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Re: going into real estate?
I also switched into real estate sales after working for 9 years as an attorney. I was a commercial litigator for a large Manahattan law firm. I was professionally and financially successful in a very secure position, so it was a tough decision to leave. But ulitmately, I was not happy with my career -- it was extremely time consuming with very long hours (compounded by a commute once I moved to LI), significant travel, and a high level of stress.
I chose to go into real estate because I had always been interested in it, and I wanted to do something that I would find fun and feel passionate about. Also, I wanted something that would give me flexibilty and allow me to work locallly to spend more time with my son, who is now 3. And real estate allows me to use a lot of my legal skills -- negotiating, client counseling, dealing with contractual issues, etc. So it's been a good fit for me.
I am full-time in real estate, but I definitely don't work a full 7 days a week. Some days, I work full days, but others, I may work for a couple of hours and then I take my son to school, to play dates, etc. So real estate has given me a great, satisfying career as well as the opportunity to have the work/life balance I crave.
There have been financial tradeoffs. I left my law firm in July 2010, and my first 6 months (July through December) were largely spent learning the business and getting my feet under me. Last year was my first full year in the business, and I had a good year and a steady income, but I also spent money on marketing to create that flow of business. I probably won't get to my ultimate goals, financially and in terms of business volume, for another couple of years. It's like starting any other business from the ground up.
In real estate, you are essentially running your own business, so you have to have a somewhat entrepreneurial spirit, be able to work independently, and be willing to invest in your business (marketing, education, etc.). You have to be comfortable with prospecting for new business and finding new sources of customers constantly -- while most real estate offices will give you leads in a rotational system, you are largely responsible for finding your own sources of business, which is surprising to many people. But after working in a largely hierarchical corporate environment, I love the freedom of being in charge of my own business!
I think most realtors who are successful are able to take a long-term view, because success is not instantaneous when you first start out. But it's a great field to be in and there are so many areas you could focus on!
Feel free to FM me if you want more info about my career change and what my experience has been so far!
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BBin2012
Full heart!
Member since 8/11 1835 total posts
Name:
Ka
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Re: going into real estate?
8 years ago I quit my corporate PR job to try real estate (rentals) in Manhattan. It was extremely tough...I learned a lot about myself, mainly that I required a steady reliable income to feel stable. So 8 months later I was back in corporate PR (where I still am today).
Taking the RE test and getting hired isn't difficult, but really getting the hang of it and sticking it out is a true test.
My MIL is an agent in Queens and she works most weekends (but lately, she is glad b/c the last year was pretty difficult w/the market). She always says her network / referrals are what's saved her in slow times, so I think the longer you do it the more successful you'll be! But the beginning isn't easy...
But I think it's a very interesting field to work in! Good luck!!
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