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Wife wants to get into real estate

2,743 Views | 11 Replies | Last: 5 yr ago by O.G.
tclub
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She has been staying at home with the kids the last 4 years. Now she wants to look into starting a new career as a real estate agent. We're in DFW, any tips, advice or suggestions on how to get started? Who to work for?

Thanks!
DRE06
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AG
tclub said:

She has been staying at home with the kids the last 4 years. Now she wants to look into starting a new career as a real estate agent. We're in DFW, any tips, advice or suggestions on how to get started? Who to work for?

Thanks!


Make sure she clearly understands that she'll be showing houses during the only two days that her kids don't have to go to school and want to go create fun family memories with their mom.
AccountantAg
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AG
My wife is a stay at home mom who also does real estate. I'm not sure of your plans but mine treats it like a part time job. She only really helps friends/family/referrals and by doing this she avoids nights/weekends for the most part. Occasionally we go as a family to show houses on the weekend. All 3 of my kids are under 4 though so none of them are in school. She doesn't seek out people she doesn't know because it wouldn't be very professional showing up to show houses with 3 kids.

With this setup as might be obvious she's not the #1 realtor in the city which is fine for us. The money she makes we actually use for fun/invest. Her income isn't a part of our budget. She closes maybe 7-10 houses a year.

If that kind of setup is what you want I'd look for an office that doesn't charge any (little) fees and look for one that will charge a low split with the broker. We used to be with a broker charging 30% of the commission but realized we weren't taking advantage of any of the resources we were paying for with that commission split. Now she's at an office where she pays $285 per closing.

Be prepared for friends and family to not use her even though she tells them she's doing real estate though.
mazag08
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AG
AccountantAg said:

Be prepared for friends and family to not use her even though she tells them she's doing real estate though.
Along these lines, make sure shes prepared to explain why they should use her.

Nobody wants to put their trust in someone simply because they know them.. especially for whats likely to be the biggest transaction of their life.
Diggity
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AG
mazag08 said:

AccountantAg said:

Be prepared for friends and family to not use her even though she tells them she's doing real estate though.
Along these lines, make sure shes prepared to explain why they should use her.

Nobody wants to put their trust in someone simply because they know them.. especially for whats likely to be the biggest transaction of their life.
this
BrazosDog02
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AG
And be prepared for your friends and family to ask for you to reduce your commission and go with someone else if you aren't willing.

This goes back to the post above...make it clear what you are worth and why.
JMac03
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AG
And don't get your feelings hurt when said friends and family don't use your services.

Not in the same line of work, but the only issue I've ever had with a client was a friend (who is no longer one). There is a saying that friends and family make the worst clients. I haven't had this respect in all of them, but has in some.
Diggity
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AG
There is some truth to that. I have had a ton of friends who were great clients, but some people show a completely different side of themselves in a "business setting" and it's not always pretty.
tclub
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Thanks for the comments everyone!
tclub
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That's exactly what she wants to do. Thanks for the insight.
Rusty GCS
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AG
tclub said:

Thanks for the comments everyone!


Be prepared to take a financial hit up front. You get paid to close, not to work.

So if it takes a month or two to land first deal then a month to go through the closing process of using a lender.

My wife didn't get a check for 6 months but then it really took off.


Starting out you don't have to do it all alone. You can join a team and specialize as a buyers agent and master that. Then maybe try and get some listings. After you're comfortable doing everything go out on your own if you want.
koadie
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AG
This is exactly what my sister does with 5 kids. Helps bring in some extra income, but doesn't rely on it full time.
_________________________

Eph: 2:8
O.G.
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Your job will have to be stable and provide for the family insurance and several months of her not bringing any income in.
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