Getting my real estate license; any advice???

After four years of trying to get a raise at the university where I teach, and no results, I've decided to go out and get my real estate license. I start classes Monday; and in 14 days, I'll be able to take the test.

Is anybody on the DU currently in real estate? Can you give me some advice about things not to do? Or things to do?

For example, I live in an area where property values are starting to rise dramatically, and land and homes are plentiful. I figured why should I let other people get the money??

I have a sales background and I'm very good at sales, so that is no problem. I know all about the down side and the feelings of insecurity; been there and done that, and survived. I will not be planning on this as my main source of income; I'm still with the University. I will sell in the summers and on the weekends.

I'd appreciate advice about going with an agency, things to look out for, and types of real estate to avoid.

Thanks!!

Advertise. some positive points which give you a NICHE.

Nota Bene: I know just very little about real estate, and all at second hand. But perhaps this is helpful.

1. Go here for a solid little book for the beginner: http://www.amazon.com/exec/obidos/tg/detail/-/0071396497/ I've looked through it and it looks like a good primer.

2. Realize that lots of folks think we are in the midst of a real estate bubble, so don't assume that you can just buy a property and sell it for 30% more 6 month later just forever. Real estate bubbles can take a while to crash sometimes, but they can do so.

3. Think about what you want to do. Do you want to be a Realtor, helping individual sellers and buyers? Do you want to buy up properties, fix them up and resell them? Do you want to be a landlord--of small units, of large ones, of what? There are a variety of options here.

4. Related to 3. If you're not rich to begin with, then how would you start achieving 3? If you're a really good salesperson, then you might be able to start working for a realty firm, make lots of sales, and then do that until you're confident and rich enough to start you're own shop. If you're going for the resale/fix up route, then really know your are and just what this would entail (for that is a speculative venture.) If you are looking to be a landlord, then consider how you can start small, ACQUIRE SOLID, RELIABLE REVENUE STREAMS (one more time ACQUIRE SOLID, RELIABLE REVENUE STREAMS), and build from there. You don't want to start out speculating in 2 million dollar lots, have a garbage dump open up nearby, and lose your shirt (blouse?). If you've got 1-4 small units being rented out by normal people, that are essentially paying themselves off, while giving you a bit extra past the mortgage, then you can continue your regular job while having a simultaneous increase in both wealth and income.

5. Do you know the area you want to work in? Very important for an individual developer/potential landlord, but also quite useful for a realtor.

Anyway, just really think this through. It can be done. Just really use your brain in understanding how it can work out for you.

I looked into it and timewise, appraising was a better option than selling. One, I make my own hours completely. I rarely get paged or bothered during dinner. Two, I don't make mega commission checks but appraisals run anywhere from $175-500 for just a few hours work, so it's steady income with relatively few low weeks. Just my two cents. Good luck on your new career!

Oh, the only other thing I could add is that the appraiser exam for licensing is super tough and you need to log 2000 of training in to qualify, but you can claim 8 hours an appraisal so it took about a year. :hi: