Hey, do you want to become a real estate agent?
Has anyone suggested that you become a real estate agent? The job is great for someone who wants a flexible job; Let’s say you hate working behind a desk or you are a mother with young children. The work also has a reputation for being profitable. But really that depends on you. Some have the knack of making the industry work for them and carry loads of money; to others it seems like a step in the wrong direction.
Here are some questions to consider so that you can decide if the real estate industry is right for you.
- Do you have the time and money to sign up for the trial and buy the license?
You can take the course both in a conventional classroom and online. Your choice depends on your situation. Go to the website for your state’s Department of Real Estate or Office of Real Estate and find a list of approved courses. Either way, prepare yourself for a program that can take anywhere from a few months to a year and can be fascinating or expensive depending on how quickly you pick up the subject. The test follows below. Make sure you have studied hard, as the test is not cheap. If you want to become a licensed real estate salesperson and you live in California (for example), be willing to pay $ 60 for the test and $ 245 for the license. Costs in other states orbit that amount.
- Where will you work?
Agents start working with brokers who guide them, but you must pay the broker as well, unless you end up splitting your commission with them. (And often you have to do both. You will have to pay for the tutoring and share your earnings.) Brokers are necessary for you as they will offer you marketing support, mentorship, and legal protection. Interview several before choosing. You can go for the big names, the national brands like Coldwell or Fidelity, in which case you will have the prestige but you will receive less attention and time. Or you can go for local family-friendly boutiques that give you more flexibility.
- Can you afford the start-up costs?
Think about start-up costs that include gas for the car – you’ll be driving around town looking for buyers. Also consider unavoidable marketing costs that include business cards and common expenses like sale signs, open house signs, and a basic website. Can you afford these and more?
The smartest thing to do may be to set aside around $ 1000 for startup costs and wait before investing more as the income comes in. Other long-term costs you’ll want to consider are the annual real estate association and board owed, as well as membership fees for belonging to the local Multiple Listing Service (MLS). These are almost inevitably essential.
- Can you do it given your hours?
This type of job is great for a stay-at-home mom or someone who is unemployed, as you can be flexible and work unusual hours. Here are some questions to consider: Do you have young children? Another job? If so, you may find it more difficult to do so. Keep in mind that real estate lawsuits come with unusual hours and are largely done at night or on weekends. Atypical hours go with the territory. Visitors may want to see a house on short notice. Set limits and be prepared.
- Can you deal with the predictable feast and famine?
Real estate is a commission-based job that is inevitably a feast and a famine. You can go months without a paycheck. On the other hand, your income can be unlimited. Some agents or brokers make millions a year. On the other hand, you will have to split the profits with your broker and as a beginner you will likely have to pay more for training as well. Which means you can end up with very little in your pocket.
Realtor Sarah Davis estimates that if you want to make a modest $ 60,000 a year, you will need to sell an average of a $ 300,000 home each month.
Davis advises that you start selling part-time and work your way up. In this way, you can supplement your income additionally.
The short is this …
Real estate It’s great if you are a mother of young children, beyond a certain age, you find it difficult to get a conventional job (or you just hate conventional work), or you are looking for a flexible schedule.
Real estate is a “real job” but it promises many rewards. Get yourself a broker who can help you. Read everything you can about it. Be prepared to make a lot of mistakes in the beginning.
And good luck!