What is going to happen to the real estate agents?
Posted by admin on 22 Jun 2008 3:52 am. Filed under Renting & Real Estate.
wnd111 asked:
I am just now getting my feet off the ground after being out of the job market for more years than I care to say because of three back surgeries that left me in chronic pain. After several years of physical therapy I am going to attempt to do real estate either sales or appraising? I am not sure what is going to happen to the job market in that area? I know it will get hurt, but how bad will it get hurt, is my question. Any input would be interesting.
I am just now getting my feet off the ground after being out of the job market for more years than I care to say because of three back surgeries that left me in chronic pain. After several years of physical therapy I am going to attempt to do real estate either sales or appraising? I am not sure what is going to happen to the job market in that area? I know it will get hurt, but how bad will it get hurt, is my question. Any input would be interesting.
On June 22nd, 2008 at 9:35 pm
Real estate sales is probably less appealing than appraisal. There is a lot of competition in sales, and currently the market is not good, but that does not mean it will stay bad forever. The housing market fluctuates. The Internet has made real estate sales less rewarding. Agents have had to cut their commissions, discounts are available, and owners are able to offer their homes to the public directly.
On the other hand, real estate appraising is a profession that is more difficulty to enter, and regardless of how sales are made, privately or through agents, appraisals are needed. I believe that the prospects are better in appraising than in sales, but that is only my opinion. It would be a good idea to investigate both fields very carefully before you make a decision.
On June 25th, 2008 at 2:33 am
Wow, you chose a tough market to go into right now. The rise in foreclosures has taken a terrible toll on the real estate market. Even after funneling billions of dollars into the market the government couldn’t solve the problem. It has been so bad that it has caused mortgage companies to close their doors and real estate agents reeling the horror of the homes sitting on the market forever, having to sell houses for less than they are worth, and clients who will wait to see if the government bailout will work or just wait until later to apply for mortgages. When the market was booming mortgage companies gave a lot of loans to people who were seeking loans over $450,000. Now with the tighter economy, credit lenders being harder and people second guessing on buying that dream home right now many real estate agents are feeling the crunch. Appraisals for commercial properties are still making the better end of the two. There has to be an end in sight, the government will not let the mortgage lending crisis destroy the American economy. Talk to several appraisers and real estate agents in the area where you live. They can give you a better picture of what is going on where you are. Some communites are experiencing no crunch at all. Kudos to you for going back to work after all you have been through. You are a fighter and will do any business good!!
On June 27th, 2008 at 8:08 am
Well it isn’t a good time for either one at the moment. I’m both and starving. Everyone is different though.
To sell real estate you should have a couple years worth of income to start a business with and live on. Work with a large broker like Coldwell Banker, they have the best training tools and believe me you aren’t done training yet. We use to say that it could take 6 months for a commission check, well I’ve been in the business for 20 years and had one closing this year, 8 listings and no sales.
As for the appraisers business, again you need monies to get going and keep going. In most states a trainee needs to work under someone already licensed and come January that will be hard to find as the rules are changing and only Certified Appraisers can supervise, and then only 3 trainee’s.
Either way, you might be better off selling stuff on Ebay and make more money quickly.
Sorry to hear about your back trouble, hope you feel better.
Hugs from Minnesota
On June 28th, 2008 at 9:43 am
It will depend on your local area and how well you build relationships. When starting any new career ‘self employed’ it takes some time to get off the ground. Both professions require training and licensing.
Both professions will require you to have contacts with people that know people that either sell or lend in real estate (appraiser) or have a nice circle of influence that will refer clients to you to buy a home or list theirs for sale (Realtor) Being a Realtor is more expensive out of the gate, but then again you split 4-6% commission on the sale of a home less what your broker will take (usually 40%)
Plus, you need to think about what will make you HAPPY and will you LOVE doing it. Appraising is generally a solo career, meaning you go out to the home alone etc. Realtors deal with people and personalities all day, you really need to LOVE working with people and problem solving to be a successful Realtor. Simple fact is EVERY transaction will have snags; you will coordinate with a title agent, lender sometimes, appraisers, and inspectors and of course buyer/seller and maybe another Realtor.
I am a lender and find my career choice VERY rewarding. I love to get people in home for the first time, or refinance to achieve a financial goal (college, retirement). I deal with several agencies in the process and need to coordinate MANY things. If I truly did not love what I do, I would have left this career the first 90 days.
Hope this help and Good Luck, glad to hear you are finally on the mend, I hear back pain is relentless. God Bless You.
On June 30th, 2008 at 1:31 pm
How come that a lot of Realtors think they can only sell in a Seller’s Market?
I think a Buyer’s Market is well worth working. Yes it is more work and yes you truly have to work Real Estate instead of just handing properties of the shelves like it is done in a Seller’s Market.
If Realtors now are continuing wining and complaining about the bad market and the bad business, how do you expect buyers and investors gain conficence in the Market again.
Wake up and go out there and work a buyer’s Market!! Think about it It is a great time to buy.