Six-Figure career switch to Real Estate Agent?

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Six-Figure career switch to Real Estate Agent?

Solomon Ganz
Los Angeles , CA · Member since 2017 · 23 posts · 35 votes

Hey all, I'm a 37 year old with a successful 15-year advertising career making six-figures.  My largest frustration is that my salary is beginning to cap at low six-figures and the % of people making huge amounts of money (500k+) is like 1%.  And, if and when you attain that, you can easily get fired at any moment (I've seen it countless times as executives get into their 40's) and then you're down to zero income overnight (with a hard time finding a new gig).  I'm strongly considering a career-switch to Real Estate Agent as it seems the income possibilities are endless (assuming you work extremely hard and are a people person, which I have both).  My plan would be to hit it hard and make as much as possible within a few years, but also as I become an expert in my market, have the time flexibility (which I have none of in my current job) to find and partner with some investors to buy-and-hold or fix-and-flip some properties over the years (maybe dedicate 1 or 2 days a week to this).  I would love your professional opinions on whether you think at 37 years old I have lost my mind to leave a successful career path for this plan?  Is 37 too old to get into the Real Estate Agent game, from scratch?  Assuming I have the people skills, and precision focus and motivation to hustle; how long would it take to make six-figures as an Agent in Los Angeles, realistically?

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y

Im slightly older than you at 38 years old. I made the switch from working in one field where I was in the low six figures to working in real estate 4 or 5 years ago. However I was a part time agent for about 10 years before that, so I wasnt exactly jumping in blind.

I found the jump pretty easy, and make considerably more than I use to, and also considerably more than most agents. However I live and breath real estate, so I dont really think of what I do as work per se.  

There is a reason though why roughly 90% of agents drop out of the business in year 1, and 90% of the remaining drop out in the 2nd year.   Those of us who are successful consider it pretty easy to make it in the business, but it really isnt.  Ive seen very smart people, very hard works fail at this business, and it can be hard to put your finger on why one person succeeds and another fails.

In a major metro area, someone with talent should be able to make it up to that $100k level.  The jump though from that $100k level, and being kind of a 10-15 transaction a year agent, up to say the $300k level and 30 transactions is going to be a much smaller number of people. Then from there you kind of make the jump up from there to your larger real estate teams where the team owner can make anywhere from $500k to upwards in the several million per year.  

To put it in prospective though, for individuals selling $20 million in sales volume, or teams selling $30 million in sales volume per year.....you are looking at roughly 1,000 people in the entire country.  The list is published every year by the Wall Street Journal and Real Trends.  Also as an FYI, a top solo agent may have a profit margin of 70% of gross commissions, while a team owner has a profit margin somewhere around 30%,  So of those agents selling $20 million in volume, you could probably ball park their actual salaries in the high $300's.

The biggest thing to consider though is that being an agent is running a business and not having a job.  And businesses take operating capital, whether there is revenue coming in or not.  So having $15-$20k per year to invest into your operating expenses as a beginning agent is going to go a long way towards success as opposed to someone who has no money to invest.

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  • Manolo D.
    Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
    8y

    @Solomon Ganz I think it's a bad move, jumping out and swimming the waters when you don't know if you know how to swim or not. I always test something before jumping in, if I were in your shoes, I could have tested how it is being an agent first, and if I made 50k within my first year, I could imagine I'd make three folds that if I were to dedicate more time, but that doesn't matter now, here you are, no job and only REA to go after.  Just for comparison, I did not know I would reach millions in gross receipts/gross income in the first three years of starting my construction company, but then, here I am, and oh, I started with $20k and half of that went to organizing and setting up the company. In my opinion, almost nothing is impossible, most of the time it is just improbable.

