Personal Finance

Real Estate Agent **HELP>

  • Last Updated:
  • Sep 1st, 2005 10:47 am
Tags:
None
Sr. Member
Jul 28, 2005
545 posts
58 upvotes

Real Estate Agent **HELP>

heyy

well im still in highschool right now, im going to grade 11 in september and i'am planning to be a real estate agent after highschool since it dosnt involve college and university much. my marks arent that great its about 56% average which is sad i know but i'am really good at selling things usually i buy stuff and sell it for more and so far ilv made some good money and i'm really into the business of selling and buying.

my questions

1.Whats the sucess rate in being a real estate agent and how should i get started and what kind of skills are involved.

2.what jobs out there is a nice stable job for buying and selling stuff i heard one of my buddys parents is in some kind of selling and buying job but i wasnt quite sure what it was called.

Thankz if you can help me out.. :cheesygri
19 replies
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
I'm not an agent, so these are just my own opinions:

> after highschool since it dosnt involve college and university much. my marks arent that great

In this day and age 2005, you MUST have a degree in something. Either college or University. I strongly suggest you get a degree. Whether it be Devry, Seneca, etc.

Real estate agents don't last for life. Some do of course but many switch IN and OUT as a profession. So if Real estate doesn't cut it for you, you can't find much jobs out there now that only looks at High school diploma. You need college or better yet University degree. Heck, there are TONS of U grads that still have difficulty finding a job !


1.Whats the sucess rate in being a real estate agent and how should i get started and what kind of skills are involved.

Success in being an agent depends on many things. The Housing market (for 2003-2005, its been very hot, so lots of agents are making lots of money. But as interest rates go up now, in about 3-5 yrs, housing market will be cooler than now. So a lot less buyers out there.

Also, you need to be well known and know LOTS of rich friends or relatives that want to buy houses. If you do, you will do very well. If you don't, you need to meet and greet lots of people and be good at it.


2.what jobs out there is a nice stable job for buying and selling stuff i heard one of my buddys parents is in some kind of selling and buying job but i wasnt quite sure what it was called.

I doubt there is any STABLE buying/selling jobs out there. Thats an oxymoron. Your buddy's parents could be doing import/export. But that also depends if they get demand for their products. Sometimes could be great, other times, no orders = bad.


As someone older than yourself, allow me to suggest one thing:

Get better marks and go to College or University


Probably others will agree with me, looking back at highschool stuff now, it was very hard when I was there, but now, I think it wasn't all that hard. The only problem was during highschool, no one showed me how to do it. If someone showed me how easy it was, I could have gotten much better marks.

So, pls get a tutor, I'm sure lots of friends would do it for free and get better marks for your future. You're in Gr 11, so there is still time.

Wish you the best!!
Member
User avatar
Feb 2, 2003
358 posts
141 upvotes
Real Estate doesn't require high grades or post-secondary education. It's a sales job and you are your own business. If you can sell and manage your expenses then it's a job you can do.

The biggest problem d_kollar is that I don't know many sellers/buyers that will use an 18 year old agent. The youngest realtors are around 25 so you might be forced to find an intermediate job until you get a bit older.

Here's the thing with real estate you are the product you are selling, not the house. A seller chooses an agent to sell their home, a buyer chooses an agent that will show them houses. All the advertising and promotion done by the realtor is to get sellers/buyers to choose them instead of another agent.
Banned
Feb 15, 2004
10735 posts
6 upvotes
d_kollar wrote:heyy

well im still in highschool right now, im going to grade 11 in september and i'am planning to be a real estate agent after highschool since it dosnt involve college and university much. my marks arent that great its about 56% average which is sad i know but i'am really good at selling things usually i buy stuff and sell it for more and so far ilv made some good money and i'm really into the business of selling and buying.

my questions

1.Whats the sucess rate in being a real estate agent and how should i get started and what kind of skills are involved.

2.what jobs out there is a nice stable job for buying and selling stuff i heard one of my buddys parents is in some kind of selling and buying job but i wasnt quite sure what it was called.

Thankz if you can help me out.. :cheesygri
No idea on sucess rate, depends on your selling skills, attractability, name/popularity. SKills, selling and business, some math.
Deal Addict
User avatar
Dec 4, 2004
2202 posts
404 upvotes
kon_kat wrote:The biggest problem d_kollar is that I don't know many sellers/buyers that will use an 18 year old agent. The youngest realtors are around 25 so you might be forced to find an intermediate job until you get a bit older.
Agreed. Imagine if you were selling a $200 000 home with $50 000 equity at a 5% rate paid to the realtor(s).

