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 Property agent as career and earning potential

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Dern
post Sep 21 2014, 10:30 PM

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QUOTE(ManutdGiggs @ Sep 21 2014, 06:49 PM)
Oopsi, kena char
*
miss/madam M, kindly dont be siao cha boh and start flamming everywhere.
Dern
post Sep 21 2014, 10:31 PM

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QUOTE(ManutdGiggs @ Sep 21 2014, 10:21 PM)
Oso bad forumers
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are you suggesting yourself ? blink.gif it sounds really like it.
ManutdGiggs
post Sep 21 2014, 10:35 PM

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TSaeron1025
post Sep 22 2014, 12:08 AM

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QUOTE(kamilnu @ Sep 21 2014, 09:26 PM)
Property agents should not be a career. We only need lawyers for transactions. The catch phrase is always "ready buyer...". In this kind of market. Yeahh right.
*
Thanks. I am new here and i dont really catch it.. Appreciate if you could eleborate more. smile.gif
airline
post Sep 25 2014, 09:40 AM

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narrow down to which agency u wanna join?
cfa28
post Sep 25 2014, 10:01 AM

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QUOTE(aeron1025 @ Sep 21 2014, 01:25 AM)
I have been doing pharma sales for 5 years, and now would want to consider venture into full time property agent. But before that would like to do part time first.

1. For KL/PJ area, Does anyone has any idea which ageny or manager agent is reliable one?
By providing good coaching for career development and ultimately willing to guide you to get the real estate license from LPPEH.

2. What is the biggest challenges faced by agent or in this industry?

For the past 5 years, i consider myself lucky and quite successful to be able to earn averagely more than 10k a month, that is the highest limit, but not every year will be good years in future.
3. May i know how much full time property agent averagely earn per month or per year?
Or rather out of 10 of your agent colleague, how many will earn more than RM300k per year, which is around RM25k per month? And how many years do you take to reach this level?

I know to reach that income level is not easy, i have patience that it may take years.
Don't mind working extra miles and hours.
I know my strength is dealing with people and property, and i like potential income is unlimited.

I have big commitment for my family and I am now in dilemma whether to venture in to property agent.
I want to make sure i make the right choice as i am already 30s    icon_question.gif
Appreciate comment from everyone especially the experienced agents   notworthy.gif
*
This story was related to be by someone (D) who is in the Insurance Line, not selliing Insurance but in the Insurance Company itself in Senior Management.

He has a friend (X) who was also in Senior Management in the Banking industry, earning more than 20K a month.

X worked in Bank which was taken over by a competitor and X was not happy with the new Management. So X wanted to 'quit' and do his own business. But at his age, already close to 50, no experience in Biz, what could X do.

so, someone suggested for X to do Financial Planning and X asked D for advise.

D laughed at X and told the following:

1) 75% of all Financial Planners only earn average of < RM5K per month, consistently.

2) Less than 5% will be able to earn consistently more than RM20K per mth

3) Those who in (2) above, most of them are already Agency Manager witj > 10++ years experience

4) Go and Kiss your new Boss A55 and hold on to your RM20K++ per mth job until u retire

For all Sales Line, only the Top 5% will earn a good income and not everyone is cut out for it

And for Property, there is almost Zero chance for repeat customers within say 5 to 10 yrs.

Most ppl buy 1 property and that's it unless they are rich, they can afford to buy one every 3 to 5 yrs

Then again, these group of ppl will squeeze you very tight

At least in Insurance, your Happy clients can recommend their other coliq / relative / friends to buy from u but Property is always by chance

For every 10 clients that a Property Agent sees, if 1 materialise, you will be happy already. After that, its start from 0.

Think wisely before u venture Bro

QUOTE(Dern @ Sep 21 2014, 03:04 PM)
it is unfair but true. wink.gif the tricks here is more to influencing, not forcing as how you understand it. also, it really depends on situation...

these days, do you think those property agents behave like "matchmakers" ? REALLY ?  sweat.gif

stop putting it as grossly unfair until you have listen to 2 sides of story.
*
In an ideal world, perhaps Property Agents are Match Makers but to be realistic, the answer is NO. Everyone need to find a living, match making takes too much time and chances of success is low.

Its different if u say u match make your son / daughter, just do 1x or most say 3x and its done. Plus u are suppose to know all your son / daughter SWOT, etc but Property to me it mostly Hit & Run

Don't get me wrong, I have dealt with some good agents who take the time and effort to look for buyer, etc

Just wanna tell TS, the Grass is NOT always greener on the other side.


