Any Real Estate Agents?

[Muleys32]

Hi Guys,

Just a quick question if there are any real estate agents here. I am getting my license, and am super pumped to get after it. Mainly curious if you are able to be successful while still finding a way to make it on hunts every year? It seems like a fair assumption that I would have to work very hard and sacrifice for quite a few years before I would be able to go on multiple hunts every year. Also any words of wisdom as I get into this is always appreciated!

 

[Nemont]

Never spend the commission before you get the actual deal done. I work in an office with a real estate agents (I am in the insurance side) and from my view it is a chicken today, feathers tomorrow kind of occupation unless you are disciplined in your finances.

You don't list where you will be plying your trade so no advice on that from me that part.

Nemont

 

[kishs10]

My wife is a agent for REMAX here in Abilene, TX. I will say that being available when I client needs you is a key to success. She is on a team with 2 other realtors and they help each other out if one is not available; however, the real estate business is tough for part timers. All the successful ones I know put in a lot of hours. My wife works hard so I can hunt when and where I want to!

 

[PeteTheBeat]

I haven't been an agent long but can tell you that preparing to work harder than the rest will definitely help you in the long run. I'm fortunate and work with some awesome people that can take care of my closings or customers when I leave for a couple weeks each fall to hunt. I usually only stay gone a week at a time and try to space my trips out as much as possible. Real estate is very much feast or famine so plan accordingly for that and link up with a team that supports you as well as you support them and you should have plenty of time to hunt and enjoy life.

 

[grizzly_]

Its not too bad. Just try and line up your deadlines and closings away from the weeks you want to hunt. Preempt problems by calling clients and the other agents before you leave to let them know you'll be unavailable and get somebody else in your office to cover for you while you're gone in case something comes up.

You can always find a million reasons to not take time off work, but you have to make it happen anyway.

 

[Ben Nicholson]

I manage to get several hunts in. Are you planning on doing residential or commercial? The best advice I can give you is to be prepared for it to take a while before you’re making any money. I’ve seen lots of folks think they’re going to crush it right off the bat. That doesn’t happen too often. It’s a very rewarding profession, but it will test you in the beginning. Good luck, and don’t hesitate to ask if you have any questions.

 

[Muleys32]

Thanks for the advice guys! I am definitely going into it assuming that I won't make anything for 6 months. It will be mainly residential in northern Michigan. I would assume some commercial mixed in.

 

[LuketheDog]

I was in real estate for a few years until I had to move to a new area and decided not to start from scratch. Like said above, don't spend your commission until it's in the bank, and before you spend it set at least half of it aside for taxes and expenses, and then another chunk into savings for when business is slow. Assume you won't make anything for 6 months, plan on not making a profit for at least a year. Client leads are great but not all of them will turn into deals, and not all those deals will pan out, plan accordingly. Repeat business and referrals are where the real money comes from. I dealt with a lot of agents who were great at advertising and signing purchase agreements with clients, but who absolutely sucked at the nuts and bolts of a real estate transaction and as such did a major disservice to their clients. My wife and I actually had to walk away from a home we were under contract on a few months ago because the listing agent was waaaay out of her depth on contract issues, probably one of the most frustrating deals I've ever been party to. Her clients were desperate to sell the house at that time, and now it's been sitting stale on the market for months at a far lower price than we were going to purchase it for. Learn to serve your clients well, but don't waste either their time or yours. Have fun, it's a great business!

 

[Muleys32]

I was in real estate for a few years until I had to move to a new area and decided not to start from scratch. Like said above, don't spend your commission until it's in the bank, and before you spend it set at least half of it aside for taxes and expenses, and then another chunk into savings for when business is slow. Assume you won't make anything for 6 months, plan on not making a profit for at least a year. Client leads are great but not all of them will turn into deals, and not all those deals will pan out, plan accordingly. Repeat business and referrals are where the real money comes from. I dealt with a lot of agents who were great at advertising and signing purchase agreements with clients, but who absolutely sucked at the nuts and bolts of a real estate transaction and as such did a major disservice to their clients. My wife and I actually had to walk away from a home we were under contract on a few months ago because the listing agent was waaaay out of her depth on contract issues, probably one of the most frustrating deals I've ever been party to. Her clients were desperate to sell the house at that time, and now it's been sitting stale on the market for months at a far lower price than we were going to purchase it for. Learn to serve your clients well, but don't waste either their time or yours. Have fun, it's a great business!

Thank you for the advice!

 

[Sodakrep]

I am currently taking classes as well to get my license in Nebraska. It seems you have to approach it with the big picture view. It’s not a short term quick money endeavor. Find a good mentor, pay your dues. That’s what I’ve been told at least.

 

[Ben Nicholson]

Two other things I'd suggest. First, pick the broker you are going to work for wisely. You don't have a reputation in real estate yet, but your broker does. Second, don't waste your money buying leads from the likes of zillow, realtor.com, etc... . It's a complete waste of money, and time.

 

[Muleys32]

Two other things I'd suggest. First, pick the broker you are going to work for wisely. You don't have a reputation in real estate yet, but your broker does. Second, don't waste your money buying leads from the likes of zillow, realtor.com, etc... . It's a complete waste of money, and time.

Thank you! I have a very good friend in the same market and he has given me insight as to good and bad brokers and who is reputable. Interesting to hear the Zillow is a waste of time, not the first time I have heard that.

 

[PeteTheBeat]

I will confirm that Zillow is nonsense and really not needed in any facet except maybe looking up property in a different MLS.