January 15, 2007 at 2:52 PM #8223
I am considering becoming a real estate agent in the LA area, but to be honest, know pretty much nothing about the process.
I know there are some on here, so I thought you might offer some advice, insight, or info.
Where do I start?
What’s the difference between a Real Estate salesperson, and a broker?
Generally how much does the process cost?
ThanksJanuary 15, 2007 at 3:01 PM #43456kev374Participant
are you joking? I know Realtors who have been in the business for 20 yrs and are crying right now because not a soul is showing interest in anything. One realtor told me that business is so dead he hasn’t seen it this bad ever…another one in Vegas that I know said he is ready to get out of the market because there is 18 months inventory (27000 units) right now and rising and says the Vegas market is about to experience a crash of biblical proportions due to the madness of the last few years.
I suspect a similar crash for SoCal as well.January 15, 2007 at 3:43 PM #43462asragovParticipant
One well known real estate school that offers the classes and exam passing material is http://www.lumbleau.com
The test now for a real estate salesperson vs. broker is fairly similar, but there are more education requirements to become a broker. The Lumbleau website has information about it.
I am not affiliated with them in any way, just aware of them.January 15, 2007 at 3:50 PM #43464DinoParticipant
Don’t believe the media hype…the worst of the slump is over, but don’t expect the market to turn around for a while. Sure, we’ll still see both sales and prices decline over the next year or two as housing settles into normal market conditions. Look for about 3-4% in San Diego over the next year (a bit more in parts of LA and Orange County)and it’s true, Vegas will get hit harder than most areas, but the doom and gloom projected by most on this blog may be over-stated. Most, if not all, respected housing economists don’t see it happening. Don’t rely on the real estate industry either, though. They’re obviously biased.
That being said, is it a good time to get into the industry? I would say no, unless it’s something you want to do long term. Again, it’s true that many agents are struggling right now and I expect many to leave the industry. Loan officers, too. I would talk to a few brokers and see what they have to say.
Finally, agents have to work for a broker. You will get your RE sales license and go work for a broker. You will be considered a real estate agent at that point. Later, you can get your brokers license if you want. I hope that helps.January 15, 2007 at 6:33 PM #43476
Thanks for the comments guys, though I sohuld learn to how to spell Real first.
I know the market is slow, and even if the worst is not over yet, it’s still something I’d like to look into. I have no intention of leaving my current job, and if I did get started anytime soon it would be part time initially.
You could say I’m getting a head start on the next bubble.
Personally, I hope it does keep going down so I can afford a house soon.January 15, 2007 at 7:10 PM #43478carlislematthewParticipant
but the doom and gloom projected by most on this blog may be over-stated. Most, if not all, respected housing economists don’t see it happening.
Most, if not all, respected housing economists predicted a soft-landing with “back to normal” appreciation. Then most of them predicted that prices would “level off”. Now most of them are predicted that it will be “over soon” and we’ll “back to low digit appreciation soon”.
I agree with you that the market is not going to be as doom and gloom as some on this forum predict, but let’s be careful what and whom we choose to believe.January 15, 2007 at 9:44 PM #43480SD RealtorParticipant
My advice would be to take it up as a second job. You can do alot of work on the weekends, open houses, stuff like that. I think people who jump into it have serious misconceptions that right after they get thier licenses they will be out there taking listings and working directly with buyers.
So as long as you have a steady source of income that you can rely on to pay your rent and bills then take the classes, get your license, go work for a good brokerage and learn the business.
SD RealtorJanuary 16, 2007 at 12:02 PM #43506hipmattParticipant
Not to sound mean, but becoming an agent right now is possibly the worst timing possible. Not only is the population of RE agents at an all time high, after 10 years of home appreciation, loans that anyone can get, and stories of millionaire agents and thus new agents jumping on the easy money bandwagon, there are currently way too many available, especially in socal.
I personally know about 10 RE agents (friends and acquaintances), not related to me being in the business, and if I count other agents, probably another 40. Many of them are in the process of a career change, due to lack of buyers. Investors and speculators were 30-50% of many agents business, and now, thats all but gone.
Loan agents are dropping like flies, and they should. IMHO, these are the some of sleeziest members of our society. They have expected easy money this whole time, and now thats ending. I would not recommend becoming an agent anytime soon.January 17, 2007 at 1:11 PM #43602ibjamesParticipant
Friend just emailed me, he got a call from a realtor that met him once in the gym that he met through a friend of a friend. The realtor was asking if he knew anyone that was looking at buying.
He reads this site also, and asked the realtor why he should buy now, the realtor said that the market is a buyer’s market and now is a great time to buy. After some playful banter, the realtor ended up not having much to say, and admitted it’s a tough time and he’s just trying to drum up business. Basically calling anyone and everyone he has had contact with.
Tough time for RE right nowJanuary 17, 2007 at 6:05 PM #43622
I don’t doubt that this is a terrible time to be on the selling side at all. I currently rent and if nothing else, thought I could become an agent for my own purchase.
Just as people jumped on the bandwagon when it was hot, I’m sure many will jump off now. So why get on now? Why not? I have a steady job, I don’t necessarily need the income, by the time I actually become an agent the market may even be lower, but it will pick up again eventually, and by then I might have a clue on what you guys talk about on here. 🙂January 17, 2007 at 7:10 PM #43628aztecnologyParticipant
I feel the same way as cooprider, I think now’s a really good time to get your license, which is what I’m doing. The people who are trying to make their career at real estate will eventually follow the path of natural selection.
I plan on representing myself when I buy my own home, and in the mean time wait for prices to come down. In the mean time I think I should be able to do a few loans/refi’s and maybe represent a couple buyers or sellers, for me it’s going to be some extra downpayment/savings/vacation money.
The way I see it, regardless of the market, people will always need to buy and sell. I don’t need to be out hustling for every deal out there to put food on the table, I already have a pretty good job.
[daydream] A couple deals a year would allow me to take my family to Aspen for skiing in the winter, Maui for spring break, and Disneyworld for a summer vacation…[/daydream]January 17, 2007 at 7:16 PM #43630(former)FormerSanDieganParticipant
Thanks for the comments guys, though I sohuld learn to how to spell Real first.
Actually mis-spellings in listings are quite common from what I’ve seen. You are qualified from that perspective.January 17, 2007 at 8:18 PM #43635sdrealtorParticipant
[daydream] A couple deals a year would allow me to take my family to Aspen for skiing in the winter, Maui for spring break, and Disneyworld for a summer vacation…[/daydream]
[reality] Actually doing a couple deals a year is not as easy as it sounds. [reality]February 20, 2007 at 11:19 PM #45876fsboParticipant
I am also thinking about representing myself when I buy my own homeFebruary 21, 2007 at 12:15 AM #45879AnonymousGuest
-Go for it and be contrarian. Since you have a ft job, why not learn the ropes part time now so that you are ready for the next run up. So long as it is not going to cost you too much to maintain your licence etc.
-I don’t understand the logic behind saying that the worst is over. The problm I have is that the comments like that on this blog and in the papers never have any facts or data attached to them. Just vague, unsubstantiated statements. The fact that we have endured through a relatively short one year period of slight depreciation does not mean that things will suddenly turn around!
- The forum ‘Buying and Selling RE’ is closed to new topics and replies.