Thread: Thinking about a career change....any advice?

Originally Posted by Charlie2009

I am thinking about a full time career in Real Estate and need some advice from the pro's!

Currently I own and manage a successful family owned contracting company. I am tired of it! I've done pretty good how ever, I have always been passionate about Real Estate. What I am debating is Residntial or Commercial. Can anyone give me a simple explination to the difference. I was told if I do Commercial, I should have some money put aside because transactions take much longer but the payoff is greater. Is this true?

Thanks in advance!

What you have heard about commercial real estate is not all true. You can start making money right away with leases, however, it is true that it takes much longer to put together commercial sales. Time on market on average is much longer, but the average sale is usually substantially larger as well. You will have to more careful of people you work with trying to hustle you out of your commissions as well. Whether you head into commercial or residential you need to have money put away. You should expect not to close a single sale for six months in residential sales and a year in commercial sales. It would be wise to have money put away for living expenses in either case.

You have the potential to break 100k a year much faster in residential sales than you do in commercial sales, however you will have a much better income potential in commercial sales. Whether you choose commercial sales or residential sales please do yourself and the market a favor and don't work part time. You cannot provide top notch service as a part timer.

I agree with everything mentioned above. But also keep in mind that it will take commercial real estate much longer to bounce back as residential is already in the early stages of. Combine a long bounce back period with a long closing period (even in the good days) equals a high failure rate in the future.

My suggestion would be to start in residential and see how commercial develops in the future.

Hello Charlie,
In my views whatever you doing keep it doing don't try to change your career right a way let the economy get settled . As you say you have been always passionate about real estate. that is the good thing real estate industry is good to make money and it challanging...but
let go some time ..
rest is in your hand

Going into Real Estate is a great idea, it is a proven and time tested career. However, with the downed economy you have to have the knowledge and tools to make money in the current market. There are plenty of areas of Real Estate that are still booming. I have found a nich in the Real Estate market and you don't even need to be an agent to do it. It would help to expand your business later but, is not necessary to get started. I have put it all in book format and I am giving it away for FREE on my web site at new start real money real fast.com
Check it out and get your free copy, it will help you decide what you want to do.

You might have easy money in Real Estate but having residential and commercial listing might take you a long time. You also need to consider on how your going to get good leads and it's definitely depends with the market trend.

commercial is definitely harder to break into. if you have strong commercial connections, which you may have as being a successful contractor then you could break into it with a lot more ease than someone who doesn't have those contacts.

most will tell you this is a tough market to get clients, move homes etc. consumer trust is low, lots of professionals are dropping like flies. if you make the move, my biggest suggestion to you is this: do not let that passion die. network like crazy, get to know everyone anywhere all the time. pretty much, the more people you know, the better off you are.

Originally Posted by Charlie2009

I am thinking about a full time career in Real Estate and need some advice from the pro's!

Currently I own and manage a successful family owned contracting company. I am tired of it! I've done pretty good how ever, I have always been passionate about Real Estate. What I am debating is Residntial or Commercial. Can anyone give me a simple explination to the difference. I was told if I do Commercial, I should have some money put aside because transactions take much longer but the payoff is greater. Is this true?

Thanks in advance!

And the sky could fall in as well.

The news is that those who do well, will do well and those who don't won't. You've already been in a small business, know what it takes to succeed, have experienced success and simply want to put that success into another arena (one for which you have "passion" - I strongly support that) and its a great idea! Go for it! And do it YOUR way - not anyone else's.

If you have lot of clients in real estate, good for you to have full time on it. Giving time in transaction with clients means more money.

You already seem to be sure about making the move into a real estate career and with your experience as a contractor (not sure of your area of expertise) you would probably make a great residential real estate agent. I agree with GJ in that it would probably be best to start with residential as commercial can be more complex and your success rate and time invested would not give the relatively instant gratification residential offers. Follow your gut, though. You've achieved some level of success or you wouldn't have the luxury of considering it at all. Go with your "passion". Good Luck to you!