Mortgage agent, appraiser, realtor?

[kanabel]

Hello everyone!

I started investing last year during last months of boom period, as I was initially lucky with my own condo a year before. I did eventually got caught up with some good and some bad investments, as I was rookie (still am) and was hit with downturn right after purchases . Despite that downturn and getting burnt with couple of properties (I purchased four altogether), I have discovered vast interest in real estate. I was working and still am working as driver operator,and as you can guess it is completely out of touch with real estate. I wanted to change my career towards real estate, but at that moment I needed my position to qualify for properties. However, at this point I would go ahead in pursuing new career in real estate field, that could help me more with contuining investing as well. This transition would have to go smoothly as not to lose all the income right away, preferably doing something part time until it`s ripe for full time. I was looking at appraiser, but it seems there is educational period for at least 2 years (according to Sauder School at UBC), then mortgage agent or realtor. As I know there are some REIN members (esp. Dan) and others on this board who are or were engaged in this occupations, so I would appreciate your input regarding income, time consumption, other pros and cons for these careers, as your experiences might help me not banging on wrong doors. Thank you much all!

Dejan Kovacevic

 

[Thomas Beyer]

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[tahani]

good morning.

if your thinking of becoming an agent/real estate sales rep. i can share this with you.
even thou on the outside for many people this business looks fancy and lots of money potential( yes potential for lots of agent) and they say its nice to see homes on the inside and meet lots of poeple. but the bottom line its a business and you have to treat it like one. I love what i do and i do very well at it. i have been one of the top agents for this region for many years (cambridge,kitchener,waterloo) when i was with Remax and now as of Sept, i am opening my own brokerage. so you know in this area there are over 1,500 agent and 80% of them sell less than 8 homes a year. which is not a business. I read that you want to get into this business to learn about investing and did not mention serving others or sales or business.. well you are a member of REIN and this is the best real estate school you can get your self into to learn about investing and you have an amazing support from all of us REIN members. you see selling real estate and investing in real estate are two different set of skills and you need to find out what is it exaclty you want to do. again its an amazing business to be in but get in for the right reasons. i wish you the best. and my number is 519 242 5252 if you like to discuss further.

 

[interestonly1212]

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[MikeMcCrae]

I am in the mortgage business and love the industry. Previous background was the oil and gas industry. Although I absolutely do not regret the change it has not helped in the real estate investment business so much. Right now the lenders like full time regular employed people. The new knowledge I have gained from this side is terrific but it doesn`t make purchasing easier. The full time job is needed to qualify for mortgages in this market.

To be successful at either the mortgage business or the real estate business it takes a full time commitment. You need to be available when your clients want you. Many people have started out part time and then moved to full time but my belief is that if you want to do it. Do it! If you want more info on the mortgage game give me a call, I would be happy to chat with you or have a coffee and tell you all about it.

 

[RedlineBrett]

I own a real estate sales and management brokerage (watch for our launch soon) and will also be opening a mortgage brokerage in tandem with it.

No sales business is ever easy. To make a living in sales you need to be truly passionate about the work you are doing. But the work is only half of what it takes to be successful. You also need to be very good at picking up clients and marketing yourself. I know of many *excellent* sales agents and mortgage brokers that are under worked because they cannot strike a good balance between doing the work they do and marketing their business. It is very chicken and egg... you won`t get business if you`re not good at it and you won`t get good at it if you don`t have business... Not an easy equation to balance and it is different for everyone in the industry.

One thing I have noticed is that it is pretty easy to have a decent first year in the business. You will be working through your network of people you know and the people they know and because of that leads will come easy at first. It is the second year that is the telling year for sales people and this is where you see the turnover. If you don`t work very hard at getting your name out there in the first year of being in the industry and pick up new `arms length` clients you will not last.

Also - if you have the means to save up in your current gig while educating and doing the exams to get licensed I highly recommend you do so. You won`t be getting paid for at least a couple months regardless of the field you choose.

 

[kanabel]

Great replies! Thank you all!

Dejan

 

[MrsChas]

QUOTE (MikeMcCrae @ Aug 25 2009, 08:46 AM) I am in the mortgage business and love the industry. Previous background was the oil and gas industry. Although I absolutely do not regret the change it has not helped in the real estate investment business so much. Right now the lenders like full time regular employed people. The new knowledge I have gained from this side is terrific but it doesn`t make purchasing easier. The full time job is needed to qualify for mortgages in this market.

To be successful at either the mortgage business or the real estate business it takes a full time commitment. You need to be available when your clients want you. Many people have started out part time and then moved to full time but my belief is that if you want to do it. Do it! If you want more info on the mortgage game give me a call, I would be happy to chat with you or have a coffee and tell you all about it.


Hi Mike,

Would I be able to contact you as well? I am new to the mortgage business and investing, and would like to ask you some questions about the industry if you don`t mind.

--MrsChas

 

[mortgageman]

I started out as an investor with a job and then decided to switch to mortgage brokering as a career so I could learn as much as possible about the financing aspect and help my real estate business.
A couple of things to keep in mind before you make the jump.
First, by as many properties as you can while you`re still someone`s employee. Once you switch industries and are business for self you`re going to need a couple of years income track record before you can qualify on your own. Which means line up some JV partners who will qualify before you change careers.
Second, you should not consider yourself to be in the business of doing mortgages. (or selling real estate, or whatever.) You need to be in the business of marketing your business. That`s a key point that took a while to sink in to my brain but I think it is critical to success.
All the best
Jason