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Airline pilot/Real Estate Agent
- Thread starter i'mbatman
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I have been licensed for the past 9 years and currently operate a real estate consulting business, which funnels cash through GreatRealEstateAgents.com to make my services free of charge to my clients...I'll explain later. First, I will tell you about being an agent, then about how I do it.
THE BEGINNING
License requirements vary from state to state and range from easy to a pain in the a$$. Plan on about 60 hours of classroom work over 1.5 to 6 weeks depending on whether it is an all at once deal or evenings. IF you are a pilot, the course work will NOT be challenging for you. The cost from will range from about $400-$1200 for courses, tests, license, business cards etc. etc. Marketing spool up may run $500-2000.
As a pilot, you may have the choice of a few states to get your license. Look at time, difficulty, and reciprocal agreements. Some states recip with just about everybody and some recip with no one.
THE INDUSTRY
Most pilots are pretty decent people and (theoretically) shouldn't have a hard time selling anything. BUT the real problem is one of cashflow and a crowded market. You find a customer who wants to sell their house and IF you get paid; it might be 6-12 months down the road. The second obstacle to success is a crowded 'profession'. There are few barriers to entry into the real estate industry so any bored housewife can become an agent and there is no accountability or training with respect to acting like a professional. This is why agents are ranked next to used car salesmen (I'm not kidding) in respect and trust. If I sound negative to you...it is because I am. I could tell you countless horror stories of agents $crewing people over. But if you are a hard-charger, you are probably getting excited at the opportunity....it's easy to stand out. If you decide to do it, feel free to contact me for pointers.
HOW I DO IT
I was still in the Navy when I started so I realized I couldn't be an agent full time or even part time. So I started a real estate consulting company that specializes in Creative Financing, Negotiation, Agent Screening, and Investment Selection. I can offer these services free to my customers as I send them through my agent screening business- GreatRealEstateAgents.com (Site sucks, but it will give you a better picture)
In essence I refer customers to other agents, all over the country. For my time, a fax and a few telephone calls, I collect a referral fee of 20-25%. The rest is customer consulting and handholding. It's pretty easy and WHEN the checks come in, the money isn't bad. My selection criteria eliminates 8 out of 10 agents, so I offer a pretty good product to my customers and it's free of charge to them. Could you do what I do? Absolutely.
IF YOU ARE STILL (reading) INTERESTED
A) I can give you pointers on getting into the business or B) I can let you get your feet wet by working with me. Obviously, we'd work out a split arrangement so you would be compensated for your efforts. A real estate license would not be required if you were performing 'marketing' work for me as a sub-contractor, if you perform real estate services you will need a license.
Keith
[email protected]
THE BEGINNING
License requirements vary from state to state and range from easy to a pain in the a$$. Plan on about 60 hours of classroom work over 1.5 to 6 weeks depending on whether it is an all at once deal or evenings. IF you are a pilot, the course work will NOT be challenging for you. The cost from will range from about $400-$1200 for courses, tests, license, business cards etc. etc. Marketing spool up may run $500-2000.
As a pilot, you may have the choice of a few states to get your license. Look at time, difficulty, and reciprocal agreements. Some states recip with just about everybody and some recip with no one.
THE INDUSTRY
Most pilots are pretty decent people and (theoretically) shouldn't have a hard time selling anything. BUT the real problem is one of cashflow and a crowded market. You find a customer who wants to sell their house and IF you get paid; it might be 6-12 months down the road. The second obstacle to success is a crowded 'profession'. There are few barriers to entry into the real estate industry so any bored housewife can become an agent and there is no accountability or training with respect to acting like a professional. This is why agents are ranked next to used car salesmen (I'm not kidding) in respect and trust. If I sound negative to you...it is because I am. I could tell you countless horror stories of agents $crewing people over. But if you are a hard-charger, you are probably getting excited at the opportunity....it's easy to stand out. If you decide to do it, feel free to contact me for pointers.
HOW I DO IT
I was still in the Navy when I started so I realized I couldn't be an agent full time or even part time. So I started a real estate consulting company that specializes in Creative Financing, Negotiation, Agent Screening, and Investment Selection. I can offer these services free to my customers as I send them through my agent screening business- GreatRealEstateAgents.com (Site sucks, but it will give you a better picture)
In essence I refer customers to other agents, all over the country. For my time, a fax and a few telephone calls, I collect a referral fee of 20-25%. The rest is customer consulting and handholding. It's pretty easy and WHEN the checks come in, the money isn't bad. My selection criteria eliminates 8 out of 10 agents, so I offer a pretty good product to my customers and it's free of charge to them. Could you do what I do? Absolutely.
IF YOU ARE STILL (reading) INTERESTED
A) I can give you pointers on getting into the business or B) I can let you get your feet wet by working with me. Obviously, we'd work out a split arrangement so you would be compensated for your efforts. A real estate license would not be required if you were performing 'marketing' work for me as a sub-contractor, if you perform real estate services you will need a license.
