What ways can you make money with a real estate license

Question

I currently work at a bank. I am in the process of getting my RE license. Being a full time bank employee does not allow you to hold a RE license, so I will be leaving to do what I really want to do ( Real estate) . My goal is to get into Real estate as an agent first, learn and good money through hustle/ long hours. Then I can invest into my own personal investment property's that produce cashflow.

With that said I know it can be a bumpy road when just starting out as it is only commission. My question is, do you know of any ways to make money in real estate while waiting for listing's to pick up?

Leaving is going to completly cut off my income. I have saved funds to make the switch. But I do not want to blow through them trying to get off the ground if possible. I know this is very similar to starting your own business and some fail.

I have heard of property management and doing rentals for income as an agent but I would like to learn more. If you have experience I would really like to hear your advice.

Mike Gallagher · Answer

I recommend a part time job to go along with real estate. bartend or a security job late at night, you need some w-2 income.one tip I can add to the list. everyone hands out business cards, but when you do insist on getting one in return, this will help build your circle of friends and associates. one other thing I like to do, once you have a client list, contact a local business and see if there running any specials, then get a copy of it and blast it out to your email list. individuals get tired of emails letting them know your a realtor every month, if you can give them something they will remember you more.

David Hunter · Answer

My real estate instructor (for when I was getting my license) told our class of 50 to look around. She said, "Look around at everyone in this room. 80% of you won't be in this business a year from now. The remaining 20%... 90% of you won't be in this business two years from now). So... that leaves you with 2 people out of 50 after two years. Yikes!Jon had a great suggestion... work as a buyer's agent. Heck, just work for a top-producing agent doing anything you can! Learn the business.If you just want to go at it on your own, I suggest using the Post Office's Every Door Direct Mail (EDDM) and pick a farm area and mail postcards offering a free home seller's guide. This WILL get you leads. They may not be ready today, but you never know what tomorrow brings unless you... follow up! <---See the key word? FOLLOW UP.Just don't be like the majority of the agents who are just sitting around, picking their noses, waiting for the phone to ring. Take action!

Jim Wilson · Answer

Chris,Jon's advice about joining a successful team is a great idea.Also, if you want to stick it out on your own I would suggest picking up any work other realtors don't want. For instance, if another realtor has a potential client but maybe they are looking at cheaper houses than that agent usually deals with, ask them if you can take that client and pay them a referral fee. Same goes for listings or clients that are more needy. It might seem like a headache but it's business you didn't have before so who cares.Also, ask more busy realtors if you can hold open houses on their listings. Most of the time they are going to say yes. This will put you in front of buyers and sellers as well as open up opportunities for you when promoting the open houses. Just put yourself out there and let it be known that you are a realtor and you will get business. You have to plant seeds before anything can grow. Good luck!

James Wise · Answer

@Chris Lynch I was unaware of this conflict of interest. I would recommend a part time job. Perhaps bartender or waiter. Both will put needed money in your pocket & give you networking opportunities.

Dan DeMott · Answer

@Chris Lynch , don't let @David Hunter 's statistics scare you, let them inspire you. As someone who transitioned from the financial sector to the real estate world, you have a huge advantage. Namely, you are accustomed to putting in the hours, and understand timely communication. Showing-up and Following-up are going to get you through the hurdles. There is a lot of opportunity in real estate for those who are willing to network and create value for their clients.Good luck and keep us posted.

James Wise · Answer

All good suggestions. I would also recommend you become licensed and work as an Agent BEFORE quitting your job.I'm a firm believer that all agents should start part time. The risk of failure is far to great. Being undercapitalized will only increase your failure risk.Also you stated you want to invest in your own Real Estate. Quitting a w2 job means banks are not going to loan you any money for at least 2 years.

Chris Lynch · Answer

Account Closed Yes I am certain. I spoke to the VP about it.

Mike Hurney · Answer

@Chris Lynch "Yes I am certain. I spoke to the VP about it."You get it in writing?New Agents usually start with Rentals AND FSBOs.

Chris Lynch · Answer

@Pete Schwan That is great, how long did it take you to start making income from rentals from your start date, and do you feel it is likely to make more then I am making now (33K) first year?

Pete Schwan · Answer

@Chris Lynch. I noticed you're in R.I. I'm not sure what the market is like there but here in Boston, it is crazy hot. I started about 2 years ago and I've been non-stop. What helped me was doing rentals while I prospect for sellers. Rentals are like hitting singles, not thrilling but you get great experience with bringing a deal full circle. Working with experienced agents also helped me learn the ropes faster. Don't try to reinvent the wheel, just set a goal, devise a plan, and follow it. Opportunity will find you if you are positive and genuinely want to help other people succeed. But ya man, rentals (if your market allows for it). All the best - Pete