To be or not to be.. A realtor

19 Replies

Hello, BP family! 

I have been surrounding myself with real estate since November of last year. I have learned many things a long the way. One thing for sure is that you will learn very quickly whether real estate is for you or not! The more that I get into it the more I fall in love with it! I am currently a wholesaler looking to make money in order to do my own investments. I work part time as a teller, but I am considering getting my real estate license. I wanted to ask you guys from experience, would you recommend getting the license and joining a team? I know that everyone's situation is different, but in general would you say that it helped you in the long run or set you back?


Thank you guys in advance!!!

@James Munoz this is a big question for sure. Since you have experience and enjoy real estate thats a good start! Some questions to ask yourself would be this

1. If you made $30,000/year being a realtor would you still be happy?

2. Do you enjoy sales?

The reason for question 1 is to make sure your becoming an agent because you truly love it, I know agents making $200k+, but they're doing it firstly because they love it, not because they're money hungry.

The second question is obvious, being an agent is sales, its selling people on a deal, a buyer, a seller. If you are naturally inclined to sell then you will do well!

My last piece of advice is to find a brokerage that focuses on mentorship. I became an agent at Reafco Brokerage here in Columbus. From day 1 they taught me, how to cold call, what to say when a client says this or that. It was a huge proponent in getting me started on the right foot!

@Steven Wilson

Thank you for the reply! That helps a lot! Seeking mentorship is great advice. I see you are in Columbus. If you are ever looking to venture out to, Houston for some investing, let’s link up! Until then, thank you for the advice and best of luck to you in the future!

Originally posted by @James Munoz :

@Steven Wilson

Thank you for the reply! That helps a lot! Seeking mentorship is great advice. I see you are in Columbus. If you are ever looking to venture out to, Houston for some investing, let’s link up! Until then, thank you for the advice and best of luck to you in the future!

 Houstons not on my radar, but if you know anybody investing in SE Asia I would be very interested in speaking with them!

Originally posted by @James Munoz :

Hello, BP family! 

I have been surrounding myself with real estate since November of last year. I have learned many things a long the way. One thing for sure is that you will learn very quickly whether real estate is for you or not! The more that I get into it the more I fall in love with it! I am currently a wholesaler looking to make money in order to do my own investments. I work part time as a teller, but I am considering getting my real estate license. I wanted to ask you guys from experience, would you recommend getting the license and joining a team? I know that everyone's situation is different, but in general would you say that it helped you in the long run or set you back? 

Thank you guys in advance!!!

It will help you on the long run if you plan to stay in the game for more than 10 years.

Also, there are some expenses that comes with been a Real Estate Agent so if you will not be using the license actively, then it does not worth getting it.

I am an Investor and Realtor and I have seen both side of the coin.

Reach out if you need more insight into the world of a REALTOR and INVESTOR. 

Goodluck my man

 

Originally posted by @James Munoz :

@Wale Lawal

I will definitely reach out! I am on my way to work, but later today I will message you. I have questions, but I want to get everything together for you so I don’t waste your time. Thank you!!

Ok that's fine. Get all your questions together and I will provide my response based on my personal experience.

Drive safe!

 

Hi @James Munoz

There are two types of people in this world when it comes to picking a career. People seeking security and people looking for careers with no cap and unlimited opportunities. You need to decide if you are the first type of person or the second one. Worst place to be is stuck in the middle. This will cause problems and put breaks on you.

With this being said, you need to remember that it will not be easy. Like @Steven Wilson said, you need to love what you are doing. I believe this is true no matter what occupation you decide to pic. You truly need to enjoy helping people, being creative and getting through challenging moments. You also need to know that if you start your real estate career most likely you will be doing this forever. Even if you decide to switch your focus in the future when you become successful you will still be involved in RE as an investor.

I believe every person should try a sales job early in his twenties. As you mentioned, you will quickly realize if this career is for you or not. When you do try, make sure to get a team that cares for your success and trains you well. Stick to the small teams where you can have weekly meetings and see how other top agents are doing. Get a mentor, a successful young agent who knows what he is doing and help him for free. You will gain unlimited knowledge and this will be one of your best investments you have ever made. Finally, be patient. My first deal did not come until my 6th month being full time in RE. When it did, it was bigger than I ever expected and I haven't stopped ever since.

