Getting Into Real Estate!! - Tilted Forum Project Discussion Community

CCates · 08-28-2004, 07:19 PM

Im a freshman in college and I am undecided about my major. I know I would be great at real estate for a number of reasons; personality, charisma, "the will" to succeed, and I love to meet new people. Basically I can see myself enjoying real estate for the rest of my life.

Now what I need from you all is some advice. I want to know what I should study. What will teach me the most about the trade. Any information you can give me will be appreciated.

Also what are the different kinds of real estate. Please correct me if I'm wrong, but is'nt working for an actual "Home Builder" the best route to go?

Thank you,
Chris

Merlocke · 08-28-2004, 08:02 PM

Check out the software companies that are currently leading the market - eg: Top Producer. They can show you the tips and tricks of the top sales folks, so it may help you find the path you're looking for.

I used to work for that company in their tech support department, however I don't know enough about real estate to be of too much help personally, so I thought I'd throw you the bit of info that I had.

CCates · 08-28-2004, 08:06 PM

Thank you, like I said any information is appreciated. This looks to be of some use.

Rodney · 08-28-2004, 08:46 PM

Real estate would be a subdivision of your university's business school or college. Might see if you can find someone over there to talk to, a professor maybe.

CCates · 08-29-2004, 07:18 AM

Yes, I understand that my school offers that course but most colleges like mine only offer the "basic information" of real estate. I need to know what would benefit me the most towards a good career in real estate. I want to know that I can walk away with the knowledge that will be more then just the requierment.

If I just wanted to become a real estate agent I could go and get my license and look for a job. I want more then just the job. I want to know as much as I can before learning from expeirence. I want to be the very best.

Thank you,
Chris

DDDDave · 08-30-2004, 05:39 AM

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

CCates · 08-30-2004, 12:31 PM

That was a couple years ago... I would like to think I have grown a little.

Thank you very much for your advice.

-Chris

raeanna74 · 08-30-2004, 05:16 PM

Do a little summer jobs with a construction company. You will learn about buildings, codes, and construction. It will help you spot problem areas in a home or building that even the seller may not notice but an inspector would. If the buyers are going through a government agency there are certain codes that a house or building must meet before the government will assist the funding. Certain things that involve wiring, insulation, structural soundness, etc. Working with it hands on will help you avoid the little pitfalls that many may miss.

No matter how much book knowledge you get you will never get enough to be the best without learning through experience. Perhaps get a summer job at a real estate office doing secretarial work. You'd be amazed at what you could even learn that way and you could pick the brains of the better realtors that you find yourself rubbing shoulders with. Learn that way by example too. Watch them and see what mistakes they make.

I know you want all the ammunition with you that you can have but I honestly don't know of much indepth BOOK knowledge out there. MUCH of it is based on experience.

We are currently in the process of buying a house. The realtor that finally found us a place that we liked and is doing the best job for us (we dealt with more than one realtor in our search and some didn't work as hard) is in her 50's. She's a buyer's realtor and is doing an excellent job and communicating with us every step of the way. The key here though I think is experience. She knows her work because she's been doing it for a LONG time.

CCates · 08-30-2004, 07:12 PM

Thank you very much Raeanna...

Tracybrian · 09-06-2004, 01:41 PM

All the best realtors started when they were young. It takes time and hard work. There is no secret. Also the real money is in Development. A good way to put yourself through collage is working part time in real estate. Learn your market.

08-28-2004, 07:19 PM	#1 (permalink)
CCates Banned	Getting Into Real Estate!! Im a freshman in college and I am undecided about my major. I know I would be great at real estate for a number of reasons; personality, charisma, "the will" to succeed, and I love to meet new people. Basically I can see myself enjoying real estate for the rest of my life. Now what I need from you all is some advice. I want to know what I should study. What will teach me the most about the trade. Any information you can give me will be appreciated. Also what are the different kinds of real estate. Please correct me if I'm wrong, but is'nt working for an actual "Home Builder" the best route to go? Thank you, Chris

08-28-2004, 08:02 PM	#2 (permalink)
Merlocke Location: Canada	Check out the software companies that are currently leading the market - eg: Top Producer. They can show you the tips and tricks of the top sales folks, so it may help you find the path you're looking for. I used to work for that company in their tech support department, however I don't know enough about real estate to be of too much help personally, so I thought I'd throw you the bit of info that I had. __________________ -=[ Merlocke ]=-

08-30-2004, 05:39 AM	#6 (permalink)
DDDDave Addict 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 __________________ I am just a simple man trying to make my way in the universe... "Go confidently in the direction of your dreams. Live the life you have imagined." - Thoreau "Nothing great was ever accomplished without enthusiasm" - Emerson

08-30-2004, 05:16 PM	#8 (permalink)
raeanna74 I'm not a blonde! I'm knot! I'm knot! I'm knot! Location: Upper Michigan	Do a little summer jobs with a construction company. You will learn about buildings, codes, and construction. It will help you spot problem areas in a home or building that even the seller may not notice but an inspector would. If the buyers are going through a government agency there are certain codes that a house or building must meet before the government will assist the funding. Certain things that involve wiring, insulation, structural soundness, etc. Working with it hands on will help you avoid the little pitfalls that many may miss. No matter how much book knowledge you get you will never get enough to be the best without learning through experience. Perhaps get a summer job at a real estate office doing secretarial work. You'd be amazed at what you could even learn that way and you could pick the brains of the better realtors that you find yourself rubbing shoulders with. Learn that way by example too. Watch them and see what mistakes they make. I know you want all the ammunition with you that you can have but I honestly don't know of much indepth BOOK knowledge out there. MUCH of it is based on experience. We are currently in the process of buying a house. The realtor that finally found us a place that we liked and is doing the best job for us (we dealt with more than one realtor in our search and some didn't work as hard) is in her 50's. She's a buyer's realtor and is doing an excellent job and communicating with us every step of the way. The key here though I think is experience. She knows her work because she's been doing it for a LONG time. __________________ "Always learn the rules so that you can break them properly." Dalai Lama My Karma just ran over your Dogma.

08-28-2004, 08:06 PM	#3 (permalink)
CCates Banned	Thank you, like I said any information is appreciated. This looks to be of some use.

08-28-2004, 08:46 PM	#4 (permalink)
Rodney Observant Ruminant Location: Rich Wannabe Hippie Town	Real estate would be a subdivision of your university's business school or college. Might see if you can find someone over there to talk to, a professor maybe.

08-29-2004, 07:18 AM	#5 (permalink)
CCates Banned	Yes, I understand that my school offers that course but most colleges like mine only offer the "basic information" of real estate. I need to know what would benefit me the most towards a good career in real estate. I want to know that I can walk away with the knowledge that will be more then just the requierment. If I just wanted to become a real estate agent I could go and get my license and look for a job. I want more then just the job. I want to know as much as I can before learning from expeirence. I want to be the very best. Thank you, Chris

08-30-2004, 12:31 PM	#7 (permalink)
CCates Banned	That was a couple years ago... I would like to think I have grown a little. Thank you very much for your advice. -Chris

08-30-2004, 07:12 PM	#9 (permalink)
CCates Banned	Thank you very much Raeanna...

09-06-2004, 01:41 PM	#10 (permalink)
Tracybrian Crazy Location: Tracy, ca	All the best realtors started when they were young. It takes time and hard work. There is no secret. Also the real money is in Development. A good way to put yourself through collage is working part time in real estate. Learn your market.