    2Reply
  • Dorian Jones
    New to Real Estate · Los Angeles, CA · Member since 2017 · 118 posts · 60 votes
    8y
    Solomon Ganz never too late!!! Go for it. Time will pass regardless might as well take steps towards achieving that goal and slowly make the transition. Maybe start out under a broker and help them out on your spare time while working on getting licensed. I haven’t read any other comments, just your post. So I hope I’m not repeating what anyone else has said,
    1Reply
  • Llewelyn A.
    Investor / Broker · Brooklyn, NY · Member since 2016 · 665 posts · 1k+ votes
    8y

    @Solomon Ganz

    Hi Solomon!

    Funny, but I'm in your boat, sort of anyway, but i'm 52 next April! :)

    However, I've been a very successful Real Estate Investor for 2 decades, so I have an edge.

    I also invest with Partners, 12 of them. Each Partner had made a lot of money.

    When I was planning on moving on to a new business and holding off of Real Estate Investing, my Partners became VERY disappointing as all of them got in and made money because of my leadership.

    So, I decided instead of starting off right away with the new business I was planning, which is a software development business, I would just get my License.

    Once I looked into it, I saw that there are 2 requirements to getting a Broker's License in NY. 1) Have 2 years Salesperson Experience and 3,500 points OR 2) Have 3 years equivalent experience and 5,250 points. The Point system involves buying and selling Properties, Signing Leases, Collecting Rents, etc. I'm way past the 5,250 points.

    So.... this gives me an automatic opportunity to become a Broker without first becoming an Agent AND I have my Buyers already lined up.

    I'll probably want to start off at a Brokerage Firm first, thought, because I don't have any legitimate Sales Experience, but I'm sure to pick that up very quickly once I start to work in Broker Business. 

    For others who may read this and are Brokers themselves, I would appreciate any advice on what to do in my case. Is working in a Brokerage firm as an Associate Broker a good start or should I just open my own Brokerage and hire an experienced Associate Brokerage to run the office until I learn?

    Aside from my personal goals, you probably know a lot of people through your former employment that knows how hard working and ambitious you are.

    Maybe you should do some Pre-Marketing work where you should already send out feelers to selected individuals that you can confide in about your plans to become a Sales Agent.

    As a Marketer, you probably already know what kinds of questions you might ask.

    "Once I get experience as a Sales Agent, would you consider using my services if you were planning on Listing or Buying a Property?"

    etc.

    Really, you are the Marketing Expert. Use your Expertise to do pre-Marketing to get a fairly good determination on potential leads even before you start.

    That way the conversion of Leads to Opportunities can be quicker as you'll know exactly who to target.

    In some way, you can start branding yourself, get a website going, put on some great Marketing materials, see if you can build your business as quick as you can and then you have proven to yourself that you are not just an employee that worked at a Marketing firm, but an Entrepreneur that can take the skills that your learned to be a Marketer and employ it to your own business.

    There are so many ways that you can do things now, with social media (Instagram, Facebook, etc.) and other digital marketing, and again, being an expert at it, I can't see how you cannot succeed in Real Estate, which is ultimately a Marketer's dream job.

    JUST MY OPINION! But I believe this is food for thought!

    3Reply
  • Daniel Klein
    Investor · Irvine, CA · Member since 2016 · 30 posts · 30 votes
    8y

    @Solomon Ganz the first step is considering a career as a real estate agent. Congrats, as you have already realized the limited upward mobility of your current situation.

    I'll give you some NAR stats. There are 500k agents in California. 97% makes less than 30k/per year. Only 5000 make more than 500k plus year. You would need to sell $25 million a year at a 100% split to make that kind of money. If you look at the last 10 years top 100 agents, there are maybe 10 who do this consistently.

    I made top 50 in LA my rookie year and well over $300k. But I didn't sell SFRs, I had a leg up on most agents (as I can articulate highly complex ideas) and my niche is still completely open and untapped.

    If I were to do it again, I would have skipped brokering, and been a principal from the get go. I made more clients more millions than I could ever make sellling real estate.

    Being an agent is extremely competitive. If you can't TRULY differentiate yourself to your clients, you don't have an edge. Also learn how to leverage/outsource most of the marketing/paperwork. You are paid to sell, not babysit escrows.

