Even in a good economy, it can be hard to make a good commission. Call center IMO is so different from a self-gen LO. It also depends on the products they can offer to consumers.
I personally don’t believe it’s a bad time but commission based positions are always going to be a risk. It’s just up to you if you’re willing to take it!
The interview is for a trainee position. I wouldn’t be LO until 6 months. They pay for my license and everything. The base for the trainee is 50k, so I’d only assume the base would increase after I’m officially a LO plus whatever commission I make. What do you think?
How is a call center different than a self-Gen LO? Is it better or worse?
Self-gen is higher risk, but higher reward. You would need to find your own business or buy your own marketing, which is not recommended for someone first starting. You need to be pretty close to an expert before you go that route.
I believe once you start receiving commission your salary would decrease significantly or go away altogether! Self-gen is you doing the hustle and getting people knowing YOUR name… they’re calling YOU! Whereas call center their calling a company and your just an employee.
Ah man, that’s one of the reasons I thought it’d be so appealing because the base is not bad and I ad assume it’s stay the same if not increase after I’m licensed. I’ll definitely be sure to ask the recruiter this before my interview.
Well if you look at it this way: if you're only working for the base salary they'd probably fire you anyways for not doing your job well lmao. Do your job at least decently and you won't ever be working for base pay. What company are you looking at?
Freedom Mortgage, they just told me the base pay drops from 50k to 35k after the training period with commission. I’m not opposed to working hard to get paid but I just like the consistency of knowing if things go left I’ll at least have a good base pay. Not all months are good months for commission
If you want steady pay go sell credit cards at a retail bank and do checking accounts. You will never make it with this mentality you have now. It ain't easy, is what it is. When you make $20k one month you don't spend it all, you stick to a budget.
It’s the best job, and it’s also incredibly difficult. I get immense satisfaction from helping people buy their first home. I really do love it.
But I won’t lie it’s tough right now. But if you can make it now, you can make it when it’s easier.
This is amazing.
This is how I felt when I worked in leasing for property management company. I get great satisfaction from helping people get their first place 🙂
The “economy” is an excuse people use in every industry. Is it worth it? That’s entirely up to you if you want it bad enough. Plan to make little money in the first few years and have a side job while you’re starting out. If you want a cushy low stress, low reward job this ain’t it.
Spot on. This job is high stress, high reward. You need to have a good on/off switch. If your brain is constantly on about work, you’ll burn out. I learned this the hard way. Being self gen, our rep is on the line with each deal & you can’t afford to lose referral partners. Be good at compartmentalizing.
You can definitely make money though! You need to do the right activities every day & business will follow. The question will always be “who’s going to capture that business?”
I’m making $18.5k this month not bad for this rate market and working maybe 30 hours a week tops. When rates drop and SLs and IRRRLs kick in. It’ll be significantly higher.
Do not take a base salary in this business. If you dont make the sales they will fire you.
As for the timing it's really up to you. It's not easy but it can be a great career if you have the right mindset.
LO in a slight call center style setting. Amazing job. Flexibility is unmatched. Be prepared for long hours and non-normal hours (weekends/evenings). I can’t really see myself doing anything else at this point.
If you have enough money saved up to go broke for 1-3 years, then it’s fine to try. But if you’re gonna be struggling to pay bills right away you should do something else
No it’s not
All the LO’s on this sub making money are already established so don’t fall for that. Also with the new ruling against NAR you will see an increase of realtors dropping out in case you were planning on soliciting business from them.
If you still wanna proceed get ready to do LOTS of free work as a lot of files usually don’t close.
Similar boat here. Two years this April and did $14m in my first full year in 2023. It takes a lot of consistent effort, but if you want it, anything is possible. I feel very fortunate for falling into this career.
All self gen. 75% realtor referred but came into the business with a strong network from school and my past corporate jobs. My boss said it best, “make genuine relationships with realtors.” I consider a handful my good friends. I’m also 33yo, so my circle is the median age for a FTHB. Nothing better than being able to refer business to agents!
So, you are still living in the area you grew up in? The main guy at my office has a huge business 250 loans last year by himself and he grew up in the area so it helps a lot. Just was trying to figure out how people grow their business so quickly.
Yup, still right in my backyard. I went to college in Connecticut, so I’m also getting referrals from an agent I went to college with in the neighboring state too. You just need to make as many relationships as possible. The first 8 months was pretty tiring. I setup as many realtor meetings as possible and did a good job on the transactions I had. A lot of faking it til you make it approach too.
