Did anyone here move out of state to become a RE broker?

Question

I'm in the early stages of investigating a move from the NYC area to California and a change of career to become a real estate broker. To those who have successfully changed their location and career, I have a question:

My understanding is that it could take months before completing your first sale, especially in commercial real estate. How did you support yourself financially until earning that first sales commission? Did you start out by getting a second job with a flexible schedule like waiting tables?

Juan Reyes · Answer

I have not done anything like this but best of luck to you. I have definitely considered it many times. especially as the snow comes down !

Wes Blackwell · Answer

Hi @Andrew Smith! Great question!

Yes, it can potentially take a few months before your first transaction is complete and you will get paid a commission. Even if you find a client immediately, escrow can often be 30-60 days before closing, so you'll need some funds set aside to wait it out or another source of income like a second job. The more flexible, the better.

The first to come to mind are waiting tables, bartending, and driving for Uber of Lyft. Make sure to tell every single person you wait on or drive somewhere that you're an agent, as this is a talk-to-people business, and if you make it your goal to shake hands with 10 people per day and tell them you're an agent you'll quickly find your first client.

As for me, I already had experience in real estate as a flipper, and had already run a business before and was well-versed in sales. So I joined my brokerage with a empty pipeline and 4 days later had my first two clients from completely cold leads. But that won't be the typical experience... yet, it's really all about hustle and anything is possible.

If you tell us what area you're moving to, you might find a mentor or another successful agent who has a team you can join. In exchange for part of your commission, they can show you the ropes and provide you with leads to work. This may help shortcut your path to success. Best of luck!

Andrew Smith · Answer

Thanks for the detailed response - much appreciated!

If I end up taking the plunge and moving to California, it would be to Los Angeles. Right now I'm strongly considering taking an online real estate course from here in the NYC area and then flying to California after the course is completed to take the RE license test.

Also, I'm not sure if I want to pursue residential or commercial real estate; I'm still researching both options at the moment.

Andrew Smith · Answer

Thanks, appreciate the kind words!