This post has been edited by cfa28: Sep 25 2014, 10:18 AM
nookie188
post Sep 25 2014, 10:12 AM

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as with any jobs - got good engineers bad engineers, good waiters, bad waiters etc..same with agents .
Some jobs have a higher proportion of bad than good so maybe property agents are in that category becoz
overall it has not been properly regulated and most importantly enforced..

Basically ANYONE can be a property agent so that is also part of the problem ..the lure of high commissions
from the sale of property is tempting so people jump into it thinking that they can make big money. But its not all rosy easy as well as they soon find out in reality.

Before changing careers, find out as much as you can on the new job that you are considering , weigh the pros and cons, and decide whether you have the right aptitude and mentality for it.

do talk to agents as suggested by Roy - you will get a clearer pic of the industry.
R o Y
post Sep 25 2014, 10:53 PM

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Agreed with the above. Life as a Real Estate Negotiator is not easy. And the journey from getting started to becoming stable can be tough without the right guidance and support.

However its one of the few opportunities where a 20++ year old can within 3-5 years be earning more than the old Senior Bank Manager who took 30 years for his salary to reach that level.

However please do not come into the industry purely for the money.

The money is nice to have, but there must be a greater motivation that drives you. If money is the sole motivator to venture into Real Estate, then you wont last as well. Or you'll end up as one of those "Agents" that everyone complains about.


Iam Power
post Sep 25 2014, 11:03 PM

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QUOTE(cfa28 @ Sep 25 2014, 10:01 AM)
This story was related to be by someone (D) who is in the Insurance Line, not selliing Insurance but in the Insurance Company itself in Senior Management.

He has a friend (X) who was also in Senior Management in the Banking industry, earning more than 20K a month.

X worked in Bank which was taken over by a competitor and X was not happy with the new Management.  So X wanted to 'quit' and do his own business. But at his age, already close to 50, no experience in Biz, what could X do.

so, someone suggested for X to do Financial Planning and X asked D for advise.

D laughed at X and told the following:

1) 75% of all Financial Planners only earn average of < RM5K per month, consistently.

2) Less than 5% will be able to earn consistently more than RM20K per mth

3) Those who in (2) above, most of them are already Agency Manager witj > 10++ years experience

4) Go and Kiss your new Boss A55 and hold on to your RM20K++ per mth job until u retire

For all Sales Line, only the Top 5% will earn a good income and not everyone is cut out for it

And for Property, there is almost Zero chance for repeat customers within say 5 to 10 yrs.

Most ppl buy 1 property and that's it unless they are rich, they can afford to buy one every 3 to 5 yrs

Then again, these group of ppl will squeeze you very tight

At least in Insurance, your Happy clients can recommend their other coliq / relative / friends to buy from u but Property is always by chance

For every 10 clients that a Property Agent sees, if 1 materialise, you will be happy already. After that, its start from 0.

Think wisely before u venture Bro
In an ideal world, perhaps Property Agents are Match Makers but to be realistic, the answer is NO. Everyone need to find a living, match making takes too much time and chances of success is low.

Its different if u say u match make your son / daughter, just do 1x or most say 3x and its done. Plus u are suppose to know all your son / daughter SWOT, etc but Property to me it mostly Hit & Run

Don't get me wrong, I have dealt with some good agents who take the time and effort to look for buyer, etc

Just wanna tell TS, the Grass is NOT always greener on the other side.
*
Haha thats wht i said too much earlier...

bearbearwong
post Sep 26 2014, 12:12 AM

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QUOTE(nookie188 @ Sep 25 2014, 10:12 AM)
as with any jobs - got good engineers bad engineers, good waiters, bad waiters etc..same with agents .
Some jobs have a higher proportion of bad than good so maybe property agents are in that category becoz
overall it has not been properly regulated and most importantly enforced..

Basically ANYONE can be a property agent so that is also part of the problem ..the lure of high commissions
from the sale of property
is tempting so people jump into it thinking that they can make big money.  But its not all rosy easy as well as they soon find out in reality.

Before changing careers, find out as much as you can on the new job that you are considering , weigh the pros and cons, and decide whether you have the right aptitude and mentality for it. 

do talk to agents as suggested by Roy - you will get a clearer pic of the industry.
*
and also marked up cases and ask commissions from the law firm
bearbearwong
post Sep 26 2014, 12:17 AM

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QUOTE(R o Y @ Sep 21 2014, 11:34 AM)
1. I would advise you to stick to the larger more reputable brands who invest in infrastructure support and training for you. However this means you have to be a full-time Real Estate Negotiator. All part-time Negotiators are actually illegal and doing part time is not allowed by the board. Any agency which allows you to do part time will unlikely be prepared to train and support you much and does not care which side of the law they are on.

2. The biggest challenge is public perception on the industry mainly caused by the bad apples in the industry that deal unethically and sometimes downright illegally. The current compulsory registration program is one of the steps currently being taken to combat this.

