Learning, Sharing, and Teaching > Entrepreneurship
Becoming a Real Estate Agent?
froggie:
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?
Hargrove:
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:
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.
froggie:
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!
--- Quote from: Michael in ABQ on December 31, 2017, 10:46:57 PM ---
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.
--- End quote ---
I hope you will, thanks Michael!
Michael in ABQ:
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.
--- End quote ---
Ouch. That's pretty tough to survive on.
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