Real Estate Blog - Doctor, Lawyer, Indian Chief, Real Estate agent...who are you?

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Doctor, Lawyer, Indian Chief, Real Estate agent...who are you?

I'm just wondering...what is your background?

Are you a college graduate? What did you major in? Why did you choose to sell Real Estate?

Doctor's have 8-10 years post college education.

Lawyer's have 6-10 post college education.

Indian Chiefs...have their own.

What make's Real Estate agent's think they can command the same $$$ as people that are those listed above?

We have a 40 hour class for training, CE's after 2 years.

Why do some compare themselves with doctor's and lawyers? Commission wise anyway.

I have quite a few degree's...not related to Real Estate, that does not make me feel like I am a doctor, lawyer, or anyone else.

Why? Do agent's feel like they are (after a week of RE school) feel like they should command the same pay?

Just curious.

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Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 04/12/2008 07:44 PM

Comments (14)

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Originally posted at: Karen@ www.KarenMonsour.com: Doctor, Lawyer, Indian Chief, Real Estate agent...who are you?

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14 Comments on Doctor, Lawyer, Indian Chief, Real Estate agent...who are you?

APR

2008

Great question! My thoughts are that we need lots of experience and training before we can boldly demand those claims of being worth the same $ as any other experienced professional.

Real Estate is an interesting profession...lots of people from those occupations try to get into our world and fail miserably. Which leads me to beleive the top people in our profession are very unique! And...when you look at the scope of what we do for people and how important our clients real estate goals are to their families future...I know I'm worth the money!

My back ground...I was a professional studio musican and arranger, music teacher and a music store clerk. But I can assure you that with my 21 years real estate experience I know more about real estate sales than most attorneys in my area and have made my investor clients way more money than most doctors earn! I am worth it!

Interesting post!

It's entrepreneurship. It's running a business. I suspect that it has a grounding in the "self made" successful business person in America.

Large business require minimum education and advanced degrees for some jobs. Self employment doesn't.

Bill Gates didn't graduate but has done pretty well and can even compare his $$$$ to doctors, lawyers, etc.

I needed degrees to teach at the college level, but I've made far more in real estate brokerage, for which I need only a willingness to invest in myself, my business and work hard.

First of all.... why do you keep referring to doctor's and lawyers???? Big deal -- it all depends on what kind of doctor or lawyer they are.... just like a realtor. I don't have a real high regard for realtors actually-m as a whole, but I don't like being put in the stereotype of being in that catagory by you. So you have degree's --- why would you then be a realtor if you didn't find it's advantage. I do know that crap jobs are paid more because others can't or wouldn't do them... I really don't know any realtor who confuse themselves with the executive, professional level either. I know very few realtors who command a top rate professional salary as a ceo, surgeon, etc... If they can - it means they are working their rear end off!!! Name 2 if you can.

What is your purpose of this post?

Bill,

I appreciate your candor...It's amazing how we change our lives and change our professions...

Karen,

It's not about background so much as the compulsive desire to help others.

Lenn,

You are so right...Bill Gates. Genious...didn't need to graduate...wrote the book's and made a fortune that most of us can't comprehend.

I work very hard...about 70 hour's a week and most of what I have learned and why I am successful is that I read ALL your blogs...

Thank you Lenn, you have taught me so much..You are the greatest...way beyond the best. :-)

Doug,

Now that is a really good point as I am also in this category...the compulsive desire to help others. But Doug, there are also those who just want to make money off of others...who are full of themselves...Where do they fit in?

To be a successful Realtor one must pocess many "powers". I believe we get paid for what we do, no matter where we are on our career time line, because of our ability to first understand human behavior and second because of our ability to persuade others. Sounds like the doctor, lawyer analogy is apropos.

