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#465449 - 07/16/19 05:25 PM Thinking about become a real estate agent
Ronnieh Offline
Junior Member

Registered: 07/16/19
Posts: 4
Loc: San Jose, CA
Hi All,

This is my first posting. I am thinking of become a real estate agent. I wanted to get some feedback from other experience agents/brokers on this great forum to see if I am on the right track.

Here is some back ground information about me:

I currently have a tax business in San Jose, CA that has about 800 clients~. I have three full-time employees and 2 part-time employees.

I am very busy during February to April 18th. After April 18th, I am very flexable.

Every year, I get about 4-5 clients either selling their home or buying a home that I refer to a real estate agent that is in my networking group.

Now, I am thinking that I have the staff, I have the office, I have the clients, and I have the cashflow why should i refer these out to another agent that is closing about 2 of my refers each year. I think this would be a good additional services add to my business and to my clients.

Do you see any issues with this plan. Also, what kind of expense do you have each year.

Thanks for your feedback

Ron

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#465460 - 07/17/19 01:12 PM Re: Thinking about become a real estate agent [Re: Ronnieh]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
Originally Posted By: Ronnieh
Hi All,

This is my first posting. I am thinking of become a real estate agent. I wanted to get some feedback from other experience agents/brokers on this great forum to see if I am on the right track.

Here is some back ground information about me:

I currently have a tax business in San Jose, CA that has about 800 clients~. I have three full-time employees and 2 part-time employees.

I am very busy during February to April 18th. After April 18th, I am very flexable.

Every year, I get about 4-5 clients either selling their home or buying a home that I refer to a real estate agent that is in my networking group.

Now, I am thinking that I have the staff, I have the office, I have the clients, and I have the cashflow why should i refer these out to another agent that is closing about 2 of my refers each year. I think this would be a good additional services add to my business and to my clients.

Do you see any issues with this plan. Also, what kind of expense do you have each year.

Thanks for your feedback

Ron



I think you're better off focusing on your current business and how to grow that. The best in the world are great at one thing and one thing only - unless it's impossible to grow your business any further I wouldn't spread out.

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#465465 - 07/17/19 06:39 PM Re: Thinking about become a real estate agent [Re: Z06Fanatic]
Ronnieh Offline
Junior Member

Registered: 07/16/19
Posts: 4
Loc: San Jose, CA
HI Z06Fanatic,

Thanks for your reply. I would like to know why you think it will be hard to build both business. I know and met CPAs who are successful investment advisors, bookkeepers, property managers, real estate agents, and rent a CFO. I know client and friends that have gotten their real estate license and have done nothing with it. I think it come down to who you are. You either a go-getter or not. If you feel that I cannot make it in the real estate business, I would like to know why.

stating " The best in the world are great at one thing and one thing only" never met the CEO's of Google, Amazon, Apple or thousand of other great men and women that learn a long-time ago to multitask.

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#465475 - 07/18/19 11:55 AM Re: Thinking about become a real estate agent [Re: Ronnieh]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2415
Loc: Outer Banks
So, between Feb and May of every year your real estate clients will be put on hold because your are too busy with your other business to concentrate on real estate?

When your tax clients ask you for the name of a real estate agent are they asking for the best agent you know or do they want a part time agent?

Is there a chance that advertising your real estate service could hurt your main business either from clients preferring a specialist or the loss of real estate agent accounts and referrals?

You could get your re license and then get a referral fee from the agents.

Are 2 sales a year worth the risk?
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#465477 - 07/18/19 04:34 PM Re: Thinking about become a real estate agent [Re: Bigtoe]
Ronnieh Offline
Junior Member

Registered: 07/16/19
Posts: 4
Loc: San Jose, CA
Hi Bigtoe,

Thanks for the reply. Yes. You are correct. I would have a hard time servicing real estate clients for the month of Feb, March, and April. but you had a great suggestion. During these three months, I can refer them out to another agent, assuming that agent is under the same broker, and share in the commission. Great ideal. In regards to part-time agent, I see a lot of part-time agents on this forum and in the bay area. A lot of agents work full-time at one job and do the part-time real estate on the side until the real estate business generates enough income to support them and their family. I do know that a full-time agents will differently have the advantage of a part-time agent. I don't think advertising is going to hurt either business. The clients I will be marketing too have been my client for over 15 years. They trust me to have their back. Yes, there are more experience agents out there but most brokerage firms that I have talke to over the last 2 weeks have good trainning. Is it enough. no. but what I don't learn in the trainning, I will learn on my own by networking with other real estate agents and taking additional classes. Also, I was born and rised in the San Jose area and I know it just as well as any real estate agent out there.

Again, think you for your posting. I always went to know pro and cons of every issue.

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#465496 - 07/19/19 03:57 PM Re: Thinking about become a real estate agent [Re: Ronnieh]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
Originally Posted By: Ronnieh
HI Z06Fanatic,

Thanks for your reply. I would like to know why you think it will be hard to build both business. I know and met CPAs who are successful investment advisors, bookkeepers, property managers, real estate agents, and rent a CFO. I know client and friends that have gotten their real estate license and have done nothing with it. I think it come down to who you are. You either a go-getter or not. If you feel that I cannot make it in the real estate business, I would like to know why.

stating " The best in the world are great at one thing and one thing only" never met the CEO's of Google, Amazon, Apple or thousand of other great men and women that learn a long-time ago to multitask.



Companies like Google, Amazon, etc are successful because they focused on building their business and nothing else. Jeff Bezos wasn't building Amazon and then decided hey maybe I should start flipping houses as a side income. Multi-tasking is a [censored] term used for people who do multiple things average/below average at one time. You can't do multiple things at a high level at the same time - it's nonsense.

I would only get involved in things that grow your CPA business - that's the highest and best use of your time where you've already proven success. The most successful in the world became masters at one thing - you can argue being a Realtor is ancillary to your current business but I think your headed sideways on something like this.

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#465499 - 07/19/19 11:35 PM Re: Thinking about become a real estate agent [Re: Ronnieh]
Ronnieh Offline
Junior Member

Registered: 07/16/19
Posts: 4
Loc: San Jose, CA

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#465502 - 07/20/19 12:04 PM Re: Thinking about become a real estate agent [Re: Z06Fanatic]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2415
Loc: Outer Banks
Amazon started out as an online book store. Now it sells everything and is negotiating a military contract for cloud storage. Somtimes diversifying works.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#465521 - 07/23/19 01:31 PM Re: Thinking about become a real estate agent [Re: Bigtoe]
Z06Fanatic Offline
Veteran Member

Registered: 08/06/16
Posts: 560
Loc: US
Originally Posted By: Bigtoe
Amazon started out as an online book store. Now it sells everything and is negotiating a military contract for cloud storage. Somtimes diversifying works.


Over the course of 20 years. Amazon is of course an anomaly - they found a way to get product to people quickly and of course struck gold. In our world I think the perfect example is an Agent who produces average income and decides to branch out into renovating properties rather then doubling down on his sales business and getting it to the next level. We all have 24 hours in a day, yet some people have figured out how to make an incredibly high hourly. The only way to get to this elite level is to take one industry and have laser focus - Jeff Bezos went all in on Amazon and basically said he was going to live or die with his company. Diversifying limits success - focus on one thing and become elite.

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