Hi,

I am thinking of becoming a real estate agent. I'm 18 and a senior in high school. I am likely to start classes soon.

I still have some questions though about real estate as a career.

- So i've read that most only do it part time because of the unknown income. Yet I have also read that you need to do it full time to make money. Which one is it? I know atleast starting out for the next 2-3 years I won't do it full time.
- As far as making money, how hard is it for new agents, especially someone my age, to make any money starting out? I know it's not a guarantee but some make it sound impossiable. With hard work and determination can't it be done? I mean I know that big sales can't really be expected right away though.
- The cars you drive. I hate cars, I like SUVs and trucks. There are some SUVs out there, foreign ones, that get decent gas mileage. Do agents do a lot of driving or is that overblown? I live in a small town of about 15 thousand. Are there agents out there that lease? I'm not one of those people who likes the thought of driving a car until it doesn't run. The opition of leasing appeals to me but is it a good opition as a real estate agent?
- Dress attire. I don't like wearing a suit (only on special occasions I do like dressing up) Is say jeans, a nice shirt (polo, button up, etc) and brown shoes acceptable attire for agents? Especially in a small town like mine? I've been to open houses and real estate offices and I have always thought that the ones that are in suits look out of place.
- I have ordered a couple books, The PMZ Way: Strategies of Highly Successful Real Estate Agents, and So You Want To Be A Real Estate Agent: A Look Before You Leap Handbook, good books or not? I plan on possiable getting a couple more, like 21 things I wish my broker had told me. I heard that one is good.
- I want to get my hands in investing and rental properties. How much money do you need on hand to do this? How much capital do you need? How do investors buy multiple properties?
- What costs are there for new agents besides the pre-lic. course costs?

Thanks in advance to anyone who can help me out.

let me take a stabe at this.

- I assume you want to get into residential real estate, helping people buy/sell houses. Buying a house is the biggest financial investment for most people. This is the single biggest financial decision that they have to make. I for one will NOT entrust this decision to a 18 year old high school grad.

- I suggest you go to college, get some other job experience, broden your scope, then consider a career in real estate sales.

Info for you:

Is Real Estate For You?

Benefits

Reasons for Failure

Yes I have thought about that. Most people wouldn't trust an 18 year old. However it depends on who you know. I don't expect to get a whole bunch of clients especially ones that I don't know.

I don't think that it is a bad idea to start young though. I am not in a great need of money right now. So I figure why wait? Even if I don't decide to stay in real estate atleast I tried it now when i'm young. I think at the very least it would look good on a resume, atleast better than listing the common hourly jobs people my age work. But hey that's jmo.

Ok, here goes...

Kelingdun didn't really give you much of a helpful response, so I will give it a try.

You seem like you have already made your decision to go into the business. So not going into it and going to college first is out of the question. So that response wasn't too helpful. Your age will be a challenge because you will need people to trust you. I know what it's like, trust me. I am only 24 and I could pass for 18 years old easily! I went to real estate school as soon as I graduated high school at age 18. I didn't end up persuing the career until I was 22 though. It was about the whole party till you drop after graduation attitude that killed it. The trick to getting over this age challenge is to have the knowledge. If you first meet with a client and they see that you're young, they are automatically assuming you have little experience and you have little knowledge in the business. This is what you have to proove that they are wrong. Make sure you know their situation by LISTENING! Then respond with educated responses, not guessing too much. If you sound like you know how to handle business, I have found that you will be treated as the professional. Then your clients will start asking you questions because they feel that you know the answers. This is actually very rewarding to know that people believe in you.

Most agents that are making money in this business do it full-time. There are many part-timers that hang their license and sell a few homes every once in awhile, or they invest in their own properties. If you have the motivation and the drive to move forward, then go for it. Just make sure you have the funds to back up on to get you started and in case you fall into dead periods. It is costly to get into this business.

The car you drive is important when you have the ability to get whatever you want. If all you have is a Pinto, then you will have to make do with a Pinto. When you become successful, then go out and buy a nicer car so people see you as successful.

Always dress the part. I was told this when I first got into this business. You never know who you will run into when you're not in the office. I still admit that I wear jeans and sweater or t-shirt every now and then when I am just popping in and out of the office. I do try and wear dress clothes (Express for Men) with a tie whenever I am doing business though.

Buy the book "Your First Year in Real Estate". It teaches you a lot of stuff you will need to know.

Again, costs starting in this business can be pricey. Check with your state's Real Estate Division to find out the licensing fees. You will also have to pay Realtor Association fees after you get your license. Every state differs.

Feel free to contact me via email if you have any personal questions or concerns. Good luck and stay positive!

I'll try to answer a few of your questions.

First the age thing, at eighteen I think you will most likely have a difficult time. Unless, of course you know a fair amount of people that will do business with you because they know and trust you. If you have a good amount of family in the area, and/or your parents have a lot of friends, then you might be set. Like Len, I am only 24 myself. I have found that dressing professional helps tremendously. If I am meeting clients, or going to seminars or various meetings I always wear a suit. If your market is more rural, then perhaps you would be fine dressed a little more casually. Your best bet might be to take a look around the office and try to always be the best dressed agent.

