All Topics / Help Needed! / Should I take the commission only real estate job as a start?

Viewing 7 posts - 21 through 27 (of 27 total)
  • Profile photo of yobbo1yobbo1
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    @yobbo1
    Join Date: 2010
    Post Count: 13

    A buddy of mine worked as a realestate agent in the US during the peak times when properties were selling in hours after going on the market. He was commission only, i think he said he was getting 1.5% or close too it on the sale price. No retainer.. no nothing… not even fuel allowance. He done that gig for 9 months working about 25 hrs a week and almost sold 1 property.
    He put in so much time and effort, and was really motivated but still could not get a start… i was really surpised when he told me that.
    Just my 2 cents

    Profile photo of v8ghiav8ghia
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    @v8ghia
    Join Date: 2005
    Post Count: 871

    Hi,

    My thought would be also to run a mile. You have to eat. My start in the finance industry was a commission only job, and while I did it to 'fund my way' into a better role later on it was a night mare – 2nd only to the absolute unscrupulous mortgage broker who was desperate for 'finance professionals' to 'join his growing team' and convinced me to leave a reasonable job to work for him on a 'retainer & commission', which at the deferred start date changed to 'commission only' and then only if you solicited a 'valuation fee' up front of $350 from clients (valuations were never done though). A year that cost me a lot of hard earned savings that one that's for sure.Only reason I go into all that is to confirm that any 'commission only' position is not really even a job. There are no ties, no  proper training, no commitment from the 'employer' or group, some even expect you to pay for the 'qualified leads' they 'give you' in advance. R/E agents that offer this type of role are at the bottom of the pond scum simply put. Even a 'crude retainer' of a few hundred dollars a week is essential in any sales role…….or why wouldn't you work at Macca's as already mentioned?!?

    Hope that helps – and all the best with what you decide.

    Cheers
    Sadly, the comment about

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    the only thing that I’ll add to that V8, is that experienced agents can make good money on comms only but not as a fresh-faced kid. You’re definitely better off starting in an administration role, even if it means putting out signs, typing up rent rolls & OFI’s etc.

    Profile photo of Jason700Jason700
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    @jason700
    Join Date: 2011
    Post Count: 17

    Hi Je,

    Looks like you being sent on a wild goose chase… Let me put it in perspective for you.  You are selling investment property.  Which means lets say you get a sale.  They put a 10% deposit down and then they pay the rest on the date of settlement which could be a year or 2 away.  Do you get money when it settles or when the deposit is paid down or a bit of both.

    The other thing is.  Only 5% of Australian's actually buy an investment property in their lifetime of those 5% something like 10% actually have more than 5 investment properties.  Now if your one of those 5% of Australians that want to buy an investment property.  Which means you are willing to invest most (if not all) of your savings into an investment property.  Are you going to go with someone who is young and doens't have experience vs someone that is old and wise and has a few investment properties of their own?

    In case you are wondering I also thought about selling investment property or property in general and let me tell ya after doing some other souly comission work it wasn't worth it for me. 

    Now if you need help getting a job casual/part time or otherwise let me know. I write killer resumes and I can tell you when to apply for certain jobs :D

    Profile photo of JpcashflowJpcashflow
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    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hi, Jealova

    I guess your based in Melbourne? I used to be in real estate as a sales person and i did very well for my 2 year stint. I left because as of last year in July real estate companies no longer had to pay a retainer and only a commision. The company i was working for implented a no retainer and only a commision structure. So i decided to leave why?
    – No Retainer so when the market slowed down so did my income.
    – Financially – I would have to budget and dont forget you only get paid on the home you sell once it settels so you might sell 5 houses one monet but you dont get paid untll they settel.
    – The directors dont have to pay for anything and basically use you.

    My idea on this industry is? Not really a career any more
    your just a used car sales person selling homes

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of emptyvesselemptyvessel
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    @emptyvessel
    Join Date: 2008
    Post Count: 170

    I still say give it a go for a few weeks. They are using you, make sure you use them. Ask lots of questions, milk the training, talk to as many potential clients as possible. Hassle the Directors and other sales folks for information, constantly. Hell, be a nuisance, treat the place like your own personal library or university. Most importantly, you are there to learn. If you earn, hooray, but it doesn't seem likely given the experience of others.

    You don't have living expense problems, so I fail to see the risk here. All you are giving up is your time.

    Definately keep your resume out there and be on the hunt for a better job. I think the admin route is an awesome idea, when the offer comes. In the meantime, learn, learn, learn.

    And if you hate it, simple, quit. Again, I fail to see the downside for your circumstances.

    Profile photo of susie843susie843
    Member
    @susie843
    Join Date: 2010
    Post Count: 16

    I've done that and what I can say is that it's not gonna be easy at all because they will rely on you to get the leads . An admin/PA role would be a good start to learn about real estate.

    Cheers,

    Susie
    Dolphins Fixed Fee Property Services
    http://www.dolphinsproperty.com.au/

Viewing 7 posts - 21 through 27 (of 27 total)

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