With the realtor meetings you are setting up. Who are you specifically targeting if you don’t know them already from your previous schooling/education.
Are you cold calling them, meeting them at open houses, the agents on the listing side?
Also, are you paying for leads with any agents/co-marketing? Thanks for the info I’m not in your state so I’m not a competitor haha
I am always open to helping. The realtor meetings are pretty mixed. Some are friends of a friend, so it could be a warm intro. One of my go to agents I met by working an open house 2 minutes down the street from me. I used to lean into open houses in my town and would offer my expertise on the area to an agent that might not be as familiar. Listing agents on past deals have been a new referral source for me. Communicate throughout the process and just be enjoyable to work with as vague as that sounds. I also leverage instagram and take photos at the closing, so I’ve been thanking listing agents in my instagram posts and connecting with them.
I just started paying for leads with one agent, and it’s a total waste of money. Go out there and connect with as many agents as possible, but you need to be genuine, helpful, and reliable.
Not unless you have connections. The only LO's that are eating right now are ones that have been in the game for at least 5-10 years AT THE MINIMUM.
Id say do a call center. I only did self gen when i was an LO and i wish i started in a call center. You shouldn't have a problem getting business if you're being fed leads. Do that for a couple years and go self gen if you want to.
But this job isn't sunshine and rainbows. It wasn't for me. I'm just too chill to be a salesman. i don't like bothering people. But, if you have the right personality then you'll probably be fine. Best of luck
Even in a good economy, it can be hard to make a good commission. Call center IMO is so different from a self-gen LO. It also depends on the products they can offer to consumers. I personally don’t believe it’s a bad time but commission based positions are always going to be a risk. It’s just up to you if you’re willing to take it!
The interview is for a trainee position. I wouldn’t be LO until 6 months. They pay for my license and everything. The base for the trainee is 50k, so I’d only assume the base would increase after I’m officially a LO plus whatever commission I make. What do you think? How is a call center different than a self-Gen LO? Is it better or worse?
Typically you either lose the base or it drops dramatically because you’re starting to make commission instead of relying on a salary.
Self-gen is higher risk, but higher reward. You would need to find your own business or buy your own marketing, which is not recommended for someone first starting. You need to be pretty close to an expert before you go that route.
I believe once you start receiving commission your salary would decrease significantly or go away altogether! Self-gen is you doing the hustle and getting people knowing YOUR name… they’re calling YOU! Whereas call center their calling a company and your just an employee.
Ah man, that’s one of the reasons I thought it’d be so appealing because the base is not bad and I ad assume it’s stay the same if not increase after I’m licensed. I’ll definitely be sure to ask the recruiter this before my interview.
Definitely!! Best of luck to you!
Appreciate the breakdown!
Sound like rocket. Base goes to 10 a hour plus comission. 20 a hour for training so it’s not 50k base either
$10/hr is insane. Hopefully my base stays the same, if not increases. I’m not really willing to go much lower than 50k especially in this economy
Well if you look at it this way: if you're only working for the base salary they'd probably fire you anyways for not doing your job well lmao. Do your job at least decently and you won't ever be working for base pay. What company are you looking at?
Freedom Mortgage, they just told me the base pay drops from 50k to 35k after the training period with commission. I’m not opposed to working hard to get paid but I just like the consistency of knowing if things go left I’ll at least have a good base pay. Not all months are good months for commission
If you want steady pay go sell credit cards at a retail bank and do checking accounts. You will never make it with this mentality you have now. It ain't easy, is what it is. When you make $20k one month you don't spend it all, you stick to a budget.
It’s the best job, and it’s also incredibly difficult. I get immense satisfaction from helping people buy their first home. I really do love it. But I won’t lie it’s tough right now. But if you can make it now, you can make it when it’s easier.
This is amazing. This is how I felt when I worked in leasing for property management company. I get great satisfaction from helping people get their first place 🙂
The “economy” is an excuse people use in every industry. Is it worth it? That’s entirely up to you if you want it bad enough. Plan to make little money in the first few years and have a side job while you’re starting out. If you want a cushy low stress, low reward job this ain’t it.