    Good luck

    9Reply
  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y
    Originally posted by @Solomon Ganz:

    @Brian Garrett amazing!  may I ask how it's been going?  I'm assuming you're going in on the investment side vs. agent?  My plan is to go all-in agent mode for at least a year until I have a little more money to invest, and then take a day or two per week to focus on investments as well.

    I'm just starting so it's not going yet but yes I'm on the investment side moving forwards.  I've spent the last year mainly educating and learning strategies, etc. Going the agent route to build some more working capital while gaining experience is a great approach.  I was fortunate enough during my career in the music industry to put away some savings to get started in real estate so I'm all in from here on out with the goal of eventually building a large portfolio.

    3Reply
  • Amit Kal
    Investor · Sunnyside, Queens, NY · Member since 2015 · 213 posts · 159 votes
    8y
    You are crazy to consider leaving your well paying day job with benefits imo. I’m roughly the same age as you and started buy-hold out of state investing 3.5 years ago and although it’s slow money, things are starting to snowball now that I’ve gotten into double digit units. My day job allows me to get 30 year fixed rate loans from any bank (although my DTI just hit 43% but that’s another matter). Because I am making positive cash-flow from RE and I keep my expenses fairly reasonable, I can now max out every single tax advantaged vehicle available to me at work. My suggestion is to grind it out for 4-5 years more but make sure you are investing at least 50k-80k a year for down payments on good RE deals that will cash flow and hopefully appreciate.
    4Reply
  • Nick Rutkowski
    Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    8y
    Solomon, I am an agent and in my brokerage is a women who has the exact same experience as you do. She is crushing our market right now (Southern Tier Region, New York). It took her a few years to work up to that status. You will still have to "pay your dues" as the vets in the industry call it. A huge part of our job is to advertise to people to get their business, you have 15 plus years. Self motivation and the patience to deal with a lot of emotion from people is another big part. If you have all three working for you then you should do well. Go for it, because you don't know what will happen when you do it. If you need people to connect with or to help you out -give me a shout.
    5Reply
  • Minna Reid
    Real Estate Broker · Jacksonville FL & Middletown, CT · Member since 2008 · 1k+ posts · 633 votes
    8y

    I've been a Realtor for ten years. Yes it is a tough business, especially starting out and most do fail, but it is absolutely possible to be in six figures by year 2.  It is also possible not to give up your life to this business...Your hours are what you make them. Will you lose some business because you don't make yourself available 24-7? Sure...but life is too short to be on call 24-7...

    It is not impossible to have a semi normal schedule in RE, and it is not impossible to make very good money quickly. Does every hopeful new agent accomplish this? No. 

    But many do...I think 90% the game is where your head is at. Rest is a matter of action.

    I think you're getting some great advice here, some more positive than others...and as a new realtor you will get much more from "well-meaning" friends and family... 

    If you have decided to do this, you will really have to screen what kind of thoughts you let enter your mind. If you start to question yourself and your ability to get what you are after, you will undoubtedly end up not getting it. 

    6Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    From my perspective as someone who got licensed at 18 and is now 61 LOL  Ugh.. and all I have ever done is real estate sales etc..

    its a lifestyle if you think its a job your sunk before you start.. there are now hours.. your hours are owned by your clients.. much like a mortgage broker who is a top producer.

    And since my dad had a real estate company and I saw literally 100s of agents come through the doors and I have owned 3 brokerages.. its the same old adage 10% make 90% of the money.. now GENERALLY speaking those 10% ers are highly motivated have excellent support at home.. they have good to great sales skills and people skills.. and like I say they don't look at a clock or calendar.. every day is work day.. in this business you have normal lulls.. like thanks giving and Christmas that's when you take your vacations .. NO VACATIONS in the selling seasons.. that kills agents..

    Also for those that come from w 2 one of the main things they get fubared on is now being on the honor system to pay their tax's . bigger issue than you might think.

