Looking to Become Full-Time Realtor

[Will Armstrong]

Hi everyone,

I live in Raleigh, NC and have been considering going full-time into real estate and getting my license. I know it is extremely competitive so I would love to hear your thoughts! I am a very hard worker and am good with people, but I do know it is incredibly challenging for someone new in the market who has no prior connections. Would also love to know a bit more about all of the hidden fees and which brokers would be best to work for. Really anything helps! It's just an idea at this point.

[Charlie MacPherson]

@Will Armstrong The first ugly truth is that there is a VERY low barrier to entry in real estate.  The result of that is that you can't swing a dead cat without hitting a Realtor, and some of them (especially the part timers) will stun you with their lack of professionalism.  And yet, no matter how bad they are, they're still your competition.

Working in an agent-saturated market is no fun.  I can't tell you how many times I was working with a potential buyer or seller and when we're about to pull the trigger on a deal, I heard some version of "<i>I just found out that our babysitter's second cousin has an uncle whose best friend's aunt's dog walker is a Realtor.  We have to use her to keep peace in the family</i>".

To put a finer point on that, I sold my former residence in Plymouth MA before relocating to Maine in 2019.  I was a Realtor at that time, so represented myself.  On a whim, I submitted the property to Homelight's "Simple Sale" (they laughably say "we'll make you a fair offer for your house").  They came back with a range of $284,000 - $305,000.  We actually sold at a net of $535,500, but that's not the point of this comment.  

Here's the important part.  They followed up with an email that said "There are 787 real estate agents in Plymouth.  We'll connect you with the top 3".

Holy dirt.  787 licensed real estate agents just in my town!!! 

The next ugly truth is that if a buyer or seller is working with an experienced agent, say 3+ years full time in the business, there's not a dime's worth of difference between agents.  It's extremely hard if not completely impossible to differentiate yourself.  The public knows this and treats agents accordingly.  Don't expect loyalty, especially from buyers.  It doesn't exist.

It's a shark tank out there and there's a reason that almost 90% of new agents are toes up in the parking lot within their first 5 years in the business.

So as you go into this business, go in with your eyes wide open.  Hope against the odds that you'll beat the national average of 6 months to your first paycheck.  And good luck!