Real Estate as a Career...

[Kitros]

... because I have never seen a 25 year old selling homes...

How does one start out in a career in real estate sales? I know there's certifications required, laws to be learned, etc. But where do most people start? I would think a solid investment or sales background is typical...

Anywho, the info is for me because I was considering different careers...

Anyone here an agent? Escrow officer? etc?

Thanks.

 

[Red Dawn]

If you can smile while lying through your teeth and have no qualms about sticking someone in the back if it benefits you then you are more than qualified to be an R.E. Agent.

 

[Conky]

You have to take a course and pass your states RE salespersons exam. Then you find a broker to work for. Contact a RE company and ask them how to get into it.

It's a good field but it takes several years before you can make any money at it but when finally do it can be serious coin. I'm going to switch over to RE sales after I move next year. I was licensed but I let it lapse so I will have to take the test again and I would have to take it for the new state anyway.

 

[Jzero]

Originally posted by: Red Dawn
If you can smile while lying through your teeth and have no qualms about sticking someone in the back if it benefits you then you are more than qualified to be an R.E. Agent.

Or pretty much any sales field, for that matter

 

[Ranger X]

Just keep in mind that real estate agents are dime a dozen. It's going to be really hard but if you're sneaky enough and can convince that a shack is just as good as a mansion, you're in.

 

[Red Dawn]

Originally posted by: Jzero

Originally posted by: Red Dawn
If you can smile while lying through your teeth and have no qualms about sticking someone in the back if it benefits you then you are more than qualified to be an R.E. Agent.

Or pretty much any sales field, for that matter

True. Not all are crooks and shysters but there were enough to sicken me when I had to deal with them when I was in Residential Property Management.

BTW, 20% of R.E. Agents make 80% of the sales. There are a lot of part timers and always those who think it is an easy way to make a good living. Those who do well usually bust their hump working 7 days a week until they get established. A lot of Open Houses with just Looky Lou's walking through (like Nieghbors and others with no intention of making an offer)

 

[dirtboy]

My 2 cents:

Once the real estate boom is over with, there's going to be alot of unemployed real estate salespeople. You're going to have to market yourself constantly and become a big name.

Just have something to fall back in case times get tough.

And I know someone who is 25 and is a real estate sales man...of course his father helped him get started, but he's doing really well right now.

 

[vegetation]

You'll need to do a lot of side jobs, like selling life insurance, doing tax preparation or something like that. I know some top real estate people who still need a second job just ensure paying the bills. Real estate is so highly dependent on the economy, but you can't just move when things go bleak in your town.

 

[wyvrn]

Save money for a few years, then start buying and rehabbing foreclosures. I know several people that do this and they like it better than their jobs. I just bought my second property in less than a year. If all runs well, should be able to do real estate full time in 5 years or so.

Is that the kind of real estate you were talking about?

 

[flot]

You guys certainly have an odd attitude towards realtors. It certainly isn't THAT shady of a profession. In a normal transaction, both the buyer and seller have their own realtors, and in theory each person's realtor is responsible for watching out for their client's best interest.

Real estate is DEFINITELY a referral game; if you have a good experience buying a home, you are more inclined to recommend that realtor to a friend. The only real way you get "screwed" is if you happen to buy a house from the realtor who is also representing the seller. This isn't unusual, but it's not common either. And either way, the SELLER is paying the commission for all the brokers involved, so it's hard to see how you can feel screwed...

 

[Vic]

Originally posted by: Red Dawn
If you can smile while lying through your teeth and have no qualms about sticking someone in the back if it benefits you then you are more than qualified to be an R.E. Agent.

What is it that you do that I can insult. Not all salespeople are liars and theives. I'm my company's (50+ loan officers) top producer for the last 12 months, and I never lie to sell a mortgage. Networks, volume, honesty, integrity, brains, and hard work. Only the incompetent need lie. :|

 

[Kitros]

Thanks guys (and gals?)

I find if typical for Red Dawn to come in and crap on every thread =P ... so I've learned to take everything he says as a generalization or stereotype, if not just flat out humour.

