Real Estate 101
Having sold many homes in Columbus GA, Phenix City AL and Harris County GA for the last few years, I’m giving a short overview post of my perspective to the essential ingredients for a successful real estate career. These are my own opinions and your success will vary like the estimated fuel consumption on the new car window sticker. If you speed you not only get a ticket but poor fuel mileage as well. Real estate is immensely rewarding, but is a lot of long hours and hard work.
I aggressively jumped right in and annually took the GRI (Graduate Real Estate Institute ) training offered in our state. This cost roughly $1500/year for 3 years by taking on site training for 6 days per year. I gained a vastly deeper understanding to the real estate principles, laws, contracts as well as making dozens of contacts around the southeast. Please don’t just take your test, get a license and experience the “school of hard knocks”. This is serious business and you could “go to jail” if involved in unscrupulous business dealings. Think about it, you have the privilege to be able to help people make one of the “most important financial decisions of their lives”.
I feel fortunate that I was already receiving my chemical career retirement and our house was paid for. This was a huge blessing/benefit. Bottom line was if I did not sell a house Columbus GA, I did not have to worry about the mortgage or food. In your case I recommend “reserve funds for 6-12 months minimum funds” to insure that you can transition into your real estate career.
Transition Into Your Real Estate Career – What Expenses Can You Expect?. Use your God given talents, count your blessing, having a mentor is critical. In the early months, I had homes for sale in Columbus GA in a new subdivision and got “lots of qualified buyers. I sold 9 houses in that neighborhood. I transitioned in real estate after a 33 year sales career in chemical sales to heavy industry. I wore old 31 cars in 33 years, so I was truly a “road warrior”. Our son said he wanted to go to law school, so I made a quick decision to offer him $0.50 on the dollar to wherever he want to attend. He was accepted to 11 law schools and he got a “student loan” for the other $0.50 on the dollar that he needed. Bottom line was that “Dad had made a promise” & now had to deliver on my word. I started selling homes in Columbus GA, Phenix City AL and Harris County GA and am now approaching 2 sales per month and have just hired a “virtual assistant” to help with the paperwork load.
Some realtors limit themselves to being a buyer’s agent or a seller’s agent. That is your decision. I choose to do the following:
- Buyer’s agent: best source for your first sales
- Seller’s agent for listings: Generally, sellers want an experienced agent to market their property to get top dollar.
- Design and build new home are my passion, even though it may take 5-12 months to complete a property. This time line will vary with the following factors: lot selection /soil samples for rural septic systems, plan selection, builder selection, building permit application, pre-approval for mortgage lender. It took me several years to get a few builder sto allow me to list/market their new listings.
- Property management: Many agents shy away from this role, revenue stream. I like it for the following reasons: tenants become buyers later and property owners later become sellers. I am now approach 25 rental properties that I manage for others. These funds generally cover the bulk of my fees and expenses.