Real Estate School - what they "usually" don't tell

By
Real Estate Agent with Keller Williams Preferred Realty

While I was going through real estate school I had learned so much that it was nearly overwhelming. However, I did enjoy it and felt that I was well equipped to start my new career. Of course all of the local real estate companies are recruiting you and now it is up to you to choose the one that will be the best fit. I began my career with a fairly large and highly reputable company. This particular company did loads of transactions per year, had most of the top agents in the area, and were up-to-date with technology.

So, off I go to work I go armed with a plethora of knowledge, a new interior car mounted cell phone, and dressed to impress. It took a while to get acclimated to a whole new way of life - strictly commission! We would have our every Tuesday morning meeting, discuss all of the great things that the seasoned agents were doing, and then go on a caravan tour of our listed homes. Throughout the week I was learning the ropes from my mentor whom I thought (and still do) was one of the best in the business. Part of my training was simply doing cold calls. For those who have never had to do it, trust me, you don't want to do it. Ninety nine percent of the time, it could ruin your day if you let it. All along I was trying to gain business from friends, neighbors, church members, etc. Next I had to learn the art of "getting to know you" with total strangers. I remember my first transaction was a lead that was given to me by my Broker-in-charge - and I was scared to death. Why? Well, real estate school is sort of like learning to play basketball. You are taught the fundamentals early on and practice, practice, practice. However, when it's game time, it is a whole different situation. You never know all the answers. Well, I finally got the paperwork finished and all of the inspections, appraisal, lending, etc. completed. We had the closing and I was so excited to finally get paid. My first paycheck - WOW! I cherished that moment for a long time.....because it took a while before my next one came to fruition. This leads me to the climax of the story.

Real estate school does give you everything you need to pass the state exam. However, most agents and most real estate schools will tell you that the education and the actual experiences are two totally different ballgames. What you "usually" will not learn in the school is that you must have one or both of these; (a) some other steady income source or (b) have enough savings that will pay your bills for 6-9 months.

I learned the hard way. I didn't have the steady source of income or enough savings. Hopefully there are some real estate schools out there that are teaching "all" of the fundamentals - and I'm sure there are.

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Rainer
150,001
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bob Mitchell (NMLS#1046286)
Bank of England (NMLS#418481)

My instructor way back in 1984 was brutal...one of the first things that he said in the class was that 70% of us wouldn't renew our licenses when they came do in 3 years and that 90% of us would be out of the business within 5 years.  Sad to say, he was right.

 

R.B. "Bob" Mitchell

ValueList Real Estate Services, Inc. 

April 26, 2007 11:07 PM
Rainer
16,327
Andy Kaufman
East Bay Sales & Investments
Better Homes & Gardens Mason McDuffie Real Estate

Great post Keith.  It's so true too.  I aced the hell out of the exam, but had no idea how to do business.

Finding the right fit right out of the gates is so crucial to long term success.

April 27, 2007 02:18 AM
Rainmaker
454,032
Midori Miller
Homes In Fort Lauderdale, Real Estate Training - R
Better Homes Realty - BH Referral Associates
Most great real estate schools will warn you the purpose of the course is to pass the state exam.  When it came down to the business I naturally wanted training and spent $$$$$$ on training as well as pick the right company.  Reality is there is nothing like good old fashioned experience. 
April 27, 2007 02:41 PM
Ambassador
322,795
Karen Hurst
Rhode Island Waterfront!
STONEHURSTREALTY.COM

Keith,

Nice honest post! (would look good in the Real Estate Rookie Group:) I agree that there definitely be courses for the everyday life of a Realtor. You take your exam and then you are pretty much thrown to the wolves. No one really has time to help you, you need to grab the bull by the horns and use every trick you have, especially the way the market is right now. This is where the Passion to be an agent comes in. Sometimes its' just too much and in a bad market and not enough money to live on, well??? We all need to push for more education telling people the basics.

Btw, Riparian rights, as opposed to Littoral Rights, is the right to use moving water, ie rivers and bays. littoral rights covers the oceans.  (I know this, but it never sounded right to me because the ocean is moving also)

April 28, 2007 11:21 PM
Anonymous #19
Anonymous
Tori Thompson

I passed a real estate salesman course and real estate math course at a community college in NC - 2005. I did not take my boards......stupid, i know, but I was scared of failing. I would like to finish what I started. Does anyone know of a way to get through this the quickest and safest way? I would appreciate anyone's kindness. Thank you!

September 30, 2007 12:22 AM
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Rainer
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Keith Pate

Raleigh, NC Real Estate
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