Keith
[email protected]
I'm a Pilot/Realtor in Phoenix if anyone has any questions, or needs to buy or sell your home, you can contact me through my web site at www.azhomes-online.com
Wow, I have received quite a few offline responses. If the questions are generic enough I will post the answers here so I'm not repeating myself over and over.
<<Is it possible to make a living doing this?I know you do it on the side.Do you need a real estate license?Thanks>>
You have heard of the 80/20 rule. In real estate it's closer to 90/10. 10% of the people make 90% of the money. Most agents make $0-60K. Some make over a million a year. It usually takes 3-10 years to build a career in real estate.
Remember I deal with only a tiny aspect of the industry (referrals) and my cut is only a fraction of the deal, but I received a check last month for $600 on one deal and my biggest single commission was for $10,000 on a commercial transaction.
You need a license if you provide real estate services, buying-selling-representing. In my post, I was talking about a possible way for someone to give it a try (and get paid) performing a marketing function on behalf of my business. You could NOT take listings or show homes to buyers without a license.
<<Second, what do you think the best way about getting a license? I have found an online study course which would work great with my schedule, but are they
educational enough to cover all the bases that come up? I know I could take
a class at the local college, but I don’t know how that would work out if I
have a trip.>>
Many states will not allow online ed for your initial license. Most do allow this for your CEs, continuing education, which is required annually or every two years. So make sure what you see on the net is really for an agent license. The key is getting your license so you can practice r.e. They will NOT teach you how to be a good agent or how to make money. If you have some basic real estate knowledge or you have a big set of stones you can be bold and give it a try yourself. Otherwise consider partnering with another agent in your office or shadow someone for a few weeks to learn the biz.
<<Third, the toughest part, how do you break into the industry. Should I go
talk to a local office of somebody like ReMax or Coldwell Banker? Would they
hire somebody that would only want to work 2-4 days per week?>>
Going to a national broker house for training and licensure is a very good idea. They will subsidize or pay for all of your education and they have training system which the local houses don't usually have. Yes, they will take you as a part timer. It doesn't cost them anything to 'hold' your license and if you sell anything they will take 50% until you start generating some real volume.
<<Is it possible to make a living doing this?I know you do it on the side.Do you need a real estate license?Thanks>>
You have heard of the 80/20 rule. In real estate it's closer to 90/10. 10% of the people make 90% of the money. Most agents make $0-60K. Some make over a million a year. It usually takes 3-10 years to build a career in real estate.
Remember I deal with only a tiny aspect of the industry (referrals) and my cut is only a fraction of the deal, but I received a check last month for $600 on one deal and my biggest single commission was for $10,000 on a commercial transaction.
You need a license if you provide real estate services, buying-selling-representing. In my post, I was talking about a possible way for someone to give it a try (and get paid) performing a marketing function on behalf of my business. You could NOT take listings or show homes to buyers without a license.
<<Second, what do you think the best way about getting a license? I have found an online study course which would work great with my schedule, but are they
educational enough to cover all the bases that come up? I know I could take
a class at the local college, but I don’t know how that would work out if I
have a trip.>>
Many states will not allow online ed for your initial license. Most do allow this for your CEs, continuing education, which is required annually or every two years. So make sure what you see on the net is really for an agent license. The key is getting your license so you can practice r.e. They will NOT teach you how to be a good agent or how to make money. If you have some basic real estate knowledge or you have a big set of stones you can be bold and give it a try yourself. Otherwise consider partnering with another agent in your office or shadow someone for a few weeks to learn the biz.
<<Third, the toughest part, how do you break into the industry. Should I go
talk to a local office of somebody like ReMax or Coldwell Banker? Would they
hire somebody that would only want to work 2-4 days per week?>>
Going to a national broker house for training and licensure is a very good idea. They will subsidize or pay for all of your education and they have training system which the local houses don't usually have. Yes, they will take you as a part timer. It doesn't cost them anything to 'hold' your license and if you sell anything they will take 50% until you start generating some real volume.
<<How do you get referrals?And what kind of marketing function for your business looking for?And is that website yours?Thanks again.>>
The website is mine. I made it myself and never got around to fixing it up like I wanted. There are plenty of flaws and blemishes, so I don't need you guys to rag on me for what I already know.
Referrals come from friends and family, pilots at work, sometimes advertising, direct mail and I have a few crafty ways of harvesting ForSaleByOwners from the web. I really HATE any business opportunity (MLMs etc) that involve pi$$ing off your friends and family, so I steer away from them unless they come to me. If someone one wanted to work with me I'd go into specifics; the marketing function would involve harvesting prospects in your home town or nationally through telephone calls, direct mail, email, print ads, radio, brochures, etc.
