"Patrick Nichols" (pnichols)
01/28/2016 at 10:41 • Filed to: joblopnik
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"Patrick Nichols" (pnichols)
01/28/2016 at 10:41 • Filed to: joblopnik | 1
| 17 |
Anyone have experience in any part of real estate? I’m thinking about possibly going for a broker’s license or really anything in the industry. Eventually, I think I want to get my MBA in Economics and I think real estate could be both rewarding and good experience.
Any thoughts are appreciated. Also I think the generally more flexible hours will allow me to spend a little more time with my new puppy when my girlfriend is working more traditional 8-5 M-F hours.
Future next gen S2000 owner
> Patrick Nichols
01/28/2016 at 10:47 |
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I wouldn’t get one. Not because it is a bad career option, but doing something this involved for a dog is not smart. Also, when in sales, you work when others - your gf - aren’t. Kiss your weekends and night goodbye. When your client gets off at 6 and wants to see a house at 7 then decides to put in an offer that night, you won’t see your gf. Also your weekends - when your gf is off - will be spent hauling clients around from open house to open house.
Sales aren’t bad but you need to seriously consider what you are giving up.
Jcarr
> Patrick Nichols
01/28/2016 at 10:50 |
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I work for a commercial real estate investment consulting company. We don’t do any brokering or buying/selling. We do appraisal and appraisal review work mostly for large investors (pension funds, insurance companies, state retirement systems, etc.) that have large commercial real estate portfolios.
It’s a pretty fast-paced industry and fairly recession-proof as real estate tends to be a magnet for investment in both good and bad times due to its tangibility and income production.
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Patrick Nichols
> Future next gen S2000 owner
01/28/2016 at 10:54 |
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Oh I totally know that the dog is not the main factor. I really want to leave my current job anyways and the extra time would just be bonus. The time is definitely something to consider, but as a medical recruiter my girlfriends hours can become a little more flexible too.
Aaron M - MasoFiST
> Patrick Nichols
01/28/2016 at 10:57 |
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My Mom worked in real estate appraisal, which doesn’t pay as well as sales but isn’t commission-based.
Ultimately, being a real estate broker is a sales job. The commissions are larger, but that pushes the feast/famine dynamic really hard- screw up a sale and suddenly you have no income that week. If you’re a good salesman you have a lot of potential to be successful, but you need to be a good salesman.
The place people get screwed is the terms of their contract with their brokerage. You’re 99.9% certain to be working for one of the major brokerage houses (Coldwell Banker, Remax, Keller Williams, etc.) and they all have different terms as far as your commission structure, office costs, and other items. Working under an established office will be cheaper and less risky, but you’ll make less money.
I will say, I’ve known people who went into real estate for flexibility, and all of them, to a man, quit. It requires as much work as any other job, except when you’re starting out and have no book of business it requires significantly more.
If you’re interested in the career path but less so in the sales aspect, commercial real estate has more opportunities to work in the market without as much sales work, but in more traditional office jobs.
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Patrick Nichols
> Jcarr
01/28/2016 at 10:57 |
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Can I ask how you got into that (education, experience, etc.)?
jariten1781
> Patrick Nichols
01/28/2016 at 11:00 |
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No direct experience, but my SIL does it. I wouldn't really call her hours 'flexible'...more like she works all the hours.
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Patrick Nichols
> Aaron M - MasoFiST
01/28/2016 at 11:01 |
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Good to know, I think commercial is something I’d be really interested in. I’m not afraid of putting in long hours and more effort, it’s that my current job doesn’t seem to be all that affected by how much effort I put in...
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Patrick Nichols
> jariten1781
01/28/2016 at 11:02 |
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fair enough
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Aaron M - MasoFiST
> Patrick Nichols
01/28/2016 at 11:05 |
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I have a friend who works for Liberty Mutual in their commercial real estate division, he was recognized and rose relatively quickly, at least at first. Recognition of effort is more a company thing than an industry thing, but for some the direct translation of commissions can be very liberating. I’m not a good salesman, so it was never a good idea for me.
ArmadaExpress drives a turbo outback
> Patrick Nichols
01/28/2016 at 11:05 |
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You will also likely start at the bottom of the totem-pole at any office you start working for. Really have to work you’re way up and you may not make much money your first year or so. If you’re prepared for that and the crap your customers may put you through, then go for it. Also, I’d suggest finding out if anyone you know recommends a certain realtor and see if you can’t shadow them, or help them in some way to learn the ropes. Maybe on the weekends while you’re still at your current place of employment.
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Jcarr
> Patrick Nichols
01/28/2016 at 11:06 |
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My path was relatively unconventional. I basically got on board because I knew someone at the company. I did most of my learning on the job.
The traditional route for something like this would be a degrees in any combination of Real Estate, Accounting, Economics, and Statistics.
Many firms like mine will hire straight out of school with the right degree, so experience isn’t necessary.
BrtStlnd
> Patrick Nichols
01/28/2016 at 11:08 |
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If you get a graduate degree in economics, your career choices should be far more open than someone that goes into real estate. What I’m saying is that it will be beneath your qualifications.
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Patrick Nichols
> BrtStlnd
01/28/2016 at 11:11 |
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I know that but I’m only 8 months out of undergrad and want to get some experience in something and make a little money before looking to move up.
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Patrick Nichols
> Jcarr
01/28/2016 at 11:12 |
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So Math major with Accounting minor should do it?
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Jcarr
> Patrick Nichols
01/28/2016 at 11:17 |
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I would think so. Obviously depends on the company, but that’s a pretty solid base.
Tohru
> Patrick Nichols
01/28/2016 at 11:21 |
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I bought a house once. The head realtor drove a Sienna, the gal that worked for her drove a red automatic NA Miata.
Hope this helps!
Sean
> Patrick Nichols
02/07/2016 at 07:52 |
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Expect to be on call 24/7 and working until midnight or more on a regular basis. Kiss any sot of realistic social life goodbye.