getting your real estate license
- Thread starter SocialResponsibility
- Start date
So True - you need to network hard and grind like a mutha. Don't expect to make money right off the bat - in fact don't expect to make dough for the first 6 months. I'd say try and get into the loans first and ease yourself into the real estate part unless you friends and family you can hook up immediately. Shit right now in Cali is really oversaturated and on a downturn aka slow. Definitely be in this for the long run and cause you won't see the quick money.
The real estate market shifts prom purchase markets to refi markets and back to purchase markets. Its a never ending cycle that can last from 6 months to 2-3 years at a time. Purchases have been HOT for the last couple of years, and realtors are making good money. Rates are getting higher and higher, and a lot of people are refinancing in order to get cash and keep a low rate, as there have been predictions that mortgage rates could go back into the 10-15% range in the next 3-5 years. This hasn't happened since the 80's. So, like I said, a lot of people are trying to pull the equity out of their homes now. In this type of market, its better to do loans than to do real estate.
First off, you have to have thick skin. Clients tend to think they know everything, and will try to talk shit to you to bring fees down, etc. Also, you have to have a hustle mentality. You have to go out and get business, business is not going to fall into your lap. Its a sales job, and if you can't sell yourself and your product, don't even bother tryin to get into the business. Go-Getters succeed in Real Estate and Mortgage. Also, you have to be a straight shooter. You can't bullshit your clients, because you need them to help you generate business by referral.
Option ARMs are the BAIN of my existence. Loan Officers see the 3 rebate, and thats the end of tryin to get the best deal for the client. I am starting to see a lot of people realizing what they are actually gettin themselves into and wanting to refi out of them and pay the prepay. I can't wait til these greedy ass loan officers start having to pay back the rebates they got because the client is refi'ing out of them too soon. Serves em right for puttin the client into a shitty product that they never fully explain.
I believe that a good loan officer can charge 2 on the front, disclose their 2 rebate, and still have the client eating out of the palm of their hand.
I believe that a good loan officer can charge 2 on the front, disclose their 2 rebate, and still have the client eating out of the palm of their hand.
i was just thinkin about this tha other day, my auntie is a realtor/broker and she be making bread,i'm thinkin about gettin my license wen i'm outta school and gettin wit my aunties home's and loans company all i really know about that shit right now is that i cant get a felony so my auntie keep tellin me if i'm really tryna do that once i'm done wit skoo to be cool haha