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Real Estate is a tough field; however, there are many part time agents, and in your particular situation you just might be able to push through - and here's why.
You have someone who is established long term in the business & who may not be able to continue full time, but may be open to giving you referrals. You will need a mentor. If you work part time and he can supply you with a few quality leads there will be more work than you think you can handle. (Most people think there is little work involved - you will not think this for long)
Many offices will have training etc. to teach you the biz, as well as a multitude of classes you can take; however, none of this can really prepare you for working with the publics trust on the most important financial decision any person or entity will make - the purchase of Real Estate. That's something you have to go out and do, and it's also when you'll begin to learn.
Thank you for the feedback. I think that you understand my situation well, and your advice is valued!
You are getting in for the right reasons so you have a better chance of making it. This is a tough market, so you'll definitely find out quickly if it's for you or not which I think is a good thing.
The key is going to be while you learn and get your feet wet, that you have your full time income. I think you can do it, but start saving money first. You'll have a lot of upfront fees to pay and you don't want to strap yourself up front or it will only be harder.
I just joined this forum and whole heartedly felt your pain because I was once there. I am a RE agent in Delaware and I have been living here for 3 years. I lived in Miami for 10 years prior. I have many friends who are brokers in FL and the market is horrible. Please don't put your eggs in one basket, remember you have a family to take care of and the RE market in FL is not going to take you to the promise land. Its ok to get your license but by all means have a back up job. It takes time to get your RE career rolling ,about a year and that was when the market was good. I can't tell you how many agents are now in another field remember RE is not instant money. So if you have money saved then you will be OK, but if you are in a crunch now RE is not the way to go. Good luck with your decision but please be realistic, the market is not what is use to be. Remember its your friends job to pump you up and get excited but the market and stats don't lie..........good luck!
Last edited by home-sweet-home; 01-17-2008 at 05:32 PM..
Reason: mis spelling
You are getting in for the right reasons so you have a better chance of making it. This is a tough market, so you'll definitely find out quickly if it's for you or not which I think is a good thing.
The key is going to be while you learn and get your feet wet, that you have your full time income. I think you can do it, but start saving money first. You'll have a lot of upfront fees to pay and you don't want to strap yourself up front or it will only be harder.
VIP Vince - I don't think any of us here want to discourage you from attaining your dream, but we do want to warn you about some pitfalls that many of us were not aware of when we entered the business.
One of the biggest items is the startup costs, starting with the pre-licensing school, and never ending after that. There's lots of fees/dues associated with your local board, quarterly dues, e-key/d-key expense, and possible fees to the company you hire on with. In the beginning all the fees can really be a drain out of your personal reserves. Later on it's marketing expenses in a slow market that can be a steady drain. So just be prepared and have several $1,000 saved before you embark on this new career. In real estate, most of the dues/fees are the same whether you're working the business parttime or fulltime. Of course you'll be earning less if you're working real estate parttime.
There are a few salaried real estate jobs out there. Someone mentioned new home sales, and weekends would probably be the best time to do that. The salary, though, will be very minimal and the commission is small on new homes. It's all about volume - if there's a lot of new homes selling in your area then that might be an option. New home sales, though, is quite a bit different than resale, so I'm not sure it would give you the experience you're looking for.
Lastly, please don't buy into the hype that real estate is an extremely lucrative profession. It can be for a select few, but most agents work their tails off, and when you figure the hours they put in and subtract their expenses, the $/hr wage is usually not that high. The attrition rate is high and there's a reason for that.
Most of the agents I know that got into the business with the idea of doing it parttime (even for a couple of years) have dropped out, and that's been during the boom years. Now that we're in this slowdown, it seems that only the semi-retired agents with other investments are sticking around.
I was raised in the business - my dad was a successful broker and a wonderful person. But I can tell you this is a feast or famine business, and it takes a lot of discipline not to overspend during the feast so that you can survive the famine.
Talk to as many new agents (2 years or less in the business) in your area as possible. See what kind of expenses they've encountered in the first couple of years and see what it's taking for them to stay afloat.
It's always good to go into something with your eyes wide open.
