Real Estate

[Meenah]

Does anyone have any experience with real estate? A friend of mine has almost convinced me to get a real estate license and try doing that part time. I 'm not sure. But it does seem kind of interesting. Now I just pick up extra shifts in the ER but I don't want to "burn out" from that, but I do need the income? Any comments or suggestions?
Luanne

Luanne,
Eric's half-sister just started out in real estate and I can try to ask her how its going -- don't know when we'll see her again. We've talked about it a little bit and I think she likes it. But she has been surprised by how many expenses come up for her (like organization dues and that sort of thing). I don't know that those expenses would always be necessary -- not sure if it's a "must" or "nice to have." I think she is doing residential real estate. I guess it is full time for her in that she isn't working another job. But I think she changed careers to real estate for more flexible hours being compatible with having a family.

[PrincessFiona]

Real-Estate

Luanne, I am really dying to find out what information you are able to get about this. It sounds like something that could be really fun and interesting. I knew several dr's husbands that started this when their wives were residents...they didn't intend on making a big career switch, but I know that one of them found it so lucrative that he decided to stick with it even post-training!

I say go for it..what have you got to lose?

kris

[SueC]

I used to market for an agent--it does seem like a lucrative career. She always wanted me to go ahead and get my license but I never had the time to pursue it. That seems like it could be an interesting field to be in. Maybe you could join a team and be under a more experienced agent to learn the ropes?

My DH's mom is a real estate agent (used to be in nursing as well!) and it is a lot of work. You don't get paid at all until you sell a house, and then you have to split your commission with your agency. Selling can be pretty competitive. If you are very determined and patient I am sure you will sell houses but sometimes she seems a little frustrated, like if a family doesn't end up buying with her or buying at all! There are a bunch of courses to take/requirements to meet, and you need to get hooked up with a real estate company, where you might have shifts to answer calls/take walk-ins around to the different houses (also don't get paid for this). There a lot of open houses to host and to attend, helping you to be up to date on what's available. One cool thing is getting to see the inside of many fabulous homes!

Hope this helps!

Jill

[Meenah]

Wow, it sounds as if cleaning vomit & blood in the ER is a more dependable income!!!! Thanks everyone.
Luanne

[PrincessFiona]

real estate

Here's some info from the US dept of labor:

The median annual earnings of salaried real estate agents, including commission, were $27,640 in 2000. The middle 50 percent earned between $19,530 and $45,740 a year. The lowest 10 percent earned less than $14,460, and the highest 10 percent earned more than $78,540. Median annual earnings in the industries employing the largest number of salaried real estate agents in 2000 were as follows:

Residential building construction $44,940
Subdividers and developers 32,030
Real estate agents and managers 27,770
Real estate operators and lessors 20,770

Median annual earnings of salaried real estate brokers, including commission, were $47,690 in 2000. The middle 50 percent earned between $30,630 and $80,250 a year. The lowest 10 percent earned less than $18,080, and the highest 10 percent earned more than $143,560 a year.

Commissions on sales are the main source of earnings of real estate agents and brokers. The rate of commission varies according to agent and broker agreement, the type of property, and its value. The percentage paid on the sale of farm and commercial properties or unimproved land usually is higher than the percentage paid for selling a home.

Commissions may be divided among several agents and brokers. The broker and the agent in the firm who obtained the listing usually share their commission when the property is sold; the broker and the agent in the firm who made the sale also usually share their part of the commission. Although an agent's share varies greatly from one firm to another, often it is about half of the total amount received by the firm. Agents who both list and sell a property maximize their commission.

kris

[Meenah]

Wow, blood & vomit are looking good!!! I signed up for overtime in the ER this weekend.
Luanne

I hope I didn't burst your bubble, Luanne!

[Meenah]

Not at all, I'm just realizing overtime in the ER is probably more profitable, and when my shift is over I am done!!
Luanne

[Michele]

My real estate agent said she knew a Dr's Wife who made a killing in real estate because she had an "in" on the Dr market (the rich dr market) and would only deal with homes that were over $300 K..I think she was also mostly a buyers agent. We had to sign a contract with our real estate agent saying we would only buy through her...so that cuts down on the working your ass off for someone and then their not buying through you.

Those income numbers seem skewed. It's probably very area dependent. You make 3% of the sales price (6% if you represent the seller and buyer)...some places let you keep it all but you have to pay dues each year and month to the company...that's how ReMax works...and our agent said she made pretty good money..but that she mostly really loved shoppig for houses.

I know I'm jumping in late here...

Michele

[Meenah]

I only know the poor doctors!!!!!
Luanne