<p>I am watching Million Dollar Listing on Bravo right now, and I'm amazed at how young these real estate agents are. They are making 50-250 thousand a listing! </p>
<p>Did these kids go to school? One of them, Chad, is really young and works for the Hiltons. Is this industry really hard to break in to? Did these kids get born into this or what? I don't get it.</p>
<p>Million</a> Dollar Listing: Bios - Season 2 - Official Bravo TV Site</p>
<p>^ Has all of their bios. </p>
<p>And, I think Chad is 30.</p>
<p>"Rogers received his real estate license at the age of 18, before graduating from the University of Denver with a degree in Business and a minor in Finance."</p>
<p>I'm inspired by these people. I think Real-Estate sounds really fun. Unfortunately, I don't think I have the people skills like these agents do. </p>
<p>Is there any money in owning and developing real-estate? Like buying a house, fixing it up, then selling it again? What major/minor would be good for this?</p>
<p>You need to expand your vision of what real estate is. Real Estate isn't just homes and condos. It's also retail centers, office buildings, hospitals, universities, apartment complexes, mixed use developments, industrial parks, land, retirement centers, etc etc etc.</p>
<p>Most residential agents do not make that much money. Also, keep in mind that the barriers to entry are very limited for residential real estate. You just have to be 18+, spend a little money, pass an exam, and that's it. This is a negative because the number of potential competitors is high. Also, you must compete with part-time agents as well as limited-service real estate offices that take lower commissions.</p>
<p>On average there is much more money to be made in commercial real estate. If you think one can make a lot of money selling a house, think how much money one can make by brokering a deal for a shopping mall, a casino, or a skyscraper.</p>
<p>If you are interested in commerical real estate, whether it be as a developer, broker, financier, investor, property manager, acquisition associate, etc then I recommend you get a degree in finance or real estate finance. It is possible that you may need an MBA at some point also.</p>
<p>That being said, there are people, some of which are highly educated, that make a lot of money as residential real estate agents. The keys to success involve being a good salesman and having a good market strategy. Most of the top agents specialize in representing the seller. Some specialize in representing the buyer though. Some make their money by doing a few big transactions (ie the guys you mentioned), and other make their money by doing a ton of smaller transactions.</p>
<p>Marketing would probably be the most useful major to be a residential agent. Finance would be better for commercial. If you weren't sure what you want to do exactly, I would go with finance.</p>
<p>BTW, in regards to flipping houses, the barriers to entry are small there too which means you have to compete with a ton of people. Some of them may not know what they are doing, which can be bad for you if they are foreclosed on or have to slash their prices.'</p>
<p>That being said, I have a friend that makes a ton of money flipping houses in a high end neighborhood (Highland Park, TX). If you know what you are doing it can be very lucrative. However, on avg, still far less lucrative than commercial real estate...for example, imagine flipping a hotel.</p>
<p>Regardless of what career you wish in real estate you must be risk adverse and willing to make no money in certain years while making a ton of money in other years.</p>
<p>connections in the RE industry are worth more than your degree (most of the time & depending what part of RE you go into)</p>
<p>Thanks guys. Great advice!</p>
<p>I've worked for some of the top Agents/Brokers in my region and there is a definable link between all of them. </p>
<p>They are smart, but not brilliant.
Most of them have some token business degree, but admittedly feel it was worthless.
They ALL attend seminars several times a year.
They are keen to accept and explore new marketing ideas.
They can make and maintain good connections at their seminars, Realtor Association, and customer lists.</p>
<p>What they all 100% have in common is - A love for Real Estate.</p>
<p>If I was you I would take a few business real estate courses to see if you like it and possible intern at a local brokerage to get a feel for sales.</p>
<p>We found out today that a friend of ours who we haven't seen for a few years is a very successful realtor with listings up to $9 million. Even with the downturn, she is doing very well. I don't remember if she has any degree at all but she was a stewardess until a few years ago. As her husband was well known and she cultivated lots of contacts, she has done well.</p>
<p>My mom has been a realtor for 20+ some years now. Talking to her in a conversation about any random given topic you might not think she is the most educated person, that's coming from her son, but when it comes to real estate (residential) she knows her stuff. She has been recognized as a top realtor in my home state for the last 5 years of so and she barely works. She has earned a good reputation and is very successful when she wants to be. She has had her fair share of million dollar listings but prefers working with smaller homes. </p>
<p>Thats the thing though, she is a realtor, what you put in determines what you make, you control your own fate, most the time (this bad economy doesn't help right now though). There has been years where she is extremely busy and hard working and brings in more than 100K, but two years ago she didn't sell a thing and lost money (advertising expense, office expenses). </p>
<p>With her having three sons and a very sick mother she stopped working and didn't make a thing, when she puts the work in she can make great money. For the record, my mom has a 2 year degree from a hell of a long time ago back when thats all you needed to become a nurse. After having kids she quit nursing and got into real estate- she has no degree towards any of that. It takes a certain type of person and love for it to make a good realtor, not what kind of degree you obtained.</p>
<p>If you are into the sell side, you should do side jobs (mortgage sales, real estate investing and developing) so you can guarantee yourself a more stable income.</p>
<p>This thread is about 3 years old</p>