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I would like to know what you like and dislike about your job.
Would you choose this career all over again? and do you have any advise for those thinking of getting into it?
I, too, am considering a part-time career in real estate to supplement my income as a CPA. Since I have plenty of patience and love meeting new people and helping them to achieve their dreams, this job would be perfect for me. Nevertheless, realtors in Scranton really don't generally earn that much (unless you specialize in some of the seven-figure suburban areas like Waverly, Glenmaura, etc.), so focusing my career in Accounting seemed to be a more prudent choice to remain in Scranton to raise my family as opposed to surviving on a pitiful $25,000 real estate income as the city's cost-of-living continues to rise.
I'm curious to hear about some realtor horror stories; did you nearly burn down a home while trying to bake cookies for guests at an open house? Did you arrive at a home and have the door answered by a disrobed woman? I'm sure you all have some sort of eccentricities to share with the rest of us!
Last edited by SteelCityRising; 01-03-2007 at 10:09 PM..
Reason: Typo
I dislike the fact that nothing is selling (at least where I am). I admit I haven't been very active in the past year, barely tried, but when I finally stopped being lazy and made the attempt....nothing. It's dead around here, sellers are still asking huge ridiculous prices, buyers are not budging because there's an overabundance in homes for sale, so it's very slow for us. I hate it. I like knowing the things I've learned, I like the nice fat checks (when you get them) but it's not as "easy" as school makes it sound. It's very hard and stressful and it's not something to jump into full time to depend on unless you've got a nice stash in the bank to fall back on. I could never use this as my sole or main income. I'm actually going back to court reporting school in March, finally!!! and I plan on keeping my real estate license active, however, if I didn't have it but knew what I know now, no I would not go get it unless I was already financially stable. Sorry.
To be in the business requires long hours. That's the part I don't like. I'm not saying you'[re tied to a desk, but, real estate is 24/7. There are no days off, holidays, sick days, etc. You are responsible for what you make. Advertising, home inspections, termite inspections, keeping track of mileage, networking, open houses,contracts/listings, buyers/sellers, websites, cold calls, you name it. They all come with the territory.
A real estate agent is at the customers beck and call 24/7. If you are not organized, the details of this business will break you.
I learned a long time ago, that if you are in the business for the money and not the love of the job, you won't make it.
I enjoy helping people especially if they are in a "crisis" situation such as having to sell or having to relocate. I enjoy being the advocate and handling the details so that they don't have to worry with things. I love looking at real estate and seeing all the nice new homes and communities. I like staying busy; I don't even mind the long hours, weekends and holidays.
What I don't like is working REALLY hard for someone and having them act as if they resent me making money from their sale. I don't understand it. Even when they don't pay a dime! The commission comes from the seller not the buyer, but I've had buyer's act as if they resent it when at closing I get a check. They don't realize that I only get a percentage and that I pay mls fees, NC and SC license fees, NC Business License Fees, Continuing Education Fees, Desk Fees for my company and all costs associated with helping them find a home.
Those are the exceptions though, not the rule. Most of my clients are very nice and I've made some good friends through Real Estate.
there is over an 80% dropout rate, (after initial license)
it is difficult to break into an established market, a house is most folks largest asset, so, it is a challenge. i do believe with long hours, and creative marketing, man CAN do very well, even in this market!
I, too, am considering a part-time career in real estate to supplement my income as a CPA. Since I have plenty of patience and love meeting new people and helping them to achieve their dreams, this job would be perfect for me. Nevertheless, realtors in Scranton really don't generally earn that much (unless you specialize in some of the seven-figure suburban areas like Waverly, Glenmaura, etc.), so focusing my career in Accounting seemed to be a more prudent choice to remain in Scranton to raise my family as opposed to surviving on a pitiful $25,000 real estate income as the city's cost-of-living continues to rise.
I'm curious to hear about some realtor horror stories; did you nearly burn down a home while trying to bake cookies for guests at an open house? Did you arrive at a home and have the door answered by a disrobed woman? I'm sure you all have some sort of eccentricities to share with the rest of us!
