Advice On Getting A Real Estate License. (agents, commission, Realtors)

[Nema98]

Hello

I am seriously thinking about becoming a real estate agent, at least on the side. I live in the State of California, Los Angeles to be exact, and have been reading the requirements on obtaining a real estate license.

I just turned 28, and have no criminal background whatsoever. It also states that I must take three courses: Real Estate Principles, Real Estate Practice, and a class in either appraisal, property management, finance, economics, legal aspects, office administration, accounting, business law, etc.

Of course I will have to take and pass an exam.

So my question is, am I missing anything and is real estate as backup or side career a smart move?

Let me know everything I should know.

Thanks and Happy New Year!

[DMenscha]

Those of us who work this business full-time, tend to regard part-timers with a jaundiced eye, because it probably means we are going to pick up at least a part of the slack that part-timers leave in their wake.

Everything you should know will be apparent the day you retire from the business. We learn all the time.

Good Luck!

[Okey Dokie]

Perhaps if you tell us what you THINK an agent's typical day is like, some of the pros on this board can set you straight or maybe tell you you're on the right track..

[Cape Cod Todd]

I live in an area, Cape Cod, where many people retire to and they get their license to dabble in real estate just in case.
It is true what Dmenscha wrote, the full time agents who dedicate themselves to the business do look down a bit at the part time agent who approaches real estate as a hobby or just something to do. Yes you can make money at it but what bothers my partner and me is that the buyer or seller are not being represented as well by a part time agent. There is often slack that needs to be picked up due to the inexperience of the part time agent and we reluctantly do it to keep the deal going and to keep our client happy. The extra work and frustration means nothing at the closing table when the commission is split.
Having a career in real estate is not as easy as it looks on TV. Yes it is possible to make a lot of money but there is a lot of behind the scenes things that need to happen before you get that pay day.
Many people get a license to keep in their back pocket but you need to consider how dedicated you will be to it and how much you will be able to give to your clients.

[jghorton]

Almost everyone in Florida has a Real Estate license (obviously hyperbole, but, it seems accurate sometimes). When the market is hot, many of these RE 'professionals' grew quite proficient at merely putting-up signs and writing-up contracts. Of course, when the market tanked, the majority of these new RE 'professionals' went back to their 'day jobs.'

[NinaN]

Part time can be difficult. How do you plan to get business? How do you plan to pay the fees it takes to stay in business if you don't get any deals going?

If you are disciplined and work this as a business, you can make it work but it's not just as easy as getting your license.

[68551]

I agree with DM....Part timers are usually slacker wanabees. A couple pointers for you...

If you aren't detail oriented
Don't want to be disturbed when you are out with friends
Don't answer your cell phone
Don't mind not making much money the first 3 years
Aren't a self starter
Aren't good at calming down emotional people (especially other Realtors)
Aren't good at directions
Don't bother...

(before I retired I made 6 figures every year, taught newbee classes & really loved what I did, but the job has a high burnout rate & high turnover due to most people not understanding what Realtors really do)

[Nema98]

Originally Posted by NinaN

Part time can be difficult. How do you plan to get business? How do you plan to pay the fees it takes to stay in business if you don't get any deals going?

If you are disciplined and work this as a business, you can make it work but it's not just as easy as getting your license.

Firstly I wish I could respond to each and everyone here, because the questions posed to me are very good and warrant me to answer.

The reason I want to start part time is because I am will be a beginner, and I want to test it out and get more comfortable and experienced. Rather than jumping head first into.

I should have elaborated in my OP, and stated that I am not trying to get into Real Estate for fun, I will work hard and dedicate myself to it, as I would any job or career.

[Nema98]

Originally Posted by 68551

I agree with DM....Part timers are usually slacker wanabees. A couple pointers for you...

If you aren't detail oriented
Don't want to be disturbed when you are out with friends
Don't answer your cell phone
Don't mind not making much money the first 3 years
Aren't a self starter
Aren't good at calming down emotional people (especially other Realtors)
Aren't good at directions
Don't bother...

(before I retired I made 6 figures every year, taught newbee classes & really loved what I did, but the job has a high burnout rate & high turnover due to most people not understanding what Realtors really do)

Those are some good points, and those scenarios do not bother me. I know already that I will be getting phone calls even while I am "out of work", regarding people interested in a property.

But thanks, the reason why I created this thread was for you guys to let me know what to really expect.

[Nema98]

Originally Posted by NinaN

Part time can be difficult. How do you plan to get business? How do you plan to pay the fees it takes to stay in business if you don't get any deals going?

If you are disciplined and work this as a business, you can make it work but it's not just as easy as getting your license.

My plan is start part time, and after getting comfortable with it, then going into full swing. Not that I never intend to not take it seriously.