-this is also posted on introduce yourself page.....but this is where I really wanted it.....-------------------------------------------------------------------------------

Back with questions...I start my online course with Rockwell Institute to get my license by next February....I have been reading many blogs and articles about Real Estate...I am excited by the possibilities, and also scared to start...I am currently working in retail for about 50-70k a year (depending on bonuses) and with 55-65 hour work weeks....I am not afraid of hard work, but I want to be compensated for it...I have been talking to various people both in the business and out, and I am getting the impression from those in that it is a good career that will pay well (better than I am currently getting) with the same or less hours a week......but it also seems that current systems are changing and somewhat rapidly too....so those of you out there in this field, what do you think....can a man who is a good worker and likeable take good care of his family while working in this career?? We are not an extravagant family, but I have been feeling highly underpaid for the hours and work I put in at the "store".....

On similar lines, how do I get started Part-time with a broker until my 20 years with my current company is up ? (at 20 years, I get some benefits that will be useful in years to come)....

I have talked to a couple brokers, one that seems pretty willing to work with me part time, and a JohnLScott branch where it seems I have to really be full time there to get good training....

You know any and all advice at this point will be greatly appreciated....other threads here would be good to find, if you can remember their wording.....

Thanks,
ScotttNW

First question, when is your 20 years up?

Next how do you plan on giving your clients the professional service they deserve while still working 55-65 hours a week at the "store"?

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My thoughts on the Sarasota Association of REALTORS actions.

It's almost impossible to provide good service or make good money at real estate part time. If I am your client and need to see homes on Saturday but you are working at your "real" job, I will find somone who can show me homes on my schedule. How can you attend and arrange closings, appraisals, inspections, and do all the other things that require you to be on the phone forever or at the house you have under contract if you are working a 65 hour a week job?

When you first start out you can expect to work as many if not more hours than you work now. It's not as easy as a lot of people think.

You will not immediately start getting commission checks. However, you will have many many monthly expenses in addition to your normal living expenses with no money coming in. The general rule of thumb is to have 6 months living expenses in the bank when you start out. Do not expect to have a profit your first year or possibly even your second. It's true that it takes money to make money. After you pay your start up expenses you will have monthly advertising, technology, supplies, and automobile expenses just to name a few. Too many people enter real estate with the desire to succeed but without the financial ability to successfully last until they get their business off the ground.

Real estate is a great career but my advise is to either make the commitment or not. Wait till you get your 20 years in on your other job then get your license. Put everything you have into it. You will get out of it what you put into it most of the time.

Be an active member of your local association. Know the Code of Ethics inside and out.

A few books I suggest you read:

21 Things I Wish My Broker Had Told Me: Practical Advise for New Real Estate Professionals by Frank Cook

The Millionaire Real Estate Agent: It's Not About the Money...It's About Being the Best You Can Be! by Gary Keller

Real Estate Technology Guide by Saul Klein, John Reilly and Mike Barnett

Good luck!

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Chattanooga TN Homes and Relocation Information

A few cents worth from an MBA and a small business owner.

Before you start do a business plan. This plan should cover:

1. What are my expensives. (include all expenses including paying yourself, and placing money in a reserve account)
2. What are my incomes.
3. What is my cash flow.
4. What is the goal of the business.
5. What will the business provide to my customers.
6. How is my business different from the competitors. (Why will a customer chose me)
7. What do my competitors offer that I don't
8. How will I promote the business (This will also be under expensives)
9. What do I really need to run the business.

Now take your expensive and increase them by 25% and decrease your income by 30%. Starting with you current cash on hand, plot the amount of cash in the bank at the end of each month for the next year. To calc this add in the monthly income and subtract out the monthly expensise. Besure to adjust your monthly income based on the season. If the amount of cash in month is negitive, determine where to cut expenses (or stop eating, using electricity, gas, etc)

The biggest problem that most business face is cash flow. Getting customers is not that hard, getting customers and payments before the bills are due is very hard.
Last - keep your person and business money seperate. It is too easy to miss a business loss when everything is mixed with personnel expensives.

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Neal M
Jackson MO Real Estate, Cape Girardeau Missouri Real Estate, Cape Girardeau Real Estate
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