Thread: Thinking of getting into real estate.

A three word answer to your question would be Very Very Bad! Right now its all about foreclosures and short sales so if you aren't up to speed on those you would have a hard time getting started. Think about investing instead. See my RE blog and free foreclosure report for more info. The links to both are below in the signature.
Good luck,
donrock

I have to agree that it could be a very very bad time to start OR you might interview with several REO listing agents and go to work for them as their assistant. Or you can try going at it on your own but I would suggest thinking log and hard about it. Real estate is a tough career path, not just now but it has always been. Most agents drop out within the first 3 years. It may be a long long time before you make any money.

Investing is a great idea BUT to make money you have to have money. Do not believe any fairy tale get rich quick schemes. If it sounds too good to be true.....

When considering leaving a full time job to become a real estate agent run the numbers. Look at how many homes you need to sell to match your current pay and then talk with some Brokers. Find out if it is a realistic goal in your market. Consider your sphere of influence or however you will get business. Also, take into account the expenses of being a real estate agent. Let the numbers make the decision for you.

Well don't give up your day job right now. The market is bad and will likely get worse.

That said, this could be a good time to start learning the business on a part time basis.

Try to find a sucessful agent to mentor you. You can offer to do small tasks in exchange for training.

I think this is really good time to learn as you require, that advice is quite good for you to find a good agent who guides you in this way.

I believe the answer is it depends.

It depends on your goals, and your ability to last until the market improves.


Besides that, not all real estate markets are "bad" right now.

And even if things are "bad" in your area - its a great time to grow market share - so that when things do turn around, you'll already be sitting at the top, while everyone else is trying to get back in and play catch up.

I agree with Com Agent & Malok.

It would be a tough time to just quite a job and try to make it. But to start part time, with a good mentor, when the market does start turning around, you will be ready for it.

It usually is smart to see what the majority of people are doing, and then do the opposite. The agents who got in when the market was hot are for the most part the ones that are leaving now. They didn't have the foundation necessary to make it.

If Real estate is something you think is right for you, by all means do it, but do it smart.

And don't listen to your friends and others who tell you how crazy you are. Five and ten years from now they will be stuck at the same job they complain about, and you won't be.

Chris

One more thought, and some will say I'm nuts (which following the rule in my previous post means I'm right).

If I wanted to get start with a bang as an agent in this market, I would do it by becoming an absolute expert at Short Sales.

This is the area that there is tremendous ignorance among most agents. But the number of Short Sales is quickly growing and is projected to be as high as 50% of all sales in this country by the end of this year (RealtyTrac).

Most agents hate short sales and are trying to avoid them. This makes them the greatest opportunity in this market.

It is relatively easy to market for short sale listings.

But the window of opportunity for this will be closing as agents in general get more knowledgable about short sales.

Chris

What if you just want to get started, like helping some other realtor...baby steps, ya know? I am looking for a career change right now out of construction, the idea of property management/showing homes sounds fun....no really...maybe that would be a start with someone? Maybe later get into the sales part of things? I'm thinking of taking real estate classes at the local community college then getting lisenced...yes?No?