    Now for the positives.. for me personally its created everything I have ever done in real estate.. the connections alone that you make the lifelong clients .. keep an open mind you get offered to get into deals.. you sell a house to someone you know has investment money you already have a relationship.. guess were that can lead.

    its dog tough in the start up like @Russell Brazil alludes to.. everything he says is 100% accurate... however once U get over the hump this business gets pretty dog gone good.. my wife sold 16 million last year on her own.. almost all referral. But that's 25 years in the business.. and she started out as a single mom with 3 daughters selling 50k houses in semi rural Washington.. so she knows tough.. But now a week does not go buy and someone calls and says Lori you sold me a house 7 years ago I liked you and want to list.. well now that 50k house is 350k  .  she prepares a listing package goes over and lists and sells.. deal is done for her..  were it gets good was like this week.. she had a listing on a home buyer comes in they want to buy they liked her so she was a dual agent then they list their home with her.. she gets lucky and finds the buyer of that house. so she doubled ended both of them and even giving a break on commish which she does in those situations. 

    it was still a just under 35k pay day for her last Friday.. and 2 sets of happy folks.  

    in our market she pays a flat fee of 12k a year and gets 100%  commish.. because her business is all referral other than perma flyers and some signs she spends no money on marketing ( this is not going to be u to start for sure. ) but my point is by the time your our age and you are successful this becomes a very nice business.. WE travel the world and she does her deals from her phone.. in our market she has an assistant who is self employed who does her paper work fo4 400.00 a file worth every penny.. Broker won't pay her unless its all complete.. So yes I am very proud of her and she has all the tools to be a top producer but she put in the HARD WORK to start.. 

    were I have seen folks like you succeed on west coast is get on a team to start .. let them teach U learn from a top producer I have seen many start there work for their team owner for 2 to 3 years then launch out.. I like that way to break in. 

    For me personally I sold real estate form 18 to 32 ish.. and I was a land man.. I only sold land  .. ranch's etc. I don't think in all those years I sold more than 3 or 4 actual homes unless the home was on the ranch.. long lead times.. but most of the land I sold was owner financed or sold for cash.. quick closings .. and did not have to deal with the banks or apprasiers you see I did not like that part of it.. frustrated me.. and let me tell you... when some client that owns a tech company wants to buy a 3 million dollar ranch for a second home.. and your their agent guess were that led me.. then you get invited to their parties and you understand they are worth 100s of millions but they take your call... that's the angle I ran on.

    you can do the same in La la land.. go work for a team in Bel air or Beverly hills run with the money crowd use your skills to get your own clients over the years... 

    Also another thing I personally did was on some development land deals I would throw my commish in for a piece of the action .. and I would help on the development side.. that's how I learned that end of it.. kind of like a paid training.. that led to all sorts of great contacts over the years.

    but make no mistake starting out I was like everyone else too much month left and not enough in the bank.. and you have no guarantee of anything.. but when you get over the hump boy is it good.. 

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  • Carlos Gonzalez
    Investor · Phoenix, AZ · Member since 2015 · 346 posts · 170 votes
    8y
    Your best bet is to no leave your job but break into real estate while you are doing your advertising job. Then you’ll see if real estate is for you
    0Reply
  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    8y

    @Solomon Ganz,

    Welcome!

    I got my license at 39 and stopped a 20 year career in the IT field. I still do some part time consulting in IT but mainly it's all Real Estate now. The biggest piece of being an agent is learning the contracts and value of homes in your target area and advertising for lead generation. I am going to guess that you have an idea or two about marketing that I couldn't even imagine would be that successful. So you already have a leg up.

    It is a hard gig, everyone thinks it's "opening doors and cashing checks" and that's not the case. If you are ready to attack it then you can do it.

    Good Luck!

    3Reply
  • Vladimir K.
    Real Estate Agent · Wheaton, IL · Member since 2008 · 66 posts · 32 votes
    8y

    If you are looking to become a Real Estate Agent making serious money, I would recommend going to agentsonline.net and looking up a thread about 100contacts per day

    http://www.agentsonline.net/forums/ubbthreads.php/...

