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  #1 (permalink)  
Old 03-22-2014, 06:20 PM
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Join Date: Jul 2010
Location: Minnesota
Posts: 44
Default Thinking of becoming an agent...

Hi all, I have been a part of this community for several years however never came to this section before. I bought the first of 3 classes to become an agent in the state of Minnesota. I am a Teacher - well, I haven't taught my own classroom in several years due to this horrible economy. I have been substitute teaching. The money isn't that great. I was thinking of becoming an agent and doing that part time - of course being able to dedicate more hours in the summer but still have to have a normal paycheck to pay the bills. I was wondering if anyone could shed light on the industry for me. I have contacted a Broker about possibly working under them. In my state we have to work under a broker for 3 years. Is this something that could pay the bills or would I be wasting my time and money on the classes?

Thanks in advance for any info!
Dawn
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Old 03-24-2014, 06:30 PM
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Join Date: Apr 2007
Location: United States
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You don't get a paycheck as an agent. You're an independent contractor, and you only get paid when a sale closes.

You should expect to work full time for at least 6 months before you make your first sale. Working part-time, you probably won't get any business. Brokers don't give a lot of leads to part-time agents because they typically don't do a great job managing their transactions. You'll show properties on weekends oftentimes, but all the work on your transactions happens during the week. Needless to say, this isn't a job -- it's a business that you start from scratch, albeit within the structure of your broker's office.

You'll also have start-up costs. In addition to your classes, you'll pay a licensing fee, a set-up fee to join a brokerage, a membership fee for your local association (plus MLS and electronic lockbox key fees)... About $1500, all told.
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Old 03-29-2014, 11:00 PM
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Join Date: Jul 2010
Location: Minnesota
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Wow, thanks for the reply! Then I am probably wasting my time and money! I was thinking it would be a great side job, but maybe not!!
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Old 04-02-2014, 08:59 PM
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Join Date: Sep 2009
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Hello there,

Not sure if you had ever considered getting your Real Estate License to do Apartment Locating but it can be a very lucrative business to be in as well, even on a part time basis.
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Old 04-08-2014, 03:47 PM
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Join Date: Jun 2009
Location: San Francisco
Posts: 48
Default Think of being an agent...

Hi Dawn,

If you are thinking more of the long term, I think you can be a successful part time agent. I know someone here in San Francisco who was a school teacher and a real estate agent, and she did quite well, but she was in the business for a long time.

If you are hoping to bring in money in the short term, this is not the avenue for you. As dkellyu mentioned, there are a lot of start up costs (insurance and desk costs to the brokerage, association membership fees, etc.), so in the beginning you are spending more money than you are making. Ideally you would have a certain amount of reserves going in to the business to pay the upfront fees, possibly do some marketing, and be able to stay afloat through the hard times.

Being a real estate agent can pay off, but it really is a long term commitment as it can take time to see results.

Good luck to you!

Mary
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Old 06-10-2014, 11:04 PM
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Join Date: Jun 2014
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I think you should work as a real estate agent. May be you like this.
Landscape Maintenance, Commercial Landscape Maintenance, Grounds Maintenance
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Old 06-13-2014, 12:10 AM
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Join Date: May 2014
Location: USA
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Hi,
If you want to become a real estate agent, then you have to maintain some basic things. You will need to take exams, pass the exams, earn a real estate license, then find a broker to work for etc.
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Old 06-14-2014, 05:51 PM
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Join Date: Jun 2006
Location: United States
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In addition to becoming a real estate agent, have you given any thought to appraising real estate as well ? I know appraisers work for banks, mortgage brokers, attorneys, loan companies, etc., and this might be a way of expanding your network of contacts.

Just a thought....

To your success,

Pink Pea
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Old 08-12-2014, 04:13 AM
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Join Date: Aug 2014
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Default Re:

Enter the real estate field only if you feel you will do justice to your job. It is not easy keeping up with clients and look into buying and selling of the property. This job is definitely not for part time.
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