Question


Toya

When you are a new real estate salesperson, is it better to start off in rentals and leasing?

I was laid off. And have not been getting anywhere with good paying jobs. Hey it's not that I am being picky, but I want to be happy too. And I am tired of working for other people. So I think now is the only time, free time, to take a chance and see if I can do this on my own and get into the real estate business. I will be taking my real estate salesperson exam in 2 weeks. I am meeting with different agencies/brokerage to see what is the cost to get started..oh boy! I have enough money saved up for the next 3 months, plus unemployment, and I am little concerned that if I just focus on selling houses, with no experience, which isn't doing so well in the market, that I will not be able to bring any money home in that time period. So should I start off in rentals first then work my way into selling homes? Also, I met with a franchise (Re/Max) brokerage and he kept suggesting that I do both (rentals, houses), but after I saw the fees just to join and start up ($1300 + $283 monthly fee), I wouldn't even last a month, especially with the monthly fee. So I was wondering should I keep interviewing with other firms that just focus on rentals and earn the cash flow. This is what I am thinking. Anybody can break it down for me please, give me some suggestions, so I won't be burning my money. I knowi t's an investment, but I want to know what I am getting my self into before I just invest more money. If I have to I will get a part-time job, just to keep some extra money coming in. Let me know what I should look for and what to expect. I have so many questions and I want to ask as much as I can before I decide to do this full-time and join an agency. Also, I live in boston, Mass --any suggestions or reccomendation for good brokerages/agencies? Thanks

4 months ago - 5 answers

Best Answer

Chosen by Asker

I'm not sure how rentals work in other states but in Texas you usually get 25% of the first months rent ( some brokers split rentals, some don't). So it is up to you whether or not it would be worth your time and gas to do rentals. As far as choosing a broker goes, there are advantages to choosing a well-known firm as well as choosing a "mom and pop" brokerage. I have tried both and for me personally it was really hard to get started in a bigger company. Some of the smaller brokers with only a few agents may provide leads for you which would be a big help if you're new. But the well-known companies have a lot of resources that are helpful.

Source(s)

Realtor

by Whitney

4 months ago

Asker's Rating: 

Other Answers

get a position managing rental propertys and sell on weekends!

by Don- 4 months ago

Keep interviewing brokers - some do not require anywhere near that much - ReMax is for established sales people usually. Plan on spending money and not getting any in for at least 6 months, though.

by knowitall- 4 months ago

If you want immediate income, then real estate may not be the best choice. Go to an independent office with no desk fees. They will take a cut of you commission check, but you won't need any money up front. If your sure about real estate as a career choice, it may need to be your part time job until you can build a client base. Get another part time job where you meet lots of potential buyers and let them know you are in RE. That way you have an income AND are building potential RE clients at the same time.

by highperactive- 4 months ago

Real estate is never going to be an "instant income" job. It takes a while to get going at it. You better be either living at home, married to someone who makes a good salary, or independently wealthy when you start. If you are going into residential, my general estimate, not knowing where you live is $3,000 to get off the ground between testing fees, becoming a Realtor, MLS access, etc. You may want to consider checking out commercial real estate with a commercial company. They generally don't do the whole Realtor thing, and will put you salary for the first year while you are learning, then a year of draw so you are still getting at least a paycheck for a while.

by HEATHER- 4 months ago