Just got laid off and looking for a career change. I’ve always been interested in real estate. I know it’s a terrible time to become an agent.. but any thoughts?

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I met two top Brokers in NYC. They said this year was the worst year. If you have at least 6-12 months of savings? Go for it. If you have connections already in real estate go for it.

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50% of realtors quit within 2 years of getting their license in normal times. It’s even harder in a time like this with such little inventory and so few transactions. You should be prepared to go 9 to 12 months without earning any commissions. Are you in that position financially?

Realtors who are successful tend to have very extensive networks and know how to be top of mind with their clientele. Do you feel like you are a strong networker?

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I quit in a year! This was when it was ok for agents to be part time. I’m talking about a decade ago. After a while my leads were going to full time agents who they felt were more vested. I used to do real estate on evenings & weekends. Unless your clients are super rich? Thats when your clients are available to see apts or condos etc. Which meant during the day I had a full time job.

Being a realtor takes regular to low intelligence, so it’s a low bar of entry. But like others have said it’s about networking. If you love talking to people, networking and constantly marketing yourself then you already have some foundational skills.

funny

This is so helpful. Real estate would be fun. But terrible at networking. Hats off to you who can do it.

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https://www.cnn.com/2023/11/05/homes/nar-verdict-real-estate-commission-fee/index.html

I would not be trying to get into real estate as a career. Above is a very significant case that will likely reduce commissions and sale process across the board.

Honestly, good riddance. There’s a lot of opaqueness and fees over the place with real estate, too many people are getting a cut and providing little to no value. The flat/low fee sell/buy services exploded the last few years too.

I’ve bought 5 houses, two of them without realtors. I found every single house myself, buyer realtor especially should not be getting 3%.

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Following, as I’m literally in the same boat as OP and wondering about real estate.

Never a bad time imo. It just depends how hard the individual wants to work. You can always start with it on the side and see how that works.

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