Anyone in real estate? I'm thinking of getting my license.
How hard is it to get a job with Remax, Keller Williams, etc.?
If you're a bottle blonde in your 50's named Candy who smokes three packs a day, you'll have no problem.
You'll have to buy a white Lexus automobile.
And you must get a hairdo called "Realtor Lady Hair."
Realtors rank up there with used car salesman and lawyers. Are you sure this is how you wish to spend your life, op?
My partner, after being laid off from his job a few years ago, decided to get into real estate. He loves it.
It's something he's always been interested in and wanted to try. So he took the courses and passed the exams (we're in Canada where I think things are more stringent when it comes to licensing and certification) and was taken on by a great company. He doesn't "work" for them in that they don't pay him a salary. But they let him make use of their office and administrative resources and he pays them a percentage of his sales. He works with a couple of experienced and successful agents who have been kind of mentoring him and they work as a team.
It takes at least a year to get the ball rolling and to make some money. Initially the busier agents might hand you leases or get you to work their open houses. Eventually you develop your own client list and start making money.
If you're smart, organized, good at sales, personable, attractive and charming you'll do well at real estate. You also have to be able to deal with not having a regular income and the working hours are all over the place. Lots of evenings and weekends. Some 16 hour days when you're busy and doing offers. You'll have lots of peaks and lulls and there's always uncertainty.
My partner loves it. He loves being his own boss and being out of the corporate world. He meets lots of interesting people and enjoys the work. The uncertainty is stressful but so far so good.
The interesting thing about realtors is that, at last in my partner's office, everyone has something else going on on the side. They're also artists, filmmakers, designers, musicians, etc. Real estate is what they do to make money.
[quote]How hard is it to get a job with Remax, Keller Williams, etc.?
I don't know how those companies operate, but I don't think they "hire" people and then give them work. You have to be extremely motivated and find your own clients. It's essentially you're own business.
R5 is correct. Furthermore, residential real estate sales is a business doomed to obsolescence; buyers no longer *need* agents to find them a home, and sellers only really need a lawyer to handle their paperwork. The fact that the standard 6% commission continues to this day is testament only to the monopoly power of the MLS. Sooner or later, however, it will all be disintermediated by the Web. Finally, I don't know anyone making a decent living from real estate who hasn't been at it for at least a decade, R4's partner aside (I will assume the Canadian real estate market is an aberration).
[quote]Furthermore, residential real estate sales is a business doomed to obsolescence; buyers no longer *need* agents to find them a home, and sellers only really need a lawyer to handle their paperwork.
It's slightly more complicated than that and I don't think most people have the time or skill to do everything that's necessary in looking for and arranging the purchase or sale of a home.
Some people certainly try to sell their own homes and agents hate dealing with them because they are so hopelessly inept and clueless. Those homes tend to sit on the market longer than average.
Really...if you think an owner can sell their $500,000 dump you are correct.
Unfortunately they will get on average 15-20% less than if they hired a professional.
There is so much more involved...as a matter of fact owners are the biggest impediment in selling than anything.
In NYC where I work, because for a large majority of apartments you don't really own it, just the right to live there...it's just impossible for laypeople to facilitate a sale to their greatest advantage .
R8 is correct.
As amazing as it sounds, most homeowners really do need to be told clean up their shit and keep things tidy. And to do whatever repairs and upgrades need to be done to maximize the value of the home. People tend to think their homes are nicer and more valuable than they really are.
My partner has taken clients to see "for sale by owner" homes and they're usually a disaster. Dirty, messy, in disrepair, etc. And the owners are difficult to deal with.
It depends on where you live. I bought and sold in the same market a few years ago in DC. Both transactions were completed in less than 30 days. The work my realtor did was pretty minimal and she offered very little advice or expertise. She earned $60,000 from me for a few days work. Ridiculous. The next time around I'll reevaluate how I handle my real estate transactions. And the house I sold was immaculate. Even the buyer said it was the cleanest house he'd ever purchased.
[quote]In NYC where I work, because for a large majority of apartments you don't really own it, just the right to live there...it's just impossible for laypeople to facilitate a sale to their greatest advantage .
Naomi, dollface? Surely you know, as a real estate professional, that NYC is an exception to the rule since most listings don't go on any MLS. Outside of NYC, 80% of today's buyers search for homes online, and sooner or later the market will have to adjust to this reality.
[quote]My partner has taken clients to see "for sale by owner" homes and they're usually a disaster.
Who's talking about FSBOs? They're not the same thing as reluctant sellers using an agent's services only because there's no better option (and a FSBO is specifically *not* what they want).
Dolls, you really need to stop with the denial about market reality. Not all sellers are clueless, and not all buyers will collapse in a mountain of paperwork and angst without your strong, manly arms to prop them up. Christ, you sound like stock traders circa 1997, in denial that E*TRADE was about to put them out of business. Adjust to reality and SNAP OUT OF IT.
Don't embarrass your self by telling people you're a real-LUH-ter.
Remax = the Olive Garden of real estate.
R6 As I found out when buying houses in more than one state, lawyers are not used everywhere. In California they use escrow and title companies to handle the transaction.
Dottie Herman, president of Prudential Douglas Elliman has a show on WOR-710 Saturdays 10-Noon.
We know she won the "Joan Rivers Soundalike" contest.
Talk about a flooded market OP!
OP thinks he's Phyllis from the Mary Tyler Moore Show
Keller Williams is an agent mill that will take just about anyone. In your first transactions there, you will pay about half of your roughly three percent commission in service fees to them. Remember, buyer and seller agents split the six percent commission.
At ReMax, you pay a desk fee and keep your commission. Depending on your overall commissions, your desk fee will start at $1,500 a month and go up from there. People typically don't start at a ReMax, they work up to it.
Thanks for the info. I'm in a market here where houses and condos are going gangbusters. These guys are making tons of commissions right now and set their own hours. I just thought I'd maybe take the course online.
R19 There is no way you set your own hours in real estate, unless you just don't give a damn.
Your hours are at the buyers' and sellers' convenience if you want to have a successful career. Another thing to remember is that 20% of the agents do 80% of the business. They tend to be the available ones not setting their own hours.
Can't someone also get a broker's license, set up their own office, then charge less of a percentage than everyone else to get clients in the door?