Being a Real Estate agent in the boom years is a fairly easy job if you are the type who can find listings. Houses move quickly, take very little effort to sell, and the commissions are nice to take home at the end of the month.
But when the market slows down, selling a house is real work. How do you differentiate your listing from the 100 others out there? What marketing plans and incentives to you offer sellers, or how do you recruit buyers? Do you have any special skills that go beyond recognizing the difference between a full and half bath?
I have lived in a slow real estate market the last few years. I have watched real estate agent have to be very good to sell homes. I also have watched friends trying to sell their homes with bad realtors, and these houses typically do not sell.
So for potential sellers and buyers, choose wisely when determining your agent. Ask them to show you specifically how they will market your property. What they will do to find your dream home.
And if you are planning on becoming a real estate agent, make sure that you have the skill sets that can provide these services to your customers. Otherwise, there may not be those high commissions coming your way.
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If you are not serious about a career in real estate I would tend to agree, but if you are serious now is as good a time as ever. I truly believe real estate tries you, you don't try real estate.
The real estate market like any other market, goes through changes. If you can't adjust to the changes your career will be unrewarding.
This recent market change, like other changes of the past will cause the not so serious agents to move out of the real estate industry. I am already noticing the downward trend in my area. Many agents are at the brink of the big decision " should I stay or should I go".
The agents paying desk fees and a lot of their own bills are feeling the pinch. Many are not earning the money they used too and are heading to the more traditional brokers of the past. 100 percent doesn't look so good anymore. A local "desk fee" broker in the area was recently mass emailing agents that his company was doing well because he did't have to worry about the bills in this market because all his bills were paid by the strength of his agents paying desk fees. He's already losing agents.
It is true that we have enjoyed a pretty great 10 year run. The market was popping, for a large percentage of agents, you could do a few things right and have a sale. Now, those few things aren't working so well. You really need to know people and how to sell real estate.
So why should you get into real estate now? If you are serious, the numbers are still there. The actual number of sales in my area are not far off from the best of the ten year run. Our market is projected to match the fourth or fifth best year. If you stick to the basics and use the technology, you can still have a rewarding year and a rewarding career.
As the agent numbers start to decline, so does the competition. If you are serious about getting into real estate, find a real estate company/broker that has a steady track record, one that has been through the many changes in the past, find a stable broker that provides lots of training & support. That doesn't necessarily mean the "big broker" in the area either.
Look for a broker that provides a great atmosphere for you to learn and grow. Once you found that, You need to be willing to learn and do the required work to make it happen. Someone once said "The world meets no one half way" and that is still true today even in real estate.
New agents and experienced agents really need to learn and fine tune their skills on determining the fair market value of a property, they need to be more selective on who they work with, buyers and sellers. Financing options are changing and tightening up.
Don't look for the "quick buck", meet the people and serve the people the rewards will follow you through the many future market changes in your long real estate career.
After reading this I made myself sure that's I 'm going in the right direction; after 4years expirience of being loan officer for what, I quit my financial consulting job"called 9-5" but rather 7am-7pm, with being told when I can take my vacations and working like a horse to be promoted, I took a chance with new career and tried mortgage& real estate business ; After doing this for just few years , I can say that with full time dedication and hard work which most of the time I even didnt feel, when taking an application or closing a deal during my vacation being on the beach( what many people wouldnt do SINCE ITS THEIR VACATION)- I liked the business and enjoyed itl; these were the last years of the boom but I was able to sell more than other agents who were in the business for 20 years; now the mortgage business is really slow at least in Chicago so I looking to jump into real estate also; I know it wont be easy money, but I think you need to like what you do and be 100% people person and know how to deal with each client since everone is different;
I got my RE license when the boom was over and hung my lic in two separate offices but neither offered any training. The first broker I hung my lic with placed me in the hands of two "partner" agents and after I found the buyer they only paid me a "fee" rather than a commission split–yes, I was taken for being naiive or perhaps stupid. When I switched brokers in the new office I had to rely on other agents who were "willing" to provide some assistants "if and when" they had any time. I felt I was out in left field. What kind of training is a "good" broker supposed to offer an agent with absolutely no experience? What separates a good agent from a great agent? How does an agent get experience in learning the true "fair market value of a home"?. I am retiring in four months and plan to hang my license. I want to provide a great service to the people. How do I become a true expert? I envision myself a true RE Guru with excellent track record because of the top-notch service I provide……BUT HOW DO I DO IT??
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It takes alot work to be a good realtor. it is all up to you. good luck.
I really like what you wrote. It's very professional…good job.
Becoming a real estate agent is not such a bad thing,sure it takes a some hard work and dedication, but no more than any other job in which you wish to excel. When it comes to the real estate field, knowledge is the most powerful tool at our disposal.
Hi,im 23 years old and i would love to be a Realtor a real good one i have wanted to do this for years i think im ready but how?where do i go for training and is it a great time to quit my 9-5 and start looking into it im ready to start any tips would be nice thanks have a great day;)