To be honest this started out as an attempt to answer someone's question about real estate, not a way to promote what I do. So I haven't given any thought to working with partners (sub-contractors). I would need to think about an arrangement that would be legal, fair for you and fair for me. I haven't gotten that far. So unless someone says yes I want to do this for sure...I'm not going to give it too much more thought. But I am happy to answer everybody's questions.
The website is mine. I made it myself and never got around to fixing it up like I wanted. There are plenty of flaws and blemishes, so I don't need you guys to rag on me for what I already know.
Referrals come from friends and family, pilots at work, sometimes advertising, direct mail and I have a few crafty ways of harvesting ForSaleByOwners from the web. I really HATE any business opportunity (MLMs etc) that involve pi$$ing off your friends and family, so I steer away from them unless they come to me. If someone one wanted to work with me I'd go into specifics; the marketing function would involve harvesting prospects in your home town or nationally through telephone calls, direct mail, email, print ads, radio, brochures, etc.
To be honest this started out as an attempt to answer someone's question about real estate, not a way to promote what I do. So I haven't given any thought to working with partners (sub-contractors). I would need to think about an arrangement that would be legal, fair for you and fair for me. I haven't gotten that far. So unless someone says yes I want to do this for sure...I'm not going to give it too much more thought. But I am happy to answer everybody's questions.
holdon
Well-known member
- Joined
- May 14, 2003
- Posts
- 204
I was lucky to get furloughed in 02 from a Major Carrier. I've been selling Full time now (with a partner and an assistant) for close to 2 years. I've also retured to flying and continue to sell Full Time. I won't kind ya, It's been a TON of work and It's not for everyone. However, it is possible. If you have any specific questions or need help in buying or selling we would be glad to answer your questions.
Blue Skies.....
www.timortom.com
Blue Skies.....
www.timortom.com
Last edited:
holdon
Well-known member
- Joined
- May 14, 2003
- Posts
- 204
If anyone is looking to get started in the MO area, shoot us an email and we can help you get started.
Good Luck
www.timortom.com
Good Luck
www.timortom.com
ultrarunner
Well-known member
- Joined
- Nov 26, 2001
- Posts
- 4,322
Freebrd
Well-known member
- Joined
- Jun 17, 2003
- Posts
- 2,665
Off the subject a little here, but I was wondering if it's difficult to get the commission reduced as I feel 6-7% is a lot of profit to give up. Don't really have the time to try and sell myself so I'm at the mercy of the market where I live, which is hot right now. One agent I'm talking to wants 7%, and I realize that agents spend lots of time marketing my property, but 7% on $300,000 or any amount, is a lot for a commission. Thoughts? Agents, don't flame me, just curious that's all. Or, if you want, go ahead and flame!
ultrarunner
Well-known member
- Joined
- Nov 26, 2001
- Posts
- 4,322
holdon
Well-known member
- Joined
- May 14, 2003
- Posts
- 204
True Commissions are always negotiable and yes you need to shop around. However, keep in mind that the best "DEAL" isn't commission based alone. Ultrarunner is absolutely right, you can get an agent that agrees to a 3-4% listing and your house might sit on the market (losing value) for 6 months. After you figure in the additional house payments you've made, your losing money.
Consider this, Agents are paid on commission ONLY. Chances of your agent actually selling your house (Dual Agency) is very slim. If he/she lists your house in the MLS as a 3-4% listing, your going to get pushed way down the list on homes to be shown. As a buyer, you call up your agent and ask to see 10 homes you like. Guess what, the first 7 homes are going to be the ones that are the 6-7% listings and the remaining (if you make it that far) will be the lower paying homes.
I do agree with you 7% is A lot of money for commission and yes commissions are negotiable. I would consider going with the company that is the largest in the area. 2 Reasons
1. If you own the market in listings you also own the buyer pool.
2. Generally the largest companies give there agents ample marketing resources to promote the homes. Something you need right now in a buyers market.
If you have any other questions feel free to P.M. me or check out our web site for additional info. www.timortom.com
Good Luck
Consider this, Agents are paid on commission ONLY. Chances of your agent actually selling your house (Dual Agency) is very slim. If he/she lists your house in the MLS as a 3-4% listing, your going to get pushed way down the list on homes to be shown. As a buyer, you call up your agent and ask to see 10 homes you like. Guess what, the first 7 homes are going to be the ones that are the 6-7% listings and the remaining (if you make it that far) will be the lower paying homes.
I do agree with you 7% is A lot of money for commission and yes commissions are negotiable. I would consider going with the company that is the largest in the area. 2 Reasons
1. If you own the market in listings you also own the buyer pool.
2. Generally the largest companies give there agents ample marketing resources to promote the homes. Something you need right now in a buyers market.
If you have any other questions feel free to P.M. me or check out our web site for additional info. www.timortom.com
Good Luck
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