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#456637 - 02/15/17 01:14 PM New Agent, how much should I expect to make part time
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
Hi, I'm about to take my state license exam soon. I have a 9-5 job which doesn't make enough money to support my family. I'm wondering if I pass this exam(already did that 75 hour license course) and get a sponsoring broker(which shouldn't be too hard), how much money should I expect to make working 1 to 2 full days a week. I only have saturdays and sundays available but people have been telling me those are the busiest days for real estate agents. I plan to work in the Westchester county/Putnam county area.
I've also heard apartment rentals can generate some quick incomes because they turn around much faster. Do I need the apartment information vendor license or this salesperson license is enough?
Thanks.

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#456640 - 02/15/17 11:51 PM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7659
Loc: Vermont's North-East Kingdom
You'll soon find that you have to invest more money in order to make any money . . . . how much will depend on you; how soon will depend on your local market conditions.

A good sphere of influence and a dose of beginner's luck can turn the seemingly impossible into reality; but no one here is clairvoyant.

Good luck !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456642 - 02/16/17 01:31 AM Re: New Agent, how much should I expect to make part time [Re: Vermont]
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
Thanks for the input. Could you please elaborate what will the expenses be? I know I have to drive my car around to show people houses, apartments etc. Is that a major expense? If so I think I can handle it. Do I need to put up Ads in the newspaper(I thought only brokers can do that according to the course I've taken)? That could be expensive.

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#456643 - 02/16/17 02:27 AM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7659
Loc: Vermont's North-East Kingdom
Expenses vary from area to area and State to State. You should already know what the License Fee is for New York AFTER you pass the EXAMs, and your local Board of REALTORS® may help you in explaining what local costs are to join the NAR, the New York Board of REALTORS® and the Local Poughkeepsie Board PLUS the cost to join your local MLS in the Poughkeepsie area, however that's configured.

But the Brokerage you choose to affiliate with is the only one who can detail what their Desk Fees are, Education or Mentoring, E&O Insurance, Postage, Advertising, Signs, Business Cards, Telephone or Secretarial support, Document Preparation, Parking, et cetera. Each one you consider should be able to summarize what to expect . . . . and they will probably vary all over the place.

I keep hearing about new expense items each year . . . . creative new ones devised to transfer, or siphon, your money into someone else's pocket, so my list is hardly complete. Regardless of what they may call it, you should not agree to pay for anything that you do not fully understand up front and beware of any costs that ARE NOT directly related to your own Sales Production.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456645 - 02/16/17 02:56 AM Re: New Agent, how much should I expect to make part time [Re: Vermont]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
Golly bee! Any don't franchises have a nifty way of inventing things to siphon your money from agents!

My question is...can you be available during your full time working hours job to SUDDENLY show a home to potential buyers when the market is HOT and there's no time to spare? Will you be available during your full time working hours job to attend home inspections, closings, and all the other things that WILL pop up Monday-Friday because a good number of people working in real estate (in other ways) do not work on weekends?

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#456646 - 02/16/17 04:36 AM Re: New Agent, how much should I expect to make part time [Re: VABroker]
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
hmm. weekday evenings are probably fine. During the day it'll be hard to sneak out of my regular job. I guess I have to tell my future broker what my schedule is.

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#456647 - 02/16/17 04:38 AM Re: New Agent, how much should I expect to make part time [Re: Vermont]
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
license fee from NY is just $50 which is peanuts. I guess I have to shop around for a good broker who don't charge me arm&leg after taking their commission split. NAR membership is expensive I'm still not sure I want to join. Maybe if I have some success doing this part time I'll consider.

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#456649 - 02/16/17 05:00 AM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7659
Loc: Vermont's North-East Kingdom
Originally Posted By: zhenbuxianghua
". . . NAR membership is expensive I'm still not sure I want to join . . ."

