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re: How tough is being a real estate agent?
Posted on 2/5/18 at 11:40 am to lsu xman
Posted on 2/5/18 at 11:40 am to lsu xman
That 3% is split with the broker. Sometimes it's 50/50 but if you can get with a good broker, you can get 70/30.
You also have to consider taxes need to be taken out.
Also, marketing costs are all out of pocket.
You also have to consider taxes need to be taken out.
Also, marketing costs are all out of pocket.
Posted on 2/5/18 at 11:42 am to lsu xman
Here.
I'll just say this, Realtors overall tend to have a bad reputation in some areas because it's true there are a lot.of shitty ones.
However, there are plenty of great ones too who will do a lot for you besides just paperwork (although that is important.)
It's like any sales career, you get out if it what you put into it
I'll just say this, Realtors overall tend to have a bad reputation in some areas because it's true there are a lot.of shitty ones.
However, there are plenty of great ones too who will do a lot for you besides just paperwork (although that is important.)
It's like any sales career, you get out if it what you put into it
Posted on 2/5/18 at 11:44 am to lsu xman
Here in DFW, there is market saturation of realtors. The housing market is hot, but there are so many realtors out there now. I figure most of the newbies are not making that much (decent money though), but the brokers are probably just raking in 7 digits easy.
You hardly have to do anything here though, the houses sell before they are listed.
You hardly have to do anything here though, the houses sell before they are listed.
Posted on 2/5/18 at 11:45 am to DarthRebel
quote:
You hardly have to do anything here though, the houses sell before they are listed.
With 15 other offers all above list.
Posted on 2/5/18 at 11:46 am to lsu xman
My wife is a realtor. She worked from 10 am to 8 pm yesterday and about the same on Saturday. Right now she is busy so she is working about 80 hrs a week. Yes there are some moments that aren't busy for her but she makes it up with these kind of weeks. This is only her second year but things are ramping up. I will admit, watching first hand, that those who think it is a joke are mostly off base. There are plenty of them who don't care but she hustles and earns what she gets.
Posted on 2/5/18 at 11:48 am to lsu xman
I was in real estate in my early to mid 20's. No wife or kids, I was able to work 6-7 days a week. I made really good money for my age, but I focused on vacant land and multi-family housing. On vacant land, the commission used to be 10%. On a 100k deal, I'd walk away with 6k if I was both listing and selling agent and after the broker's 40%.
My wife's aunt has been a realtor in Dallas for 3 years now. She hadn't sold a thing yet. She's done a few leases, but no sales.
A good agent will do 3 million a year or so, which, after splits and broker fees, would net you about 90k income. That doesn't factor in your advertising expenses though. I used to spend one to two grand a month, but I was on the cheap side.
My wife's aunt has been a realtor in Dallas for 3 years now. She hadn't sold a thing yet. She's done a few leases, but no sales.
A good agent will do 3 million a year or so, which, after splits and broker fees, would net you about 90k income. That doesn't factor in your advertising expenses though. I used to spend one to two grand a month, but I was on the cheap side.
Posted on 2/5/18 at 11:49 am to lsu xman
People I know like to get real estate license just so they can dabble for extra income for their own transactions and some family/friends. Especially in this day and age where buyers can basically do all their searching and vetting online to find their own houses, then use their realtor buddy to go through the rigmarole closing the deal.
Posted on 2/5/18 at 11:50 am to Chad504boy
First and foremost ... it takes a lot more time/work than most people think to bring a sale to closing...and keep in mind....a REALTOR is relying on several other parties to do their job correctly and in a timely manner ... loan company, title company, home inspector, the other agent, the buyer and seller.... etc. etc.
RULE #1 ... it ain't sold until the papers are signed at the closing table.
Typical commission in the GBR area usually runs at 5% (some areas are still 6%).
IF a REALTOR gets "both sides" ... meaning they have the seller and buyer as clients...the agent gets the total commission minus what the brokerage charges (say 10% of what the agent earns ... varies broker to broker).
If the agent brings the seller or has the buyer .. the two agents split the commission.
GBRAR (EBR, WBR, Ascension, Livingston, Iberville, EF, WF, Point Coupee, St. Helena) currently has about 2200 members.
More info here. GBRAR website
RULE #1 ... it ain't sold until the papers are signed at the closing table.
Typical commission in the GBR area usually runs at 5% (some areas are still 6%).
IF a REALTOR gets "both sides" ... meaning they have the seller and buyer as clients...the agent gets the total commission minus what the brokerage charges (say 10% of what the agent earns ... varies broker to broker).
