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Q. I live in the tampa bay area, and want to start using my real estate license. I'm just concerned about making a decent living and finding the right brokerage company, whether small or large, that will help me be successful. I was considering focusing on REO's or water front type properties, but wanted to get with a broker that could help me get leads /listings in those areas. It seems like some brokers advertise that they have more leads then they can handle, but I'm very skeptical. It seems like having solid consistent leads, based on what some realtors tell me, is a large part of the struggle. I just want to try to get off to the right start, as I'll be leaving a very good income where I'm currently at, but have always wanted to be a realtor (also have a family to support). I'm hoping if I work full time that I could potentially make 60K a year or more.
I hope someone can help me out with finding a good broker, and let me know if my expectations are unrealistic for a newbee. As an aside, I do have prior experience in real estate, and a good knowledge base, but have never actually activated my license.
Thanks,
You are asking all the right questions. And it is very important that you get off to the right start and choose the right broker. I am in Ocala, but know some very excellent people and brokers in Tampa I could suggest. Give me a call and I will be glad to let you know the pros and cons of the various style brokerages and what approach you might take as you make this career change.
Interview with several Brokerage before you decide to sign on. Key things you may consider before joining any Brokerage: Desk Fees? Training? Leads? Company Website? Company Market Shares? Mentor?
In my Opinion to become known in any area, hold Open houses in the area you desire to work in. This gives notice to Home Owners, and Home Buyers your the Neighborhood Expert. Why? They will see your Open House signs all the time.
Like Don suggested, ask the right questions of several brokerages. Compare support and bottom line. How much of your commission is really yours? Talk to agents who work for that brokerage. Is a large chain or a small independent brokerage the right fit for you? Some offer high splits but nickle and dime you for everything. All brokerages are not created equally.
On another note, can you afford to support yourself while you build your business? Remember you have no benefits or employer paid taxes paid on your behalf. If you went to work and wrote a buyer contract Day 1, it might close in a month or take many months to close if it's a short sale so you won't get paid for awhile on that contract. I had three closings this week. One contract was written in February, one in March and one in June.
What will it cost to run your business? You'll have Board dues, MLS dues, electronic key and lockbox dues and fees. How will you market? What's your advertising budget? Who pays for your listing signs? Who gets sign call leads? Will you have to sit "floor duty", attending mandatory meetings and training?
Determine what type of properties are areas you will represent. How will you market those areas?
I suggest you sit with a few agents and ask them to tell you how they got where they are, what would they do differently, and for any advice they are willing to share. Feel free to contact me with questions.
A good place to start is the Florida Realtors Convention in Orlando this week!
Why would a broker give you leads and not the other 400 agents in that office? If you're thinking a license can make you a good living you're wrong. The average agent makes $35,000 per year.
Well, you must be passionate about it or you wouldn't be asking the questions. If you want to make $60,000+ a year, then say you going to do it and "Just Do It". That said you are going to need to align yourself with a brokerage who is forward thinking, embraces the social media movement and who is going to help you succeed. No need to pay desk fee's. That's crazy. Hit the ground running looking like you've a top producer from day 1.The tools they offer Realtors is simply amazing. Go interview the broker at ExitExtremeRealty on E Bearss Ave. Google their website click on Career. I get paid everytime one of my recruits gets a house to closing. This month I have $1100 coming in that I know of and ast month I receiced $600 on top of what I sell.
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By submitting a question to Ask a Real Estate Professional, you acknowledge that ActiveRain is not responsible for any response you receive or do not receive, and you agree to hold ActiveRain harmless from any loss, harm, injury or damage resulting from or arising out of your submission of the question or your use of or reliance on any response thereto.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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