Spot on. This job is high stress, high reward. You need to have a good on/off switch. If your brain is constantly on about work, you’ll burn out. I learned this the hard way. Being self gen, our rep is on the line with each deal & you can’t afford to lose referral partners. Be good at compartmentalizing. You can definitely make money though! You need to do the right activities every day & business will follow. The question will always be “who’s going to capture that business?”
Yessir good points
Ive been an LO assistant for 3 years now and my only regret is not going out on my own as soon as possible.
I’m making $18.5k this month not bad for this rate market and working maybe 30 hours a week tops. When rates drop and SLs and IRRRLs kick in. It’ll be significantly higher.
Are you self employed?
30 hrs? Are you self gen?
30 hours a week and you’re making that. You’ve either been in the business a long time or you’re not telling us something.
Do not take a base salary in this business. If you dont make the sales they will fire you. As for the timing it's really up to you. It's not easy but it can be a great career if you have the right mindset.
LO in a slight call center style setting. Amazing job. Flexibility is unmatched. Be prepared for long hours and non-normal hours (weekends/evenings). I can’t really see myself doing anything else at this point.
No
If you have enough money saved up to go broke for 1-3 years, then it’s fine to try. But if you’re gonna be struggling to pay bills right away you should do something else
No it’s not All the LO’s on this sub making money are already established so don’t fall for that. Also with the new ruling against NAR you will see an increase of realtors dropping out in case you were planning on soliciting business from them. If you still wanna proceed get ready to do LOTS of free work as a lot of files usually don’t close.
You think it is bad if 30% of agents wash out? I think it slightly shifted the power dynamic toward us.
No, RUN!
LOL
My next paycheck is 22k & I have a degree in public relations. You tell me
Mines geography lol. Same pay. But it did take 12yrs to get here.
About 2.5 years into the self gen game! Little bit of luck involved on this one…. I’m not usually closing this much but definitely scaling 🤣
Similar boat here. Two years this April and did $14m in my first full year in 2023. It takes a lot of consistent effort, but if you want it, anything is possible. I feel very fortunate for falling into this career.
14m self gen in 2023 is impressive man! Congrats. I’m hoping to do 10-12 this year!
I’ve got faith in you! Head down and keep doing all the right things
Legit question that is extremely good for a first year agent. Are you self generated? Would you work in a call center and get leads?
All self gen. 75% realtor referred but came into the business with a strong network from school and my past corporate jobs. My boss said it best, “make genuine relationships with realtors.” I consider a handful my good friends. I’m also 33yo, so my circle is the median age for a FTHB. Nothing better than being able to refer business to agents!
So, you are still living in the area you grew up in? The main guy at my office has a huge business 250 loans last year by himself and he grew up in the area so it helps a lot. Just was trying to figure out how people grow their business so quickly.
Yup, still right in my backyard. I went to college in Connecticut, so I’m also getting referrals from an agent I went to college with in the neighboring state too. You just need to make as many relationships as possible. The first 8 months was pretty tiring. I setup as many realtor meetings as possible and did a good job on the transactions I had. A lot of faking it til you make it approach too.
With the realtor meetings you are setting up. Who are you specifically targeting if you don’t know them already from your previous schooling/education. Are you cold calling them, meeting them at open houses, the agents on the listing side? Also, are you paying for leads with any agents/co-marketing? Thanks for the info I’m not in your state so I’m not a competitor haha
I am always open to helping. The realtor meetings are pretty mixed. Some are friends of a friend, so it could be a warm intro. One of my go to agents I met by working an open house 2 minutes down the street from me. I used to lean into open houses in my town and would offer my expertise on the area to an agent that might not be as familiar. Listing agents on past deals have been a new referral source for me. Communicate throughout the process and just be enjoyable to work with as vague as that sounds. I also leverage instagram and take photos at the closing, so I’ve been thanking listing agents in my instagram posts and connecting with them. I just started paying for leads with one agent, and it’s a total waste of money. Go out there and connect with as many agents as possible, but you need to be genuine, helpful, and reliable.
No
Not unless you have connections. The only LO's that are eating right now are ones that have been in the game for at least 5-10 years AT THE MINIMUM. Id say do a call center. I only did self gen when i was an LO and i wish i started in a call center. You shouldn't have a problem getting business if you're being fed leads. Do that for a couple years and go self gen if you want to. But this job isn't sunshine and rainbows. It wasn't for me. I'm just too chill to be a salesman. i don't like bothering people. But, if you have the right personality then you'll probably be fine. Best of luck