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Are you looking to be a realtor? Or just a real estate investor? Both have their pro’s and con’s, but you should approach each route independently.
Being a realtor is largely who you know. You need to plan to make $0 in your first 1 to 2 years as a realtor. Most realtors are sourced via referrals, so if you’re a new realtor who hasn’t sold anything, you’ll be hard pressed to build up your book of business. What makes you different from any other realtor out there, especially in the current challenging interest rate environment? That’s the question you need to have an answer to… and “because I like people and I like neighborhoods” probably isn’t sufficient.
75% of realtors quit in the first 2 years. Your success rate will go up significantly if you can build a differentiating factor early in your business.
The cheapest way is whether you have any other credentials that let you waive in. For example, I’m a lawyer licensed to practice in New York and that alone lets me automatically get. Real estate brokers license in the state. I actually got it a few years ago, but never used it. It lapsed, but I could get it again by filling out paperwork and paying a filing fee. I got it to be able to clawback half of a commission on a property one of my companies sold.
Don’t leave your job! It’s nothing like on tv. Get your license & hopefully you can bring a network of ppl with you, Depends on your state as well. Follow YouTube channels of realtors in your state & book a coaching call.
It really is a people-first business, and your love for homes, people, and neighborhoods will serve you well. Beyond that passion, some of the most important qualities for a good realtor are strong communication, active listening, negotiation, patience, problem-solving, and a solid understanding of your local market. Tech skills are also becoming more important, especially for marketing and managing listings online
Definitely don't quit your day job while getting your license. Unless you are connected with a network or know a few builders and developers that will give you exclusive rights to sell, it will take some time to get established. Even then, it's not a guarantee. But you can minimize risk by joining Redfin or Zillow, something that has its own selling and marketing platform. Their structure is set up differently as well.