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I obtained my real estate license in 2005 to work as an assistant and had a great time in that position for several years. When the house market declined the company really suffered financially and couldn't afford to pay me anymore. I put my license on inactive and it's been that way for the last five years. I'm thinking of re-entering the business but this time getting into sales. What can I expect as a new agent entering the market now? What sort of fees should I plan for? I'm trying to get an idea as to what I can expect financially starting out. I want to be prepared for the monthly fees and general start-up costs.
Go talk to a local broker. It's all local. Make sure you have savings because it can be 4-6 months before you start closing deals and bringing in money.
Go talk to a local broker. It's all local. Make sure you have savings because it can be 4-6 months before you start closing deals and bringing in money.
Thanks NinaN! I do plan to talk to some local brokers soon. I'm in the process of wrapping up the CE I need to reactivate my license. As soon as I'm done with that I'll interview some places.
I've heard it can be a while before any money comes in. That does make me nervous, but I know it's all a risk. I'm only working part-time right now so I'm not making much of anything as is. I'm a newlywed and don't want to put too much strain on our finances right off, but my husband supports me and is very excited about me getting back in real estate. I'm hoping I can make it work!
Thanks NinaN! I do plan to talk to some local brokers soon. I'm in the process of wrapping up the CE I need to reactivate my license. As soon as I'm done with that I'll interview some places.
I've heard it can be a while before any money comes in. That does make me nervous, but I know it's all a risk. I'm only working part-time right now so I'm not making much of anything as is. I'm a newlywed and don't want to put too much strain on our finances right off, but my husband supports me and is very excited about me getting back in real estate. I'm hoping I can make it work!
Do not assume any brand or broker is "out of your league or budget." If you are competent, display capable attitudes and aptitudes, odds are that nearly every broker of every brand will have a viable opportunity for you.
While I am a RE/MAX broker-owner, I cannot absolutely recommend, nor absolutely condemn any RE/MAX as your go to. Likewise, I can't do it for any Coldwell Banker, Keller-Williams, Prudential, Burkshire-Hathaway, or other brand. Can't do it for an independents either. Remember that nearly all the brand names will carry this label in one form or another, "Each Office is Independently Owned and Operated."
Take your time. I do recommend that you talk to every broker within five to ten minutes from your home. I also recommend that you look at the success rate of brokers who are working with people of your generation. Gen-X, Gen-Next, Millennial's or even young Boomers, all have special gifts and liabilities.
Once you get a broker to offer you a seat in their firm, do your due diligence. You are becoming an independent contractor, a business person, an entrepreneur. Interview people who are in the firm, if you can interview people who have left the firm.
And one final suggestion, if I may. You are selling yourself to a business owner/operator. Never ever fail to dress in at least business casual attire (the current fashion of revealed cleavage is absolutely a no-no), never ever be late, (or too early), and never ever go into an interview unprepared. Know about the firm! At least look at their website, if a branded firm, learn about them. Get to know the brand's history!
Thanks Tomocox! You have some great advice. I plan on checking out a number of offices before I make my decision. I grew up with a parent in real estate and I've seen how very different the culture is from office to office.
Dressing professionally is always a good idea. It amazes me how many professionals do not dress professionally. Looking the part can never hurt!
I'm seeing a lot of agents come out of hibernation...I wish they'd go back to sleep. They failed for a myriad of reasons as the market turned but to a man they are all making my job more difficult. Yes, I do wish the state made it more difficult to keep a license.
I'm seeing a lot of agents come out of hibernation...I wish they'd go back to sleep. They failed for a myriad of reasons as the market turned but to a man they are all making my job more difficult. Yes, I do wish the state made it more difficult to keep a license.
What is your advice? Don't do it because others have failed and it makes it harder on you? I'm not trying to be snarky ... I think I just need some clarification.
What is your advice? Don't do it because others have failed and it makes it harder on you? I'm not trying to be snarky ... I think I just need some clarification.
I don't know enough about you or your situation to offer specific advice on what you should do to get back into real estate and be successful. However, based on the fact you don't know cost or where to start despite the fact you had a license and worked in the biz for several years already concerns me. In addition, you had a parent in the biz. Based on those bits of information I'd probably think you learned nothing during that time so I'm skeptical BUT....the fact you're on here willing to learn and listen also gives me hope.
So being an optimist today and having seen several agents successfully re-enter the business in a better situation or more mature look at some of the new agent threads on here. They have great advice and I don't need to reinvent the wheel.
1-Find a broker 2-Get license 3-Start meeting people.
I don't know enough about you or your situation to offer specific advice on what you should do to get back into real estate and be successful. However, based on the fact you don't know cost or where to start despite the fact you had a license and worked in the biz for several years already concerns me. In addition, you had a parent in the biz. Based on those bits of information I'd probably think you learned nothing during that time so I'm skeptical BUT....the fact you're on here willing to learn and listen also gives me hope.
So being an optimist today and having seen several agents successfully re-enter the business in a better situation or more mature look at some of the new agent threads on here. They have great advice and I don't need to reinvent the wheel.
1-Find a broker 2-Get license 3-Start meeting people.
Thanks for the reply. I do know the logistics of starting out - finding a broker, license, etc. My main concern is finances. I want to make sure I am financially prepared before jumping head first. Maybe I should clarify a few things. When I worked in real estate before I was an office manager/assistant for a very small company. It was me, the broker I assisted, and two agents who were very independent and I rarely saw. The office did not recruit other agents, and the agents that were there had been there for years before I arrived. So start-up costs were not something I was aware of going into a company that had been around for decades. If I had worked for a big box company I'm sure my experience would have been different.
And I did grow up with a mother who worked in real estate. Unfortunately she's been gone now for many years. If she were still here I know she would make a wonderful resource for me going into this.
I will try to go through here and check out some of the older threads and see if I can learn something there.
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