Would you trust 20% of your lifetime equity in this home to an agent with little experience? Probably not. You'd AT LEAST be looking for heavy kickbacks to have him list that home if you were the gambling type.
Deal Fanatic
User avatar
Jan 17, 2002
7777 posts
948 upvotes
Toronto
You will have a very hard time getting clients in your early twenties as others have stated. You are way better off getting an education then pursuing real estate if its still something you want to pursue.
Member
Jun 15, 2004
385 posts
2 upvotes
Both my parents are in R.E. and they are both very successful. That being said, they put in about 10-15 hour days, sometimes 7 days a week if they are really busy. Its a hard business to make a good living. My parents have been in the industry for 10+ years, and it was something they went into after my dad lost his previous business.

Being 18, well you will problly be 19 or 20 by the time you are fully licensed, your best bet would be to join a sales team...usually by teaming up with an agent in your office. You wont make as much as you would on your own, but it will give you valuable experience and contacts for you to grow on when you work on your own. My mother has an agent that she has teamed up with, as my parents are retiring and they will be passing on their clients to this agent. She is 21 years old, and my mom is bascially teaching her everything. They split the commisions 50/50 so the girl is makin some decent money. If you can find something like this or similar you should be ok.
Deal Addict
Aug 28, 2002
1680 posts
3 upvotes
that's actually relaly nic of your mom :) good for that 21 year old, she'd be hard pressed ot have built a simliar clientel in the next 5 years even :p
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
I don't know about Ontario,

but in Vancouver, anyone who takes a 1 month UBC course plus a post licensing course can be a realtor, and nearly any broker will hire you, usually for a $100 to $300/mo fee, or if you want a lower fee such as $100/mo. they will take 50% of your comission.
Air Canada Aeroplan Super Elite Reservations: 1-800-401-7201 or 514-369-7598
get unlimited calls or other discounts by calling directly to:
Fido Retentions: call 611 then push 7, then push 3 - or Rogers Retentions 1-514-734-7873 or 1-866-228-7109
Telus Mobility: 1-877-279-3100 or 416-279-3100 or 1 416 296 7669 client.loyalty@telus.com
Bell Mobility: 1-866-313-1086
nice chairs http://www.eternitymodern.ca
great value - lol http://www.walmart.ca
Sr. Member
User avatar
Jan 25, 2005
592 posts
44 upvotes
First of all, I should say I'm not a real estate agent and I'm merely describing what I saw after using an agent to buy and sell my home.
Being a real estate agent is tough work. Those who succeed, live and breathe real estate. You need to know inside and out the real estate market for every neighborhood. Or, at least, be able to have some idea. You need to know the financial side of real estate. You need to have a good grasp of mathematics. You need to know real estate laws and understand contracts and details. And, to some degree you need to know a little bit of interior decorating. And, of course, you need to be a people person.
And, if you can handle all that, you still might only be able to sell a few houses a year. So, you'll probably split profits with other realtors in your firm, with a smaller percentage as the newbie. It's possible you'll only be making as much as the guy behind the counter at Tim Hortons in your first few years.
But, if you are good at it and you're disciplined enough to plug away you could make six digits every year, even during the slow periods.
But, that's the kicker, you really have to be focused and determined. If your friends are going out drinking one night and you gotta prepare a sales pitch to potential clients the next morning, you cancel on your friends. If the Leafs game is on but your client wants to close on a home they've been interested in you drop everything and prepare yourself to negotiate the best possible deal you can get even if it takes 4 hours.
You pretty much give up your social life if you want to be a successful agent.
Deal Addict
Aug 28, 2002
1680 posts
3 upvotes
uhh you don'tmake a TH salary if your n00b. generally ou Lose money (negative roi) for first 2 years (i duno if on avg of the 2 or simply for the 2) :)
Sr. Member
Apr 6, 2003
805 posts
145 upvotes
Toronto
kon_kat wrote:Real Estate doesn't require high grades or post-secondary education.
But it still requires taking some courses and passing some exams.
Member
Jun 15, 2004
385 posts
2 upvotes
the part about cancelling plans and such is very true.

I cant even count the times that we have had dinner plans, or parties to go to as a family, but my parents had to cancel at the last min because a client wanted to put in an offer at 9pm...sometimes they are negotiating will past midnight. be prepared to give up your social life if you want to earn a decent living in real estate...sure in 10-15 years you can taker it easy a bit less...but when you tryin to establish yourself... your not gonna be goin out.