Besides attire, having an adult, or more professional hairstyle helps too. I recently cut my long hair into a shorter, more mature style and I think it helps me look more professional. For a guy I think this would be important too, make sure your hair isn't too long, spiky, or otherwise weird.

I wouldn’t advise doing real estate part-time, especially in your situation. What I would recommend is doing RE full-time and picking up a part-time job to supplement your income. With all the RE fees I don’t see how just working RE part-time could make it worth while. The various fees vary per state, but I think I spent about $2,000 to get started. Here are some things you’ll have to pay for, and I’m sure I’m forgetting some of them: Pre-license class, state exam, license fee, NAR membership, State and county association, MLS fee, Keybox key or smartphone, e/o insurance, business cards, name badge, open house signs, name riders. Some of those fees you’ll have to pay more than once a year, like the MLS fee and the monthly charge for my e-key access.

In addition to fees, you’ll have to pay for your marketing and advertising. Depending on your office this might even include things like b/w copies and office supplies. Postage is a big expense, if you plan on doing a lot of mailing to generate leads, then you will need to budget a good amount of money each month just to mail your stuff. I think the bulk mail rate is .23 for a regular letter or postcard. So if you plan to mail 500 each month, then the postage alone is going to cost you $115. It adds up fast. Don’t forget that you’ll need color copies too, and those aren’t cheap either.

The car issue isn’t really that big of a deal. As long as you have something clean, and preferably with four doors, you will be okay. A few months ago I traded in my Mustang for an Explorer, and it works perfectly. I’d like something nicer, but that will have to wait until I can afford it. I am buying my explorer (can’t beat 0%), but I believe leasing works especially well for real estate. I was told that when leasing, you can write-off a large portion of the lease payment. I plan to lease my next vehicle.

Unfortunately I can’t think of any books to recommend. Before I entered into real estate I went to Barnes and Nobles to see what they had and I was disappointed. Most of the books seemed poorly written, and were not helpful. What I do recommend is reading everything from the Agents and Brokers section of this site. That’s what I did, and while very time consuming, I learned so much. I was much further ahead than the other people in my training group.

Earlier I mentioned how being young would be an obstacle, well there are some benefits to it as well. If you can limit your expenses, i.e. live at home until you have steady income, it will be so much easier. The hardest part for most people starting out is that they have a tremendous financial burden each month. It can be extremely difficult to save enough living expenses to last six months to a year. So if you can live at home and limit you other expenses, like holding off on a large car payment, you will be at an advantage.

One other thing I recommend is education, it never hurts to have more. Even getting an AA degree from a community college would be a good idea. You will be doing a lot of speaking and writing to clients, and being able to speak and write in a manner that is professional is important. From your post it seems as though you aren’t too interested in college, but I think it is something you may want to consider especially in the long run.

Good luck and I hope this helps!

I think the best thing you could do to start is get your license and work as an assistant. You may start off doing menial things like mailings and market research, but eventually you'll move up. You'll get paid as you train. And then once you're able to go out on your own, if people ask you how long you have been in it, you can say "Well I just recently decided to go on my own, but I was "so and so's" assistant for xxx amount of time so that I could learn more about the market and the process before being by myself".

I am now 21 (licensed at 20) and I am glad I did it that way.

Oh, and 21 Things I wish My Broker Had Told Me is a great read. It's gives you the reality check - slap in the face so that you're not misled into what the career is like. Most people (I'm not insinuating you) have no idea what they're getting themselves into.

Another thing about being young:

A few years ago before I was in real estate my father was helping my grandmother down in Texas sell her home. He ended up going with a young guy who didn't have much experience. When I asked him why he went with him rather than a more experienced agent, his reply was that this guy was very eager and really wanted the listing. So I think people recognize that enthusiasm can help to make up for lack of experience.

Also, remember that you are going to held to a higher standard then an older, more experienced agent might. If you arrive late or forget something people are likely to assume that you aren't taking this seriously. You are going to have to make sure you are always on time, if not early, to appointments. You will need to be well prepared, and consistent with follow-up.

Does anyone know of any schooling in the Fort Wayne Indiana area? I know of Hoosier Real Estate School, Troyer, and Indiana Real Estate Academy but none of them offer the times I want. Does anyone know of any other ones in that area?

Everyone has very good replies. I would definitely do a search through the forums for a ton of info. As far as the age thing goes, while it might hinder you a bit in some areas you may find that it has no bearing in others. Just because you are 18 does not mean you cannot succeed in real estate or be taken seriously. A lot of it has to do with how mature you are or even look for your age. This may be in your attitude, looks or both. One thing for certain is that while you may not get all the business, if you have a basic understanding and willingness to help. It will show and people will see that. In the meantime it would be helpful to pick an office that you feel will mentor you when you need it and also allow you follow up on office leads. Also becoming an assistance to a top producing agent has been recommend by some of the agents on this board. So get to it and just do it!

I think it's never too young to start! As you gain experience, you'll age, and it won't be an issue! Becoming an ***istant is a good suggestion.