My career path is similar to yours. I was an accountant for years (loved doing 1120 & 1120S, but hated 1040's) and really enjoyed helping clients getting their small businesses streamlined during the "off season". I was ready for a change, though, and had always wanted to get into real estate (my dad was a broker for years in the midwest). Anyway, I went ahead and took the plunge a few years ago when we moved to Arizona. Here's what I found out:
I's vitually impossible to do the job part-time for a couple of reasons - 1) as another poster mentioned, you are really oncall 24/7, especially if you are working with buyers, and 2) you have to be very pro-active to have clients. That means either being at the office long hours waiting for upcalls and walk-ins (which are few and far between in this down market), or else spending many hours sending out postcards and newsletters or handing out business cards to friends, neighbors, acquaintances, etc.
Having come from a very service oriented background, I felt that great service and really caring about my clients would win me more clients. I have had a number of referrals, but it takes a very long time to grow your business. Unfortunately, there are alot of people in the real estate business who's main focus is "making the sale" and they are the ones that do 90% of the business.
The other thing that really surprised me is how expensive this business is - from the pre-licensing classes to the local association dues to the monthly desk fees to your advertising and marketing costs. Make sure you have plenty set aside for your first year in real estate. They say you shouldn't count on making a sale and receiving a commission for the first 6 months.
Now that I've warned you about the negative, here's the great thing - there's nothing better than helping clients find the home of their dreams, helping them make a good deal on it, and seeing their smiles and appreciation when that home is theirs. As the commercial says . . . priceless. But for everything else, be prepared to use your credit card.
My career path is similar to yours. I was an accountant for years (loved doing 1120 & 1120S, but hated 1040's) and really enjoyed helping clients getting their small businesses streamlined during the "off season". I was ready for a change, though, and had always wanted to get into real estate (my dad was a broker for years in the midwest). Anyway, I went ahead and took the plunge a few years ago when we moved to Arizona. Here's what I found out:
I's vitually impossible to do the job part-time for a couple of reasons - 1) as another poster mentioned, you are really oncall 24/7, especially if you are working with buyers, and 2) you have to be very pro-active to have clients. That means either being at the office long hours waiting for upcalls and walk-ins (which are few and far between in this down market), or else spending many hours sending out postcards and newsletters or handing out business cards to friends, neighbors, acquaintances, etc.
Having come from a very service oriented background, I felt that great service and really caring about my clients would win me more clients. I have had a number of referrals, but it takes a very long time to grow your business. Unfortunately, there are alot of people in the real estate business who's main focus is "making the sale" and they are the ones that do 90% of the business.
The other thing that really surprised me is how expensive this business is - from the pre-licensing classes to the local association dues to the monthly desk fees to your advertising and marketing costs. Make sure you have plenty set aside for your first year in real estate. They say you shouldn't count on making a sale and receiving a commission for the first 6 months.
Now that I've warned you about the negative, here's the great thing - there's nothing better than helping clients find the home of their dreams, helping them make a good deal on it, and seeing their smiles and appreciation when that home is theirs. As the commercial says . . . priceless. But for everything else, be prepared to use your credit card.
Great answer. There is nothing like a happy customer. Sometimes it takes many months or more to get there with a client. I get great joy working with 1st time buyers with credit difficulties. People hear so many myths about who can buy a home. I'm not saying the commission is not great, it is. But knowing you helped a family that never thought they could afford a home is a wonderful experience. That what I love most about this business.
I love houses and I love helping people and never actually thought about becoming realtor. Three years ago I need to smake some xtra money to get my masters and ending up doing real estate and having two kids, the time was flexible. I love it. Financial responsibilities is keeping me from doing it full-time for now but I plan on it soon. My advise, have some money stash away for about a year.
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I'm sure you all have some sort of eccentricities to share with the rest of us!
Pros & Cons
this business is - from the pre-licensing classes to the local association dues to the monthly desk fees to your advertising and marketing costs. Make sure you have plenty set aside for your first year in real estate. They say you shouldn't count on making a sale and receiving a commission for the first 6 months.
As the commercial says . . . priceless. But for everything else, be prepared to use your credit card.
