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Old 02-26-2014, 10:55 AM
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Liliya Liliya is offline
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Default Thinking About Quitting And Going To Real Estate School

Just was wondering if any one here did that or was in real estate before?
It is new to me,but went for a free career training from Keller Williams and it sounded good! I only making a 250/week now,but work from 7:00-5:30 M-F
Any thoughts?
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Old 02-26-2014, 01:47 PM
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Heidi Heidi is offline
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I was an agent for 3 years. I loved it, but it takes a pretty aggressive person to make money in any kind of sales, including real estate. I made the most money from selling our own house! You end up putting in a lot of unpaid hours working the floor, showing houses (think Saturdays and Sundays), and working on marketing yourself.

You "net" roughly 1.5 % sales price, assuming a 6-7 total comission. So, sell a 100K house, you will get roughly $1500. If you sell a house that you listed, it's about twice that. Honestly, though, that doesn't happen often. Usually, you list it, and someone else sells it, or buyers you're working with are looking for something other than you've listed.

In WI, you work for the seller as a client, and the buyer as a customer. You can do both. In some states, you are either a buyers agent or a sellers agent, and cannot do both.

So, if you're going to do it, see about starting out part time. Take the course and exam, and get a sub to help you for office days, if necessary. Our office had meeting every Wednesday morning, then we'd all go on tour. Otherwise, you can volunteer to do your "floor time" on weekends. My boss was really, really, flexible (small private company), and if we wanted to open the office outside of regular hours, he would have been "yeah, ok! You go get 'em!"
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Old 02-26-2014, 06:56 PM
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Liliya Liliya is offline
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Quote:
Originally Posted by Heidi View Post
I was an agent for 3 years. I loved it, but it takes a pretty aggressive person to make money in any kind of sales, including real estate. I made the most money from selling our own house! You end up putting in a lot of unpaid hours working the floor, showing houses (think Saturdays and Sundays), and working on marketing yourself.

You "net" roughly 1.5 % sales price, assuming a 6-7 total comission. So, sell a 100K house, you will get roughly $1500. If you sell a house that you listed, it's about twice that. Honestly, though, that doesn't happen often. Usually, you list it, and someone else sells it, or buyers you're working with are looking for something other than you've listed.

In WI, you work for the seller as a client, and the buyer as a customer. You can do both. In some states, you are either a buyers agent or a sellers agent, and cannot do both.

So, if you're going to do it, see about starting out part time. Take the course and exam, and get a sub to help you for office days, if necessary. Our office had meeting every Wednesday morning, then we'd all go on tour. Otherwise, you can volunteer to do your "floor time" on weekends. My boss was really, really, flexible (small private company), and if we wanted to open the office outside of regular hours, he would have been "yeah, ok! You go get 'em!"
Thank you Haidi,do you know anything about office fees or desk fees? How that works? Do you pay or it comes out of your check? They did not cover that on training,but I keep seeing advertisements like "come work for us,low office fee"
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Old 02-27-2014, 06:11 AM
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AfterSchoolMom AfterSchoolMom is offline
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I was a realtor with KW and hated it....but I'm not a very outgoing person. There are a LOT of long hours and lots of work up front with no pay. There's also the potential that you'll put in the work and never see a dime from it...like the time that I spent days and days driving a buyer around - they looked at 25 houses and decided they'd keep renting.

If you're very outgoing, very self motivated, very sales oriented, and very willing to bust your butt constantly, RE can be rewarding and very profitable. If not...I wouldn't recommend it.
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