SAHM Getting Real Estate License

I have friends that are realtors and they would tell you don't do it! The people that are actually out there selling homes can barely make a living because the market is saturated. There are also people that have their real estate licenses and don't sell houses anymore because they couldn't make a living but if the market ever rebounds they will be back in the game.

My point is if you get your license you will be behind those that do it, those that sort of do it and those that will come back in it, in other words it is pretty much a waste of your time and money.

My husband did NOT renew his realtor license this past winter because of the terrible economy right now. In a nutshell, I'd really advice you to think of a plan B.

My husband was with a reputable, well known company for the last 5 years and he made very little as a full time realtor. You can't count on friends, family, etc... to use your services because they seem to know several others who are also realtors. Then there's the people who will just call you and ask you all these questions about a house, neighborhood, etc... You'll show them 20 homes (seriously!... if not more) and then they'll decide they want to wait a couple of years before they actually go ahead and buy. Meanwhile, you've added wear and tear to your car, paid for a lot of gas, used A LOT of your time, AND not get paid ONE PENNY!

You'll also have people who want to only go the short sale route and/or foreclosure route and these two ways add even more work, and don't always amount to a closing. The inspection doesn't pass, the offer wasn't accepted by the bank, multiple offers were given to the bank, and your clients was rejected, etc...

Okay... I could go on and on, but it's late and I need to get to sleep. My husband always went the extra mile with his clients, but it created stress (at times) for him and little money. My husband was awesome with his clients even though he felt he was being "used" quiet a bit. (He worked from home sometimes and always had his cell on.... even a 9 in the evening! (He sounded great on the phone as he talked business with his clients.)

Yeah... you'll have people who will want to interview you and a few other realtors and then, you'll see a "For Sale Buy Owner" sign in their yard. Hmmm.... perhaps they were getting ideas on just how much to list their home and other ideas from the professionals. You'll have others call you several times from the early morning (yep... some called at 6:30 am!) to very late (almost midnight) and you'll answer all their questions, take them to several showings, but then they'll decide not to buy or not to sell. You'll have clients who get frustrated because their house isn't selling... not even getting a "nibble." But... it won't be your fault, you'll have told them that their asking price is too high for today's market. They'll think their house is the exception. That their house offers so much more than the neighbor's house down the street. etc....

Maybe there are some realtors that are doing alright in this economy, but my hunch is those are the ones who have been in it for SEVERAL years and have been very much established with client referrals from the past.

Good luck to you and your husband, if you decide to go this route. Well... gee... after all my venting, I think you can tell how I feel about this subject:-)

Not a good idea unless you have an extra $5,000 sitting around doing nothing. You have your license exam fee, annual MLS fee, monthly real estate fee, office fee (because you need a broker to be under selling), sitting at open houses and office floor duty, adveristing fee, and your oil and gas and insurance. There are also continuing education courses you must take prior to renewing your license every three years. Sometimes changes to real estate laws come down and all the work you have done has to be redone to include the changes on contracts.

As others have mentioned the only good realtor is one that has a phone glued to their ear 24/7 and available 24/7. Just because hubby is home does not mean he will always be there when you have to show a house. When you do get a sale the money is split between the real estate office and then you and you work as a private contractor so you are responsibile for all taxes at the end of the year. The money you get is basically your reimbursement for the money you put out for the sale of the house. You will need a separate checking account so that all RE money is not co-mingled with your household money.

In lean times as now with so many houses on the market there is not much money to be made. The ones that are making some money have been in the business for 15 to 25 years and are holding on by their teeth. Some have left the business because they could not make any money.

Think long and hard about this. There could and is much stress in the business because not every realtor is your friend and will stab you in the back. Even the best executed contract can fall apart before closing so you have to be prepared for that and not have the money spent before it is gotten.

How do I know all this, I was a realtor for eight years. I did make my money back for the course and the fees for all the above and sold several homes. Things changed at home and I had to take a full time regular job and could not keep up with my business as I had hoped and went part time. When you go part time you are not as current with the changes as a full time realtor and you are out of the loop so to speak. I thought about going back about eight years ago but the market was changing again and I decided to stay out which was a good thing.

Good luck to you both.

The other S.

PS It is all so glamorous until you get in and see the other side that is not displayed to the public. Try a hobby and turn that into a business you might have more success.

The only realtors I know who make any money work 24/7. One mom, in particular - I rarely saw at school without a phone glued to her ear. Another one that I know routinely gets called away from her family on the weekends, during school plays, etc.

It's a very tough business.

The only way I would do it (and I've considered it because I love real estate) is if I could specialize in ONE neighborhood or area. Literally I would know every house and property in a given area, as well as market trends.

Good luck with your decision.

You're just really at the mercy of the market, unless you work for a larger firm.
I know lots of realtors that do well in a good housing market. But over the last few years, when things are slow and nothing is selling...they've had to get second jobs or rely on very little income (not steady, at that) to get by.

That said, if you're truly interested in it, give it a shot!

Hi there, my husband has been in the home mortgage industry for about 25 years and I spent 15 years in it. Realtors right now have to wait until the home closes and with the new restrictions that banks and lenders have, it is a very long and frustrating process. You are totally on a commission basis. You could think that your house deal is about to close and something stops it and you lose a few days. Those few days could be your rent due day or your electric bill due day. You will need to pay rent in a realtors office for space in their office or a small fee to use their company name on your business cards and their services. It can be very expensive and the final commission may not be worth it. HOWEVER, if you already have a budget and have your savings cushion (at least 3 months housing expenses saved) and you already know people that are wanting to list or buy then it might be worth it. I don't know where you live but certain pockets are good for quick sales but then again the lenders/banks are the hold up. Balance everything out and know that it isn't just a "part-time" job for anyone. It is on call 24/7. My husband is the lender and sometimes he doesn't get a chance to eat lunch or have a bathroom break because the phone is always going off.!! Good luck in your decision and remember that the children are your first priority!!