What’s your favorite thing about being a realtor?
My favorite part of RE is helping people make a wise investment with their money. RE return on investment is higher than any other type of investment long term.
What’s the most difficult part of being a realtor?
The most difficult part of being a residential REALTOR is the emotional attachment people make with their houses. Houses are an investment.
The most difficult part of being a commercial REALTOR are the various ways to calculate the return on investment and the current market value.
What made you decide you wanted to be a realtor?
I wanted to be a REALTOR since I was in my 20’s. I went to school to be a psychologist (which is very helpful), then I got caught up in high tech sales and couldn’t financially get out. Finally, after buying and selling many of my own homes and land, I got my license in Texas. I made a very good return on every house and I wanted to show other people how to do the same.
What majors or minors are the best for this career?
Higher education - The real estate profession does not require any higher education, which is a grand mistake. The licensing requirements in Texas do not teach a person how to be a professional REALTOR; only the laws and history. Buying and selling property of any kind is one of the largest most expensive expenditures a human makes in their lifetime. I would suggest no less than a Bachelor’s degree with emphasis in marketing, business, business ownership and psychology. Going into commercial RE I would recommend an MBA. To fulfill these degree plans, focus on your individual interests. Majoring in history, poly sci, general liberal arts probably won’t be as useful. Also, it is easy to secure an internship - paid, while attending university.
What’s one piece of advice you would give to someone wanting to be a realtor?
The one piece of advice……this career is not about going into pretty houses and showing all of them to your clients. This is about investment and lots of money. If you like pretty houses become an interior designer or architect. This is not a glamorous profession. It is a lot of hard work and you must wear many hats or hire staff to wear those hats. If you like helping families secure their future and helping business prosper, this is a great and fun profession.
Roughly, how much do you make annually now compared to when you first started? And about how many years is that?
I would expect to make, today, about 50,000 your first year. And there are a lot of expenses to getting started. This professional is a contractor position until achieving a Broker license (which is a totally different conversation). What this means is you are self employed and paying for everything out of your own pocket. You are the boss. There are many licensing fees, marketing expenses, fees to the sponsoring broker, professional insurance, health insurance, auto costs and insurance. A REALTOR pays for all this out of the commission they make. First year is very expensive.