All Forum Posts by: Geoffrey McKinney

Tell us more, please. :D I've long suspected that print advertisements are a big waste of time and money.

I drive a 1999 Saturn.

That 78% reflects the old saying: "20% of agents sell 80% of the properties".

From one Coloradoan to another, welcome!

I like your realistic expectations. Too many people think becoming a broker is a get-rich-quick scheme.

Here are all my costs (so far!) associated with becoming and being a real estate agent. Note that this does not include gasoline:

March 19, 2007: $649.00 (course)
July 28, 2007: $71.00 (licensure exam)
August 6, 2007: $55.85 (calculator)
August 10, 2007: $59.50 (fingerprinting)
August 13, 2007: $100.00 (E&O insurance)
August 13, 2007: $150.00 (license application fee)
Sept. 3, 2007: $8.98 (Your Successful Real Estate Career)
Sept. 11, 2007: $6.43 (stapler)
Oct. 3, 2007: $225.74 (REALTOR dues, application fee, and MLS)
Oct. 4, 2007: $188.38 (lock box key)
Oct. 4, 2007: $51.84 (electronic measurer and business card magnets)
Oct. 5, 2007: $1,229.74 (laptop)
Oct. 7, 2007: $75.17 (cellphone)
Oct. 13, 2007: $47.68 (additional auto insurance)
Oct. 17, 2007: $75.00 (REALTOR ethics class)
Oct. 23, 2007: $5.33 (postage)
Oct. 28, 2007: $31.14 (laptop case)
Oct. 29, 2007: $107.77 (wireless router and pocket notebook paper)
Oct. 29, 2007: $46.92 (cards and envelopes)
Oct. 30, 2007: $1.23 (postage)
Nov. 2, 2007: $2.05 (postage)
Nov. 5, 2007: $70.00 (installing router)
Nov. 6, 2007: $0.41 (postage)
Nov. 12, 2007: $131.30 (cell phone)
Nov. 13, 2007: $10.55 (postage)
Nov. 16, 2007: $265.00 (Chamber membership)
Nov. 16, 2007: $27.00 (PAR dues)
Nov. 28, 2007: $0.82 (postage)

I've been an agent for two months now, and so far no commissions. That means that my new job has actually cost me over $3,000 so far. :lol: I planned on this, though. I think it's essential to play it safe by assuming that you will make NOTHING the first six months of your real estate career. The last thing you want to do is invest two or three thousand dollars into being an agent, then having to drop out because you can't afford to be an agent.

A broker's personality is a big factor in choosing a firm. My personality just isn't a fit with a big outfit such as Remax. I went with a small, local firm. I think I'm getting more expert assistance from my employing broker this way. When a big broker has 50+ brokers working under him, it would be humanly impossible for him to work as closely with his brokers.

In my area I see 6% commissions more often than any other number. In my area an average house price is $135,000, so that means you get $8,100 for selling a house, right?

Wrong.

Unless you are fortunate enough to both list the house and find the buyer, you'll be getting 3%. So you're still getting $4,050, right?

Wrong.

Your employing broker typically gets half of that, so now you're down to 1.5% ($2,025).

Don't forget you have to pay income taxes on that $2,025. Don't forget that most brokers charge a desk fee ($350/month, or so). Don't forget your advertising costs, your travel costs (with gas at $3+ per gallon). Etc.

After all is said and done, a typical broker is very lucky to net more than 1% on a house.

The Golden Rule is important. Few of us like slick, pushy salesmen. So don't be one of those. Be friendly. Be yourself. Get used to the idea that for every "yes" you're going to hear "no" 10+ times.

Thanks, all, for your kind welcomes. :D

It's not the greatest, but it's not abysmal either. A residential property is taking about 120 days on average to sell.

I'm a real estate agent (and soon to be REALTOR after my induction on Dec. 6th). I quit my full-time job as a librarian so I could spend more time with my wife and soon-to-be 3-years-old (on Dec. 1st) daughter. What a boon that has been to our family.

Selling real estate is a breath of fresh air after 16 years in a hierarchical, government-funded job. As an agent I can do what is best, knowing that my pay depends on me doing a good job, not on playing office politics.

It's an honor to be associated with the fine people on these boards. :D