Anyone or anyone's FH in real estate? My FH is considering quitting his job and doing real estate full time but we were just wondering if that is necessary or can you do it part-time...
Beth1210
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Re: NWR- jobs in real estate
I was thinking about making the switch over
my FH is in the mortgage business
it will take about 6 months to make money
and you have to work on the weekends- showing houses
so I decided not to do it, my Dad owned a real estate compnay when I was little and I never saw him
diluvchu
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Re: NWR- jobs in real estate
Real Estate is a cyclical business. I'm not a broker, but I'm in the industry. Understand that by getting into the business you can have great months and others you may just get by. You also have to be able to budget. You're not salaried.
You also don't have to be a 90 hour a week worker if you choose not to be. Though most people in the biz are. You don't make the money sitting back working 20 hours a week either. It's just the reality of it. It is nice being able to have the flexibility of your own hours and days though.
akaMrsT
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Re: NWR- jobs in real estate
I thought about switching careers too but being a broker is not as easy as it seems.
Most (if not all) brokerage firms have quotas and as mentioned above, it will take 4 - 6 months to see a check. I have a couple of friends at Corcoran Group and I was told the quota is $160K for the first year (50/50 split).
Earning money in the first 4 - 6 months assumes the contracts you get signed actually go to closing. Lots of deals fall apart before closing so all the work he puts in could be for nothing. Brokers kind of throw as many contracts into the mix and hope some of them stick.
mka06
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Re: NWR- jobs in real estate
Two friends of mine made the switch to f/t real estate in the last two years. One quit her job and then took the real estate exam and started... It took her at least six months, if not a little more to get going. she didn't really have a ton of money saved up and it was hard for her, but she is now diong really well. The other started p/t while still working her other job. She had 6 months worth of bills saved, started doing really well with the real estate stuff and actually ended up making the switch to ft sooner than originally planned. Watching the two of them -- I would definitely make sure there's ample money saved before making a switch. It was very hard for friend # 1... friend # 2 wasn't impacted financially...
EJSD2006
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Re: NWR- jobs in real estate
I'm in real estate now, but not your traditional broker. I'm with Foxtons real estate, where you are given a base salary + commission, company car, medical/dental, and credit union. It's great! If anyone is considering making the switch to RE, consider this as a starting point to get established in your local area. I already have more than enough points to get my brokers license and plan on opening my own brokerage in the spring. FM if you or your FH is interested.