    It's not going to be easy, but it can be done.  

    In a nutshell, top agents have prospecting systems and spend close to 6+ hours per day prospecting for new clients.   Towards the end of the thread, one Canadian (Lucky) and one East Coast US Agent (Ronnie) shared their incomes for this year being CAD 600K and USD 430K, respectively.  Most of it from cold calling.

    2Reply
  • Sam Josh
    Sunnyvale , CA · Member since 2017 · 373 posts · 362 votes
    8y

    My 2 cents is to ask yourself what you can offer that other realtors cant. For example, my education and trade is finance. Worked on wall street, silicon valley, high tech etc., I have plenty of realtor friends and they look to me for ways and means of modeling deals. I have a lot of experience working with high level executives and understand them, their priorities etc. I have a lot of connections on wall street and in silicon valley etc. Not that I am looking to jump into being a realtor but I know that if I ever did I will have to offer differentiate. Another strategy may be to hyper specialize in one or two neighborhoods.  We have several agents who have thrived by doing this here in the bay area.

    3Reply
  • Cary F.
    Investor · Lakewood, OH · Member since 2016 · 203 posts · 191 votes
    8y

    @Solomon Ganz

    I think your ideas and assumptions might have some blind spots and don't properly account for real estate cycles and recessions. Like, how much business will you lose in the next crash and for how long? And how much will your portfolio decline in equity or cash flow in the next recession?

    Agents get hit particularly hard in recessions. The ones that say they don't are likely the few that survived and thrived. (Weak agents were weeded out during the recession while the strongest absorbed the remainder of the market.)

    Being an agent is brutally competitive as the barriers to entry are hardly existent. 

    Can you not stick with the full time job and try being an agent on the side? Like try to sell 1 house a quarter or 1 every 6 months... That way you'll at least be more familiar with the profession rather than just cutting and running which would be crazy in my opinion.

    In economics, we have a term called selection bias. People on bigger pockets are typically aligned against having an awesome corporate gig so take "advice" with a grain of salt. 

    Best of luck! Cary

    2Reply
  • Chris Armstrong
    Realtor · Charleston, SC · Member since 2016 · 229 posts · 159 votes
    8y

    This thread is very interesting. I am at the exact same point in my career of 7 years. I am (currently) a Senior Development Chemist making below 6 figures (60-70K). I have documented successful technical sales experience and good people skills etc, but I am pigeon holed in the technical group and will cap out my salary around $100K in 10 years from now if I am lucky and the bosses above are generous.....

    I just got my real estate license and I am in a hot market. The potential for income over 100K is seriously real and most likely more attainable than the current position I am in now. I wrestle with the decision all the time because I have soo much more I could give to this job in terms of output, effort, results...but WHY to make my boss more money? HELL TO THE NO. I would rather take that same output/energy and focus it on something of my own. 

    Perfect thread to read at lunch today :)  @Solomon Ganz keep us posted how your progress comes. 

    1Reply
  • Julien Walthour
    Rochester, NY · Member since 2016 · 22 posts · 9 votes
    8y
    I think you should go for it, it’s not as time consuming as you think or what people are saying. You have the marketing aspect of it so that’s good but let me tell you something that’s key in this industry. “Whoever talks to the most people wins” remember that and apply it if you ever do decide to become an agent, anything is possible as long as you try and don’t give up
    1Reply
  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y
    Originally posted by @Chris Armstrong:

    This thread is very interesting. I am at the exact same point in my career of 7 years. I am (currently) a Senior Development Chemist making below 6 figures (60-70K). I have documented successful technical sales experience and good people skills etc, but I am pigeon holed in the technical group and will cap out my salary around $100K in 10 years from now if I am lucky and the bosses above are generous.....

    I just got my real estate license and I am in a hot market. The potential for income over 100K is seriously real and most likely more attainable than the current position I am in now. I wrestle with the decision all the time because I have soo much more I could give to this job in terms of output, effort, results...but WHY to make my boss more money? HELL TO THE NO. I would rather take that same output/energy and focus it on something of my own. 

