What are the hurdles you face as a real estate agent?
Posted on April 21st, 2010 in Renting & Real Estate | 6 Comments »
Max P asked:
I've been in manufacturing sales for over 15 years and recently have been giving some consideration to getting my real estate license to either do a career switch or gain some supplemental income. I don't take this lightly but I have had some experience in dealing with agents and found this experience very marginal - I think I could do better. Can anyone give me insight on hurdles they face as agents so I can better make a decision?
Walk In Bathtub
I've been in manufacturing sales for over 15 years and recently have been giving some consideration to getting my real estate license to either do a career switch or gain some supplemental income. I don't take this lightly but I have had some experience in dealing with agents and found this experience very marginal - I think I could do better. Can anyone give me insight on hurdles they face as agents so I can better make a decision?
Walk In Bathtub
6 Responses
Redding Ca Real Estate
the main hurdle is how to build your base of sellers & buyers, with so many agents out there why should a person pick you and how do you get the word out?
Most agents get their listing from freinds family to begin with then hopefully over the years builds a base, mean while the whole time no income comming in, while expensies going out
with buyers unless you have some one you know, very hard to find buyers with cold calls, most of the people are just looking, will spend your whole day on saturday with these people to end up with nothing but just expenses
Superfoods Linkvana
The very biggest stumbling block you encounter will be the total lack of income until you get those first sales. Everything you do will be an expense until the sales start. The first sale could potentially take months before you have any income at all. Yet the expenses mount up with every prospect you drive around showing properties. Farms and rural property are big around here. Lets face it you do not need to sell to many million dollar plus farms to have a good income. Its just the first ones that really hurt.
Real Estate
Another big hurdle, besides the up-front expenses while waiting for a first transaction, is finding your right team of professionals. This can make or break you when referral time comes around. Referrals are absolutely necessary in this business to succeed. If you don’t have a good title agent and great mortgage broker (or two), as well as a strong and helpful broker – you’re dead in the water.
Other third parties are important as well, but can easily be obtained from others in the office you’ll be working from, while the mortgage person should be your right-hand person and someone you hand-select. The best will help bring business to the table, once you are providing business for him as well.
Be sure to work in an office that is success-driven and rub elbows with the producers, not the part-timers, as much as possible – even with your sales background. Treat it like you are starting over in many respects you are.
Redding Ca Real Estate
You have to take real estate seriously and devote time to it. If you work it as a part time job then you probably won’t make much money. Also, it helps if you have the personality where you can talk to anyone and you don’t care how many times you hear the word no. To be successful you need to call people. You need to call for sale by owners and expired listings. You need to call potential buyers. You need to call friends, relatives, acquaintances and former clients to find out who they know that is thinking of buying or selling. Some people have the misconception that a real estate agent just goes in the office and answers the phone and sells houses. There’s a lot more to it than that. You have to work it if you want to make money.
Rye New York Real Estate
Real Estate Agents – Its a great career to supplement your income until you get established or have a client base to continually sell RE too.
PROS:
- Income potential for # sales
- Are you in a desirable RE market?
- Is your RE Market growing?
- People are moving all the time.
- Customer Contact
- Consultations
CONS:
- Generally COMMISION Based income only?
- You pay a fee to become part of a RE firm or with a RE Broker
- No Sales = NO payouts to you.
- Customers are demanding
- Highly competitive RE markets with established agents competing for your customers and prospects
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You may consider going to a RE Office and speaking with a RE Agent to find out more information about careers in RE or just go there as a Customer and see how you are treated and what the Agent says and does to help you look for RE investment opportunities in your area?
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Other tips for RE professionals:
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Have a great week!
GOOD LUCK!
West Los Angeles Homes
A similar question was asked earlier.
Try this link.