Chosen by Asker

you guys are taking a major risk, however with risk can come reward read all that you can about the industry and think about possible going to work for a broker first, since one of you will have to get your brokers license to legally handle real estate transactions you need to have a 4 yr college degree or 2-4 years in the industry to become a broker this is a tough time to get into that field, if things change and there is a demand for realtor's you will be in good shape how are other realtor in your area doing, are there too many or not enough for the your local market? If I were in your shoes I would have one keep a paying job while the other gets up and running unless you can afford to go 6-9 months without any income most realtor's that I have worked with and know have not the slightest idea how the lending side works, I highly recommend learning about the lending side of real estate even if you are not going into that field, which is more or less impossible these days since private mortgage brokers have their hands tied

Source(s)

I was a real estate and loan broker for 5 yrs, this was until a few years ago when I started an oil and gas company because we all knew that the credit market was going to implode thanks to the left forcing lenders to handout sup prime loans to deadbeats

by America, Be Smarter in 2012

6 months ago

Asker's Rating: 

Both of you going into completely commission jobs with business expenses paid by yourselves is a major stress situation. My advice would be for one of you to do this, and the other take a job with a weekly or monthly steady check for at least a year. Mentoring from the office manager is expected by new associates. In most states a broker must have prior experience in the real estate field before receiving a license.

by Mary P- 6 months ago

This is a mistake. At least one of you should work for a broker for a couple of years. A new brokerage is not going to work going into a community as an unknown. The successful agents is a small group (about 10%) and they stick together and form lots of relationships. They will not be welcoming you in with open arms. I am not in the industry, but most of my network is, as I am an investor. I am very familiar with how they operate and how they treat brokers who are not going by the book. They all know each other, at least by name and reputation is everything.

by Landlord- 6 months ago

I agree that one steady pay check is a good idea. It takes a while to get your feet wet and be able to get a client base. I would suggest interviewing at a bunch of different companies (make sure to ask a ton of questions) and see which one seems like a good fit then once you start working in the field - keep your eyes on the top agents in the company and ask them to be your mentor.

by North Shore MA Agent- 6 months ago

First of all, do some research from "the other side," the buyer's perspective. If you know what is helpful to the buyer, if you know what is convenient and helpful to the buyer, you are going to be miles ahead of your competition. Most Realtors are only interested in making money and selling quickly. The personal touch is what helps the most successful Realtors be successful overtime. While a lot of business comes over the internet, much of it is word of mouth. This is a power you cannot buy, but only finesse through careful business dealings over time. Good luck!

by Jdseo- 6 months ago