Should I quit Google to become a real estate agent?
2-3% seller commission in the Bay Area!! I need to sell one overpriced shack every 2 months to make the same TC I'm making now.
No!! It takes six months to a year to close a deal unless you know a lot of people and they know you're an agent
And register that as an s-corp and take that sweet sweet tax cut.
Good luck being the seller agent right away. I won't trust letting you sell my house for at least a few years. Buyer agent has to compete for customers and do a lot of leg work, like driving potential buyers around, deal falling through, dead beat, etc. So you basically has to make no money for a while to make money later. The commission is going down too, very unlikely it will stay 2 3% long term.
Not to mention you split the commission with your broker.
The total commission is 5 6% but these days many take a discount. Redfin is an example.
how much active work is it? maybe you can learn ML in the meantime😂
As real estate agent, you don't keep the whole 2-3%. Need to pay some to the managing broker (real estate agency). And of course, you pay all your own expenses and taxes. Though it can still be pretty lucrative.
Not a good time to start re career probly.
It’s funny that I got in a Uber whose driver was a real estate agent. He said “you IT guys have skill but I know how to make money”. His experience was that it is not much if you just rely on the money. He makes just 100k on commissions. But then he knows where to buy cheap property. According to him, once in a while there comes a great option to buy due to distress selling or whatever. He buys those , keeps it for some time on rent and then sells it off. As per him, he has 5 houses on mortgage between him and his friend . They paid least possible as down payment and the renters are paying off the mortgage. He is not making heaps but just need one house to sell off at double price to become millionaire. I don’t trust all his stories . But learning is that there is a benefit of getting into Business which not even the fanciest job would ever provide. Your limits to earning is just limited by your ingenuity, not some random OKR of your manager. It would be tough initially, but if you have what it takes, jump into this.
Why is he driving Uber? Spend those hours working real estate
Precisely my question. Answer was he can’t sit alone at home and real estate is such a boring job, until the owner or renter wants to meet you, you practically don’t do anything .
I thought all you Bay Area and Seattle people thought the housing market was going to crash next month or the month after. Wouldn't now be the worst time to become a real estate agent?
Nah. EB-5 season will be getting started in Jan. I see no crash in the horizon. Slowdown sure. But not a crash.
Most real estate sales is consumed by a few hands of top realtors. Most realtors burn out of the industry after 6 months. So good luck. It’s not a hard job, but it’s hard to become successful at it.
Extremely low barrier to entry. This is why you see so many scummy real estate agents.