Considering Real Estate as a job. Any advice?

7 Replies

Hello everyone!

28 year old ex-Ironworker here. I had to leave my job as an structural ironworker due to health problems. At 26 years old I had torn both my rotator cuffs, started getting nerve damage in my hips and my doctor told me that if I don't walk away I will need back surgery... So I ended up leaving that job and went into sales. Specifically, I started my own internet stores. It's not too bad but I need to be around people. Being all alone every day kinda sucks! 

I've already flipped a couple of houses in my life and dealing with Real Estate Agents and looking into how they work and all, it looks like an attractive career to me. 

Is there any good advice from someone already doing the work could give me? What kind of money to expect? I know that agents usually charge 6% from a sale, then split it 50/50 between selling and buying agents. Wow much of that do I usually get to keep? What kind of training do I need? I keep seeing ads for real estate companies looking to hire brand new people with no license or experience and train them - should I be staying away from those or is that something to consider?

Thanks in advance!!

@Matty Bojanowski Are you more interested in being an agent or an investor? You may make more money flipping houses if you do it right. Being a real estate agent will be all sales and it can take a while to build up your business to a point where you’re making good money.

Hey Matty. I'm an iron worker myself in Kissimmee FL. I'm just trying to start out I've been getting really interested in real estate for about a year now. I'm working on getting my real estate license right now. So that's what I'd recommend. It deffently opens your eyes to the rules of the trade. And what you can and cannot do. If you want to talk more hit me up. I'm not a pro. But I'm working on it.

@Matty Bojanowski There are a lot of pros and cons. Being an agent takes some money initially and as has been said, takes a little while to build your business. There are also things that you might not think about (no health insurance, can not get unemployment even if you have no work) that are worth considering. I'm an agent as a supplement to my w-2 job and it's been a good thing for me for the last couple of years. I like being able to help friends who need homes and having direct MLS access and if I buy something for my own portfolio I can offer less since they won't have to pay a buyers' agent fee. Talk to some people who do it full time and get their full, honest answer and then decide if it's your kind of hustle. Good luck!

@Matty Bojanowski I really enjoy my career as a Realtor - and wish I had done it right out of high school.  I could have saved the hassle of putting myself through night school - twice.

It does take a bit to get going.  I'm a little over 4 years in and am just now starting to get repeat business.  

It's a lot of work starting up and there are no end to companies who will attempt to sell you the newest shiny leadgen object.  I've arrived at the point where I just don't believe the sales pitches unless I talk with another agent who is seeing actual results.

Sign on with a brokerage that has all the tech tools you need.  CRM, website, apps, etc.  In the beginning, it's not all about the splits.  It's more about learning the skills you need to help your clients.  It's especially good to have one that provides leads too.

Just be prepared for the time it takes for your first paycheck. Last I saw, the industry average was 90 days.  And then be prepared for zero income for protracted periods and then *boom!* a big commission check.  It requires a different way of managing your finances.

Good luck and PM me if I can help!

@Matty Bojanowski I just got my license in May after losing my corporate job (they were downsizing and my position was eliminated). I am loving it so far, but as others have mentioned, you have to be patient. I also think there's something to be said for having your license but also being an investor. I am looking to join the investment side of things as soon as I can to ensure I have a better portfolio, if you will. The company I am with now has amazing training, encourages investing and isn't quite as sales pitchy as some other companies. Happy to discuss further if you'd like. I'm new to this forum and not sure how PM'g works yet. Best of luck and feel free to reach out. Christie
@Matty Bojanowski As a new agent, my brokage company split 50% my commission, so basically I make 1.5% every closed transaction. There's transaction can't be close, you don't get paid, prepare your self have 6-12 months income saving before you start. New agent in my brokage could make their first transaction after 6 months or even A year, Unless you have lots relatives let you Handle Listing/Buying. My first Listing happened in 2 months AS a NEW ageng, It is 245k listing, after I did open house, advertising, realtor Luncheon, all expense out of my own pocket, the seller terminated the listing agreement simply because there’s no offer in 3 months, which is completely normal in my area and today’s market. When you don’t get on to the closing table, there’s no commission. My second representing which is also my first buyer happened in 5th month, but the house he want to put an offer on already has primary contract, our offer is just a back up offer, of cause I dId everything I can possIble do, but lots of time when you are new, you waste whole lot of time to chasing unqualified buyer and working for free. Just be prepared ! It’s been 6 months now, I have not make a sale yet.