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Any information from experienced agents would be great.
I am a newly licensed agent but not yet active. I would like to know what the average start up costs are for a new agent?
I would also like to know if it is helpful to start as a buyer's agent and work with an already established agent as part of their team.
And of course if there are things that you really wished you would have known when you first began your career?
In my last post on one of these, I think I said the the one most important thing I wish I had known would have been to really get out and interview more than one broker in order make the best decision possible.
My best advice would be to start out part-time, unless you have 6months-year of income to fall back on. If your mate is the breadwinner, or you are living with your folks, you can jump right into it full-time obviously. Also, understand that the RE field is changing fast now. Loans are very hard to come by, and many agents are having a very hard time making ends meet. To be frank, you've picked the hardest time ever to break into real estate, but don't let that discourage you. If you can make it now, you can make it anytime. Just be prepared to work VERY hard. No one in RE will give you any of their business, so you have to go out there and get everything yourself. Not everyone is able or willing to do that, particularly if you've come from a job where you've been guided 100%. In RE, you are pretty much on your own. People will help you some, if they have the time, but keep in mind that they themselves are struggling to make something happen. It's a hard business, with no regular checks, no benefits, no pension, no 401K, not much of anything but your own willingness to hustle and put deals together. I personally would not advise anyone, especially at this time, to get into the field. It will be changing very much the next 2-3 years, and many agents will be leaving the business. Those that are left will have to be VERY tech savvy and be able to use the web to their advantage. Honestly, there will be very little opportunity for RE agents as the years go on, and RE becomes 100% web-mediated. I would advise anyone under 35 to get a degree in some occupation that has legs, and will last a long while, such as the medical profession, where you can make $50,000 a year with just 2-3 years worth of schooling, guaranteed, for years. It's your call. Good luck, whatever you choose to do!
Last edited by socrates1234; 12-04-2007 at 05:10 AM..
Operate as a business! Operate as a business! Operate as a business! This is not a sideline like selling cosmetics, home decorations, or plastic bowls. A business plan is required. Select a market, a marketing area, and a professional method. Invest in quality education, tools such as electronics, cell phone service, and be certain that your clothing is business planned too. Your style may be business casual or full dress, but never without a plan. Even if you are playing mud football, dress appropriately even to the style of automobile you drive. You don't have to have it all to start, but think stategically, act tactically, and work, work, work. I believe that it takes an honest 10,000 hours (5 yrs) of effort to reach critical mass where your business will truly provide you with a lifetime's occupation and income.
I personally would not advise anyone, especially at this time, to get into the field. It will be changing very much the next 2-3 years, and many agents will be leaving the business. Those that are left will have to be VERY tech savvy and be able to use the web to their advantage. Honestly, there will be very little opportunity for RE agents as the years go on, and RE becomes 100% web-mediated.
Web-mediated? Only one person uses that phrase.
Socrates, why did you drop your former name of Soothsayer1234?
I strongly suggest looking for a JOB working for a Realtor. This is because... for the first 2 years or so making a little money is better than going into debt - but also because you'll be getting paid to learn, and this business is so unlike the way it looks from the outside, that it's worth learning that as an employee, rather than spending all your savings to learn it. And you'll learn faster as an employee/assistant/"team member" blah blah...than any other way, very much including trying to get up and running as an agent...I'd have done this initially, but assistants were very rare back then.
I second what chaz said about becoming a licensed assistant for a year or two, if you can find a GREAT agent to work for. That's how I stumbled into the business and the experience I gained while working as an assistant was incredibly beneficial when I left the nest as an independent agent. And even then, it was 2 years before I turned a profit as an agent (this was in 1999-2000). My husband used to call me a Real Estate volunteer because whenever I'd have a closing, it just barely covered all the expenses I'd incurred over the previous months. Be strong and don't give up too soon.
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