    Perfect thread to read at lunch today :)  @Solomon Ganz keep us posted how your progress comes. 

     Why not invest in yourself and look for a better job in the field you're already in and established yourself with? Not saying it's a replacement for a realtor but maybe it'll reignite the spark you had for that career field with a boost of income. 

    Also if you're worried about making your boss more.... you might have trouble with the deductions from your commission checks... 

    0Reply
  • Joseph M.
    Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
    8y
    Hi Solomon Ganz , welcome to L.A there are definitely some real estate agents and brokers that do really well in L.A but of course the vast majority don't make much. Average prices of homes in L.A area are high but there is very little inventory so sales numbers are pretty low . This isn't good for agents because it means less homes to go around . If you want to get into real estate have you considered working in marketing for a real estate business ? It seems there are quite a few real estate /fintech type startups in L.A /SoCal area now . Maybe some of them would offer stock in the company for executive type positions and you could have the potential to make a lot of money if there is an exit the future. Or how about opening your own marketing agency on consulting firm . Then you wouldn't be capped either. Most people are going to recommend that you become an agent because the risk is greater since you are basically running your own business and don't receive a set salary or benefits . But if it is what you want to do then you should go for it. You said you have a years worth of living expenses which I'm guessing is more than most have when they become realtors . Worst case it doesn't work out for whatever reason and I'm guessing with your experience in marketing it would be pretty easy to get another high paying marketing job . Best of luck !
    2Reply
  • Chris Armstrong
    Realtor · Charleston, SC · Member since 2016 · 229 posts · 159 votes
    8y

    @Matt K.

    I have advanced degrees, self investment was never an issue. The underlying issue is that no matter the amount of success or effort a product I develop has, I never see any of it. I have no problem giving a portion of commission checks because I can build a system to generate more money (a team or an employee etc). The effort and reward connection is real in real estate (if your effort is in the correct place). It is pretty much non-existent in my company unless you are a part of the executive leadership committee (even then I would argue the effort portion is significantly smaller than their reward portion) but its better than where I am. 

    1Reply
  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y
    Originally posted by @Chris Armstrong:

    @Matt K.

    I have advanced degrees, self investment was never an issue. The underlying issue is that no matter the amount of success or effort a product I develop has, I never see any of it. I have no problem giving a portion of commission checks because I can build a system to generate more money (a team or an employee etc). The effort and reward connection is real in real estate (if your effort is in the correct place). It is pretty much non-existent in my company unless you are a part of the executive leadership committee (even then I would argue the effort portion is significantly smaller than their reward portion) but its better than where I am. 

     Investing doesn't have to stop with a degree? I mean if you're ready to put in effort to prove yourself in something new what about attempting to put some that same fire in a new job but same field or maybe branch off somehow? I'm assuming you at least liked something about your field to seek out advanced degrees, it seems like now you've lost it because the pay hasn't kept up with your expectations. Find a company that values your skills, if such a company or job doesn't exist than maybe you're right and that you should just make the switch.

    1Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    8y

    @Solomon Ganz - I left a 9 year career in advertising to do real estate full time in 2014 at 31 years old (I actually used to work for the LA Times back in the day)

