Real Estate Career....?

Discussion in 'Community Discussion' started by fab5freddy, Feb 21, 2008.

  1. fab5freddy macrumors 65816

    fab5freddy

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    #1
    Hi guys, Just Curious, Are there any people out there who have dabbled as a Real Estate Agent or getting into real estate as a career option...?

    I was thinking of getting into real estate, and wanted to get people's opinion ?
    i live in new york currently, but don't plan on staying here forever
    (maybe another state)....

    thanks for any tips, FF
     
  2. JNB macrumors 604

    JNB

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    #2
    Probably a bad time to get into it, but it will improve sometime. Not a bad idea to learn, get your license, and keep up with the industry while you have a job that you can survive on until the market turns back upward.
     
  3. fab5freddy thread starter macrumors 65816

    fab5freddy

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    #3
    i guess there aren't too many real estate interested people among
    mac rumors users......?
     
  4. TheBonk macrumors 6502

    TheBonk

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    #4
    You don't want to get into Real Estate as a career now. The housing market is very bad. My dad is a Real Estate broker and he hasn't sold more than 5 houses since the housing boom ended. Now we rely on the money my dad made during the housing boom and the money he makes in stocks. If you've got a chunk of cash though, you could invest in some property. Prices are very low now and are getting lower. It could pay off when the market picks up again.
     
  5. tMac85 macrumors 65816

    tMac85

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    #5
    Honestly it really depends on where you live. Big cities are in trouble. Small however are not. People are flocking away from the coast and more towards mountains and lakes. Real estate is still booming there. So dont really think its a bad choice. It can always be a side job ( as i have done) People are ALWAYS moving ... its just the price of the house thats the problem, not you getting a job or income.
     
  6. ErikCLDR macrumors 68000

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    #6
    Probably not the best time to become one in that the housing economy has slowed. My mom was one for a few years- it enabled her to take care of my sister and I while also being able to work. Good real estate agents make good money. My friends mom is one the top 2% of Prudential real estate agents in the US and appears to make good money (Lexus GX470, nice house, lots of vacations) and can write off lots of stuff as business expenses.

    If you're going to be one you have to be in it for the long haul I think. You have to build your name so people know that you can sell their house.
     
  7. fab5freddy thread starter macrumors 65816

    fab5freddy

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    #7
    I seem to agree with tMac85, it depends where in the USA you are talking about. In investing i also believe you should most times go against the grain....
     
  8. Sun Baked macrumors G5

    Sun Baked

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    #8
    Getting in now might be a good time to work your way up, as long as your income doesn't depend on home sales -- all depends on what you want to do.

    Some sectors of realsestate are booming ... though working on the foreclosure side of the business might make you feel dirty.
     
  9. Gelfin macrumors 68020

    Gelfin

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    #9
    Like others have said, it really does depend on where you are, but keep in mind that real estate was one of those careers people flocked to in the wake of the dot com bust. I do remember hearing people talking about the amazing jump in the number of real estate agents in California and using statistics like "1 in every N Californians is a real estate agent" for some surprisingly low value of N.

    It seems like a career you can train for fairly easily and which can make you surprisingly rich if you're any good at it, which is why a LOT of people go in for it. Statistically, though, there simply has to be a pretty high failure rate, or at least a lot of mediocre outcomes.
     
  10. fab5freddy thread starter macrumors 65816

    fab5freddy

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    #10
    Also, Are there any readers out there
    who have tried to take a real estate license / exam ?

    7 posts to this thread only......; (

    I guess if this was posted during the heyday
    of real estate, would've gotten alot more interest!
     
  11. tMac85 macrumors 65816

    tMac85

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    #11
    its hard, but its not like school where you get a grade and you feel like you failed. Its a pass or fail exam, you know how many questions you missed but who cares YOU PASSED. the classes are a bore, but you really need to pay attention. Take great notes and study. Beacuse its a short term class ( usually saturday and sundays all day for 8 weeks) its a lot at one time. stick through it and it will pay off in the end.

    Good luck man. its a great career choice. the market will come back up, about the time you have built yourself up.
     
  12. fab5freddy thread starter macrumors 65816

    fab5freddy

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    #12
    Hi tMac85, Is the test different for every state in the US ?

    New York, California, Florida ?
     
  13. fab5freddy thread starter macrumors 65816

    fab5freddy

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    #13
    or otherwise put: Can one practice real estate in California
    with a New York real estate license ?
     
  14. GoCubsGo macrumors Nehalem

    GoCubsGo

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    Feb 19, 2005
    #14
    The average age of users here is lower than you'd think so that should explain it. If you're really eager to find answers there is a fair amount of information out there if you hunt for it.

    It is not hard and it is not like school. The salespersons exam is a memory game, the brokers exam is a memory game with more questions. However, you can't take the broker's exam without a 4-year degree in business or something in the world of finance OR two years experience as a licensed real estate salesperson. This may vary from state to state therefore you may want to check out your state's department of real estate website.
    No. You must be licensed in every state but some states allow you to perform a certain amount of transactions per year under some exempt law. Expect to see that law go away or become more strict in the future due to fraud.


    Overall you can get your license at any time. Clearly there was a better time to earn a better living and that time will come back. You will ultimately have to decide what you want to do. When people think real estate mortgage lending, etc etc, they think sub-prime. Prime still exists and FHA/VA loans are very much obtainable. However, housing prices and tighter guidelines are forcing people to actually put money into the deals whereas before any moron with a job (and even some without) could get a loan. It really didn't matter if you could afford it or not. Brokers certainly didn't care either as long as they made their money. We all ran fast and loose.

    You weren't exactly specific as to what you wanted to do. Do you want to sell homes? Do you want to lend money? Do you want to broker loans (you do all the work and a bank funds the deal). Clearly you started your research here but I would start (as stated before) on your state's department of real estate website.

    There is money to be made today in real estate, but not like it was before. The days of some average joe walking into an office and buying a house he/she cannot afford are over. Likewise, there is a market for sub-prime mortgages but there are no outlets for such loans. Unless you deal with people who have great credit and 5-20% down to put into the deal you may as well study hard, get your license and find another job to pay your bills until the empty space where sub-prime lenders were fills back up again.
     
  15. fab5freddy thread starter macrumors 65816

    fab5freddy

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    #15
    hi jessica, thanks for the advice.

    i think i would start out with selling homes,
    then i could move into other areas.

    though, this will take time, i am just now starting to research the possibilities.
     

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