Real Estate as a Career?

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plmtrprsn
plmtrprsn Posts: 15 Member
in Chit-Chat
I am an employed, successful manager in a steady job that I (mostly) enjoy. However, the opprotunity for advancement seems limited and I am not as challenged as I would like to be. Opportunities to work at other companies are limited in my area (small town, not big city) and we are not interested in moving.

I have a high interest in becoming a real estate agent. I understand this would mean a salary cut while I am learning the profession, but then I think the opportunity will be what I make it.

Does anyone have any thoughts or advice? I am particularly interested in hearing from real estate agents about how long it takes to be productive and also whether real estate can be a rewarding career choice.

I am about 20 years from retirement (half-way) and just don't see myself doing the job I have today for the next 20 years.

Thanks for any thoughts!

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  • plmtrprsn
    plmtrprsn Posts: 15 Member
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    Bump...anyone??
  • Wanderlost
    Wanderlost Posts: 7 Member
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    My first advice is to make sure you have about 3-6 months of living expenses saved if you are not a two income household. There's a good chance that you will take that long to start making any money.

    Second, real estate is all about prospecting. You'll make cold calls and knock on a lot of doors. If you're good at sales, and have no issue with either of those things then you probably have what it takes to make it. You won't get many leads from your office, and friends and family won't be great lead generators either. It's all about what you can go and find yourself.

    Personally, I tried Real Estate but I absolutely hate talking on the phone, especially to people I don't know, and especially when I'm cold calling so it wasn't for me.
  • pattyproulx
    pattyproulx Posts: 603 Member
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    Not a real estate agent, but I LOVE real estate. Have 4 properties right now and would love to get into managing larger properties.

    I did consider it long and hard for a little bit, but the life of a real estate agent isn't easy. Peak hours are generally weeknights and weekends and if you have a spouse that's working a regular 9-5, it can be really tough.

    You also don't 'need' to work weeknights and weekends, but you'd be sacrificing a lot of potential money.

    I don't know. I think things are starting to get tougher for real estate agents as well. With the rise of the internet and information sharing, and the fact that you can get on MLS without a real agent (in Canada anyways), people are less and less willing to pay agents 5-6% to handle the sale of their home.
  • nansidhe
    nansidhe Posts: 19 Member
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    I'm a real estate agent and it is the best job I ever had. You are limited only by your own ambition.

    Be warned, you will need at least $2,000 to get started. You have to buy Errors & Omissions insurance, subscriptions to the local and national Realtor's associations, and your local multiple listing service. You MUST be disciplined and prospect for business EVERY DAY, a minimum of three hours a day (this means making cold calls and asking for business). Clients don't fall into your lap. You have to hunt for them yourself until you have become a seasoned agent and can work off of just referrals (but the top agents still prospect).

    I hope this gives you some food for thought.
  • plmtrprsn
    plmtrprsn Posts: 15 Member
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    Thank you all for your insights - they are in line with what I have already learned through my research.

    More thinking to do now...
  • dinosnopro
    dinosnopro Posts: 2,179 Member
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    Do your research about the area you are interested in working. If you lived near me I would say no, Most houses in my area sit on the market for almost a year. There are just too many bank owned homes around. Just my two cents

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