Author Topic: Any career real estate brokers here? Considering it for myself  (Read 4750 times)

SteadyStacker

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Hello everyone. Here's my situation:

Live in NYC
I have a Bachelor of Business Administration, w/ focus in finance

Been working at a tech company for 4 years since graduation. Its not a traditional position, so now that I'm looking to leave the company, I cant really transition into a mid level position as I might have if I was in a traditional field like insurance, banking, project mgmt, etc.

So I'm basically stuck looking at entry level positions 20-30% below my current pay(thank god I've been saving 50% of my net). As I look around those positions, I realize theres not even that much there I'd like to pursue.

Except that real estate has always interested me. I'm totally willing to put in the work to get licensed, but I havent been able to get advice or hear stories from anyone in the industry.  Is it worth it?

I think in the long term, my only other option would be part time grad school so my education is more narrowly focused.


Thanks for any advice!


mozar

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Re: Any career real estate brokers here? Considering it for myself
« Reply #1 on: June 15, 2017, 09:58:51 AM »
I know a guy who started in real estate then went into commercial real estate. He said commercial was more stable.

SteadyStacker

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Re: Any career real estate brokers here? Considering it for myself
« Reply #2 on: June 15, 2017, 08:30:03 PM »
I know a guy who started in real estate then went into commercial real estate. He said commercial was more stable.

Thanks, appreciate it!

simmias

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Re: Any career real estate brokers here? Considering it for myself
« Reply #3 on: June 16, 2017, 03:52:31 AM »
I'm not a real estate broker, but my job involves a lot of contact with them.

Just make sure you know what you're getting into.  It's a sales job, and you'll need to be constantly marketing yourself if you want to be successful.  If you're good with things like cold calling or talking up then handing out your business card to everyone you meet, then you might be ok.

This is also a pretty rough market, at least here.  Inventory is the lowest it's ever been, and anything decent gets multiple offers.  That's great on the listing side but tough on the buyer side where you might be representing more people when you're starting out.

If you're truly interested, go visit some of the large firms in your area and talk to the broker in charge or their recruiter.  They would be happy to talk to you about what you can expect.  I'd recommend a Keller Williams office for a new agent myself - they have the best new agent training I've seen.

lizzzi

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Re: Any career real estate brokers here? Considering it for myself
« Reply #4 on: June 16, 2017, 04:30:41 AM »
I got a real estate license years ago when I was working in hospital nursing in the mid-Hudson valley of NY. I found that to be successful was going to involve working a lot of evenings and weekends--just what I was trying to get away from. You work many, many hours without being paid a dime, and there are no employee benefits whatsoever. If you need health insurance, you need to figure out another way to get it.  It turned out to be a  positive experience for me, though, as I realized how much I loved getting out into the community, meeting and talking with people in their own homes, and just generally being out and about...not stuck in a hospital all the time. Real estate led me directly into public health nursing--a much better fit for me, and a career that I enjoyed for the next twenty years. So, hey.


Kl285528

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Re: Any career real estate brokers here? Considering it for myself
« Reply #5 on: June 16, 2017, 06:08:49 AM »
Commercial real estate broker here. Posting so I can come back and share some truth, but gotta run out the door right now. I'll be back!

Larsg

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Re: Any career real estate brokers here? Considering it for myself
« Reply #6 on: June 16, 2017, 10:35:15 PM »
I can't comment on real-estate careers but wanted to challenge you on your comment about "I cant really transition into a mid level position as I might have if I was in a traditional field like insurance, banking, project mgmt, etc. ."

This is to all those that desire to change careers/jobs, especially to young people w/out a lot of experience that get handed down a lot of myths about what can't be done.

I remember Once, I let such a myth hold me back when I was going for a marketing role and J&J w/out a traditional marketing background. The recruiters and hiring managers of course stuck in the box mindset said that would not be possible unless I took an entry  level job. Several years later after that rejection, I dug in my heals and started going for whatever I wanted to go for that I thought I could do. That led me from Ops to sales, then marketing, then finance, then chief of staff, then corporate strategy jobs working with ivy leagues with my state college degree from the 90's paid for all by myself. And every time I went for these jobs, yes I had to interview a lot, go back to the job I had and continue learning, but...I eventually got a great job at either a higher level or higher pay + bonus + relocation and basically have gotten to see the world on a corporate dime. I have worked for newspapers, industrial businesses, tech companies, etc.

