Recently, someone asked me to answer those questions on a social media platform (Quora.com). My answer was very popular and got a lot of positive response. So, I thought I would share it here. The dog picture is just because everybody loves a dog and this is mine. Suzie.
1) Save money. Very few people are successful when they try real estate as a part time career. You’ll do better if you have enough money saved to support yourself for at least 6 months with no income. Hopefully, you will have income sooner but there will be lots of expenses too.
2) Treat it like a business. This is not a JOB. You will be running your own business. Act like it. Examples: set business hours, have an accounting system, business plan, separate accounts, pay taxes quarterly, etc.
3) In my opinion, you should start with a major, global franchise. When you have established your business and are successful you may decide to go with an independent. However, until then, you NEED the tools a major franchise offers. You also need the training and coaching that are available with those major brands.
4) Absorb everything you can about real estate and don’t believe everything you read. Always check sources and converse with your Broker about the information you’re getting. Your Broker should be the person you know who is the most educated and experienced in your market. Every market is different. Real Estate is very local.
5) Don’t assume that the highest split is the best place to be. 100% of nothing is still nothing. You get what you pay for. A lower split where you aren’t paying for signs, business cards, insurance, desk space, etc. and you are getting solid training and broker access is usually the best way to start.
6) Be prepared to work hard. You have to live real estate. I’m not saying you work 24/7 but in the beginning you should be working about 60 hours a week to establish your business.
7) Good luck!
2) Treat it like a business. This is not a JOB. You will be running your own business. Act like it. Examples: set business hours, have an accounting system, business plan, separate accounts, pay taxes quarterly, etc.
3) In my opinion, you should start with a major, global franchise. When you have established your business and are successful you may decide to go with an independent. However, until then, you NEED the tools a major franchise offers. You also need the training and coaching that are available with those major brands.
4) Absorb everything you can about real estate and don’t believe everything you read. Always check sources and converse with your Broker about the information you’re getting. Your Broker should be the person you know who is the most educated and experienced in your market. Every market is different. Real Estate is very local.
5) Don’t assume that the highest split is the best place to be. 100% of nothing is still nothing. You get what you pay for. A lower split where you aren’t paying for signs, business cards, insurance, desk space, etc. and you are getting solid training and broker access is usually the best way to start.
6) Be prepared to work hard. You have to live real estate. I’m not saying you work 24/7 but in the beginning you should be working about 60 hours a week to establish your business.
7) Good luck!
leighyork 