Should I consider becoming a real estate agent again?

Question

Maria D'Aura · Answer

Hi Dorian,

I was in a similar situation a you. I passed my real estate exam, but wasn't sure what I wanted to do with it at the time. It took me a long time to finally hand my license with a brokerage.

Once I decided I wanted to be a full-time agent I knew I needed a different brokerage. I talked to a lot of agents and toured different offices, came very close to signing on with Keller Williams. Close as in I was in the office filling out the paperwork, but somethings just didn't fit right for me. I ended up leaving and continuing my search.

Ultimately I found eXp Realty and I could not be happier. For me the positives are endless and If you want to know more specifics I'm happy to answer any questions you may have. eXp has a non-traditional business model and with that I see a lot of mis-information being spread about it. It's not for everyone, no brokerage is, so it's best to check it out first hand for yourself.

Steve Milford · Answer

@Dorian Redden I would say look at what you want and what are your goals. If you are a go-getter, most brokerages will show an interest. Treat it like a business, learn basic accounting, profit and loss (revenue-expenses=profit or what you pay yourself). Read a lot, listen to Mark Kohler for back-end knowledge (you tube), read Profit First, study MLM and cold recruiting strategies, study interruption and appreciation marketing. Figure out where your new ideas come from. My creative ideas come to me when I am reading, writing (like in this post), and when I am in church or at a seminar.

I am a part-timer and love it, because my W-2 pays for my basic living expenses, health insurance, and PTO. Real estate is mostly an evening and weekends in your face hustle, so I do that. I also sell that piece. I say, "Because I have a day job, there is never any pressure to lower a list price so I can earn a commission faster; this allows Sellers more control. Most Realtors are truly living paycheck to paycheck, but since I have a steady income stream, I remove this burden." And then I let people know that when I am required somewhere during the day in real estate, I take a day off, etc. I read industry reports, review new listings, and prepare my call list in the morning before W-2 work. I call govt agencies and other 9-5 businesses on my lunch and breaks, and then I try to work the phones at least 30 minutes, a few times a week. I am an agent for myself, friends, and family first. 95% of my income comes from referrals. Most people here on BP are consumed with keeping their costs low, yet they don't get licensed to buy and sell, and thus don't make that transaction fee when buying their own. Treat it like a businees. Be hungry, sell your expertise. As a Realtor you will become an expert at finding things, sell a concierge referral service.

Most agents burn through their existing network in about 2 years. It is my fault that I am not adding to my network fast enough. I have learned, for every 5 people I meet, if I can build a relationship with at least 1, then that is a good referral source (though I also need to be remind them throughout the year of what I do so I stay top of mind). If you treat people kindly, they will remember you and refer to you. I hate receiving all the solicitation and door knocking stuff, so I don't add to the problem. I send a lot of gifts through the mail. Connecting with people in person 1:1 is hard, there just isn't enough time and everyone is busy. If I need extra training, aside from figuring out how to make the phone ring, I go on youtube, or take formal online training, or contact title companies for classes, or participate in business networking groups. Best networking tip is to go out there and be helpful to other people, talk about what you do, pass out your card as fast as you can, exchange contact info and find out about them so you can celebrate their lives as it happens, and follow up, follow up, follow up.

Jose L Torres · Answer

@Dorian Redden I would join a brokerage and go for it.  I advise you to interview brokerages again. Things change quite a bit in a year and a half.  Gaining knowledge, access to systems, and processes is key to be successful in the connected economy.  Find someone that is willing to invest in your education and provides the coaching and mentoring we all need when we first start.

I passed my exam last week and interviewed about 8 different brokerages. I ended up joining Keller Williams. I am on day 3 of training and I could not be happier with my choice.  I am learning a lot about the business, systems and processes that I know will make me successful. That said I what works for me may not work for you, so you have to do your due diligence and find a team that will be a good match for how you learn and work.  You  are looking for compatibility first, then everything else I mentioned above.

Also, be mindful that different offices have different brokers, so if you find a team you like, interview another office of the same company, so you can compare.

Good luck on your journey!

Jose

Herndon Davis · Answer

If you have the time and the money I would go after the license.  I have both an inactive realtor and RMLO license and it helped me to understand the industry more intimately and to also gain access to MLS and other financing resources that wouldn't be as readily available.  The only thing you have to do is commit to making your money back from the time and cost put into earning the license.

Should I consider becoming a real estate agent again?

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