Real Estate People

[alex2678]

Around 3 years ago I finished my Masters degree, couldn't get a decent entry level job in my field (I/O Psychology) so I took a typical office job that I'm looking to get out of. In that time period I got my real estate license and just last week decided to join a local agency. I'm doing some training before work a few days a week and would like to get started. Possibly doing it full time.

In this particular office there's a bunch of people who close on average of 50-70 properties per year as well as invest. I know they've been doing this for a while and have a lot more knowledge on the do's and don'ts than I do, but I was wondering if anyone knew of a good place to start to get info on how to make a decent living out of real estate. There's tons of books and websites. Not sure what's good and what's bad. Would like to get an idea of how to get started in the field. Thanks in advance.

 

[bran987]

Around 3 years ago I finished my Masters degree, couldn't get a decent entry level job in my field (I/O Psychology) so I took a typical office job that I'm looking to get out of. In that time period I got my real estate license and just last week decided to join a local agency. I'm doing some training before work a few days a week and would like to get started. Possibly doing it full time.

In this particular office there's a bunch of people who close on average of 50-70 properties per year as well as invest. I know they've been doing this for a while and have a lot more knowledge on the do's and don'ts than I do, but I was wondering if anyone knew of a good place to start to get info on how to make a decent living out of real estate. There's tons of books and websites. Not sure what's good and what's bad. Would like to get an idea of how to get started in the field. Thanks in advance.

there are TONS of books on this as it is a field that's pretty hard to make a full time living at starting out cold. my girlfriend was selling houses a couple years ago she took a year off law school and she was pretty successful at it, made $60,000 in 9 months, and she knows which book is the best, but here is the BEST advice I can offer you. Find a brokerage that is already VERY successful and has lots of leads brought to them, and become a buyer's agent for them. It's 1,000x easier than going at it alone having to cold call and beat the pavement starting out. Find out which REMAX's or whatever franchise in your area is the highest ranked (They rank them all in publications because they want them to compete with each other) and try to meet some people in the ones that do the most business.

I'll see if I can find a book recommendation for you, good luck

 

[alex2678]

Hey thanks. If you find the name of that book let me know. I saw a ton of them at Borders the other day but I just bought one on real estate investing instead.

I signed up with an ERA already. I could always change if I see they're not getting too many leads. The owner of the company used to build houses so I imagine he's got some connections to help out his agents. Not big into cold calling so you're right I'm gonna go with trying to work with buyers. There's a class coming up next week I'm taking dealing with calling For Sale By Owners and expired listings. Most people just don't want to be bothered by phone though. We'll see how it works out. I'm gonna put all my effort into it and see what happens. Thanks again.

 

[Creepusmaximus]

Remax won't let you work there. BTW your picking probably the worst time to start as an agent. 20% of the agents make 80% of the money. Not a problem in a roaring market but the market is slowing down at best. Also when the market is going well a lot of new people show up so the sales force gets a bit bloated.

 

[BonerBoy]

I have some advice for a budding RE agent. Buy and read "How to Win Friends and Influence People" by Dale Carnegie.

 

[lostinfitness]

this isn't a good market to get involved in right now, starting cold without any network is a big mistake. good luck.

 

[alex2678]

That's what I've heard. I just started doing a little in the morning before work and on the weekends. Just went to the office early this morning for the first time after the required training that I had to sit through for the last few weeks. Got a floor call and have a client I'm gonna be working with trying to get a multi-family. Early luck I know. I'll see how it goes.

I agree, it seems like there's only a handful of really good agents out there who seem to get all the business. One of my friend's brother owns a mortgage company and said he'll keep my cards at his place. I'll just try to be as pushy as I can and see what happens. Hopefully I can at least get a start.

 

[T-Matt]

I have some advice for a budding RE agent. Buy and read "How to Win Friends and Influence People" by Dale Carnegie.

Best damn book I ever read! Along with "Think and Grow Rich" by Napoleon Hill..

T-Matt

 

[zaxxon1982]

Are you talking about being an agent, being a broker, or being a real estate investor?

First let me disclose that IMHO real estate is a terrible business.

Agents work extremely hard and most of them don't make very much money. The myth of the millionaire real estate agent has only exacerbated the problem by causing an enormous influx of agents over the last 5 years. Not the environment in which to enter the chosen profession of Willy Loman and Shelly Levene.

Brokers are the capitalists of the sales business. The prospects here are basically the same as any small business/franchise opportunity. It will take startup capital and a lot of relationships, plus you take liability and have to manage lots of agents, many of whom are dumb/worthless. There's money to be made here but to me it seems like if you could find success here you could find more in a different entrepreneurial activity.

As for investing in real estate, that business boils down to a very simple proposition: if the market goes your way you will make good money, and if it doesn't you will go bankrupt. Real estate investors take highly leveraged positions in illiquid assets, which is another way of saying they make big bets they can't get out of with money that isn't theirs. This is one of those businesses where luck is misconstrued as business acumen, but for a lot of people getting lucky is the only they'll ever make any money so to each his own. This is a risky business to say the least, but if this is your chosen path you should learn about LLC's and LLP's to protect your worth in case the market doesn't want to give you a bunch of money.

 

[alex2678]

Thanks for the reply Zaxxon. I'm giving it a trial run for now while I'm definitely keeping my day job. Only been in it for 2 weeks as of today. I have 3 buyers I'm working with. One is putting in an offer tomorrow. No listings yet, which from what I've heard should be my priority. There's a builder putting up a over 55 housing complex who isn't working with an agent as of yet so I might go ask how I can go about listing some of his houses. I'm at a really small ERA and there's a couple agents who have been doing it for 10 plus years who make a ton of money mostly from referrals. I don't expect to be in that same category any time soon. For now I'll just try to get some FSBO's and expired listings whenever I can and hand out my card to whoever I know.

It's a long shot at making this a full time job. I have my MA in Psych/H.R. that I just finished paying for and I never could get hired in that field. I might start applying again soon. Seems like a waste of a college education after all that.