Job Responsibilities
Real estate is an industry that makes a person financially free.
It comes in different categories like sales and investment. I am
in the sales side of business where essentially I find prospects
and turn them into clients for purchasing/selling properties
(commercial/residential.) It doesn't require a degree to master
but rather some common sense and an entrepreneurial spirit and
MOST importantly-- an established hot list of contacts to turn
into sales for your real estate practice.
My work schedule initially consisted of cold-calling 2 hrs a day
and trying to set appointments in order to get a listing. I also
spent 3-4 hours on direct mailing, which was very tedious. Also,
I would do follow-up with prospects from the previous day.
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Job Requirements
Training is really dependent on the company you work for.
Fortunately I came on board a company with an excellent mentor
who has over 40 years experience in real estate and was a former
attorney and CPA in NY. Job training was second to none if you
have someone who trains in a passionate way. I am lucky.
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Uppers
Freedom to wake up and take off any time and any day you want! This is the best
part of the job.
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Downers
Waiting to earn your commission since escrow typically takes 40-
75 days! before you can see your check. You better have a full
time salary job as your primary. You don't have to work 40-60-80
hrs a week in this business in order to make around 40-70K in
extra income a year! While you're waiting for your check, you
should have money to live off from and/or a full-time salary job.
My downer was not having contacts when I first came in and I
spent over $40,000 last year in marketing myself. Result: Only
two listings
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Lifestyle
Lifestyle for this career is up to the person. It can be glamorous or simple.
Again, it's up to the person. Most of my colleagues tend to enjoy expensive
things in life like fancy cars, clothes, houses, etc. because they do well. I
prefer to make a lot, become debt-free, invest about 60% of my income into real
estate, currencies, gold, and international bonds, and the rest I use to help my
family. If your take home is 50,000 let's say, take 30,000 of it and invest it
until it grows greater than your initial take home of 50,000. After taxes, if
you're smart you will have preserved your take home of 50,000 AND made an extra
20-30K AFTER taxes! Now your net is around 70-80...and growing I hope. I prefer
to have income property in countries I love visiting and where it is practical to
earn money. Ie,
Central American countries and Eastern Europe are great places to invest and
earn.
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Compensation
Strictly commission. It is predicated on if you have contacts
who can give you referrals! You earn between 100,000- 200,000 a
year from these sources. And you don't have to spend 100+ hrs a
week like I did last year!
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Advice to Jobseekers
Lesson learned: DO NOT give up your salary job and go full-time
in real estate EVEN if you have a lot of contacts who can help
you earn a nice commission. Look at real estate sales as a
stepping-stone; a tool that will allow you to move forward in the
world of real estate investments from the knowledge you pick up
from a realty company. You don't have to be licensed to do real
estate investments, but if you have the knowledge and practice of
being in the business from a buy/sell side, then you are
positioning yourself in a secure way so as to minimize your risk
of loss when you invest for yourself. Lack of knowledge is what
will hurt your need to prosper. I never looked at being a real
estate agent for life-- only until I have learned some good stuff
that can allow me to invest for myself so I can truly by
financially free.
The job outlook for real estate agents is very bad with the
advent of the internet and discount companies.
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