I just got my license last week, I am training with a great broker, but I have a huge problem. I have NO money left to put into this, the education and training has taken longer then I expected and everything is more costly than what I initially thought. I seriously can't even afford to buy business cards yet, let alone join the NAR, MLS and get my supra key. WHAT DO I DO? I'm thinking I need to go out and get a job for a while and put real estate on the back burner, but I hate to do that, as I want to give real estate 100%. I have thought about looking at becoming an assistant, but my broker does not need one and I have NO desire to switch offices.
I have sent out an email campaign and called everyone I could in my SOI, but without a supra key, no business cards...etc, I am pretty much dead in the water.
Please give me any suggestions that can get me going.

Thanks for any help.
Kristi

Only thing i can recommend is family. Perhaps a part time at starbucks etc for the time being.

Good luck, hope it works out for you.

I would say get a job until you can save up enough money to pay your expenses. Maybe even do the real estate part time. There are a lot of agents that have had to get part time jobs because of the change of markets. Also do open houses for agents and see if you can follow an older agent and have them mentor you. Maybe they might cut you in on a deal or two. If anything you will see how things work. You can also borrow money from family as a loan and pay them back when you make your first 2 or 3 sales. I am not sure if you are still at home, but that would be another way to save on expenses , by moving back in with your family. These are just some of the things to consider. I am sure others will give you more input. Where there's a will........

Kristi, this message might come across harsh and unmerciful, but it's not my heart.

Becoming a real estate agent does mean that you are in a business for yourself. If you are short of funds, maybe you should reconsider your time to come in. Even when others have 4-6 mths of savings do run it out rather quickly, let alone someone who has no funds at all. It takes around 30 days to get your first closing (if you are superb and have someone working with you now). But without MLS, it might be difficult. Even if you use your broker's access, you would still have out of pocket expenses now - such as gas money driving around.

I will definitely suggest working part-time.

Kristi, how old are you? Do you still live with your family? Are you married? Does your significant other make the money in the household? Tell us a little about you. We're here to help.

If you do, then you should save up a bit before struggling to go forward. It will be very difficult to go forward without any funds, no access to the MLS, and no lockbox key. Those tools pretty much allow us to work on a daily basis.

Like someone already said, maybe your family could help you get on your feet with expenses. If you can't afford decent cheap business cards, you will have a very hard time conducting business as a real estate agent. Try to get about 6 months worth of savings, then get back into the business. You could also see if one of the busier agents could use an assistant. They could pay you on an hourly scale and you would learn a lot from them. It would be a great learning experience for you too.

No matter what, if real estate is your passion, don't give up completely with it. Just accept that you may have to hold off for a bit. Let us know what you plan to do. Good luck.

Thanks guys for the advice so far. Yes, I am married and my husbands income pays all the bills, we just don't have anything extra. You all are right about getting a part time job, I just feel for some reason that I am taking a step backward by doing that. But hey, I know we all have to do that sometime. Real Estate is definitely my passion, so I will never give it up, I will just have to look at a part time job as a stepping stone to getting what I really want.

Exactly.

you can get cheap business cards *that do not look cheap* from http://www.overnightprints.com

I mean, like, 250 business cards for $25 + shipping. That's pretty cheap. I know you can get free ones from vistaprint.com or something but the free ones have vistaprint branding on them and it's obvious that they're "free" cards...I would not use them!

You could also ask your broker if he/she would be willing to give you an advance on your first commission and pay for your first round of dues and your supra key...

just a thought.

Hi Kristi, when thinking of the dreaded 3 letter word... J-O-B, maybe it would help to really come up with one that could enhance your visibilty as a real estate agent, or just get you into contact w/ enough people to promote yourself? It might even seem like fun knowing that in the long run you are actively promoting your R.E. biz.

Off the top of my head, I'm thinking bartending or waitressing are really good ideas because you talk with so many people and develop relationships with them over time. You get to know your customer and they get to know you. If thats not your thing then maybe work at a Home Depot or something like that?

Good luck in whatever you do, and don't ever give up your dream!

I would suggest waiting tables. I have picked up some clients waiting tables and I know another agent who does as well. I don't mean leave your business card with the check. But, you'd be surpised how much you can get to know a person waiting on them. Only mention it if it fits with the conversation. Also, there are a lot of people who work in restaurants and your co-workers could become your clients or recommend you to their family and friends.

If you do a part-time job I suggest working somewhere where there is a lot of people on the payroll and always act professional and friendly so they'll want to recommend you. Good Luck.

Kristi If i was in your situation here is exactly what I would do.

Not switching offices is the least of your worries.If you want to be in this business and make it you will go where you have to go.

Look for all the top producers in your area your office,other offices and ask to be a buyers agent on there team.Tell them you are passionate about real estate and love helping people and will do whatever it takes to succeed.Contrary to popular belief top producers like unseasoned agents because they can mold them into what they need them to be without the attitude.They are looking for following orders and having the drive to contribute to the team.

