2,091 posts, read 7,501,542 times
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I think its a good time to get started. I got my license this past September but have not yet hung out my shingle anywhere. I do not have the thousands of startup costs or 6 months living expenses saved, but I am working 2 part time jobs and continuing selling my handmade jewelry online and have managed to have a tidy sum started in a savings account. I have spoken to a few brokers but just can't part with my jobs yet. What I most likely will do it find one where I can just operate as a referral agent, sometime soon, I meet a lot of people on my job and if I can refer them to a broker and they buy or sell I could get a cut of the commission. That is my most likely scenario for starting out. I figure I need at least $6000 to comfortably get started, something crazy like $1000 goes right to the board, then there are office fees, buying boxes, etc. All offices are different fee-wise. I also bought a laptop that I can take to and from an office. Little by little I'll get there.
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Old 06-30-2012, 08:00 PM
 
Location: Issaquah & Snoqualmie, WA (Greater Seattle)
136 posts, read 328,238 times
Reputation: 116
I think it's a good time - but be sure you have PLENTY of money in reserves. Quite often, you hear of new agents having sales right of the bat - myself included. But, it's TOO EASY to become complacent as a result, forgetting that you've got to constantly keep the pipeline filled for future sales. Personally, I planned for at least a year of no income. So, each sale extends my "deadline" allowing me to continue to grow my business in the process.

If you've already got a good "Sphere" of people to network with (not hassle), then you may do well. Regardless, knowledge is king. No matter the market conditions, you will not be serving your clients, or yourself well unless you learn as much as possible - not just what's required by law.

And "yes" - all the other fees must be paid regardless. I'm referring to your brokerage monthly fees, MLS dues, association dues, advertising, etc. etc.
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Old 07-02-2012, 07:37 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,753,411 times
Reputation: 3876
A good way to get started is to apply for a job as a licensed assistant (after you get your real estate license). You'll have a salary plus some commissions on appointments you make for the listing agents that result in a closed sale.

You will be getting good mentoring education and eventually you'll probably be allowed to work with some buyer leads. It all depends on the team you're working for.

My grandson is studying law and a minor in real estate. He is working around 30 hours a week for me as an assistant, and being mentored. Next summer he'll take his real estate license course and get his license. Then he'll work as a licensed assistant and break into working with buyers and some listings as he progresses. That way he is earning some money while getting the experience.
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