| Author |
Message |
    
Cyclops
Citizen
Username: Cyclops
Post Number: 8
Registered: 9-2005
| | Posted on Saturday, February 18, 2006 - 3:28 pm: | 
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I've always been interested in Real Estate so last Fall I took a Real Estate Salesperson's course and last month I passed the state license exam.
My next move is to align with a broker and start in the business. Here's my issue: I don't want to do this full time-- I have a very demanding day job and am currently involved in a project that will not allow me to start helping clients until July at the earliest. Even then, I would not want to take on a full load but rather work at my own pace with at most 1 or 2 customers at a time to ensure I can give great service to my clients.
I have 45 days from the date of my license exam pass to sign up with a broker, and I've got about 2 weeks left to make up my mind. I don't know who to go with.
Any advice out there about which brokers would be good to sign up with, who would be supportive of my situation and goals for real estate( e.g., cannot work until summer, not interested in being a high volume producer but rather a low volume high service provider, etc.)
Thanks. |
Innisowen
Citizen
Username: Innisowen
Post Number: 1562
Registered: 3-2004
| | Posted on Saturday, February 18, 2006 - 8:00 pm: |
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Cyclops:
In a sense, you might think of your situation as analogous to negotiating with a potential employer: you'd like X, and your potential employer is going to expect X++ from you if the employer is going to invest in hiring you.
Most employers will expect to set concrete goals with you and expect to see signs of ROI for bringing you on board.
I'm not a realtor, not even in that business, but have done a lot of hiring and firing. With all due respect, the conditions you place around your needs and your situation, would constitute a "wave -off" for me if I were thinking of hiring someone. |
bklyntonj
Citizen
Username: Bklyntonj
Post Number: 598
Registered: 7-2003
| | Posted on Saturday, February 18, 2006 - 8:29 pm: |
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Cyclops, I can tell you, from someone who just got their license back in August, its tough. I too wanted to work at it p/t and brokers are looking for people who can bring the most revenue into the office. That's very hard to do without a client base and time to run around and hustle up clients.
Not impossible but you really have to put a lot of effort into having clients work with your limited schedule. Especially if you have to run around to lawyers, showings, court offices, etc. |
Cyclops
Citizen
Username: Cyclops
Post Number: 9
Registered: 9-2005
| | Posted on Saturday, February 18, 2006 - 11:20 pm: |
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Thanks for the advice innis and bklyn.
bklyn, are you doing r/e full time now, or on the side? who did you finally go with?
I have heard that you can just keep your license with the state of NJ down in Trenton if you don't know who to sign up with at first. Does anybody know how to do that? |
Bob K
Supporter
Username: Bobk
Post Number: 10736
Registered: 5-2001
| | Posted on Sunday, February 19, 2006 - 5:05 am: |
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I am not in the real estate business, but we know a lot of people who are. Twenty years ago it was common for people to be part timers. Now a days the big firms what full time salespeople and I suspect the smaller ones prefer this also. Your best bet is to contact some of the small, independent firms.
This is a tough business to break into. My understanding is that you have to self-finance your break in period. There is no draw or draw vs. commission. |
Joan
Supporter
Username: Joancrystal
Post Number: 7022
Registered: 5-2001
| | Posted on Sunday, February 19, 2006 - 8:30 am: |
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Cyclops:
I know you want the best of both worlds so to speak --- keeping your demanding day job and devoting your spare time to a second career in real property sales. The key problem for me either as a potential employer (broker) or potential client (buyer/seller) would be just how much time and energy you would have to devote to the real property job even after your present project ends in July. Most of the part-time real property sales persons I know are balancing real property sales with being an otherwise stay at home parent of school age children, who have the resources to get someone to look after the kids if/when demands of the job intervene. The hours and demands of real property sales really don't fit well with a fixed full-time job commitment outside of the real property sales field.
Have you considered breaking into the field more slowly by volunteering (even without pay) to help an established real property sales person with some of their back office stuff that can be done after your work hours? You would gain by learning the field in an intern capacity and your mentor would gain by having someone available to help with some of the less skilled aspects of the job. As an added plus, you would get a better idea of whether this is really the best career change for you to make.
Just a thought.
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bklyntonj
Citizen
Username: Bklyntonj
Post Number: 600
Registered: 7-2003
| | Posted on Sunday, February 19, 2006 - 10:16 am: |
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Cyclops, your license automatically goes to Trenton until you sign on with a broker. If you do not sign on with someone within a year, your license expires and you have to take the test again.
I ended up going with Exit Realty. I think they have a good plan and a 70/30 split right away is very good. They also offer training classes that you must attend that are really helpful but again, very time consuming. I ended up becoming a referral agent. Not ready to give up a f/t job w/benefits just yet.
But if you're into RE investing, you do get to close your own deals and you get the commission.  |
Greeneyes
Citizen
Username: Greeneyes
Post Number: 748
Registered: 8-2001
| | Posted on Sunday, February 19, 2006 - 12:16 pm: |
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bklyntonj,
Could you explain your last sentence? Sorry to but in, but you have piqued my curiosity. |
bklyntonj
Citizen
Username: Bklyntonj
Post Number: 601
Registered: 7-2003
| | Posted on Sunday, February 19, 2006 - 1:18 pm: |
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Sure Greeneyes, say you're in the market for an investment property. If you go out and find a property you like, you represent yourself as a RE agent, therefore avoiding have to pay someone else for the RE commission made on the deal. The commission goes to you as the buying agent. Well, you and the broker you work for.
For example, if the commission on a 400k house is 6%. You buy the house as a RE agent. That's 24k coming back to your office (broker). You'll probably get 4 out of the 6%, giving you $15,480 back in your pocket!
Some people get their license before buying their first house for this reason only. Even if you don't stay in the business, think of the $$$ you save.
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Greeneyes
Citizen
Username: Greeneyes
Post Number: 749
Registered: 8-2001
| | Posted on Sunday, February 19, 2006 - 11:49 pm: |
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Thanks bklyntonj.
I was listening to a radio program once where the guest started to explain this. My teen daughter then turned the channel, so I never heard the details. |
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