    • I have been licensed since 2004 and as of 2014 I had only done my own deals
    • I had a portfolio of properties already, and since I was already doing commercial loans the change in income would not affect my ability to get more loans (Why I bring this up is you will need 2 years of tax returns with that income on it.  So say you quit January 1 2018 you will not be able to use any of that income until spring 2020 when you file.  They will also use the average of the last two years, and it takes time to build the business so it will likely be 2022 when you file taxes till you can use your full income)
    • My rental income from my already established properties pays my bills.  This is important because at least in Chicago where I work, the market dies in winter.  I once went 7 months without a closing/paycheck, so you need to be able to financially handle that.  Then there are months like this where I made over $30k.  It is inconsistent and your bank account needs to handle that.  Bt I make more money now from the brokerage than I did in advertising.  
    • Because I don't need the money to live, I can really put my clients first.  I don't need them to buy something so I can pay my mortgage.  It has allowed me to build my business with the client's needs being first.  In turn, I have not had to do any marketing because it is all referral based.  I even had to bring on an agent this year to help me with the volume of clients I have.  
    • I love my life now.  I get to talk about real estate all day in my pajamas.  I geek out over real estate and now I get to geek out with other people about it.  It is not work to me because it is probably something I would be doing anyway.  My expenses are also lower because gone are the stupid suits I used to have to wear and now my wardrobe is 75% yoga pants.
    • The flexibility is great and challenging.  You have to set expectations with people.  I always work Saturdays and will see properties just to see them, but I don't work Sundays unless a fantastic property comes up that I have a few clients interested in and it is only showing Sunday.   If it is a nice day usually my husband and I take off for a few hours on the motorcycle.  Last year I went to Europe for 5 weeks and I usually take 10-12 weeks off a year.  But then there are days when **** hits the fan and I need to drop everything I am doing to handle it.  Sometimes I work 12+ hours a day.  Sometimes I forget to eat.  It is all about learning to manage priorities and manage the expectations of your clients.  I am lucky I only work with investors, so they get it.  They want to be in a position to take a month off in europe, so they are not demanding of me while I am living that life. 
    • I will never go back to a corporate job.  It has been a lot of work getting here, I put my heart and soul into it, and I will never do anything else.  

    My advice to you would be this; get licensed now.  Start working part time and building the business while you have the financial safety net.  Figure out how you are going to pay your bill for 1 year without an income, because that is a likely scenario.  And then go for it.  When I quit my job it was to run my portfolio, not be an agent.  It was just something that happened naturally as people were asking me to help them.   I never looked back and neither should y

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  • Solomon Ganz
    OP
    Los Angeles , CA · Member since 2017 · 23 posts · 35 votes
    8y

    @Llewelyn A. thank you for your thoughtful reply!  Your thoughts on marketing are my thoughts exactly!

    1Reply
  • Solomon Ganz
    OP
    Los Angeles , CA · Member since 2017 · 23 posts · 35 votes
    8y

    @Daniel Klein thanks for your reply!  Interesting stats.  To me, if 97% are making less than 30k a year -- that means they are not full time or not focused on their success in RE.  As you can't live on less than 30k a year.  So, that means that the other 3% are my competition.  5,000 people are a LOT of people making more than 500k a year!  In advertising, by contrast, out of a corporation that I worked at with say 20,000 employees, only a handful make more than 500k.  And you'd need to work 20 years to get to that level.  And when you do, you can be fired at any given moment and down to nothing.  At least in RE you can diversify and work on many clients at once.  And focus on investing on the side as well (which having a job leaves you no time to take a day off here or there to invest).  Congrats on making it to top 50!  Not sure what you mean by being a Principal an selling complex ideas?  What do you do exactly?

    0Reply
  • Solomon Ganz
    OP
    Los Angeles , CA · Member since 2017 · 23 posts · 35 votes
    8y

    @Amit Kal your math doesn't quite work out.  With my latest salary, after taxes, I am only left with around 80k to live on.  So there is absolutely no way I could invest 50k or certainly 80k in RE.  But even if I could invest 20k or so, the point I made was there is ZERO time to get educated, research let alone actually invest in RE "on the side."  My job required me working 12 hour days of 200% focus and energy and dedication managing 30 -- 50 people daily.  Barely time to go to the restroom.  You get home and are physically and emotionally DONE.  Your plan may work in your industry, but certainly not mine.

    0Reply
  • Solomon Ganz
    OP
    Los Angeles , CA · Member since 2017 · 23 posts · 35 votes
    8y

    @Nick Rutkowski that is encouraging to hear.  I'd love to speak to this person!!  Do you think you can help make an intro?  She would get my situation and can give clarity.  THANK YOU

    0Reply
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