I wouldn't mind starting with Apartment renting, or something small like that... all I know is that I can indeed sell a person on an idea...

So, you're saying "don't quit your day job?"

A lot of realtor I know are Notarys, tax preparers, prostitutes... =P However, in this economy, there isn't much that I CAN fall back on... being as I was in SCM and technical sales for a tech company...

I think the best way is the simplest way. Pound the pavement and ask realtors directly if they need anyone to answer their phones.

Thanks again.

 

[Looney]

Man, now that i'm older, i really wished i had paid attention in Chinese school when my parents made me go... i could make a killing now as a realtor to the Chinese community.

Real estate investment is also something i wished i had the money to invest in... a buddy of mine put in $380k in a penthouse condo in an area that is going to become Dundas Square in Toronto (in imitation to Time Squre in New York)... and even before a single brick has been put in place, the property is now worth $500k. And he only had to put 5% down payment in and another 10% over 36 months (he's been working with the same realtor for years buying condos, so he got a good deal).

 

[tcsenter]

There is something every bit as 'shady' about the real estate market as there is about the used car business. Real estate agents are just glorified used car salesmen who dress marginally better.

 

[Moonbeam]

Getting a real estate license used to be a matter of taking a test, but now you need college work in Calif to get one. Like every other profession where there's money to be made and money to donate to politicians, a ring of protective law forms to keep competitors out. I told my buddy if you want to get rich go inot real estate. He did. He's a millionaire. If you have a appetite for such a life, selling to people it can be quite rewarding. Real estate agents provide no real service to humanity, in my opinion. They simply cream of 6 percent of every sale to insure that year by year fewer and fewer people can buy a house. It's a con, but it's legal. What good you can do by being an agent is knowing how to get people creative financing so they can get into something to get them started in life because a house is the biggest investment most people ever make and will represent most of their assets. It is a good thing, in my opinion, to get people who rent their own homes. There is room for creative doing good when you can get the reluctant into a better future for them and their kids. Just my opinion, but it's not so much what you do but why and what results it brings that counts for a lot. I've met poor and excellent agents in my day.

 

[Kitros]

hmmm...

I am not very shady, I'm a kind person... I kind of like helping people better themselves and help them make the right decisions.

But why would anyone ever higher a person who wants to help more than he wants to make money?

 

[Vic]

Originally posted by: Moonbeam
Getting a real estate license used to be a matter of taking a test, but now you need college work in Calif to get one. Like every other profession where there's money to be made and money to donate to politicians, a ring of protective law forms to keep competitors out. I told my buddy if you want to get rich go inot real estate. He did. He's a millionaire. If you have a appetite for such a life, selling to people it can be quite rewarding. Real estate agents provide no real service to humanity, in my opinion. They simply cream of 6 percent of every sale to insure that year by year fewer and fewer people can buy a house. It's a con, but it's legal. What good you can do by being an agent is knowing how to get people creative financing so they can get into something to get them started in life because a house is the biggest investment most people ever make and will represent most of their assets. It is a good thing, in my opinion, to get people who rent their own homes. There is room for creative doing good when you can get the reluctant into a better future for them and their kids. Just my opinion, but it's not so much what you do but why and what results it brings that counts for a lot. I've met poor and excellent agents in my day.

Heh... I love ya, Moonie
And you're right. Mortgage brokers should get the 6% and realtors should get the 1%.
Why it works otherwise, I do not know (although it's probably because the seller pays the realtor and the buyer generally pays the mortgage broker), but I never ever let a realtor tell me that my fees are too high. I do think they serve some form of purpose though, as they encourage people to buy homes and help people to get top-dollar for their homes when they sell them, but they are directly responsible for the dramatic rise in real estate values that has priced so many people out of home ownership.
Contrary to popular belief on this forum here, though, sales can be a very rewarding career. Not just financially, but personally. It's hard work, very emotionally and mentally stressful, but the sense of accomplishment in helping people through difficult (and sometimes creative) decisions in order to acheive their dreams is very rewarding. It's not for everyone though...

 

[Vic]

Originally posted by: Kitros
hmmm...