There was a new agent this past year (2004) in my moms office, he is 22. In his first year he made 80k, but my mom told me that he was in the office every day at 8am..and didnt leave unless he had appointments. He was constantly working. Be prepared to do A LOT of cold calling..its integral to generating new clientel. The course is also quite expensive and you have to do it in 3 phases. They recommend (AND IT MAKES SENSE) that you have enough money in your bank account to sustain your expenses for atleast 6 months...although I recommend a year. Cause there is no garuntee you will make any money at all in your first year. Most new agents that are below 25 usually do R.E. part-time with another job..and as their R.E. business grows they gradually work less and less at the other job, and then go full force with R.E.

Best wishes to you in obtaining you license. But be prepared to do a lot of work. If you think you can skip the hard work at university to get a degree... you wont, cause you'll get slammed 10 times more working in R.E. Believe it.
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
In Vancouver the course isnt too expensive. about $1000. plus $500 for the post licencing thing, for a total of about $3000 for the first two years, but that includes Liability Insurance and licencing fees.
Air Canada Aeroplan Super Elite Reservations: 1-800-401-7201 or 514-369-7598
get unlimited calls or other discounts by calling directly to:
Fido Retentions: call 611 then push 7, then push 3 - or Rogers Retentions 1-514-734-7873 or 1-866-228-7109
Telus Mobility: 1-877-279-3100 or 416-279-3100 or 1 416 296 7669 client.loyalty@telus.com
Bell Mobility: 1-866-313-1086
nice chairs http://www.eternitymodern.ca
great value - lol http://www.walmart.ca
Deal Addict
User avatar
Nov 10, 2003
1391 posts
143 upvotes
Edmonton
A good start may also be to see if you can get a part time job showing homes for an agent on the weekends. This way you can start building your contacts and learning the trade.
Deal Fanatic
User avatar
Aug 19, 2001
5171 posts
116 upvotes
Vancouver
If you want to be a real estate agent, definitely go for it. It looks like a lot of fun! I would do it part time as a hobby if it was possible to escape all the fees that the industry imposes on agents.

Don't worry about being young. Yes it will work against you at the start, but so what, every agent has to start somewhere. Would you rather have an established client base at 25 or 35? Sooner the better. Especially since right now you don't have a family, and therefore, you are free to work weird hours.

Just make sure you spend some time with another active agent before you commit yourself so you can really understand what's involved.
Jr. Member
Feb 6, 2005
185 posts
st7860 wrote:I don't know about Ontario,

but in Vancouver, anyone who takes a 1 month UBC course plus a post licensing course can be a realtor, and nearly any broker will hire you, usually for a $100 to $300/mo fee, or if you want a lower fee such as $100/mo. they will take 50% of your comission.
Hmmm...according to http://www.recbc.ca/becoming_licensed/T ... rvices.htm it sounds like it will take more than a year to get the licence verses the 1 month you stated. So, first question, is it 1 month or is it the same as the stated site?
Second question, is there an age limit in taking the course? If so, what is it?
Is 17 a sufficient age? Or is it necessary to finish high school first?
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
Dd_anon wrote:Hmmm...according to http://www.recbc.ca/becoming_licensed/T ... rvices.htm it sounds like it will take more than a year to get the licence verses the 1 month you stated. So, first question, is it 1 month or is it the same as the stated site?
Second question, is there an age limit in taking the course? If so, what is it?
Is 17 a sufficient age? Or is it necessary to finish high school first?
I guess you're referring to the post licencing thing right? I meant, the "$800 pre licencing thing at UBC sauder school of business" takes about a 1 month if you work at it daily, probably less than a month if you do it 5 hours a day every day. and then you need to register for an exam, pass it, then you can get employed, and then you have 6 months to register for a one day "post licencing course" so thats why i said it takes "about a month".
Air Canada Aeroplan Super Elite Reservations: 1-800-401-7201 or 514-369-7598
get unlimited calls or other discounts by calling directly to:
Fido Retentions: call 611 then push 7, then push 3 - or Rogers Retentions 1-514-734-7873 or 1-866-228-7109
Telus Mobility: 1-877-279-3100 or 416-279-3100 or 1 416 296 7669 client.loyalty@telus.com
Bell Mobility: 1-866-313-1086
nice chairs http://www.eternitymodern.ca
great value - lol http://www.walmart.ca

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)