Yesterday I was invited to speak at The State University of New York at New Paltz addressing a group of business majors. The professor regularly brings in professionals to talk about their industry and the possibilities of internships at their companies. It’s an opportunity for the student to work in a business while getting college credit and collect a reference or two that might be beneficial. I am not delusional; I know full well very few college students would choose to be a Realtor right after graduation, it’s a job that is most often a second or third career. Never the less, I explained the life of a realtor and these were some of the highlights:
1. Working weekends are required
2. No holidays, vacation or sick days
3. No 401K, pension, retirement accounts or health insurance
4. No paycheck unless you “close” a buyer transaction which is on average 9 months from initial contact.
5. No paycheck unless you “close” a listing transaction which is on average 9-12 months and only if you get it priced right.
6. Clients have little if any respect for your time, there is no end to the work day until you turn off your phone.
7. A new agent will be lucky to make $15,000 before expenses in their the first year, that would be less than minimum wage.
8. Since you are self-employed you are responsible to keep detailed accounts of all your expenses and pay your own taxes.
9. Reliable and respectable car is required to take people on tours and showings. The price of gas becomes a huge concern.
10. You must learn new technology and purchase new tools for your business to stay current.
11. Being a real estate professional is a lifestyle choice becaue….it becomes your life.
I did not get a ton of students waiting to break down my doors for the opportunity to become realtors but I did see some sparks in the room and I could hear the wheels spinning: Selling Real Estate….Maybe.