We don't compare ourselves with doctors or lawyers! We do rightfully claim expertise in real estate based on experience - not just real estate experience, but life and business experience. My background is 30 years in the high tech industry as a non-degreed engineer, retiring as a senior technology executive - hard work, constant learning, interpersonal relationship skills, and caring about people all contributed to that success - and to our real estate success now. Susan began as a respiratory therapist, legal assistant, and entered real estate a dozen years ago to help people realize their dreams with her life experience and relationship skills. Our combined life and real estate experience qualifies us as professionals, and entitles us to the rewards of our skills and hard work! It takes more than week to become a professional! Good post - interesting responses!

Scott,

That is not appropo...this comes from another blog on commissions which said....doctor's and lawyer's wouldn't reduce their commission, why would you...It was another of my posts...

Which is why I wrote this post, yes we are professionals. I was married to an MD. I have friends who are lawyers...our one week RE class does not put us in this league...

I am good at what I do, however I respect those who have education. I mean I have 3 degree's in 5 year's in the medical field...I left to sell real estate, for health reasons...I went from a Director of Nuclear Medicine to using my minor in Psychology/Sociology to help people...not for the $$$ :-)n K

APR

2008

I don't think anyone has compared themselves with doctors and lawyers as far as income is concerned. We should treat ourselves professionally, yes, and conduct ourselves professionally. Income? I don't know what you're getting at, I haven't seen anyone do that.

I have frequently heard the argument that doctors or lawyers don't cut their rates--so why should we?

I think that's where Karen's coming from, and it's a frequent comparison. Her point is valid, in my opinion. If we're going to compare ourselves to professionals with 6 or 8 years of higher level education, we need to act that way.

In PA, you can get your license after only 2 classes totaling 30 hours! That is ridicuously low entry level for a career where we handle transactions that mess with people's lives! Screw it up, and we are endangering a client's finances, his/her biggest investment in their lives, and/or their place to live. I teach the real estate licensing classes here at PSU Schuylkill, and I beat that into my students' brains from day 1. This is a major responsibility.

Unfortunately, it's alll too often a hobby for some agents. They will drop out eventually, but perhaps not before they screw up a deal or two,

I digress. Karen's point started out with the question where do we get off stating these professionals with years of college and training behind them set a rate and don't cut it, so why should we?

We are not doctors or lawyers (most of us). Many of us have college degrees in various disciplines. Many of us come from high end careers with years of experience in other places. Many of us are entrepreneurs and have years of experience running companies.

But the argument above is not valid. There should be no talk of "why should we cut our rates." As I posted before (I know Karen saw this) WE ARE ALL INDEPENDENT CONTRACTORS. Set your retes and do what the heck you want with them. But don't put other agents down because they get flexible or creative with their compensation plans. I personally have a variety of options I give to my seller. I also charge my buyers for being a buyer's agent!

I am a professional. I have several college degrees. I am a college professor. I am an entrepreneur, having started and sold several businesses. I don't pull out the "doctor/lawyer" argument when someone tries to negotiate commission with me. I state my rate, then offer them a custom program if they don't want to pay that particular fee. They may not get the whole enchilada, entire marketing plan, but that's okay.

Whew. This took off longer than it should have.

John & Susan & Kris & Erica,

Someone on another blog made the statement that doctor's and lawyer's wouldn't negotiate or lower their fee's, so why should a Realtor(R), I will negotate to save a deal. That's my point.

APR

2008

Karen, Never graduated high school. Married and had two babies by the age of 18. Finally did the G.E.D. thing the same year my son graduated high school.I have an associates in accounting. LPN. Notary.H and R Block tax school graduate. Worked as a land title officer for 5 years. Escrow agent for 5 years and Land title (Deeds) recording supervisor for the county auditor for 10 years. All my years of different interaction with the public has made me a real people person. If Real Estate sales pick up here, I would be interested in getting into it again. Can't see that happening real soon. My 29 year old daughter was laid off six months ago from lack of sales/refinances at the company she was working for. She is an Escrow Officer (LPO) in Washington state. All I keep telling her is to get back in school and get in the medical field. That never slows down!!! That's where I would be as we speak if I hadn't messed up my shoulder. Oh well, life goes on right?

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