Hi Guys,
Just curious if any agents, current or ex, share some advice.Personally, I’ve worked in Australian media sales. It pays relatively well, is a desk-jockey job, and i’m considering a change.
I’m university educated and really – considering a job in RE purely because, out of all the agents i’ve met, 99% of the time i’ve walked away and thought to myself, i could do that and in fact, i could do better than that!
So anyway, i’m curious, lets just say i got a job with a local resedential agent. I get the certificate or whatever it is required to sell… what should i expect pay wise. I see its hard – often 6 days – but i also think that the agents i’m dealing with are relatively hopeless and thats why they work the way they do?
If anyone could shed some light as to how it works. Say, base of $40k, 40 hours per week, 1% commission on each sale or whatever. That is just purely made up – so looking at getting some feedback of how financially rewarding it can be if done proffessionally
Regards
JR
Ok I have just entered the re industry. Have a young family and a mortgage.
Pay wise you may be offered an advance on commision with the estate agents refer to as a retainer.
You may get offered 500/week + commission. Which is brocken down into to parts. Listing and also selling.
You may get 10 to 25% for listing a property and maybe 10 to 15% on the sale of properties. Both are payable when the property is sold.
Now when they are sold you have to wait until it is settled. And you may be able to apply for a section 27 which allows the agency to apply for an early payment off the initial commision after all conditions have been cleared. So ultimately you could be waiting for 3 to 5 months for the commision depending on how things unfold.
You can kiss saturdays and sundays goodbye. Say hello to late nights as your main work times is mostly during the times that people are not working
You will start as an agents rep. I would recommend that you read the book”Don’t Sign Anything” by neil Jenman.
It will tell you the common practises of the estate industry. I don’t approve of those practises. I have seen them at work though. It partly comes out of frustration from greedy vendors which, I believe, over a period of time results in jaded agents thus they use the tactics that you will read about. The industry is commission driven which is one excuse that has been given to me.
Thanks for your feedback,
Okay – so from what it sounds like – to me is that its lots of hard work, non-eventful personal weekends and relatively average money.
$500 per week really that low? That’s around $35k a year ( I know as my little brother takes home about that much for a similar amount)
I can understand it can be lucrative once you sign/settle etc… but its such a competitive marketplace out there that i believe it would be very difficult
It sounds like it could be rewarding… but yeah, makes me potentially think twice
JR
Before you start you will need to get your certificate of registration – pretty quick and painless as there are plenty of providers out there.
As for pay structures it varies greatly depending upon where you come in – at the bottom, you will probably get a pretty pathetic base wage with maybe some incentive alternatively they may pay a training wage with you receiving the commissions (they often run a ledger of sales commissions against 'wages' drawn and if you aren't much of a sales person you can rack up a serious debt quite quickly.
As for working 6 days per week, that depends on the agency. Many take a day off during the week.
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