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05-16-2005, 07:26 AM #1
Renter
- Join Date
- May 2005
- Posts
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I'm thinking about going into real estate...need advice?!
Hi,
I live in northern NJ and I am thinking about going into real estate.
I was wondering if someone could tell me a little bit more about what the reqirements are and how to start. Also, how long does it usually take until you make money? I've heard that some real estate companies pay you a salary until you start making business and once money comes in you pay them back?! Is that true?
Thank you for the help
Anna
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05-16-2005, 10:02 AM #2
Super Moderator
- Join Date
- Jan 2005
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- Hilton Head, SC
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Remember that if you become an agent, in most cases your are an independant contractor. That means you need to have money in the bank (or another job) when you get started.
It's not uncommon for agents to spend $20k-$50k (or more) a year - out of their own pocket - in advertising. To get off to a good start, you need to already have a strong network of contacts in place to either give you a listing or to buy a home from you that is listed on the MLS.
The internet is a great way to attract buyers, but its not an easy task. It can take up to a year or more for your web site develops top organic search engine rankings. Your best bet is to hire a real estate web marketing specialist, but that's going to cost you $$ as well.
With the internet, you can also choose to use pay per click services to bring people to your web site, but depending upon your market that can be VERY expensive.
The best advice that I can give you is:
1. Have at least 6 months of savings in the bank.
2. Once you get your license, work your tail off and don't stop. Their are millions of real estate agents out there - but only a fraction of them are making money. It's a lot more work and a lot harder than it looks.
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