Ok, let's look at this... the office is on the beach. You have golf experience, and I'm assuming that while you don't have all that much time to play, you do know how to play and know the courses in your area. Those are two huge pluses down here in Florida. You want to work weekends, which are generally big draw days for real estate...another plus. It's the winter/snow bird season...another plus. You have an experienced broker who WANTS to help you..another plus. The mortgage rates are low...plus. The prices have come down...plus. It's something you've always wanted to do...plus. You aren't depending on it for your income...plus. The broker concentrates on condos...minus.
Ok, let's count that up. Plus: 9 Minuses: 1
Are you crazy? Get that license!! Oh, I forgot to mention...when the market does change again and it's going crazy? You'll already be established and more knowledgeable making the transition to full time that much easier...put that on the plus side! 10 to 1. Heck...just do it! Should something, god forbid, happen to your broker, you will have some experience to bring to the table for another broker...shop them out carefully.
We have a guy in our office who has a full time job, works weekends and has had 3 sales in 5 months and has done 4-5 rentals. Is he making a killing? No but he is suplementing his income quite nicely. And, he did NO advertising, so he had no true expenses except for the gas costs and his dues. Here they aren't too high... $400 year.
After your initial licensing fee the continuing education can be done on line and cost you about $100.00.
DO IT!
Thanks for the feedback once more everyone! I think that I am getting a lot of good advice. I can certainly see that there are mixed feelings, but the posts that have really caught my attention are the people that are in favor of me entering the field.
My theory was/is this, why not get in now, when it's the hardest to do it? I am ready to test myself, and still have a full time job to support myself, even if it gets a little tight. I am definitely not putting all of my eggs in one basket, rather I am trying to use some of the extra time I have to eventually build a bigger basket to fill.
Quote:
Ok, let's look at this... the office is on the beach. You have golf experience, and I'm assuming that while you don't have all that much time to play, you do know how to play and know the courses in your area. Those are two huge pluses down here in Florida. You want to work weekends, which are generally big draw days for real estate...another plus. It's the winter/snow bird season...another plus. You have an experienced broker who WANTS to help you..another plus. The mortgage rates are low...plus. The prices have come down...plus. It's something you've always wanted to do...plus. You aren't depending on it for your income...plus. The broker concentrates on condos...minus.
Ok, let's count that up. Plus: 9 Minuses: 1
Are you crazy? Get that license!! Oh, I forgot to mention...when the market does change again and it's going crazy? You'll already be established and more knowledgeable making the transition to full time that much easier...put that on the plus side! 10 to 1. Heck...just do it! Should something, god forbid, happen to your broker, you will have some experience to bring to the table for another broker...shop them out carefully.
We have a guy in our office who has a full time job, works weekends and has had 3 sales in 5 months and has done 4-5 rentals. Is he making a killing? No but he is suplementing his income quite nicely. And, he did NO advertising, so he had no true expenses except for the gas costs and his dues. Here they aren't too high... $400 year.
After your initial licensing fee the continuing education can be done on line and cost you about $100.00.
DO IT!
palmcoasting, thank you for the very encouraging post! I like the way you look at it. I see it the same way!
Sorry, I'm in RE here in FL. and I would not encourage anyone new to jump in at this time, given our market conditions.
I would encourage you to try your best to get your license. You can leave it inactive once you have it, just be sure to take your post-licensing course immediately after you pass the State exam. Then keep up your 14 hrs continuing ED, this way when the market turns again, which it will, you'll have a valid license.
Until that time comes, find a "REAL" part-time job, so you don't run into financial problems you'd regret. Try your best, from this time forward, to save enough money to live on for 6 months or more.
Congratulations, you'll be ready to come on board real estate sales.
AGREED!
You can have your license in hand and ready to make the career change when the market gets better. You sound as if you need the steady income right now. I have relatives in FL who have tried selling their homes and the market is tough.
The other comment I want to make is the concept that you can do this job part time and make a living. First of all, your clients are not going to wait until you are available after your regular job, to work for them. Yes, there are people who do it, but because they are part time, they need their other job.
Just to give you perspective. Full time agents work during the week, weekends, evenings and holidays. We take time off here and there just to stay sane, but our clients don't care if we have a personal life. They expect us to be at their beck-and-call especially when you are new and trying to make a living, otherwise, this is not a business you should start.
I like the way you look at it. I see it the same way!
And that is really all that matters, isn't it? You have wanted and still want to do it, you have someone ready and willing to help you, you see it as an opportunity to grow and possibly have a satisfying career. Do it. No time like the present!
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