Re: Losing my job Another point of view - Posted by Mike Mansfield
Posted by Mike Mansfield on January 29, 2004 at 20:33:23:
With the federal deficits increasing at an alarming
rate (new Medicare entitlements, Iraq war, grants
to college students, minorities, HUD home buyers,
NEA, extended unemployment benefits, well you get
the idea) interest rates will have to be raised
in 2005-2006. This will most likely cause home
values to decline, 10 to 20%. Home sales will drop
at a dramatic rate and only the strongest real estate
agents will be able to weather the real estate
selling cycle.
Good luck in you decision.
Posted by Tim (CT) on January 29, 2004 at 13:49:27:
Thanks for the good advice. I agree. I’ve got some other skills that are not out-dated but they’re not enough to land a full-time, “good-paying” job doing it. Mostly because I don’t have alot of experience and education in the arena. I think I’m going to try and get as much of that as I can, get a job within that field and do the REI thing as a side-business (very similar to what I’m doing now). I just need to jump onto a different kind of ship vs. jumping off the ship onto dry land (if you can follow the analogy - I’m sure you can).
Have you called Cust. Service lately? - Posted by IB (NJ)
Posted by IB (NJ) on January 29, 2004 at 22:01:08:
Everyone who answers, regardless of who you call, is from India.
The next time you call cust. serv., ask the guy where is he located. After you get the “your call is being routed through a call center in California” (which it probably is), ask him where is HE located. Chances are he’ll say “India”.
That could work if the contract is corp-to-corp because they’re hiring a corporation not an individual. In the case where you personally sign the contract that could be illegal to sub-contract the work.
Now You Will Learn People & RE - Posted by EZ Money
Posted by EZ Money on January 29, 2004 at 13:42:24:
The Real Estate business is a great business. You can make a lot of money and REALLY be paid what you are worth. You will have to learn people skills, and product skills. The first thing to learn is that YOUR time is valuable! Don’t waste time on low ball 40% off offers, no money down buyers, upside down sellers, and hard to deal with buyers/sellers. Stay away from junk clients and property. Be a professional, act like a professional, know your business, and you will make a lot of money.
Ya, I’m reading that same article. - Posted by Tim (CT)
Posted by Tim (CT) on January 29, 2004 at 11:31:14:
Hank FL sent me a link to that article. Again, I’m just testing the water. At this point, I’ve got my big toe about an inch from the water and it doesn’t like what it sees. I agree that, with investing, you get there much quicker and with far more control. I like that idea much better. But, again, just testing the “realtor” menu to see what it’s truly all about. At this point, I don’t like what I’m smelling.
Re: Being a RE Agent is really hard work - Posted by jasonrei
Posted by jasonrei on January 30, 2004 at 09:06:23:
You said it! Showing homes to your average buyer is not something I would want to do for a living. The homes I sold myself were okay experiences. However, I’ve seen what some agents have to go through to get a deal done.
Next time When someone offers to pay you, take the money and donate it yourself in the name of the real estate agent. You’d be doing a great service to your community, in another area, outside of helping folks find housing.
Posted by Jennifer in NC on January 29, 2004 at 09:37:55:
You are correct in saying that the only way you can become a “realtor” is by paying the fees to join the realtor’s association, but the big advantage to that is NOT so you can use the term in your advertising. The big advantage to being a REALTOR is that you get access to the MLS. That’s the ONLY way an agent/broker has access to it, is by becoming a REALTOR.
Posted by Tim (CT) on January 29, 2004 at 08:43:55:
Of course I have some homework to do. Any new venture requires work BEFORE you get into it. That’s why I’m just looking into it instead of jumping into it. I appreciate your feedback, though. I need to get a good understanding of what it is I’m looking at. And, around here, I don’t believe NOT becoming a realtor is an option. I believe it’s a requirement of the broker/agency to pay your annual fees to become a realtor. Not 100% sure though (not yet at least).
Losing my job Another point of view - Posted by Paul -Maine
Posted by Paul -Maine on January 29, 2004 at 23:53:01:
It’s people with the chicken little look on life that will clear out the weak agents.That will actually be a good thing because the better agents will survive and provide better service overall. Besides there is opportunity in every market, and with my fulltime job being checking out every new listing that hits the MLS I think I will find some good deals to invest in myself. Oh by the way I get a commision for buying my own investment property.
You know what happens when interest rates rise and unemployment goes up? A lot of people can’t buy homes so my apartments will be more in demand, so higher rents.
I am new to real estate investing, but my guess is there is going to be a lot of distressed and foreclosed properties in the very near future with rising rates and high unemployment. More opportunities.
There will always be people who are buying and selling real estate no matter what the economy is like.
I just need to direct market to them and they call me.
I respect your opinion though, even though I disagree.
Posted by Jim Fox on January 29, 2004 at 09:53:36:
Nope. Not the case at all. There is no MLS. There are many MLSs all over the country. Each has its own policies. Here, anyone can join any of the 3 MLSs that cover the area. Most brokers/agents here will have nothing to with the NBoR.
BTW, a sharp attorney won a court victory based on estoppel against them. They lost the “Realtor” trademark. Don’t know if it’s being appealed or not.
Re: Losing my job Another point of view - Posted by Mike Mansfield
Posted by Mike Mansfield on January 30, 2004 at 01:55:01:
Paul,
The orginal post was asking for a opinion
on becoming a real estate agent since he may be
layed off his job, needing 80K to support his
family. My belief in 2005-2006 with interest
rates going up 2%, home prices will have to drop
as new buyers will not be able to pay the higher
monthly payments at the current home prices. Many
recent buyers with the “rose colored glasses” will
not sell waiting until prices go back up which may
or may not happen. The new real estate agent trying
to make a living will find the volumne a real estate
being bought and sold will be be greatly reduced
since buyers cannot afford the payment and sellers
do not want to sell at a loss. In the end the new
real estate agents will eventually quit due to no
income and find other employment. I believe becoming
a new real estate agent now is on the wrong side of
the curve, maybe 2007 would be better. As far as
owning apartments and buying foreclosures I don’t
think it was his main concern, he just need a job
with a good income. It kind of like selling new
cars, without no down, very low interest or rebates
cars just do not move, thus no commission (just
ask any car salesman). The same with real estate.
Everything you say is absolutely correct. My local board of Realtors trys to make you think you need to joing CAR/NAR but will happily accept your money and give you MLS access if you aren’t a memeber. It all stems from the lawsuit you mentioned.
But…what I’m finding is that Realtors get free electronic forms (WINForms), which is virtually essential these days. You can buy WinForms as a non-realtor but it costs almost as much as joining their rag trade group and getting them for free.
Posted by Jim Fox on January 30, 2004 at 07:18:47:
Same scam here… if you belong to the state board you get e-forms for free else you must pay. So I still use the old carbonless forms and write addendas using MS Word. Two reasons, the basic forms must be “word for word” identical to the legal standard… addends can be what you like as long as you refer to the correct line number. Also, this is the most computer illiterate area in the country. Nearly everyone I deal with uses the mail or FAX anyway. Maybe someday we will get into the 21st century here.
Posted by Jim (NJ) on January 29, 2004 at 15:19:54:
Dave,
I just checked out the web site for the Garden State MLS and their home page states that for access to members only services, you must be licensed to sell real estate in NJ. Are you saying that I could go to one of the broker/members and they would take my money in exchange for access to this listing service?
I have been struggling to do deals and I think access to the MLS would be an enormous benefit.
Also, if you acquire access are there different levels of access such as current listings only, expired listings, transaction pending, transactions sold, that kind of thing?