Life Decision Help! Should I become an agent?

Question

I understand that is a bit of a loaded question, but I do need help. Im considering a change to real estate. I was a car salesman for about a year right out of college in 2010, and am currently working for a non-profit making cold calls and booking adventure trips with groups that work with at risk groups. I enjoy talking to people and being away from a desk as much as possible.

Here's the kicker, I'm only making 30k a year and attempting to support a family of 4. My thought is that I should at least be able to make that much ( hopefully much more) as agent. I could really use some help with this decision. Especially if you are in Central Oregon (Bend) which is where I plan on working. There seem to be a lot of good agencies with lots of leads (at least according to their CL adds) but how do you know they are a good agency? Has anyone tried making a similar transition?

I want to believe this is a good choice, but could use some help. I want to invest and provide for my family, but in know i need to get my income up first. Thank you in advance.

Eric Bilderback · Answer

I think you should be a part time agent to begin. Then buy your own house or duplex etc. and be your own agent then maybe if you have savings then you can go for it. I am quitting my job and going full time but have a some other income to keep food on the table. Feel free to reach out.

Elijah Tomlinson · Answer

Thanks everybody. I'm definitely going to look at the part time model. It makes since to keep your day job until you can work yourself out of it. You all make really good points. I was really skeptical about people giving me leads the add's all seemed really sales pitchy. I am the sole provider so no paycheck for 7 months is not a possibility. I definitely want to pursue becoming an agent at the very least to use it to supplement my real estate investing. Thank again!

David Hunter · Answer

Here's what I usually tell everyone who wants to get into real estate... get a job as an assistant with a top producing agent (get your license and be a licensed assistant) before going out on your own. This way you get to learn the business and make money while doing it.If you decide you don't want to work for anyone, then you must get leads yourself. Hold open houses for agents in your office, ask them for referrals (they may have buyers, sellers, renters that are priced low that they don't want to work with).If you have money to spend on marketing then be sure to start farming areas with postcards and offer something of value... I prefer a Home Seller's Guide.So, this is a tough business, but definitely doable.

Ritchie Metzler · Answer

I agree with Jake. Don't count on leads. IF you want to take the leap and become a real estate agent you should go into the business assuming you will be bringing in all the leads for yourself. If you are confident you can use your own network/sphere of influence to create deals in the future then you are on the right path. You also have to be a very motivated person because being an agent is very much like having your own business. I also agree with the other comment regarding having a 2nd job when you start. It can take a while to really develop a business and bring in income. I worked full time at a corporate job and started real estate on the side so I was able to ease into it. Best move I've made!I wish you the best!

Jake Thomas · Answer

First, never believe that any broker will just give you (the new guy) leads from day one. If they do they will be mostly dead ends with no potential. Trying to replace a $30K income with RE is very doable though. Your first year will be difficult and I would suggest attempting both jobs at the same time. I only sold one house in my first 7 months but I kept my full time job as a security blanket. Now I am selling about 3 houses a month and I can justify leaving my day job. After being an agent for almost 2 years I am finally thinking about jumping into it full-time. 80% of new agents leave in the first year and I bet most of them do because they didn't have any other sort of income stream. It's tough to go an entire month or two without a commission check if that is all you are relying on. Either way, good luck.

Say Teoh · Answer

Hi Elijah:I am not sure about central Oregon market. For Portland area, I think it is very doable if you are trying to replace 30k of income. Starting going to be slow, but if you join a team with good base of customers, you are can definitely get some income by helping as a showing assistant, assistant buying agent etc. After you spend 1 or 2 years building your database, you can go solo. Ofcourse, the RE market goes in cycle, it is feast and famine, right now it is full course seafood buffet, but there will be years of nothing to eat.I have a full time job, but also an agent. I would join a team if I currently does not have a full time job that pays quite very well.