I am not very shady, I'm a kind person... I kind of like helping people better themselves and help them make the right decisions.

But why would anyone ever higher a person who wants to help more than he wants to make money?

eh? Because those are the best salespeople, the ones that want to help. People think otherwise because it's that slimy greedy bastard that sticks in their mind as a "salesperson." Truly great salespeople don't even come across as salespeople, more like a trusted advisor or as an expert, someone that they the customer WANT to do business with (as opposed to someone who is forcing their business on them).
While you are helping, just remember to keep a good self-esteem. Remember that you are helping, what you do actually benefits people, and that you are entitled to be paid for your expert advice and service. I have never met a good salesperson who was a socialist.

 

[Spac3d]

It will be my career.

<-- real estate major

 

[Kitros]

Originally posted by: Spac3d
It will be my career.

<-- real estate major

How far along are you? Have you had previous sales experience? What state/school? AS/BS?

Isn't it a business major with focus on real estate?

 

[Epoman]

I'm sorry but some of you people have no idea what your are talking about concerning Real Estate.

The info here concerns California.

ANY age 18+ can become a salesman you need to take a Real Estate Principals course which last 4-12 weeks it depends if you go 1 day a week or 4 days a week. After that you take a final exam if you pass you get your principals cert. Then you can apply for your STATE exam Nothing else required (Just forms and a fingerprint sheet). If you PASS your state exam with 70% or better you will get a 18 month provisional license, They will not tell the score if you get 70% or higher
but WILL tell you the score if you get below 70%, They do not tell you the score that way Brokers will not only hire the top testers because everyone knows sales is not about knowledge of the LAW its about SALES.

Before your 18 months are up you need college credit of 2 or 3 course BUT hehe you can take those courses online and finish them in a few days SOOOO easy Then take a OPEN book test for the FINAL haha SO easy.

As for age I have seen 18 year olds make a $100,000 there first year its all about how aggressive you are, If you know how to sell, and talk to people in a way they trust you.

As for commissions you people think the agent gets 6% HAHAHAHAH ok heres the break down
$200,000 House
6% Commission
Theres usaully 2 agents (Buyers agent and Sellers agent) So each SIDE gets 3%
OK, Now Heres an example of the agents commission:
$200,000 X 3% = 6,000 - 8% Franchise fees (C21- Prudential etc etc)= $5520 - $125 Errors and Omission Insurance
= $5395 Now if you are a new agent you split your commission with your BROKER 50% = $2697.50
OK so now you've made $2,697.50 BUT you still need to save some of that to pay TAXES the broker does not withhold taxes so $2697.50 - (lets say 15%) = 2,292.87 SO thats the Low down if you think thats alot of money for what the agent has to do hahaha.

Either side buyers or sellers agent has ALOT of stuff to do infact being a buyers agent is the hardest you may have to show 20-30+ houses to a buyer if there picky.

The split you have with your broker goes up based on your sales, Some agents make upto 90% but those are the Million dollar agents. Some offices start you out at 60%.

Real Restate is a very hard job theres a saying 1 out of every 10 people who try real estate will do well the other 9 will fail and from what every agent I've talked to (I myself was one) its true.

I was a agent at 18 but I could not make it, I was trying to do it part time while being a Store manager so it was difficult but I did sell about 25 houses 6 years of part-time work (not bad). I let my license lapse you need a renewal every 4 Years.

Like someone here said 20% of the agents sell 80% of the house is FACT so true!!! You may think well I just need to sell 2 houses a month to support myself WELL thats easier said then done!!

Its also a fact that women DO BETTER in real estate because familys tend to trust women more than men.

As for the snakes in real estate there out there but most agents are honest just some are TOOOO aggressive and that makes them look like a snake!

In real estate its all about getting your name out there MARKETING selling YOURSELF! Cold-Calling, Door knocking, Open houses, Passing out flyers, Lots of time envolved you are working 18 hours of the day I have made deals on my car hood signing papers with clients at 1:00AM hehe.

