Seems like consensus is that it won't be right for me. I'll look into the mortgage thing too. I'm just looking for options. I'm a bit burnt out on the auto industry and the direction it is going. Figured I'd look into a completely different field too. Thanks for the advice as always, GRM!
I'll echo the comments about how hard I imagine it would be to watch someone buy a house with problems, or worse, a house they probably have no business trying to afford.
In a close second place would be my issue with pushing someone to a lower asking price so the house will sell more quickly.
There are other sectors besides single family houses that an engineer may do well in. Get your feet wet with houses so you don't starve but look into commercial. Your number crunching ability will come in handy when the numbers are pretty much all that matters besides location, location, location.
Most Realtors make poverty level income. I would look at the mortgage broker stuff first.
The women Realtors have taken over it seems. My dad was a VP of the largest brokerage in Ohio back in the early 60's. He showed me some of the full page ads they would take out in the papers that had a picture of all the people in the company. Over a hundred Realtors and only 1 woman. Commercial is still a boy's club though. I think houses are an emotional purchase and woman tap into that way better than men.
^^Well put^^
In reply to PMRacing :
How many times can you hear the word no and keep pushing to close?
To help with cash flow try getting an appraisal certificate. It's not great money but it will be steady. Requires a good eye and attention to details.
1 person in 100 will be working in sales after 5 years. Of those 1 person in 100 will make an average income. Of those 1 person in 100 will make a nice income.
You cannot do it yourself. You need a network of people working for you. Bar Tenders, barbers Beauticians, etc. People used to listening people talk about personal issues. ( and sharing them). They get a referral fee and usually a spiff upon closing. Divorce is a leading profit center for realtors, but also illness, financial problems, and infidelity. Yes that makes you a bottom feeder sometimes but promotions, good fortune, and other life events cause realestate changes
You need to tip well, to get those and offer generous Spiffs to get the good ones. You also need to convince those people to trust you with their customers and friends. 20%. off the top of your income will go there. Most will be offended if you 1099 them. In fact cash is the standard method of payment.
Hours worked? Long. Typically 6-7 days a week. Not uncommon to work past 10:00 and then make the rounds of your Network of referrals. If you aren't in front of them on a regular basis you will dry up the well. You'll typically work the floor as well as any open houses you have.
It's not uncommon for a realtor to "buy a listing" That is appraise the property higher than it is likely to sell for then hope he can quickly get the owner to drop the price to a more marketable number before the listing gets stale.
A stale listing, one older than 90 days, traffic drops to nothing. Even if the price is reduced below market it may take a long time to sell because it's stale( old) Aggressive realitor will list a house below market. To generate a lot of interest hoping bidders will bid over its real value. That tends to produce a fast turnover.
Sales, are what excite realitors. Dealing with objections, presenting homes, marriage counselor, etc are all required tools but only sales provide income.
It's all outlay up front, clothes, The SUV, paying for the marketing, Network tips, ( and the cost to network) business cards, etc etc etc. all come out up front.
Once sold you need to split with the listing realitors, the company you are working for, the Network spiff, marketing costs etc etc. etc.
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