Teen wants to be a realtor

[Anonymous]

Anonymous wrote:The average realtor makes very little money. The barriers to entry are low, but you have to pay for all your own expenses as well as pay a fee to your overall broker.

Also, while realtors care about high prices (and the commission applied to those prices), they really care more about volume. Right now, and for the foreseeable future, the number of transactions is very low.

Finally, there will be a bit of turmoil in the field since the 6% commission is in theory going to decline based on recent court rulings.

+1. People look down on realtors as morons because the barriers to entry are so low that there are a lot of terrible realtors out there. Also, arguably even the good ones are not worth a 6% commission. I think the business landscape is already changing as there are a lot of people that are using discount brokerages to get their homes on the MLS and handling more of the sale themselves to save money on the commission.

[Anonymous]

Real estate can be great. But real estate is market dependent.

Daughter to a realtor here- Great, financially stable childhood....until 2008 and my world was turned upside down.

Would advise against any market dependent jobs because of my experience. Saw what it was like to have stability ripped from underneath of you in the blink of an eye.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Go commercial. there is some serious money to be made.

https://www.nytimes.com/2024/02/11/nyregion/ny-real-estate-bob-knakal.html

commercial RE is dying.

She should not do any sort of real estate.

Real estate is headed the direction of travel agent as a career.

+1
What's the kid's pivot when the job doesn't exist anymore?

[Anonymous]

I don’t think you need a high school degree.

I also think the standard commission rates will but cut down to a small fraction of what they currently are.

It is a middleman type job that has little reason to exist.

[Anonymous]

Anonymous wrote:Does he want to be an actual realtor or work in the real estate field? If he wants to be an actual realtor, Id recommend commercial/industrial/land sales over residential. He also needs a very good grasp of finance and how complex deals come to fruition. Someone who knows the $$ side of things has an absolute advantage in commercial vs someone who does not.

If he just wants to work re-adjacent, there are companies like CoStar that are always hiring.

I had similar thoughts. Anytime a kid picks a career that seems not great, ask questions. Why do they want that career? What do they like about it? What do they know about it? What skills/talents do they have that would be useful in that career? It can help him clarify the career, you can clear up any misconceptions, and maybe see what else would work (like finance as others suggested). Or maybe it’s marketing, real estate app development, interior design, architecture, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You have to be a people person.

He is a people person. He can't go places without making friends.

The most successful realtor I know is a guy in his late 30s like that. He has only been doing it about 5 years also!

He has never met a stranger. Remembers details about people he meets. Everyone likes him. He’s making tons of money

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have to be a people person.

He is a people person. He can't go places without making friends.

The most successful realtor I know is a guy in his late 30s like that. He has only been doing it about 5 years also!

He has never met a stranger. Remembers details about people he meets. Everyone likes him. He’s making tons of money

If he is like thus, he will probably also be good in a sales position. So if real estate agents do go away, sales in another field is an option.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s what the less smart but hot girls I grew up with do now.

Same. It’s for hot women who can’t be pharma girls.

But it’s a tough life - they work nights and weekends their entire career. Some take Mondays off, but summer is their busy time. All in all - it’s tough to combine with a family.

Most of the really well off realtors I know are fat and very unattractive.

[Anonymous]

Anonymous wrote:Do you think this is a realistic/good career path?

This is a path that is really you get what you put into it. The most successful realtors I know work very hard at marketing themselves, joining business groups, network, have a robust social media. They enjoy the constant meeting of people, staging, paperwork, and networking. The good ones are good at these things.

[Anonymous]

Anonymous wrote:Do you think this is a realistic/good career path?

Awesome career path!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s what the less smart but hot girls I grew up with do now.

Same. It’s for hot women who can’t be pharma girls.

But it’s a tough life - they work nights and weekends their entire career. Some take Mondays off, but summer is their busy time. All in all - it’s tough to combine with a family.

Most of the really well off realtors I know are fat and very unattractive.

Most idiotic post of the day.

[Anonymous]

As a realtor for 20 years, I’ll say this: it can be a lucrative career but it’s a lot of work, sometimes without a payday. You only get paid if you close the sale. At the end of the day, you get out of it what you put into it. Also, you are working with the public on what is likely to be the biggest financial transaction of their life. People are super emotional about real estate. You are part agent and part therapist! It’s fun, unpredictable but definitely not easy. I have learned so much, made friends, and done well financially.
The industry is also changing. 6% commission is a thing of the past except for some high end agents. Consumers have a LOT more information than they did 20, and even 2-5, years ago. They expect you to discount your commission because they feel they can do it themselves/know just as much/etc. I still think great agents are a value add, but I don’t think it’s going to be easy to get business in the future. Good luck to your son!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Go commercial. there is some serious money to be made.

https://www.nytimes.com/2024/02/11/nyregion/ny-real-estate-bob-knakal.html

commercial RE is dying.

How so??

[Anonymous]

Anonymous wrote:The future of real estate is personalized AI tech innovations. Real estate agents can help with this but they would need to pivot. The industry will look different 5 years from now.

Every industry will look different 5-10 years from now and if Biden wins the world may not exist. There is no white collar job that can’t be completely changed or eliminated except maybe law since lawyers can make AI law illegal with their protection racket.

[Anonymous]

Anonymous wrote:

Anonymous wrote:She should couple this with a finance degree so she can open her own lending company.

Reality can be hard to pay your bills because it's feast or famine. When I waited tables, there were plenty of young relators doing it too because they needed steady income to weather the down times.

I don't know why people assume it's a girl! It's my ds. I am concerned because as this thread shows people look down on realtors as morons. He is a smart kid, very enterprising, has a job and a self-employed gig on top of it. I think it would theoretically suit him, but I do worry about prospects as well.

This could be because they know people who "dabble" in it as a part-time gig. I know a number of formerly SAHMs whose kids get into HS and suddenly they "in real estate". But they also seem to never be working much. But of course that's only part of the story.

If he's interested in it, why not? I get it, I have a son who sounds very similar. People-person, entrepreneur-focused, worked in sales over the summer last year and loved it. He's not the 9-5 desk job type and needs something where his pay is dependent on his hustle. That said, I've always insisted on a college degree. He's in his 3rd year as a business major, and who knows where he'll land. But he'll have his degree and that should open up options.