Author Topic: Becoming a Real Estate Agent?  (Read 600 times)

froggie

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Becoming a Real Estate Agent?
« on: December 30, 2017, 12:48:42 PM »
Hiya, has any of you transitioned into real estate either pre- or post-fire?

I have been forced to reconsider my professional path and have always been interested in real estate investing. I bought my first rental SFH this year and I plan on purchasing more!
Since I have the time now to invest in a new path (and a reasonable $$ cushion), I was considering getting my RE license here in Maryland.
It would 1) facilitate my future investments in RE and 2) develop a full-time (and perhaps less full-time later on) career.

I am already familiar with BiggerPockets and my background is in marketing/business + I love data. Wondering how FI & RE agents mesh. With the understanding that I've got a frugal lifestyle and am willing to do the work.

Of course I realize RE does not pay off right away, and it's quite competitive in the greater DC area.

What's your story?
When you stop expecting the world to be sensible, suddenly it all makes sense.
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Hargrove

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Re: Becoming a Real Estate Agent?
« Reply #1 on: December 30, 2017, 08:55:47 PM »
I don't have direct experience, but I'm friends with a lot of people who floated or tried what you're talking about doing.

Real estate is a huge hustle with wacky hours and massive paychecks for top-earners. You can't get your feet wet with it - every part-timer I ever talked to who tried this failed or only covered the agent's expenses and certs. You're the best judge of your own aptitude for it - my biggest recommendation is, if you're going to do it, go full-time and live at the office the first year, minimum. Shop agencies a little and network before you jump in - they're all very different, and some offer referrals, some don't, some feed them to the most "on call" agents (basically, the ones who live at the office).

Michael in ABQ

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Re: Becoming a Real Estate Agent?
« Reply #2 on: December 31, 2017, 10:46:57 PM »
I work in the commercial real estate industry and the 80/20 rule is very evident. I happen to work with a lot of the 20%. There are some other commercial brokers who's names I see very rarely. Albuquerque is a relatively small market so there's maybe 20-30 people who do most of the deals and then another 100+ scrambling for the rest - most of which are smaller deals.

I came across a website that had a breakdown on real estate agents as far as average income, hours worked, homes sold, etc. on another forum several months ago. I'll post it if I can find it.

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froggie

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Re: Becoming a Real Estate Agent?
« Reply #3 on: January 13, 2018, 04:37:19 PM »
Well, it's official, I have signed up for the online MD course, and I have a few meetings with potential realtor brokerages lined up. Doing lots of reading and research already.
Excited to see what comes next!


I came across a website that had a breakdown on real estate agents as far as average income, hours worked, homes sold, etc. on another forum several months ago. I'll post it if I can find it.

I hope you will, thanks Michael!
When you stop expecting the world to be sensible, suddenly it all makes sense.
-- David Caine (Raptitude)

Michael in ABQ

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Re: Becoming a Real Estate Agent?
« Reply #4 on: January 15, 2018, 05:03:54 PM »
I found the link but apparently the information is no long publicly available. http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=353550

There is this report from NAR though. https://www.nar.realtor/research-and-statistics/research-reports/member-profile $15 for the full report if you're a member of NAR, $150 otherwise.

A few tidbits:

Quote
The median gross income of REALTORS® was $42,500 in 2016, an increase from $39,200 in 2015.

REALTORS® with 16 years or more experience had a median gross income of $78,850—up from $73,400 in 2015—compared to REALTORS® with two years or less experience that had a median gross income of $8,930—a  increase from $8,500.

Ouch. That's pretty tough to survive on.
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SC93

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Re: Becoming a Real Estate Agent?
« Reply #5 on: January 15, 2018, 06:21:51 PM »
= $1.38 an hour. :(

Farmgirl

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Re: Becoming a Real Estate Agent?
« Reply #6 on: Today at 07:35:09 AM »
Here's my story....
I took the RE crash course ($500) and passed my test first try with only 1 question wrong (I'm a good test taker).
That didn't help me though.  I got my license in 2009 (what was I thinking).

Then I had to pay another $1500 in dues and access to multiple listings and such.
Plus, it was $125 a month to keep my license at the broker's office.

I showed houses, sat at open houses, sat at the desk and waited for calls, but to no avail.

Everyone was "upside down" on their houses they wanted to sell, and while I loved showing houses, I couldn't sell my way out of a paper bag.

So I gave up.  Had to stop the cash bleeding.

Went back to a cube job in accounting, tightening up our budget and hoping to at least go part time in one year.

I really liked it though.  Maybe now things are better and it would be easier for a newbie.