3. I don't have exact figures, but the average in Klang Valley is probably around RM80k inclusive of referral fees. I believe you're not a average guy so you shouldn't use the average as a guide. Typically 80% of the commission is earned by the top 20% in the industry. Those earning RM300k and above should be around the top 5% in the industry. I have seen people reach this level in 2-3 years and I know people who've never reached this level even after 10 years. Its a question of having the right attitude, motivation and support.

Its never too late to take that leap. Having more liabilities will prove to be more challenging, but can serve as your motivation as well. It is advisable to have savings of 6-12 months of your expenses before starting. It would also be good if you have other passive income streams such as rental properties.

Do not worry about the market and the timing, there is always money to be made in any market. There is no slow market, only slow Negotiators.
*
no need to earn a living meh? what year is this now?

these RE agents dare show face and pressure law firms to do it for them, and it is always the younger ones, they say senior say normal one, and counter threaten the law firm, give or no business..

there are quiet markets, downtrend markets, everyone is trying to eat a piece of it, enjoying the profits now wont last for long.
TSaeron1025
post Nov 5 2014, 09:46 PM

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QUOTE(cfa28 @ Sep 25 2014, 10:01 AM)
This story was related to be by someone (D) who is in the Insurance Line, not selliing Insurance but in the Insurance Company itself in Senior Management.

He has a friend (X) who was also in Senior Management in the Banking industry, earning more than 20K a month.

X worked in Bank which was taken over by a competitor and X was not happy with the new Management.  So X wanted to 'quit' and do his own business. But at his age, already close to 50, no experience in Biz, what could X do.

so, someone suggested for X to do Financial Planning and X asked D for advise.

D laughed at X and told the following:

1) 75% of all Financial Planners only earn average of < RM5K per month, consistently.

2) Less than 5% will be able to earn consistently more than RM20K per mth

3) Those who in (2) above, most of them are already Agency Manager witj > 10++ years experience

4) Go and Kiss your new Boss A55 and hold on to your RM20K++ per mth job until u retire

For all Sales Line, only the Top 5% will earn a good income and not everyone is cut out for it

And for Property, there is almost Zero chance for repeat customers within say 5 to 10 yrs.

Most ppl buy 1 property and that's it unless they are rich, they can afford to buy one every 3 to 5 yrs

Then again, these group of ppl will squeeze you very tight

At least in Insurance, your Happy clients can recommend their other coliq / relative / friends to buy from u but Property is always by chance

For every 10 clients that a Property Agent sees, if 1 materialise, you will be happy already. After that, its start from 0.

Think wisely before u venture Bro
In an ideal world, perhaps Property Agents are Match Makers but to be realistic, the answer is NO. Everyone need to find a living, match making takes too much time and chances of success is low.

Its different if u say u match make your son / daughter, just do 1x or most say 3x and its done. Plus u are suppose to know all your son / daughter SWOT, etc but Property to me it mostly Hit & Run

Don't get me wrong, I have dealt with some good agents who take the time and effort to look for buyer, etc

Just wanna tell TS, the Grass is NOT always greener on the other side.
*
Thank you cfa28, notworthy.gif

SUSUFO-ET
post Nov 5 2014, 09:56 PM

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QUOTE(bearbearwong @ Sep 26 2014, 12:17 AM)
no need to earn a living meh? what year is this now?

these RE agents dare show face and pressure law firms to do it for them, and it is always the younger ones, they say senior say normal one, and counter threaten the law firm, give or no business..

there are quiet markets, downtrend markets, everyone is trying to eat a piece of it, enjoying the profits now wont last for long.
*
When will you quit yr job?

This post has been edited by UFO-ET: Nov 5 2014, 09:57 PM
lordnoobie
post Nov 5 2014, 10:17 PM

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any sifu recruiting real estate negotiator with no experience? biggrin.gif
R o Y
post Nov 5 2014, 10:27 PM

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QUOTE(lordnoobie @ Nov 5 2014, 10:17 PM)
any sifu recruiting real estate negotiator with no experience? biggrin.gif
*
We are recruiting. Experience not needed. In fact, without experience is preferred =)

As long as you have a passion for property, want to do the business professionally and with integrity, and work well in a team, we want to talk to you.

Please PM me your contact so we can discuss further. TQ
venice1292
post Oct 14 2015, 12:38 AM

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QUOTE(aeron1025 @ Sep 21 2014, 02:25 AM)
I have been doing pharma sales for 5 years, and now would want to consider venture into full time property agent. But before that would like to do part time first.

1. For KL/PJ area, Does anyone has any idea which ageny or manager agent is reliable one?
By providing good coaching for career development and ultimately willing to guide you to get the real estate license from LPPEH.