As to how to become a BROKER well thats IDEAL but you used to need a 4 year college degree in California BUT now a days you can take ONLINE courses and finish in weeks plus have 2 years full time experiance. Then you need to find good people to work for you and carry lots of insurance and if you want own a established company like century 21 or prudential it cost lots of money for a Franchise.

 

[wyvrn]

Thank you for the very informative post. The cost breakdown shows that most real estate agents aren't living high on the hog. I know a few that make a decent living, and I consider them to do a good service to people buying a home. Why I got a lot of useful information from an agent friend of mine when I bought my first house even though she wasn't getting any commission out of it. So there are plenty of honest, good agents but you just have to find them like anything in life.

I have taken several real estate classes in college, not with the intention of being an agent, but in becoming an investor and also homeowner. They are very informative and I recommend them to everyone, because most of us will be buying a home at some point in our lives. Might as well know the rules of the game before you play it.

Originally posted by: Epoman
I'm sorry but some of you people have no idea what your are talking about concerning Real Estate.

The info here concerns California.

ANY age 18+ can become a salesman you need to take a Real Estate Principals course which last 4-12 weeks it depends if you go 1 day a week or 4 days a week. After that you take a final exam if you pass you get your principals cert. Then you can apply for your STATE exam Nothing else required (Just forms and a fingerprint sheet). If you PASS your state exam with 70% or better you will get a 18 month provisional license, They will not tell the score if you get 70% or higher
but WILL tell you the score if you get below 70%, They do not tell you the score that way Brokers will not only hire the top testers because everyone knows sales is not about knowledge of the LAW its about SALES.

Before your 18 months are up you need college credit of 2 or 3 course BUT hehe you can take those courses online and finish them in a few days SOOOO easy Then take a OPEN book test for the FINAL haha SO easy.

As for age I have seen 18 year olds make a $100,000 there first year its all about how aggressive you are, If you know how to sell, and talk to people in a way they trust you.

As for commissions you people think the agent gets 6% HAHAHAHAH ok heres the break down
$200,000 House
6% Commission
Theres usaully 2 agents (Buyers agent and Sellers agent) So each SIDE gets 3%
OK, Now Heres an example of the agents commission:
$200,000 X 3% = 6,000 - 8% Franchise fees (C21- Prudential etc etc)= $5520 - $125 Errors and Omission Insurance
= $5395 Now if you are a new agent you split your commission with your BROKER 50% = $2697.50
OK so now you've made $2,697.50 BUT you still need to save some of that to pay TAXES the broker does not withhold taxes so $2697.50 - (lets say 15%) = 2,292.87 SO thats the Low down if you think thats alot of money for what the agent has to do hahaha.

Either side buyers or sellers agent has ALOT of stuff to do infact being a buyers agent is the hardest you may have to show 20-30+ houses to a buyer if there picky.

The split you have with your broker goes up based on your sales, Some agents make upto 90% but those are the Million dollar agents. Some offices start you out at 60%.

Real Restate is a very hard job theres a saying 1 out of every 10 people who try real estate will do well the other 9 will fail and from what every agent I've talked to (I myself was one) its true.

I was a agent at 18 but I could not make it, I was trying to do it part time while being a Store manager so it was difficult but I did sell about 25 houses 6 years of part-time work (not bad). I let my license lapse you need a renewal every 4 Years.

Like someone here said 20% of the agents sell 80% of the house is FACT so true!!! You may think well I just need to sell 2 houses a month to support myself WELL thats easier said then done!!

Its also a fact that women DO BETTER in real estate because familys tend to trust women more than men.

As for the snakes in real estate there out there but most agents are honest just some are TOOOO aggressive and that makes them look like a snake!

In real estate its all about getting your name out there MARKETING selling YOURSELF! Cold-Calling, Door knocking, Open houses, Passing out flyers, Lots of time envolved you are working 18 hours of the day I have made deals on my car hood signing papers with clients at 1:00AM hehe.

As to how to become a BROKER well thats IDEAL but you used to need a 4 year college degree in California BUT now a days you can take ONLINE courses and finish in weeks plus have 2 years full time experiance. Then you need to find good people to work for you and carry lots of insurance and if you want own a established company like century 21 or prudential it cost lots of money for a Franchise.