Becoming a Realtor
Dear Phyllis,
I have been enjoying your real estate questions and answers for years. You seem to have such a vast knowledge of all aspects of real estate; does that just come from experience? Or did you have special training? Now that my children are grown, I am considering going to school and obtaining my real estate license. What can you share about becoming a Realtor? Cindy
Dear Cindy,
Thank you! Before selling real estate, I was a mortgage banker. I held a variety of different positions. My experience as a loan underwriter included an in-depth analysis of the appraisal process. This knowledge has greatly helped me when appraisals come in lower than the selling price of my listings. I have the skill set needed to rebut low appraisals.
When I first became a Realtor, I attended numerous seminars and conventions. I highly recommend gaining as much knowledge as possible. However, not every seminar provides value. If you attend one that turns out to be little more than a sales pitch, don’t hesitate to leave and spend your time elsewhere.
Becoming a Realtor also requires a significant financial investment. You must pay Multiple Listing Service (MLS) dues to access listings and showing information. In addition, you need a keypad to access lockboxes and errors and omissions insurance to protect your business. As a Realtor, you incur many expenses before you ever earn a commission—in many ways, you pay for the privilege of going to work each day.
Being successful in real estate means being accountable seven days a week. You won’t necessarily be meeting people every day, but you will be answering calls and emails daily. Over the years, I have had numerous assistants, and many of them branched out on their own and became very successful real estate agents. You will learn more and have a better opportunity if you can find a job as a real estate assistant to a top-producing Realtor. The other aspect of being part of a team is that you can take a vacation and know that your clients are in good hands.
Best of luck to you, Cindy – hope to see you in escrow!