NAR is the cheap one, it's the State and Local Dues which can be expensive . . . . and usually, the critical subscription to the MLS is predicated on your first becoming a REALTOR® (meaning NAR Membership) . . . . which makes it almost compulsory if you want to participate in the MLS.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456661 - 02/16/17 10:19 AM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
JMK307 Offline
Member

Registered: 07/26/16
Posts: 27
Loc: New Jersey
Dude, you have done no due diligence in finding out how much it costs to get up and running. You are starting your own business and yes you can do it part time but you need more flexible hours. You are dealing with peoples biggest investment and if they get wind that you are not responsive or can't meet inspectors due to another job you will get a bad name in the business and then it is worthless. BEFORE you spend anymore money on this my suggestion is to go meet with Brokers now... Understand all your costs, understand the needs of the business, and make a decision if it will actually work. It is not easy and if it were don't you think everyone would be doing it to make a quick buck...

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#456664 - 02/16/17 01:15 PM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
You'd be doing an injustice showing properties in the dark. Buyers can't judge, nor you, what condition the exterior is in. If you're lucky and the seller hasn't already looked over contracts that came in that afternoon and ratified one, then you might just get a contract in front of the seller. It gets ratified and the next time you're out there with your buyers in the daylight, you all see it NEEDS a new roof, the paint is peeling, the deck boards are rotting and water stands in the backyard all the time - oh, and your buyers went ABOVE list price. You need to work under a mentor if you haven't thought this all through but even a mentor is going to want you there during daylight hours when the action is happening, not when you get off work.

The MLS is EXTREMELY important. In my MLS, if any agent 'shares' their MLS access with another non-member agent, they get kicked out. They track the IP addresses. I know I wouldn't risk that since this IS my full-time job.

You need to think this thing through more, alot more.

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#456668 - 02/16/17 11:45 PM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7659
Loc: Vermont's North-East Kingdom
Originally Posted By: zhenbuxianghua
". . . I guess I have to shop around for a good broker who don't charge me arm&leg after taking their commission split . . ."

Just to be clear, my concern for you is the outflow of resources that may occur BEFORE any Commission is coming in.

Fees that are associated with your own production level are far easier to tolerate than those that start accruing on day one, regardless of whether you have even met a Seller or prospective Buyer, let alone scheduled a Closing.

I've known upstart SalesPeople to have gone broke paying these expenses entitling them to operate in a business where they never generated $1.00 in Commissions.

Sometimes, a lower commission rate with limited fees is far superior to a high commission with a high fee burden. It's always a balancing act at the beginning.

After you've gotten off the ground, and you have a book of business in the pipeline, it probably doesn't matter much . . . . just be aware of this somewhat obscure aspect of the business at the outset.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456672 - 02/17/17 06:11 AM Re: New Agent, how much should I expect to make part time [Re: JMK307]
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
Hi, thanks for the input. Showing clients properties in the dark is never my intention. I'll probably spend most of the day on Saturday doing that. Plus, if they have any requests during work days I guess I can manager to fulfill as well.

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#456673 - 02/17/17 06:13 AM Re: New Agent, how much should I expect to make part time [Re: Vermont]
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
yes that's my concern. I know some real estate agents selling over 10million worth of property per year, while some others have not sold one single property in the last year. I guess finding the right broker is extremely important when you are just starting out and I'll be doing some shopping after the exam.
Thank you

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#456674 - 02/17/17 06:13 AM Re: New Agent, how much should I expect to make part time [Re: VABroker]
zhenbuxianghua Offline
Junior Member

Registered: 02/15/17
Posts: 9
Loc: Poughkeepsie, NY
So you mean you can only use the MLS if you joint the NAR?

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#456675 - 02/17/17 08:12 AM Re: New Agent, how much should I expect to make part time [Re: zhenbuxianghua]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7659
Loc: Vermont's North-East Kingdom
Originally Posted By: zhenbuxianghua
So you mean you can only use the MLS if you joint the NAR?

Yes, that's usually true; or the Subscription Fee is substantially higher (somewhat prohibitive) for people who are not members of the "Club" (or Union).

Ordinarily, every Agent in a shop has to join . . . . or no one joins; there's not supposed to be any co-mingling or sharing of the information.

Originally Posted By: zhenbuxianghua
". . . I'll probably spend most of the day on Saturday doing that. Plus, if they have any requests during work days I guess I can manager to fulfill as well. . ."

If the Buyer is anxious, you can always count on someone else being ready to fill in for you, with your permission or not; Buyers don't care about your schedule !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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