Good luck!

Originally posted by @Courtney Duong :

@Wale Lawal what are the expenses that come with a real estate agent's license?  What is the average per month/year?  Thanks.



Depending on your level of dedication and how the kind of result you want, Marketing is average at ~ $700 per month.

In Texas, the cost of keeping and maintaining your RE License is around $1,800 per year including MLS dues.

Goodluck

@Courtney Duong @James Munoz I think it only makes sense to get your license if you are serious about selling real estate full time full on. My thought is it probably cost $2000-$3000 a year just to maintain a license if you subscribe to MLS, local association, pay for key card and lockboxes, access to the showing system, taking classes for CE to maintain your license, license fees and such. So to me just to sell 1-2 houses a year or buy 1-2 houses a year, it is a waste of money and a liability. I have had friends who want to sell their own house, so want to get a license to save the commission. I always tell them to spend the time and money with their kids and hire a professional. It's worth it, they'll get better expertise, less liability, and a professional job done.

James, I would not join a team.  That's my thought.  If you do, you're looking for a job and not a real estate entrepreneur.  Everyone is different though.  Some need income security and want to see perhaps how a high functioning environment works.  However it's like buying a 90% wholesale deal and doing all the rehab work yourself.  So maybe you can make a small profit, but more or less you're buying yourself a $10/hr sheetrocking and painting job.

My thought is if you're going to do it, get after it.  Be your own boss, get up early, work late, work weekends, hustle the first 1-2-3 years and build a business.   If you want to do that and willing to do that, what other business can you start for $2000-$3000....that gives you unlimited potential.  Not many. 

Best wishes and good luck.

@Bruce Lynn thanks for chiming in and shared your thought.  It's like you read my mind!  :)  I have no intention of selling real estate full time full on as an agent.  I just want to get a RE license to save on commission when we do our buying.  We bought 6 houses so far this year, then leased them out (with the help of a realtor of course).  We do self manage those, along with a shopping center so that keeps me busy enough for now.  Still planning to buy more for sure next year.  So that's why I am exploring the option of getting a RE license myself.  If we consider expanding into DFW (if I am not wrong you are from that area) I will for sure connect with you.  Thanks!

I became a real estate agent in 2015 because I wanted to become an investor, soon found out being an agent has nothing to do with investing.

I now run a full-time wholesaling operation and love this side of the business. 

Ultimately being an agent was not for me due to one simple fact - I still had a boss (the seller and/or buyer).

With that being said I enjoy having my license so I would not change that, I strongly believe that you must obtain it to be a well rounded real estate professional.

@James Munoz

Hey James! I was in the same boat you are in a little over a year ago. After listening to some podcasts about how to “jump in” or “get started”, I found the reoccurring theme was to find a mentor. So, at the age of 25, with a fiancé, what am I supposed to do? Get a low paying job assisting an investor so I can learn from him?? Didn’t seem smart to me. So with out know what I was going to do, I got my license. We can all agree that’s a good start. After that I found a group of realtors that sells homes but also invests in real estate as well. After one year, it has been amazing. I am learning a ton, getting paid great to do it and maybe most importantly I am making a lot of connections.

I hope my story helps!

@James Munoz , I've been on both sides of the coin: investor first then realtor, I think it was a truly wise move for me to become a realtor for multiple reasons, the mains one being that as an investor with access to the MLS and other realtor tools- it has been priceless. Additionally, I genuinely enjoy the realtor side. I wouldn't summarize it as sales, at all, I see it as part human-centered design, part strategy development and execution, you wont just be selling a home, you will be analyzing the product, finding its strengths, deeply understanding the buyer- what they are trying to accomplish, what their need is and how they measure success in buying a home and aligning your actions and resources to make sure the product(home you are listing) is both buyable and discoverable. Thrilling stuff for me as both an investor and a realtor. Feel free to reach out if you need to understand more before making that decision.