Thread: Is real estate for me?

It is true that you may not make any money for a long time when you first enter the business. And right now is a tough time to enter the business. I would suggest that you do not quit your full time job to enter real estate but instead get your license and start part time.

After getting your license, you will join a company that will hopefully give you alot of training to help you succeed. It will seem like when you first start everyone has their hand out. Do not spend money on anything except what you must.

Research more about the costs involved in being a succesful agent. Realize that most agents drop out after 3 years because they cannot make it. It is a tough business. Most agents do not make the money that people think they do. Research what the avereage income for agents in your area is. There is an old saying that 10% of the agents do 90% of the business.

You are in a highly respectable profession. Why change? You are doing something that everyone should thank you for. It takes character and guts. It takes a special person to be a police officer. I do not want to discourage you but please be realistic that it is tough and it takes time to make money, if you ever do make any money.

There are many ways to get to the same place. The education is the easiest part with online education. They are all about the same curriculum wise so find the one that gives you the best price for your state.

Don't give up your day job just yet. No matter what level you participate real estate requires a full time commitment. Sometimes this mean just being available to take phone calls which is not exactly compatible with any job you are currently working. You can however make the transition more gradual by working referrals for a while before going full time. This involves networking with agents as well as networking with people you know. When you find somebody in your personal network who is thinking of buying or selling a home finding an agent for them can net you a .25% commission on the deal.

Find a broker who is sympathetic to this arrangement and you are in business.

There are people making money in real estate regardless of how the economy is doing. If you use your police connections properly you can surely make so money because you already have a network on hardworking people that you can cater your services to.

Kevin,

DO NOT try to be a part time agent in this market. You'll lose no matter what your skills are.

If you're serious about it, do your research, and find out what niche market will be best for you (REO, Short Sales, Listings, First Time Buyers, etc) and go all out.

I am 12 months into my real estate career and already have 10 closed sales, and 2 other pending sales right now along with 5 active buyers.

It's all about how hard you are willing to work, and understand that you will struggle with the first 6-10 months.

Other than that, GO FO IT!

Originally Posted by Kevin'

I have always had a huge interest in real estate...

I need to ask... What is YOUR interest? Helping people get into homes, selling homes to others? OR... Are you interested in investing in RE?

Both involve RE, but they are two very different paths, and you need to know which path you want. If you want to be an agent, then I agree with the ones that say don't quit your current job, and being a part-time agent will be more stressful than what it's worth (especially in these times.) If you want to be an investor, certainly don't quit your day job, as if you are a patrolman, what other profession PAYS YOU to drive around all day. Maybe you can spot some properties that could become you next investment. (Of course you might want to do your RE investing on you own time, but that goes without saying.)

So the decision is yours, but I think it is pretty straight-forward with deciding to keep your current job, until it interferes with the profits of your "new job." (And you "new job" is paying you more.)

Just MY $0.0000000000002 worth!

Later!

Do way more due diligence before you commit. If you want an average wage earning J.O.B...Get your license. If you want to create and control your own financial freedom, invest, but do it wisely and Remember This: If you put your tit in a ringer, expect it to get Squeezed!

Hello Kevin, I think what you see in the real estate industry is just a tip of the iceberg. I suggest you read related blogs (just search in Google) and look for seminars and training. Good luck!

Kevin,

Sorry - this is NOT the "real estate business". I would say that 85% of the people who get a license think it is.

This is a service business that requires intense marketing and followup skills.

If you were going to open ANY kind of service business, you would have the exact same challenges - for example...

Let's say you wanted to open a carpet cleaning business. (forget about the equipment) WHOSE carpet are you going to clean? How are you going to get customers? And how often do people get their carpets cleaned? Who do YOU know?

How are you going to attract and capture new leads? How will you convert the leads to customers? What level of service will you provide? How will you standardize the service so that every customer feels like you (or your team) did an awesome job?

In summary - unless you want to operate a full scale service business, forget it.

Kevin, I was in law enforcement for 13 years as a state trooper and then a state drug enforcement agent. I obtained my law degree and practiced law for 20 years, and i am now both a lawyer and mediator processing and mediating short sales.
I became a real estate agent for a couple of years while my wife completed a residency at a hospital.
What I discovered is that the models that have been established for being a successful real estate agent are all built around a sales personality type. I don't have that personality. I found that people are drawn to that personality, so an agent in an open house can obtain business just by meeting people anywhere and everywhere. However, for me, when I walk up to someone at an open house, they turn and head the other direction.
I was able to succeed because instead of trying to be a sales person, I reverted back to my law enforcement, then attorney mode of just helping people solve problems. This change of purpose caused a change in the way I sought out business, and it worked. Now I have changed back to law and mediation, but I specialize in the processing and mediating of short sales and loan modifications.
A short sale & loan modification business would be a very good business for you to be in because you have a background in working with stressed and distressed people. I can help you with that.
A normal real estate practice could be successful for you, but I recommend that you keep your law enforcement career intact and develop methods and experience while you are not depending upon sales.