Wife about to become a real estate agent

Discussion in 'The GatorTail Pub' started by gatorfansrule, Sep 15, 2013.

  1. gatorfansrule
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    gatorfansrule Well-Known Member

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    My wife passed her class test and is going to be taking the real estate licensing exam this week to get her provisional broker license here in NC. Anyone here with experience in this have any tips on finding a firm to work with/for or just tips on anything related with getting started in this business?
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  2. demosthenes
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    demosthenes Well-Known Member

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    Would be curious to know as well. My wife is looking to transition from law to being a real estate agent.
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  3. gatorchamps0607
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    gatorchamps0607 Always Rasta Premium Member

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    Im not a real estate agent, never plan to be one but my wife's mother is an agent and it seems like the thing to do right now is something called BPO's. She hasn't sold a house in a long time but she has made decent money just doing BPO's. The only problem is finding them and since she is new, she may have to share the profits with another agent.
  4. mamag8ter
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    mamag8ter VIP Member

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    My Daughter is a Broker, Realtor, working from her home office. She is always on call. Being an owner, with no agents, she works constantly. That is true about BPO'S, however, the banks and mortgage company's won't pay you that much, considering all the work you do, it can lead to listing's. As long as she doesn't go into the biz, thinking she will get rich, by the listings and sales falling into her lap, it won't happen. It is hard work, you have to go out and get the listings, then after a sale so many things can happen. She has had closings blow up in her face from the most unexpected things sometimes. You have to really love it to make it. She is happy with what she is doing.
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  5. Gatormb
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    Gatormb Well-Known Member

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    Been working with Realtors for 35 years. Very few professionals. Most are part time. The pro's are very good and tend to be at the shops where they get max commission and pay a monthly fee. Many of them have assistants on salary. Good way to learn the business from the best.
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  6. gatorfansrule
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    gatorfansrule Well-Known Member

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    Thanks for the advice so far. My wife is going to do it part time for some extra cash. Her main job is taking care of our young kids.
  7. gtr2x
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    gtr2x Well-Known Member

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    ^^ good luck with that. The part time thing always sounds like a good idea to make a couple of bucks, but it usually doesnt work out very well. Personally, I wouldnt want to use a p/t realtor if I was looking to buy/sell property.

    As noted above, to make any money you need to be dedicated to it, i.e., always on call. provide great service, network, get your name out there, etc. If she knows a current succesful realtor joining their "team" to learn the ropes would be a good option.

    And if she becomes successful, you will have most weekends free, because she will be working. Also, dont forget since her income will most likely be #1099 income (no taxes withheld) you will need to track all her expenses and make quarterly tax payments to the gov. Good luck.
  8. ThePlayer
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    ThePlayer VIP Member

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    Tell her to survey the town and find out who gets most of the listings in the area.
    Brokers with more in-house listings bring in more activity that leads to more sales.
    Make sure she talks to several agents in the office first to gauge any office tension.
    Find out what the 'mood' in the office is and evaluate how helpful the support staff is.
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  9. Gatormb
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    Gatormb Well-Known Member

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    Might want her to check out this site.

    Welcome to the Wonderful World of Real Estate Sales! If you’re fresh out of real estate school, you are about to begin a career that can lead you to fame and fortune...or sadly be an unfortunate blip on the radar screen of your professional life. Statistics quote figures that range from 70% to 95% dropout rate for first-year real estate agents and it’s common knowledge in the industry that only a small percentage of the licensed agents are making enough money to live on...selling real estate, that is.

    If you get through your first year with your enthusiasm intact, you will have beaten the odds and stand an excellent chance of success. And success selling real estate is a beautiful thing. A career in real estate offers nearly unlimited potential for financial reward, an enviable lifestyle, and the opportunity to build an empire for your retirement or to pass on to your children. It can also guarantee you a captive audience at social gatherings, if that’s your thing.

    So why is the failure rate so high? It’s not as if real estate is brain surgery; there are thousands of non-rocket-scientist real estate agents out there making plenty of money. It’s not a matter of supply and demand; there’s business out there, even in a slow market. Is it a matter of unrealistic expectations? Maybe. A lack of enthusiasm? Probably. A lack of support and training? Absolutely.

    http://sellwithsoul.com/sws-specialties/rookies.html
  10. G8rChuck85
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    G8rChuck85 Moderator VIP Member

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    We just listed my dad's home in S Fla..I talked to the agent for a couple of hrs and it seems to be a tough way to make a living. He said he's out showing homes and property during the day and returning calls and emails at night. So far dozens of people have seen dad's house and 8-10 and tried to buy it...none of them qualified for a bank or mortgage company loan!
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  11. duncanelton
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    duncanelton New Member

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    I am new property speculator this is first time.i am head off to speculation in property.i require master counsel which area in property will give more return.which division is handy for venture house/apartments/land.
    new homes in raleigh north carolina
  12. GeauxGators05
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    GeauxGators05 Well-Known Member

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    I am a real estate broker who has been in the business since the 70's. My advice is to make sure your wife joins a company which is committed to training and willing to be invested in her growth and development. So many companies leave you out there on your own. We require our managers to serve as coaches and have a full time professional trainer committed to each region. I work for a national company with the resources to bring training and accountability programs to the field. It is critical, in most cases, that the newer agents be coached regularly which holds them accountability to specific activities which are field driven. Good luck to your wife as she takes on this new challenge. There is no higher paying job than real estate and there is no lower paying job. It depends on the individual and the support system to determine which is going to be the destiny for your wife.
  13. gatorfansrule
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    gatorfansrule Well-Known Member

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    Just an update....she passed her class test first try and then the real estate licensing exam first try. She met with a couple offices and decided to go with a Keller Williams office in Greensboro. The broker in charge there is actually looking to open up a small new office in a smaller town nearby that has a lot of high dollar houses in the area and she wants my wife to work over there with a small group of the high roller agents. So hopefully she will be getting training from the best and watching them work.
  14. gatorchamps0607
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    gatorchamps0607 Always Rasta Premium Member

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    Damn she is lucky, new to real estate and already selling high dollar houses? Cha-ching.
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