2. What is the biggest challenges faced by agent or in this industry?

For the past 5 years, i consider myself lucky and quite successful to be able to earn averagely more than 10k a month, that is the highest limit, but not every year will be good years in future.
3. May i know how much full time property agent averagely earn per month or per year?
Or rather out of 10 of your agent colleague, how many will earn more than RM300k per year, which is around RM25k per month? And how many years do you take to reach this level?

I know to reach that income level is not easy, i have patience that it may take years.
Don't mind working extra miles and hours.
I know my strength is dealing with people and property, and i like potential income is unlimited.

I have big commitment for my family and I am now in dilemma whether to venture in to property agent.
I want to make sure i make the right choice as i am already 30s    icon_question.gif
Appreciate comment from everyone especially the experienced agents  notworthy.gif
*
Join me, my sifu is UFO-ET

https://forum.lowyat.net/topic/3742740
BNN2008
post Apr 9 2016, 11:13 AM

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Normally for property agent or unlicensed broker, how do know seller by pass them and nego direct with owner after first visit?

How agent still able to get commission from seller after done deal with their buyer?
darn
post Apr 9 2016, 11:57 AM

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QUOTE(BNN2008 @ Apr 9 2016, 11:13 AM)
Normally for property agent or unlicensed broker, how do know seller by pass them and nego direct with owner after first visit?

How agent still able to get commission from seller after done deal with their buyer?
*
I am a property agent myself. So far crossed fingers no owner actually by pass me to deal direct with buyer. (I successfully closed more than 80 transactions from Nov 2013 til now).

Some agent have an exclusive agreement with seller which entitle them to claim fee from seller in the event it is sold by any party regardless. (I never sign exclusive agreement with any seller until booking is received) Just to protect my buyer so seller should not accept other booking in the time period expressed in the exclusive agreement.

In a genuine deal, deposit will be hold by third party (not by agent or seller). This is to protect buyer in the event seller is pretending to be the actual beneficiary of the property and to prevent agent to run away with buyer deposit.

Honestly I suggest you not to engage an agent and by pass them. Because they do spent money, time and effort to let you to be able to discover the property that you're hunting for (the money I spent on marketing every year is more than 50% of the price of perodua axia). The main thing here is, just make sure the agent able to get the price that you're very happy with. I have owner who only appoint me to sell 3 of his properties as you all know it is a service industry as an agent. smile.gif
BNN2008
post Apr 9 2016, 01:03 PM

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QUOTE(darn @ Apr 9 2016, 12:57 PM)
I am a property agent myself. So far crossed fingers no owner actually by pass me to deal direct with buyer. (I successfully closed more than 80 transactions from Nov 2013 til now).

Some agent have an exclusive agreement with seller which entitle them to claim fee from seller in the event it is sold by any party regardless. (I never sign exclusive agreement with any seller until booking is received) Just to protect my buyer so seller should not accept other booking in the time period expressed in the exclusive agreement.

In a genuine deal, deposit will be hold by third party (not by agent or seller). This is to protect buyer in the event seller is pretending to be the actual beneficiary of the property and to prevent agent to run away with buyer deposit.

Honestly I suggest you not to engage an agent and by pass them. Because they do spent money, time and effort to let you to be able to discover the property that you're hunting for (the money I spent on marketing every year is more than 50% of the price of perodua axia). The main thing here is, just make sure the agent able to get the price that you're very happy with. I have owner who only appoint me to sell 3 of his properties as you all know it is a service industry as an agent.  smile.gif
*
Thanks for d feedback, I'm not planning to engage and agent to by pass them but curious how to make sure if a seller sold to a referral buyer, how to chase after him (some after sold their property might just migrate elsewhere)

Do you see how mobile technology can help agent nowadays. If a company can offer u a service to filter out serious buyer before first meeting instead of other agents calling to compete, would u pay a few ringgit per month for it?
darn
post Apr 9 2016, 01:28 PM

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QUOTE(BNN2008 @ Apr 9 2016, 01:03 PM)
Thanks for d feedback, I'm not planning to engage and agent to by pass them but curious how to make sure if a seller sold to a referral buyer, how to chase after him (some after sold their property might just migrate elsewhere)

Do you see how mobile technology can help agent nowadays. If a company can offer u a service to filter out serious buyer before first meeting instead of other agents calling to compete, would u pay a few ringgit per month for it?
*
I guess you're looking into way to capitalize for idea or mobile app. This is private and confidential issue for seller as they have rights not to expose their info. Image how scary it is if someone would be able to check the ownership of a unit without owner acknowledge about it.

In proper legal procedure, owner is suppose to give consent for it. Then you can engage lawyer to identifying the ownership.

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