If you wouldn't like that than go around to all the big builders and you can work for them in a new home subdivision.No requirement to belong to a local association,no keys,no gas costs and wear and tear on the car.They advertise and bring the buyers in and you sell the homes.You need instant business,working part time is not going to help you become proficiient in real estate everyday.Working as a sitting agent in a subdivision or an assistant,listing agent,or buyers agent for a top producer or a top producing team will.

good luck

I've thought about working for a builder, but when I talked to one I was told that I couldn't do any business of my own on the side. I don't see how that would help to further the career of a new agent. I guess you would get some experience working deals at least.

Heres a little secret I learned.....

I went to the bank and they gave me a $10,000 line of credit with a $250 a month payment. I asked "Since its a line of credit, can I just take the $250 payment right back out? They said technically yes but you must remember the interest. After a few months I realized the interest was only $75 dollars!

So, If I put $1,000 of the money away to cover the interest for a whole year, it gives me $9,000 to spend and I dont have to really worry about the payments for a year! Plus if I sell just one house I can go another full year but Im hoping to sell more than one house in two years.

And the interest is tax-deductible, right? Great idea! Unfortunately, we just refinanced our line (needed windows, drive, etc) and MY equity is used up. But that's really a wonderful idea! Talk about creative financing.

It seems to be that you are lacking the funds for this businesses bare essentials. And there is much, much, more than just the Supra eKay, MLS access, and business cards.

You should not get a part time job. You should get a full time job. If you aren't getting alot of business right now from the RE end of things, you need to start making some serious bank somewheres else until you can support the essentials and reoccuring costs of this business.

Your thought on taking a step backward is your perspective. Sometimes people need to work 2 jobs or to sacrifice things to get where they want to go in life. Put your best foot forward, work hard, save some bank, and never look back.

Super Realtor had a good idea but just make sure you are not "crossing the sign" What state are you in? Its tough getting started. If its something you want to do though you will find a way. One bit of advice I would like to add is look at everyone as your next potential customer. I recently drove up to look at a repo house to see if it would be of interest for an investor I work with. A truck pulls up so I introduce myself and I chat with the guy for a bit and he's not in a buyers agency with anyone, and an investor too. I havent sold him any yet, but I am showing him several today.

You can get free Business Cards on VistaPrint.com That should help you out a bit all you have to pay is shipping
Good Luck

Just an update from me...I was able to sell an old boat which brought in a little bit of money. I was able to get my business cards. My broker has been helping me out by using her keypad when I need it. I have been holding open houses for other agents, doing all the floor time I can (2 decent buyer leads so far), romancing FSBO's (mailings, cold calls).
I am determined that this is my dream and I will NOT back down. I am giving it a little bit of time before I decide to get a part time job or not, hoping a sale will come through before then.
Thank you all for you advice and words of encouragement.

eeek!

$5,000 fine here for lending someone your eKey!

You need to join your local Board of Realtors and get MLS access. How will you input a listing if you get one and don't have membership? How will you guarantee you get paid if you write up a contract for a buyer and the listing office doesn't co-op with agents who are not members of the local Board or are not at least a reciprocal agent?

what is MLS? if you don't mind me asking?

It's all about the power of leverage, as a financial consultant in past years; one of the best ways to saving up some much needed cash reserves is to redo your BUDGETING.

Don't cut back on your needs, but adjust your cash flow on your wants. Saving 20-50 a week really starts to add up, over a course of a year that’s $960.00 -$2400.00

Things to consider, drop the name brand stuff, i.e. foods clothing etc. and instead of watching a movie or dining out reserve those times for special occasions. These minor things will definitely add up in the long run.

Either you make more or you spend less, that's my general rule of thumb.


Marc Paul

M.L.S short for ( multiple listing services)

The mls is a sharing of comprehensive home information among real estate professionals. Listings brokers enter the data about a home for sale and offer to share the commission with a broker who brings a buyer. It's an online software that contains all the specifics about a home, from the address, age, square footage, number of bedrooms, baths, upgrades and schools districts to types of financing the seller will consider, and more. There is generally at least one to a dozen photographs of the home, plus a link to a virtual tour, if one exists.

Home buyers make the mistake of believing they can access this information through online feeds to other services, but the data the public can receive is:


Limited in scope

Can be outdated

Often inaccurate

It sounds as if you are "hoping" to land a deal or two to finance your most recent business venture. This is bad business.

I have been thinking about re for years. My father wanted me to get involved in re 15 years ago. I knew I wasn't ready financially...so I've had to work. But, I worked for companies that provided sales training. You cannot replace this training with any dollar amount, it's priceless...plus I helped pay bills and save money.
So now, I have the money....I'm ready to interview with brokers (and I'm still a little scared). But I'm going to be able to hold up for 6 months. After that, it will be borrow to fill in the holes.
My point, find a sales environment that will provide you with training. Don't get upset with me folks, but timeshare sales it probably the best...and most of those firms need licensed reps.
Good luck!