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Old 08-30-2004, 05:39 AM   #6 (permalink)
DDDDave
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Location: Sarasota
When you say "I want to be the very best", what do you exactly mean? Make the most money? Do the most deals? Have everybody think you are the best?


All real estate can be placed in two categories - residential and non-residential. Residential is obviously single family homes, condos, duplexes, apartments and (in most states) mobile homes. Non-residential is everything else. Retail buildings, office buildings, industrial facilities, schools, hospitals, railroad roundabouts, the White House, etc. Generally it is known as residential and commercial. However, apartments and duplexes are usually considered commercial properties.

I would guess that about 90% of RE agents deal in residential. That is understandable. It is what people know. I will tell you,,, experience is everything. It is hard to be very successful at a young age because there is so much to know that you just haven't experienced yet. That is not a bad thing it is just the truth. Realize that you will be trying to convince people that are your parents age why they should or should not buy that particular property. They will think, and maybe rightfully so, 'I know more about it than him'. Answer- as you have deduced- education. Stay in school. My suggestion would be any kind of business program. Finance, accounting, marketing, all will serve you well. RE is a business. Treat it like one. Have a plan. Follow through on it.

Knowledge outside the realm of real estate is a very good thing too. It will allow you to relate to a larger client group. The entire business requires money, so any finance or accounting classes will benefit you. Any type of sales classes are vitally important too. You need to understand buyer motivations and the intricacies of salesmanship. There are tons of books on these subjects. Tommy Hopkins is an author I would recommend.

While you are in school, I would go ahead and get my RE license. Nights or weekends from the local Board of Realtors. Just to get into the business. If you have the time and want to have knowledge that the other 90% don't have - take RE appraisal classes. You will learn a lot of technical knowledge and it sounds very good to tell people that you talk to that you have an appraisal license. It will give you a leg up on the older agents.

Oh, and working for a 'home builder' is not a bad way to learn either. I never paid my salesman more than 1% - 2% though. You get to practice your sales skills with a defined product type. You generally will not learn about different product or different areas of town. In most states you do not need a RE license to sell for a 'Builder', but most builders will want you to have one.

Good Luck. It is a great business.



P.S. Pretty lofty goals for a guy who drives stoned the wrong way down a 6 lane highway
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