If the agent brings the seller or has the buyer .. the two agents split the commission.
GBRAR (EBR, WBR, Ascension, Livingston, Iberville, EF, WF, Point Coupee, St. Helena) currently has about 2200 members.
More info here. GBRAR website
This post was edited on 2/5/18 at 11:51 am
Posted on 2/5/18 at 11:54 am to lsu xman
quote:
At 3% commission, if they can close two home sales a month, that should be good income.
They split that 3% with the broker they work under. Plus marketing expenses are out of the realtors pockets. Getting started isn't easy either because it may take several months from the time that realtor first starts working with a buyer/seller to the time they actually get to closing and the realtor actually gets paid.
quote:
Can't imagine how many real estate agents there are in BR.
Not sure about BR, but I know a realtor in NOLA that complains about it being an over-saturated market nowadays because of all the part time realtors doing it as a 2nd job on nights/weekends and stay-at-home moms trying to sell houses on Facebook.
Posted on 2/5/18 at 11:54 am to lsu xman
Google for homes for sale in the area your client likes.
Drive the client around the area looking at those houses.
Act as middleman to communicate offers when the client finds a house he likes.
Know how to fill out forms correctly.
Show up for the closing (optional).
Drive the client around the area looking at those houses.
Act as middleman to communicate offers when the client finds a house he likes.
Know how to fill out forms correctly.
Show up for the closing (optional).
Posted on 2/5/18 at 11:55 am to jdeval1
quote:
I think they give half of their commission to the parent company if they work for one.
I think there's another arrangement, whereby the agent pays a fixed monthly fee to the broker and then gets the full 3%. Obviously, a high-producing agent would want that type of structure. For a part-time or low-producing agent, the split of the 3% probably makes more sense. I'm not a realtor, just passing on the little I know.
Posted on 2/5/18 at 12:02 pm to TigerNlc
While you do have to pay for your own marketing, some of those expenses are tax deductible. Some companies have automated social media marketing tools that posts your listings to FB, Twitter, etc automatically. Some charge for that, some don't.
You will have fees to pay to the board of Realtors (Greater Baton Rouge Association of Realtors) and you have to take 12 hours of continuing education courses every year to keep your license. You can do these courses online.
Some companies charge additional fees to cover supply expenses whether you use those supplies or not.
You will have fees to pay to the board of Realtors (Greater Baton Rouge Association of Realtors) and you have to take 12 hours of continuing education courses every year to keep your license. You can do these courses online.
Some companies charge additional fees to cover supply expenses whether you use those supplies or not.
Posted on 2/5/18 at 12:04 pm to lsu xman
With sites like Zillow, I figured real estate agents would go the way of TV repairmen.
Why can't there be a way to buy and sell a house through websites, that won't involve having to shell out 5%, or $15 grand, off a 300k house?
Why can't there be a way to buy and sell a house through websites, that won't involve having to shell out 5%, or $15 grand, off a 300k house?
Posted on 2/5/18 at 12:05 pm to lsu xman
I see lots of college dropouts/failures go this route. And they talk about it a lot on Facebook.
Posted on 2/5/18 at 12:07 pm to lsu xman
Realtors will be obsolete in 10 years, just like car dealerships and taxi services. The only thing really keeping them in business are laws and regulations which serve as protection rackets.
As a buyer, I was able to do everything the realtor could on Redfin.com and many times received notice of a new house before she notified me.
As a buyer, I was able to do everything the realtor could on Redfin.com and many times received notice of a new house before she notified me.
This post was edited on 2/5/18 at 12:10 pm
Posted on 2/5/18 at 12:25 pm to seawolf06
You have the have Facebook and constantly talk about how you love your job and how you have the best clients.
It’s the opposite of a nurse
It’s the opposite of a nurse
Posted on 2/5/18 at 12:35 pm to SOLA
quote:don't forget the 80s glamour shots...
You have the have Facebook and constantly talk about how you love your job and how you have the best clients.
It’s the opposite of a nurse
Posted on 2/5/18 at 1:23 pm to seawolf06
quote:
As a buyer, I was able to do everything the realtor could on Redfin.com and many times received notice of a new house before she notified me.
This. I get several calls a week on "a possible new deal" from one of the guys. I'm like "bro, I've already seen that property, did my own vetting, & deemed it to not be worth it last week". I've told him unless he finds an off the market deal don't call me, but he doesn't seem to get the message. I swear his damned realty service has me on a list
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