Question by thinkbig625: Real Estate Pros ONLY: Is now the time to…?
I know that right now the housing market and the economy are in horrible shape.
I also realize that from a real estate INVESTORS(with plenty of capital) perspective, now is a great time to invest in properties, the prices are low and assuming the market recovers as it always does, one could potentially make a substantial profit by investing wisely in today’s market.
My question is geared towards Realtor Professionals, not those who jumped in during the boom and have now jumped ship, but the dedicated professionals. Gary Keller has written books like “Millionaire Real Estate Agent” and more recently “Shift” regarding the cyclical nature of real estate and describes today’s market as “opportunity time”.
I’m about to go to school to get licensed and start with a company that appears to be thriving, can anyone outline just how now is a “Opportunity” specifically for a real estate agent(not an investor)?
I understand now it’s a “buyer’s market” but with the decline in the economy and unprecedented lay-offs, can anyone currently succeeding point out in real terms (not theory’s and ideas) just how a Realtor is thriving in today’s market? (Feb. 9th 2009)
I guess in some ways I’m just looking for some validation, I’m pursuing this career path regardless, I just want some input.
Thank You in advance for your time.
Best answer:
Answer by A D
Well, first off, I don’t know that I would call this a *Buyer’s Market*, if the buyers cannot get loans.
As you pointed out with all jobs being lost, it’s a scary new world out here. I have read reports of how many agents have gone “inactive” because it is just too hard (read: impossible) to make a living now.
You don’t say where you plan on being a real estate agent, and that can make a big difference.
There are real estate agents that do fine regardless of the market conditions. But you have to be well positioned not just to survive, but to actually thrive in a market like we have now.
Well positioned agents are probably going to be snatching up properties now. Also, aligning themselves with investors who are also buying properties. They may also be finding business source as a listing agent for REO properties. Another source of business is specializing in Short Sales.
If you are just starting out, unless you have a large base of potential clients (buyers or sellers) to be a source of business, you may find it slim pickings out here. You might want to see about joining a “team” where you would be getting a smaller commission cut, but getting valuable experience and some commission is better than nothing!
Then when the market comes back, you will be in a good position to excel.
You might want to research and interview with several successful local agents to see if now is the right time for you to quit your day job.
Add your own answer in the comments!