A College Degree and Real Estate?

Question

Is is best to have some sort of college degree when getting into real estate (especially when going for a broker's license)??

Answer 1

my peer is generally correct.  I suggest you double major; entrepreneurship and real estate.   I will even JV with you if you like.

Answer 2

it is good to have a solid income from another source when getting into real estate as it takes time to build a reputation and clientele ...

time and hard work will get you far in real estate ...  but you can't do anything about that initial time factor ...

Answer 3

I agree with the first poster, other then I think 25K is way high.  The national average is less then 10K.

The most important thing in Real Estate is sales.  I use to teach a training class and we used an example.  I take the top mortgage, real estate agent, car sales person and air conditioner sales.  We switch their jobs.  Doesnt matter.  Put any in any position they will still be at the top.

Nobody will check your degree.  I started my first mortgage company when I was 22.  At the time I was 23 I had 65 employees.  A degree didnt mean a d**n thing.  I wish the best for you and your future, but in sales nobody checks your degree, they check what you can put on the board.

To give you an example when I hired people to do mortgages for a top bank or sell real estate.  I didnt go to colleges.  I went to those idiots that sell perfume in a parking lot.  Those people can sell.  If they are willing to do that to make a buck, I can teach them how to do real estate or mortgages.  Teaching sales is another thing.

Good luck and email me if you have any questions.

Answer 4

To get a real estate license takes a fairly short class.  Here in North Carolina, these classes are offered at some of our community colleges, but these are not for-credit classes and don't count toward any type of degree.  Many real estate firms have their own schools that teach the course required for new agent licensing.  Some of these classes run once or twice a week for 8 to 12 weeks, and sometimes a class will be taught 4 or more hours per day for a 3-week period.

So no, you don't need a degree to sell real estate or to get a real estate license.  Considering the length of time required to build up the contacts among builders, developers, construction companies, mortgage companies, bankers, and other real estate salesmen, as well as to build up a client base, you would most likely work a LONG time before that degree would be paid for.

I used to work in the accounting department of a local real estate firm. Every time our school graduated a new class and the students passed the licensing exam, we would get this huge influx of brand new salespeople.  And they need business cards.  They need errors & omissions insurance.  They need to become part of the local multiple listing service, which charges a monthly fee for computer access, lock boxes, comparables reports, etc.  All of these things are paid for by the company, but they're charged to the agent's account.  When an agent has a closing, any expenses they've incurred are deducted from their commissions.  We always required our agents who had not had a closing for 90 days to bring us a check for their expenses.  So see, even if you haven't made any money, you're going to be paying for the privilege of not making any.

Agents don't get hourly wages or a salary.  They're strictly commission.  We saw this influx after each class, and then in 90 days about 1/3 of the new agents would quit when they still hadn't made a sale but had $400 in expenses to pay.  After 6 months, easily another 1/3 quit.  By the end of the first year, MAYBE 10% of the new agents would still be with us.  Still wouldn't be making enough money to live on, but they would hang in there.

It isn't easy and success doesn't come very fast at all, and you don't make any money for a long time.  If you want to sell real estate, get your license, but don't worry about a degree.  It doesn't help.

Answer 5

A majority of people in real estate don't make a lot of money. In CA, the average is 25K a year, but for many it's way less. If you're going to invest the money into a college degree, I would pick something with a future and higher pay.  

Answer 6

You don't need a degree for real estate, but you might want a degree if you decide to do something else in your life later.  Rather than throw your life into one basket (and the real estate market is quite dismal now), why not get an education so you have many more doors open no matter what you decide.  You could probably even do real estate on the side while you are in school if you need the money now!