I have worked for some of the finest execs in the world and would have never got there if I let such myths stop me. And where are all my friends I started with that held tight to the myths. They are still working back in the same co I started at, at mid level, complaining about the same things they were 20 years ago and will eventually age out having never "went for it." Sometimes just going for it just because you believe you really can do the job gains a lot of respect and opens doors to conversations with amazing people you would have never met if you did not go for more. In your young accumulation years, it is important to take some risks because you get far bigger gains and have more time to recover if one path does not work out. Especially in corporate tracks - they are a grid, they are mostly all the same with different pivots on products and services. That said, go for the ones that have products or services you like where you can get the best job for the most money. The tech grid if you have tech skills is a great place to wander around for while - again, if you hit the FAANG companies, they pay the most - Salary, Bonus, Stocks or Options, have the fastest paths to rise, and there are a ton of things to do. All should be targeting moving into a new role every 2 years or so anyway as this is the best way to learn and rise. As you do, you will accumulate, meet hopefully some interesting people - those you admire and can learn from and those you would never ever want to be like. All great learning. Then you will enough time and experience and money to set the tone for your next phase if that is ERE or something else. Don't listen to all the moaning and groaning beside you. Take action - go on linkedin every day and look for all the possibilities. Keep up your network and give thought to in a perfect world I would like to work at...doing...and then look for possibilities from there.

Best of luck!

cliff

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Re: Any career real estate brokers here? Considering it for myself
« Reply #7 on: August 01, 2017, 07:12:54 AM »
Hello everyone. Here's my situation:

Live in NYC
I have a Bachelor of Business Administration, w/ focus in finance

Been working at a tech company for 4 years since graduation. Its not a traditional position, so now that I'm looking to leave the company, I cant really transition into a mid level position as I might have if I was in a traditional field like insurance, banking, project mgmt, etc.

So I'm basically stuck looking at entry level positions 20-30% below my current pay(thank god I've been saving 50% of my net). As I look around those positions, I realize theres not even that much there I'd like to pursue.

Except that real estate has always interested me. I'm totally willing to put in the work to get licensed, but I havent been able to get advice or hear stories from anyone in the industry.  Is it worth it?

I think in the long term, my only other option would be part time grad school so my education is more narrowly focused.


Thanks for any advice!

Hi. I am a career real estate broker with KW Commercial.  I would be happy to spend a few minutes talking with you to let you know my experience of residential vs. commercial estate brokerage, have a little dialog with you to give you some good tips and guidance, and give you some good information to help you sort it out.

My cell is 401-524-3716.  Feel free to give me a call.
-Cliff Nulman




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cube.37

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Re: Any career real estate brokers here? Considering it for myself
« Reply #8 on: August 01, 2017, 07:47:57 AM »
Hello everyone. Here's my situation:

Live in NYC
I have a Bachelor of Business Administration, w/ focus in finance

Been working at a tech company for 4 years since graduation. Its not a traditional position, so now that I'm looking to leave the company, I cant really transition into a mid level position as I might have if I was in a traditional field like insurance, banking, project mgmt, etc.

So I'm basically stuck looking at entry level positions 20-30% below my current pay(thank god I've been saving 50% of my net). As I look around those positions, I realize theres not even that much there I'd like to pursue.

Except that real estate has always interested me. I'm totally willing to put in the work to get licensed, but I havent been able to get advice or hear stories from anyone in the industry.  Is it worth it?

I think in the long term, my only other option would be part time grad school so my education is more narrowly focused.


Thanks for any advice!

Hi. I am a career real estate broker with KW Commercial.  I would be happy to spend a few minutes talking with you to let you know my experience of residential vs. commercial estate brokerage, have a little dialog with you to give you some good tips and guidance, and give you some good information to help you sort it out.



Sent from my iPad using Tapatalk

Hey Cliff, I would suggest probably removing the cell number and your name, then sending the OP a personal message instead.
« Last Edit: August 01, 2017, 03:14:41 PM by cube.37 »

MommyCake

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Re: Any career real estate brokers here? Considering it for myself
« Reply #9 on: August 01, 2017, 07:58:57 AM »
I'm working on getting my real estate salesperson license in NJ.  In NY, similar to NJ, you have to be a sales agent for two years before you can attend classes to become a broker.  For me this is going to be a side gig.  In NY, it's easier because you can actually take your classes online and it's inexpensive.  Why don't you try it out and see how you like it before making a full-time commitment?

powskier

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Re: Any career real estate brokers here? Considering it for myself
« Reply #10 on: August 01, 2017, 11:24:19 AM »
I think Marketpalce.org had a piece on which jobs would become automatable and real estate agent was one of them.
 I almost got into this profession years ago and am glad I didn't. I know many folks in the field and they always sound like stock pickers in that they always repeat the same story about that one money spinning deal and never talk about the endless hours and gas money whittled away for nothing. It does seem like a few brokers do very well but most foot soldiers struggle.

Michael in ABQ

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Re: Any career real estate brokers here? Considering it for myself
« Reply #11 on: August 22, 2017, 05:01:31 PM »
I'm a commercial real estate appraiser but I work with a lot of commercial real estate brokers.

It can be very lucrative but when I first started in 2008 one team that sold apartments went 18 months without making a dime. Granted, a couple of years before they were probably making in the mid 6-figures when things were booming.

The 80/20 rule is very true in real estate brokerage, whether commercial or residential. 20% of the people make 80% of the deals. The residential side especially has a lot of people who might only sell one or two homes a year as the barriers to entry are pretty low and there's not a huge amount of overhead. You can usually find some friend or family member who's willing to let you sell their house or help them negotiate buying a new one. However, most people would prefer to pay someone who works full time as a career and has a track record of success. Commercial is a little harder as there's not nearly as many people who own commercial real estate or are looking to buy/sell/lease it. Some brokers I know handle everything under the sun and others are specialized in one type of property (i.e. apartments, retail, industrial, etc.). Some focus on leasing properties, some focus on working with tenants, and some only handle sales. On the residential side I don't typically see as much specialization on the residential side though some people focus solely on luxury homes which is obviously a smaller market but the commission on a $1,000,000 home sure beats the one on a $200,000 home.

I'm still somewhat amazed that the residential brokerage market hasn't been more affected by automation and technology. If you think about paying a 6% commission on the sale of a $300,000 house that's $18,000. Are you getting $18,000 more than you would if you were simply able to list it yourself as easily as putting something up on eBay or craigslist? There are certainly a lot of issues that brokers will help people work through but with the amount of information that's out there I can definitely see the role of brokers being diminished in the future; or at least prices being pushed down. My parents are trying to sell an 80-acre farm to a neighbor for about $70k. They've already agreed on the price they just needed someone to help them write up a contract and go through the closing. The local real estate agents they contacted all wanted at least $2,000 for something that would probably entail about a day total. Instead they found a lawyer who will do it for a fraction of that.

LiveLean

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Re: Any career real estate brokers here? Considering it for myself
« Reply #12 on: August 22, 2017, 05:14:20 PM »
Would you be considering this if the real estate market were not getting frothy again? Not quite to 2006-08 levels, but starting to have that feel.

I got my license in 2001. Never intended to use it and haven't, but after buying my first home in 1999 and feeling like I was getting taken advantage of at every turn, I wanted to be more educated. I dutifully renew it every two years and consider it part of my ongoing real estate investor education.

One thing that strikes me is how people flock to real estate as a profession when the market is red hot and then get out when its cold...only to get back in. I have a number of friends here in Florida who do this -- they're back in, of course -- and I wonder how they pull it off. I have a great deal more admiration for those who slugged it out from 2008-2014ish and remain in there today. I would think given their dedication and continuous work and client base, they'd be doing much better than the fair weather Realtors.